MIRA INFORM REPORT

 

 

Report Date :

22.01.2011

 

IDENTIFICATION DETAILS

 

Name :

CYBEX INTERNATIONAL INC

 

 

Registered Office :

80 State Street - Albany, New York, 12207-2543

 

 

Country :

United States 

 

 

Financials (as on) :

31.12.2009

 

 

Date of Incorporation :

13.06.1997

 

 

Legal Form :

Corporation for Profit

 

 

Line of Business :

Strength and cardiovascular fitness equipment developer, manufacturer, and marketer

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Regular

 

 

Litigation :

----

 

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – June 30, 2010

 

Country Name

Previous Rating

                   (01.04.2010)                  

Current Rating

(30.06.2010)

United States 

a1

a1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

GEOPOLITICS - UNITED STATES

 

POLITICAL DATA

ECONOMIC DATA

Form of Government: Federal


Economic Risk: Nil

Currency: USD

Branch Situation:Stable

 

 

IDENTIFICATION

 

Ordered as:

Cybex International Inc

Address in the order:

10 Trotter Drive Medway MA 02053

 

 

Legal Name:

Cybex International Inc

 

 

Legal Address

80 State Street - Albany, New York, 12207-2543 - USA (registered agent)

 

Operative Address

10 Trotter Drive, Medway, MA 02053 - USA (headquarters)

Telephone:

508-533-4300

ID :

000579380

Fax:

508-533-5500

Legal Form:

Corporation for Profit

Email:

info@cybexintl.com

Registered in:

Massachusetts

Website:

http://www.cybexintl.com/

Date Created:

1947

Manager:

Mr. John Aglialoro, CEO

Date Incorporated:

June, 13th. 1997

Staff:

558

Stock:

17,120,383

 

 

Value:

$0,10 Par Value

Activity:

Strength and cardiovascular fitness equipment developer, manufacturer, and marketer

 

 

BANKS

 

Name of the Bank

Wachovia Bank, N.A.

 

BUSINESS

 

HISTORY

 

The company was founded in 1947

PRINCIPAL ACTIVITY

 

Strength and cardiovascular fitness equipment developer, manufacturer, and marketer

Products/Services description:

 

The company's cardiovascular equipment provides aerobic conditioning by elevating the heart rate, increasing lung capacity, endurance and circulation, and burning body fat.

 

The company's strength training equipment provides a physical workout by exercising the musculo-skeletal system. Its strength training products comprise selectorized single station equipment, modular multi-station units, multi-gym, functional trainers, plate loaded equipment, and free-weight equipment. The company also offers leasing and other financing options for its commercial customers.

Brands:

 

Cybex

Clients:

 

Golf & Country Clubs

Health Clubs

Home Gyms

Hotels and Spas

Military and Government

Personal Trainers

Sports Fitness

 

(Among others)

The subject employs 558 employee(s)

PAYMENTS

 

made on a 70 days basis - monitored over the last 12 months

 

 

 

 

LOCATION

Headquarters

 

The company is headquartered at: 10 Trotter Drive

Medway, MA 02053 - United States

The property is:

 

Owned

Branches:

 

The company has another location at 1975 24th Ave SW, Owatonna, Minnesota, 55060

Business Overview:

 

The US medical supplies and devices manufacturing industry includes about 11,000 companies with combined annual revenue of $75 billion. Major companies include Baxter International, Boston Scientific, Johnson & Johnson, and Medtronic. The industry is highly concentrated: the 50 largest companies account for about 75 percent of revenue.

 

 

Shareholders - Manager - Related Companies

 

Listed at the stock exchange

 

YES

Capital:

 

% of Shares Held by All Insider and 5% Owners: 50%

% of Shares Held by Institutional & Mutual Fund Owners: 22%

% of Float Held by Institutional & Mutual Fund Owners: 44%

Number of Institutions Holding Shares: 20

Shareholders Parent Company(ies):

 

Top Institutional Holders

 

Grace & White, INC.     

Dimensional Fund Advisors LP   

Gruber & Mcbaine Capital Management LLC       

U.S. Bancorp (Minnesota)          

Artis Capital Management, LLC  

Renaissance Technologies, LLC 

Perritt Capital Management, INC.

Veritable, LP    

Brandywine Global Investment Management, LLC

Great Oaks Capital Management, LLC

 

Top Mutual Fund Holders

 

DFA U.S. Small Cap Value Series          

Perritt Emerging Opportunities Fund       

DFA Tax Managed U.S. Targeted Value Port       

DFA U.S. Targeted Value Portfolio          

DFA Tax Managed U.S. Marketwide Value Series

DFA TAX-Managed U.S. Small Cap Portfolio

Spartan Extended Market Index Fund     

DFA U.S. Core Equity 2 Portfolio

DFA U.S. MICRO CAP SERIES 

DFA U.S. Core Equity 1 Portfolio

Management:

 

John Aglialoro, Chairman and Chief Executive Officer

Arthur W. Hicks, Jr., President, Chief Operating Officer and Chief Financial Officer

Edward Kurzontkowski, Senior Vice President of Manufacturing

Raymond Giannelli, Senior Vice President of Research and Development

Edward J. Pryts, Senior Vice President of Sales, North America

John P. Young, Senior Vice President of Sales, International

 

Related Companies:

 

Cybex Capital Corporation

Cybex Fitness Gerate Vertriebs, GmbH

Cybex International UK Ltd.

Cybex Hong Kong Limited

 

 

Financials - COMMERCIAL TRENDS AND FORECAST

 

The subject is a public company traded at the stock exchange at NASDAQ under ticker symbol "CYBI". Please find enclosed the financial statements.

Legal Fillings

 There are several UCC** files listed with the Secretary of State of Massachusetts.

 

Filing Number: 1010280586773

Filing Date: 10-28-2010

Filing Jurisdiction: NEW YORK

Secured Party: MITEL LEASING INC

Secured Party Address: 1140 WEST LOOP N

HOUSTON  TX   77055- 7218

Debtor: CYBEX INTERNATIONAL, INC.

 

 

Filing Number: 1009175910430

Filing Date: 09-17-2010

Filing Jurisdiction: NEW YORK

Secured Party: NMHG FINANCIAL SERVICES, INC.

Secured Party Address: PO BOX 35701

BILLINGS  MT   59107- 5701

Debtor: CYBEX INTERNATIONAL, INC.

Filing Number: 1006250342974

Filing Date: 06-25-2010

Filing Jurisdiction: NEW YORK

Secured Party: RBS ASSET FINANCE, INC.

Secured Party Address: 480 JEFFERSON BLVD

WARWICK  RI   02886- 1359

Debtor: CYBEX INTERNATIONAL, INC.

 

 

Filing Number: 1006250343914

Filing Date: 06-25-2010

Filing Jurisdiction: NEW YORK

Secured Party: RBS ASSET FINANCE, INC.

Secured Party Address: 480 JEFFERSON BLVD

WARWICK  RI   02886- 1359

Debtor: CYBEX INTERNATIONAL, INC.

 

 

Filing Number: 1005105438107

Filing Date: 05-10-2010

Filing Jurisdiction: NEW YORK

Secured Party: OCE FINANCIAL SERVICES, INC.

Secured Party Address: 5450 N CUMBERLAND AVE

CHICAGO  IL   60656- 1469

Debtor: CYBEX INTERNATIONAL, INC.

 

 

There was a recent lawsuit found against the company:

 

 

“Natalie Barnhard, Paralyzed Physical Therapist, Awarded $66M In Lawsuit

 

 

BUFFALO, N.Y.: A jury has awarded $66 million to a western Fresh York woman who was left paralyzed when a weight machine at the physical therapy office where she worked fell on top of her. The Buffalo News reports that a jury in Buffalo reached the verdict Tuesday after a nearly eight-week trial in the lawsuit brought by Natalie Barnhard of Cheektowaga against Cybex International and Amherst Orthopedic Physical Therapy.”

 

The last annual report was filed on  3/2/2010.  

 

 

THE COMPANY IS NOT LISTED ON THE OFAC LIST.*

 

 For information:

 

* The Specially Designated Nationals (SDN) List is a publication of OFAC which lists individuals and organizations with whom United States citizens and permanent residents are prohibited from doing business.

 

 

** The Uniform Commercial Code (UCC) is one of a number of uniform acts that have been promulgated in conjunction with efforts to harmonize the law of sales and other commercial transactions in all 50 states within the United States of America. 

 The UCC deals primarily with transactions involving personal property (movable property), not real property (immovable property).

 

It allows a creditor to notify other creditors about a debtor’s assets used as collateral for a secured transaction by filing a public notice (financing statement) with a particular filing office.

 

The Uniform Commercial Code Bureau files and maintains on financial obligations (including IRS liens) incurred by individuals (in business as a sole proprietor), business entities and corporations.

 

 

Rating

 

Local credit bureau gave a Low credit rate.

 

The company is in Good Standing. This means that all local and federal taxes were paid on due date.

 Final Opinion

 

This company has been in business for 63 years; it has a staff of 558 which makes it a large sized company.

 

There was a recent lawsuit found against "Cybex International, Inc.", in which the company had to pay $ 66,000,000 to a woman who was left paralyzed when a "Cybex" exercise machine fell on top of her.

 

Due to a NEGATIVE income for the year 2009, we strongly suggest working with GUARANTEES.

 

SUMMARY

 


FINANCIAL SUMMARY


DEBT COLLECTIONS AND PAYMENTS

Profitability

NEGATIVE

Public Records

YES

Indebtedness

CONTROLLED

Payments

REGULAR

Cash

NORMAL

 

 

 

 

Income Statement

 

View: Annual Data |

All numbers in thousands

 

Period Ending

Dec 31, 2009

Dec 31, 2008

Dec 31, 2007

Total Revenue

120,474  

147,929  

146,503  

Cost of Revenue

84,466  

99,940  

95,683  

 

Gross Profit

36,008  

47,989  

50,820  

 

 

Operating Expenses

 

Research Development

-  

-  

-  

 

Selling General and Administrative

37,680  

42,321  

41,742  

 

Non Recurring

-  

11,247  

-  

 

Others

-  

-  

482  

 

 

 

Total Operating Expenses

-  

-  

-  

 

 

 

 

 

Operating Income or Loss

(1,672)

(5,579)

8,596  

 

 

 

 

Income from Continuing Operations

 

 

Total Other Income/Expenses Net

-  

-  

310  

 

 

Earnings Before Interest And Taxes

(2,946)

(5,579)

8,906  

 

 

Interest Expense

-  

1,176  

1,273  

 

 

Income Before Tax

(2,946)

(6,755)

7,633  

 

 

Income Tax Expense

(509)

2,333  

(2,121)

 

 

Minority Interest

-  

-  

-  

 

 

 

 

Net Income From Continuing Ops

(2,437)

(9,088)

9,754  

 

 

 

 

Non-recurring Events

 

 

Discontinued Operations

-  

-  

-  

 

 

Extraordinary Items

-  

-  

-  

 

 

Effect Of Accounting Changes

-  

-  

-  

 

 

Other Items

-  

-  

-  

 

 

 

 

 

Net Income

(2,437)

(9,088)

9,754  

 

Preferred Stock And Other Adjustments

-  

-  

-  

 

 

 

Net Income Applicable To Common Shares

($2,437)

($9,088)

$9,754  

 

 

 

Balance Sheet

 

View: Annual Data |

All numbers in thousands

 

Period Ending

Dec 31, 2009

Dec 31, 2008

Dec 31, 2007

 

Assets

Current Assets

 

Cash And Cash Equivalents

6,879  

1,628  

609  

 

Short Term Investments

-  

-  

-  

 

Net Receivables

21,855  

23,420  

25,340  

 

Inventory

10,054  

13,465  

13,803  

 

Other Current Assets

1,216  

2,249  

1,970  

 

Total Current Assets

40,004  

40,762  

41,722  

Long Term Investments

-  

-  

-  

Property Plant and Equipment

31,835  

36,551  

34,089  

Goodwill

-  

-  

11,247  

Intangible Assets

-  

14  

-  

Accumulated Amortization

-  

-  

-  

Other Assets

7,981  

5,053  

353  

Deferred Long Term Asset Charges

8,815  

8,921  

10,718  

 

Total Assets

88,635  

91,301  

98,129  

 

Liabilities

Current Liabilities

 

Accounts Payable

16,482  

17,951  

20,908  

 

Short/Current Long Term Debt

2,415  

1,882  

2,628  

 

Other Current Liabilities

-  

-  

-  

 

Total Current Liabilities

18,897  

19,833  

23,536  

Long Term Debt

15,191  

16,606  

16,322  

Other Liabilities

11,438  

9,411  

3,229  

Deferred Long Term Liability Charges

-  

-  

-  

Minority Interest

-  

-  

-  

Negative Goodwill

-  

-  

-  

 

Total Liabilities

45,526  

45,850  

43,087  

 

Stockholders' Equity

Misc Stocks Options Warrants

-  

-  

-  

Redeemable Preferred Stock

-  

-  

-  

Preferred Stock

-  

-  

-  

Common Stock

1,786  

1,781  

1,755  

Retained Earnings

(22,247)

(19,810)

(10,722)

Treasury Stock

(2,955)

(2,503)

(2,251)

Capital Surplus

68,661  

68,426  

68,049  

Other Stockholder Equity

(2,136)

(2,443)

(1,789)

 

Total Stockholder Equity

43,109  

45,451  

55,042  

 

Net Tangible Assets

$43,109  

$45,437  

$43,795 

 

Income Statement

 

View: | Quarterly Data

All numbers in thousands

 

Period Ending

Sep 25, 2010

Jun 26, 2010

Mar 27, 2010

Dec 31, 2009

Total Revenue

29,235  

27,672  

26,116  

34,812  

Cost of Revenue

18,743  

18,166  

16,650  

23,005  

 

Gross Profit

10,492  

9,506  

9,466  

11,807  

 

 

Operating Expenses

 

Research Development

-  

-  

-  

-  

 

Selling General and Administrative

10,505  

9,531  

10,258  

9,748  

 

Non Recurring

-  

-  

-  

-  

 

Others

-  

-  

-  

-  

 

 

 

Total Operating Expenses

-  

-  

-  

-  

 

 

 

 

 

Operating Income or Loss

(13)

(25)

(792)

2,059  

 

 

 

 

Income from Continuing Operations

 

 

Total Other Income/Expenses Net

-  

-  

-  

-  

 

 

Earnings Before Interest And Taxes

(293)

(406)

(1,114)

1,692  

 

 

Interest Expense

-  

-  

-  

-  

 

 

Income Before Tax

(293)

(406)

(1,114)

1,692  

 

 

Income Tax Expense

(278)

(50)

(361)

699  

 

 

Minority Interest

-  

-  

-  

-  

 

 

 

 

Net Income From Continuing Ops

(15)

(356)

(753)

993  

 

 

 

 

Non-recurring Events

 

 

Discontinued Operations

-  

-  

-  

-  

 

 

Extraordinary Items

-  

-  

-  

-  

 

 

Effect Of Accounting Changes

-  

-  

-  

-  

 

 

Other Items

-  

-  

-  

-  

 

 

 

 

 

Net Income

(15)

(356)

(753)

993  

 

Preferred Stock And Other Adjustments

-  

-  

-  

-  

 

 

 

Net Income Applicable To Common Shares

($15)

($356)

($753)

$993  

 

 

 

Balance Sheet

 

View: | Quarterly Data

All numbers in thousands

 

Period Ending

Sep 25, 2010

Jun 26, 2010

Mar 27, 2010

Dec 31, 2009

 

Assets

Current Assets

 

Cash And Cash Equivalents

3,897  

3,819  

6,832  

6,879  

 

Short Term Investments

-  

-  

-  

-  

 

Net Receivables

21,796  

19,637  

18,001  

21,855  

 

Inventory

11,028  

11,689  

11,575  

10,054  

 

Other Current Assets

1,526  

1,261  

1,157  

1,216  

 

Total Current Assets

38,247  

36,406  

37,565  

40,004  

Long Term Investments

-  

-  

-  

-  

Property Plant and Equipment

30,143  

30,555  

31,068  

31,835  

Goodwill

-  

-  

-  

-  

Intangible Assets

-  

-  

-  

-  

Accumulated Amortization

-  

-  

-  

-  

Other Assets

4,422  

5,320  

5,261  

7,981  

Deferred Long Term Asset Charges

9,736  

9,369  

9,113  

8,815  

 

Total Assets

82,548  

81,650  

83,007  

88,635  

 

Liabilities

Current Liabilities

 

Accounts Payable

16,318  

14,287  

14,868  

16,482  

 

Short/Current Long Term Debt

1,520  

1,436  

2,415  

2,415  

 

Other Current Liabilities

-  

-  

-  

-  

 

Total Current Liabilities

17,838  

15,723  

17,283  

18,897  

Long Term Debt

14,669  

15,046  

14,587  

15,191  

Other Liabilities

8,118  

8,885  

8,772  

11,438  

Deferred Long Term Liability Charges

-  

-  

-  

-  

Minority Interest

-  

-  

-  

-  

Negative Goodwill

-  

-  

-  

-  

 

Total Liabilities

40,625  

39,654  

40,642  

45,526  

 

Stockholders' Equity

Misc Stocks Options Warrants

-  

-  

-  

-  

Redeemable Preferred Stock

-  

-  

-  

-  

Preferred Stock

-  

-  

-  

-  

Common Stock

1,786  

1,786  

1,786  

1,786  

Retained Earnings

(23,371)

(23,356)

(23,000)

(22,247)

Treasury Stock

(2,955)

(2,955)

(2,955)

(2,955)

Capital Surplus

68,831  

68,774  

68,719  

68,661  

Other Stockholder Equity

(2,368)

(2,253)

(2,185)

(2,136)

 

Total Stockholder Equity

41,923  

41,996  

42,365  

43,109  

 

Net Tangible Assets

$41,923  

$41,996  

$42,365  

$43,109

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.70

UK Pound

1

Rs.72.78

Euro

1

Rs.61.65

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.