MIRA INFORM REPORT

 

 

Report Date :

13.06.2012

 

IDENTIFICATION DETAILS

 

Name :

CYBEX INTERNATIONAL, INC.  

 

 

Registered Office :

10 Trotter Drive, Medway, MA 02053

 

 

Country :

United States 

 

 

Financials (as on) :

31.03.2012

 

 

Year of Establishment :

1947

 

 

Legal Form :

Public Subsidiary Company

 

 

Line of Business :

manufacturer of exercise equipments

 

 

No. of Employees :

563

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Status :

Satisfactory

Payment Behaviour :

No Complaints

Litigation :

Clear

 

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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

United States 

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

Company name & address 

 

Cybex International, Inc. 

10 Trotter Drive

Medway, MA 02053

United States

Tel:                   508-533-4300

Fax:                 508-533-5500

Toll Free:           (888) GOCYBEX

Web:                www.cybexintl.com

           

 

Synthesis

 

Employees:                  563

Company Type: Public Subsidiary

Corporate Family:          5 Companies

Ultimate Parent: UM Holdings Limited

Traded:

NASDAQ:                     CYBI

Incorporation Date:         1947

Auditor:                         KPMG LLP

Financials in:                 USD (Millions)

Fiscal Year End:            31-Dec-2011

Reporting Currency:       US Dollar

Annual Sales:               140.1  1

Net Income:                  34.3

Total Assets:                84.6  2

Market Value:               29.4 (01-Jun-2012)

 

 

Business Description     

 

Cybex International, Inc. (Cybex) is a manufacturer of exercise equipments. The Company develops, manufactures and markets strength and cardiovascular fitness equipment products for the commercial and consumer markets. These products can be grouped into two categories: cardiovascular products and strength systems. The Company’s cardiovascular equipment is designed to provide aerobic conditioning by elevating the heart rate, increasing lung capacity, endurance and circulation, and burning body fat. Strength training equipment provides a physical workout by exercising the musculo-skeletal system. The Company’s strength training equipment uses weights for resistance. Its commercial customers include health clubs, hotels, resorts, spas, educational institutions, sports teams, sports medicine clinics, military installations, golf clubs, corporate fitness and community centers. For the fiscal year ended 31 December 2010, Cybex International, Inc.'s revenues increased 2% to $123M. Net loss totaled $58.2M, up from $2.4M. Revenues reflect increased income from sales. Net loss reflects a rise in selling & administration cost, the presence of litigation charges and increased operating loss. Cybex International, Inc is a leading manufacturer of premium exercise equipment primarily for commercial use products.

Industry             

Industry            Recreational Products

ANZSIC 2006:    2592 - Toy, Sporting and Recreational Product Manufacturing

NACE 2002:      3640 - Manufacture of sports goods

NAICS 2002:     33992 - Sporting and Athletic Goods Manufacturing

UK SIC 2003:    3640 - Manufacture of sports goods

US SIC 1987:    3949 - Sporting and Athletic Goods, Not Elsewhere Classified

 

           

Key Executives  

(Emails Available)         

 

 

Name

Title

John Aglialoro

Chairman of the Board, Chief Executive Officer

Arthur W. Hicks

President, Chief Financial Officer, Chief Operating Officer, Director

Edward J. Pryts

Senior Vice President - Sales, North America

Raymond Giannelli

Senior Vice President - Research and Development

Edward Kurzontkowski

Senior Vice President - Manufacturing

 

 

Significant Developments  

 

Topic

#*

Most Recent Headline

Date

Corporate Litigation

1

Cybex International Inc Reaches Settlement In Barnhard Product Liability Suit

6-Feb-2012

Strategic Combinations

1

Cybex International Inc Announces Partnership With PumpOne

14-Mar-2012

 

* number of significant developments within the last 12 months     

 

 

News

 

Title

Date

Art Curtis Joins Cybex Board Of Directors
Business Wire (611 Words)

7-Jun-2012

Jerry Lee is no longer at Cybex International, Inc.
LexisNexis (28 Words)

23-May-2012

EquipYourGym Launches New Customer Focused Website
PR Web (271 Words)

22-May-2012

Area students honored for giving blood
Hawk Eye, The (Burlington, IA) (917 Words)

22-May-2012

Q1 2012 Cybex International Earnings Conference Call - Final
FD (Fair Disclosure) Wire (2800 Words)

8-May-2012

Financial Summary    

 

As of 31-Mar-2012

Key Ratios                               Company         Industry

Current Ratio (MRQ)                   2.00                  2.35

Quick Ratio (MRQ)                     1.24                  1.56

Debt to Equity (MRQ)                 1.20                  1.67

Sales 5 Year Growth                  2.00                  1.23

Net Profit Margin (TTM) %           23.46                6.79

Return on Assets (TTM) %          45.40                6.00

Return on Equity (TTM) %           1,173.02            12.68

 

 

Stock Snapshot    

 

 

Traded: NASDAQ: CYBI

 

As of 1-Jun-2012

   Financials in: USD

Recent Price

1.72

 

EPS

0.24

52 Week High

3.60

 

Price/Sales

0.21

52 Week Low

0.36

 

Price/Earnings

1.26

Avg. Volume (mil)

0.11

 

Price/Book

1.50

Market Value (mil)

29.45

 

Beta

2.01

 

Price % Change

Rel S&P 500%

4 Week

-22.52%

-17.00%

13 Week

-23.56%

-18.08%

52 Week

109.50%

115.22%

Year to Date

309.52%

302.95%

 

ABI Number: 009627191

 

1 - Profit & Loss Item Exchange Rate: USD 1 = USD 1

2 - Balance Sheet Item Exchange Rate: USD 1 = USD 1

 

 

Corporate Overview

 

Location

10 Trotter Drive

Medway, MA, 02053

Norfolk County

United States

Tel:                   508-533-4300

Fax:                  508-533-5500

Toll Free Tel:     (888) GOCYBEX

Web:                www.cybexintl.com    

           

Quote Symbol - Exchange

CYBI - NASDAQ

 

Sales USD(mil):             140.1

Assets USD(mil):           84.6

Employees:                   563

Fiscal Year End:            31-Dec-2011

Industry:                        Recreational Products

Incorporation Date:         1947

Company Type:             Public Subsidiary

Quoted Status:              Quoted

 

Chairman of the Board,

Chief Executive Officer:   John Aglialoro

 

Company Web Links

Company Contact/E-mail

Corporate History/Profile

Employment Opportunities

Executives

Financial Information

Home Page

Investor Relations

News Releases

Products/Services

 

Contents

Industry Codes

Business Description

Product Codes

Brand/Trade Names

Financial Data

Market Data

Key Corporate Relationships

Additional Information

 

Industry Codes

 

ANZSIC 2006 Codes:

2412     -          Medical and Surgical Equipment Manufacturing

2592     -          Toy, Sporting and Recreational Product Manufacturing

 

NACE 2002 Codes:

3640     -          Manufacture of sports goods

3310     -          Manufacture of medical and surgical equipment and orthopaedic appliances

 

NAICS 2002 Codes:

339112  -          Surgical and Medical Instrument Manufacturing

33992   -          Sporting and Athletic Goods Manufacturing

 

US SIC 1987:

3841     -          Surgical and Medical Instruments and Apparatus

3949     -          Sporting and Athletic Goods, Not Elsewhere Classified

 

UK SIC 2003:

3310     -          Manufacture of medical and surgical equipment and orthopaedic appliances

3640     -          Manufacture of sports goods

 

Business Description

Cybex International, Inc. (Cybex) is a manufacturer of exercise equipments. The Company develops, manufactures and markets strength and cardiovascular fitness equipment products for the commercial and consumer markets. These products can be grouped into two categories: cardiovascular products and strength systems. The Company’s cardiovascular equipment is designed to provide aerobic conditioning by elevating the heart rate, increasing lung capacity, endurance and circulation, and burning body fat. Strength training equipment provides a physical workout by exercising the musculo-skeletal system. The Company’s strength training equipment uses weights for resistance. Its commercial customers include health clubs, hotels, resorts, spas, educational institutions, sports teams, sports medicine clinics, military installations, golf clubs, corporate fitness and community centers.

 

Cardiovascular Products

The Company’s cardiovascular products include cross trainers, treadmills, bikes and steppers. All of Cybex’s cardiovascular products incorporate computerized electronics, which control the unit and provide feedback to the user. All of the cardiovascular products, except the Home Arc, can be equipped with optional television monitors that feature controls integrated into the control console.

 

Cybex Arc Trainer is a product designed to provide the user with more and varied training potential. It provides motions that vary from gliding to climbing. Its brake design provides resistance up to 900 watts in the commercial version to meet the demands ranging from the casual user to the athlete. The 750AT and 750A Arc Trainers use control console that is based on the 750T treadmill console, facilitating cross-use of these products. The 750AT Total Body Arc Trainer retains all the functionality of the original Arc Trainer and adds upper body motion to provide for total body training. The Company also produces the 425A Arc Trainer for the light commercial and consumer markets, and 360A Arc Trainer for the consumer market.

 

Cybex has four treadmill models, the Legacy 750T, Pro3, CX-445T and LCX-425T. The LCX-425T is a consumer and light commercial product while the other models are for the commercial market. Each treadmill model is motorized, and incorporates computerized electronics controlling speed, incline, display functions and preset exercise programs. The electronics also provide displays to indicate speed, elevation, distance, time, pace and a variety of other data. All of the treadmills include a diagnostic suite that can be accessed through the display. The CX-445T, Pro3 and 750T also include a safety feature known as Safety Sentry, which causes the treadmill to stop once it detects inactivity with the user. All treadmills are equipped with contact heart rate monitoring and deck suspension system, and include wireless heart rate monitoring capabilities.

 

The Company’s 750C Upright Cycle and 750R Recumbent Cycle bikes feature ergonomics, including a walk-through design on the recumbent model, as well as resistance range with multiple resistance modes. The console design is based on that of the 750T, 750A and 750AT to provide a common method of operation. The Company has one model of steppers for the commercial markets. The Cyclone-S Stepper features the family display common to the Pro3, as well as an advanced ergonomic handrail design, contact and Polar heart rate monitoring, and drive system.

 

Strength Training Products

The Company’s strength training product line includes selectorized equipment, modular units, MG500 multi-gym, functional trainers, plate-loaded equipment and free-weight equipment. Selectorized single station equipment incorporates stacked weights, permitting the user to select different weight levels for a given exercise by inserting a pin at the appropriate weight level. Each selectorized product is designed for a specific muscle group with each product line utilizing a different technology targeted to facility and user type. The Company’s selectorized equipment is sold under the trademarks VR1, VR3 and Eagle. The VR1 line represents a value-engineered line suitable for smaller general-purpose facilities and as an entry line in larger facilities. The VR3 line is a 23 piece line designed for ease of use in fitness facilities.

 

The Jungle Gym provides facilities with a multi-station, configurable design for essential movements. During the year ended December 31, 2010, the Company Company introduced the MG525. The Company’s MG500 multi-gym uses considerably less space than multiple selectorized single station equipment. It contains three weight stacks to meet the needs of the commercial market, including hotels, corporate fitness centers and other small-scale locations. The Company manufactures and distributes a range of strength equipment, which mimics many of the movements found on its selectorized machines but are manually loaded with weights. These are products, which allow varying levels of weight to be manually loaded. During 2010, the Company offered 18 plate-loaded products. Cybex also sells free-weight benches and racks, and compliments them with OEM supplied dumbbells, barbells and plates. During 2010, the Company added the Big Iron line of free-weight products targeted at collegiate and professional athletic performance training. During 2010, the Company offered 31 items of free-weight equipment

 

More Business Descriptions

Cybex International, Inc. (Cybex) is a manufacturer of exercise equipments. The Company develops, manufactures and markets strength and cardiovascular fitness equipment products for the commercial and consumer markets. These products can be grouped into two categories: cardiovascular products and strength systems. The Company’s cardiovascular equipment is designed to provide aerobic conditioning by elevating the heart rate, increasing lung capacity, endurance and circulation, and burning body fat. Strength training equipment provides a physical workout by exercising the musculo-skeletal system. The Company’s strength training equipment uses weights for resistance. Its commercial customers include health clubs, hotels, resorts, spas, educational institutions, sports teams, sports medicine clinics, military installations, golf clubs, corporate fitness and community centers. For the fiscal year ended 31 December 2010, Cybex International, Inc.'s revenues increased 2% to $123M. Net loss totaled $58.2M, up from $2.4M. Revenues reflect increased income from sales. Net loss reflects a rise in selling & administration cost, the presence of litigation charges and increased operating loss. Cybex International, Inc is a leading manufacturer of premium exercise equipment primarily for commercial use products.

 

Strength, Fitness & Rehabilitation Equipment Marketer & Mfr

 

Establishments primarily engaged in the retail sale of sporting goods, sporting equipment, and bicycles, bicycle parts, and accessories.

 

CYBEX is listed on the NASDAQ and trades under the symbol CYBI. For more information on financial results please look under SEC filings and Press Releases.

 

Founded in 1947, Cybex International is a manufacturer of exercise equipment for commercial and consumer use. Its cardiovascular products include treadmills, cross-trainers, bikes and steppers designed for aerobic exercises. The company's strength training equipment product line includes single-station equipment, modular multistation units, MG500 multigyms, plate-loaded equipment, and free-weight equipment for a physical workout. The company also offers leasing and other financing options for its commercial customers. Its customers include health clubs, corporate fitness centers, hotels, resorts, spas, educational institutions, sports teams, sports medicine clinics, military installations, and community centers. The company distributes its products through independent authorized dealers, international distributors, and its e-commerce Web site. Cybex International is based in Medway, Mass.

 

Manufacturer of strength training and cardiovascular products including selectorized equipment, free weights, plate loaded and functional training equipment, treadmills, cross trainers, bikes, and climbers. Products are sold to consumers and commercial users including health clubs, YMCA's, JCC's, colleges, wellness/rehab centers, pro sports teams, U.S. Government, schools, personal training studios, etc.

 

Product Codes

Product Code    Product Description

MED-DG-D        Upper and lower body ergometers

MED-RE-R        Rehabilitation fitness equipment

MED-RE-R        Upper and lower body exercise machines

MED-RE-R        Computerized stationary bikes

MED-RE-R        Back rehabilitation machines - TR(tm)

TAM-ME-MZ      Dynamometers

 

Brand/Trade Names

Cybex - Exercising equipment

Vr2 - Sporting goods

Direct Drive - Exercising equipment

 

Financial Data

Financials in:

USD(mil)

 

Revenue:

140.1

Net Income:

34.3

Assets:

84.6

Long Term Debt:

12.8

 

Total Liabilities:

65.0

 

Working Capital:

0.0

 

 

 

Date of Financial Data:

31-Dec-2011

 

1 Year Growth

14.0%

NA

-0.9%

 

Market Data

Quote Symbol:

CYBI

Exchange:

NASDAQ

Currency:

USD

Stock Price:

1.7

Stock Price Date:

06-01-2012

52 Week Price Change %:

109.5

Market Value (mil):

29,447.1

 

SEDOL:

2537777

ISIN:

US23252E1064

 

Equity and Dept Distribution:

Common Stock $.10 Par, 12/10, 30M auth., 17,860,000 issd., less 740,000 shs. in Treas. @ $3M. Insiders control 52.05%.

 

 

 

Auditor:

KPMG LLP

Bank:

Citizens Bank, Mitel Corp, TRUMPF Inc

 

Auditor:

KPMG LLP

 

 

 

 

 

 

 

Credit Report as of 11/01/2011

 

Location

10 Trotter Dr
Medway, MA 02053-2275
United States

 

County:

Norfolk

MSA:

Boston, MA

 

Phone:

508-533-4300

Fax:

508-533-5500

Toll Free:

888-462-9239

URL:

http://cybexintl.com

 

ABI©:

009627191

 

Annual Sales:

$122,961,000 (USD)

Employees:

552

 

Facility Size(ft2):

2,500 - 9,999

 

Business Type:

Public

Location Type:

Headquarter

 

Ticker:

CYBI

Exchange:

NASDAQ

Primary Line of Business:

SIC:

5941-36 - Exercise Equipment-Retail

NAICS:

451110 - Sporting Goods Stores

Secondary Lines of Business:

SICs:

3841-04 - Physicians & Surgeons Equip & Supls-Mfrs

 

3999-03 - Manufacturers

 

5091-32 - Exercise Equipment-Wholesale

 

8742-13 - Marketing Programs & Services

 

9999-66 - Federal Government Contractors

NAICS:

339999 - All Other Misc Mfg

 

541613 - Marketing Consulting Svcs

 

339112 - Surgical & Medical Instrument Mfg

 

423910 - Sporting Goods Merchant Whols

 

 

Corporate Family

Corporate Structure News:

 

UM Holdings Limited
Cybex International, Inc.

Cybex International, Inc. 
Total Corporate Family Members: 5 

 

 

 

 

Company Name

Company Type

Location

Country

Industry

Sales
(USD mil)

Employees

 

UM Holdings Limited

Parent

Haddonfield, NJ

United States

Healthcare Facilities

 

450

 

Cybex International, Inc.

Subsidiary

Medway, MA

United States

Recreational Products

140.1

563

 

Cybex International Inc

Branch

Owatonna, MN

United States

Miscellaneous Capital Goods

236.0

250

 

Cybex Capital Corp

Subsidiary

Medway, MA

United States

Consumer Financial Services

 

 

 

EHE, Inc.

Subsidiary

New York, NY

United States

Healthcare Facilities

23.0

2

 

 

 

Competitors Report

Company Name

Location

Employees

Ownership

Adams Golf, Inc.

Plano, Texas, United States

131

Public

Aldila, Inc.

Poway, California, United States

1,186

Public

Bollinger Industries, Inc

Grand Prairie, Texas, United States

101

Public

Callaway Golf Co

Carlsbad, California, United States

2,100

Public

Escalade, Inc.

Evansville, Indiana, United States

618

Public

Golfsmith International Holdings, Inc.

Austin, Texas, United States

791

Private

Head N.V.

Amsterdam, Netherlands

2,108

Public

ICON Health & Fitness, Inc.

Logan, Utah, United States

3,263

Private

Precor, Inc.

Woodinville, Washington, United States

400

Private




 

Executive report

 

Board of Directors

 

Name

Title

Function

 

John Aglialoro

 

Chairman of the Board, Chief Executive Officer

Chairman

 

Biography

Mr. John Aglialoro is Chairman of the Board, Chief Executive Officer of Cybex International Inc. He is the Chief Executive Officer of the Company since 2000. Mr. Aglialoro is Chairman and Chief Executive Officer of UM Holdings Ltd., which he co-founded in 1973. He served as a Director of Trotter Inc. from 1983 until its merger with the Company in 1997.

 


Age: 68

 


Education:

Temple University

 


Compensation/Salary:$549,422

Compensation Currency: USD

 

James H. Carll

 

Independent Director

Director/Board Member

 

 

Biography

Mr. James H. Carllis is Independent Director of Cybex International Inc., since 1997. He is Chairman, Archer & Greiner, A Professional Corporation, a law firm in which he has been a stockholder since 1983. Archer & Greiner acts as general counsel for the Company.

 


Age: 63

 


Education:

Duke University School of Law, JD (With Distinction)
Duke University School of Law., JD (With Distinction)
Bucknell University, AB 

 

Joan Carter

 

Director

Director/Board Member

 

 

Biography

Ms. Joan Carter is Director of Cybex International Inc., since 1997. She is President of UM Holdings Ltd., which she co-founded in 1973. She served as a Director of Trotter Inc. from 1983 until its merger with the Company in 1997. Director, Penn Mutual Life Insurance Company. She is a former member and Chairman of the Board of the Federal Reserve Bank of Philadelphia. During the last five years, Ms. Carter also served on the Board of Directors of CarrAmerica Realty Corporation.

 


Age: 68

 


Education:

College of Wooster

 

Arthur W. Hicks

 

President, Chief Financial Officer, Chief Operating Officer, Director

Director/Board Member

 

 

Biography

Mr. Arthur W. Hicks, Jr., is President, Chief Financial Officer, Chief Operating Officer, Director of Cybex International Inc. He is President of the Company since 2008, its Chief Operating Officer since 2006 and its Chief Financial Officer since 2002. He served as a Director of Trotter Inc. from 1994 to its merger with the Company in 1997.

 


Age: 53

 


Compensation/Salary:$324,615

Compensation Currency: USD

 

Milton Leontiades

 

Director

Director/Board Member

 

 

Biography

Retired. Dean of the School of Business Rutgers University-Camden from 1991 to 2005 where he also served as professor from 1974 to 2006. Dr. Leontiades specialized in his academic career in strategic planning and business management. We believe that Dr. Leonitades qualifications to serve on our Board include his academic career including in strategic planning and business management as well as the executive role he played in leading a business school for almost 15 years.

 

John McCarthy

 

Independent Director

Director/Board Member

 

 

Biography

Mr. John McCarthy is Independent Director of Cybex International Inc., since November 1, 2006. He is Retired. Executive Director, International Health, Racquet and Sportsclub Association (IHRSA) from 1981 to 2006. Director, Marquette Bank and World Health Inc.

 


Age: 75

 


Education:

Boston College, MBA 

 

Harvey Morgan

 

Independent Director

Director/Board Member

 

 

Biography

Mr. Harvey Morgan is Independent Director of Cybex International Inc., since 2003. He is Managing Director, Bentley Associates L.P., investment bankers, since 2004. Director, Family Dollar Stores, Inc. and CryoLife, Inc.

 


Age: 70

 


Education:

Harvard University, MBA 
University of North Carolina

 

Robert E. Smyth

 

Independent Director

Director/Board Member

 

 

Biography

Mr. Robert E. Smyth is Independent Director of Cybex International Inc. He is Banking consultant. Employed by Citizens Financial Group from 2002 to 2009, including his role as Chairman, CEO and President of Citizens Bank of Massachusetts.

 


Age: 65

 


Education:

Adelphi University, MBA (Finance and Management)
Mount St. Mary's College, BS 

 

 

Executives

 

Name

Title

Function

 

John Aglialoro

 

Chairman of the Board, Chief Executive Officer

Chief Executive Officer

 

Biography

Mr. John Aglialoro is Chairman of the Board, Chief Executive Officer of Cybex International Inc. He is the Chief Executive Officer of the Company since 2000. Mr. Aglialoro is Chairman and Chief Executive Officer of UM Holdings Ltd., which he co-founded in 1973. He served as a Director of Trotter Inc. from 1983 until its merger with the Company in 1997.

 


Age: 68

 


Education:

Temple University

 


Compensation/Salary:$549,422

Compensation Currency: USD

 

Arthur W. Hicks

 

President, Chief Financial Officer, Chief Operating Officer, Director

President

 

 

Biography

Mr. Arthur W. Hicks, Jr., is President, Chief Financial Officer, Chief Operating Officer, Director of Cybex International Inc. He is President of the Company since 2008, its Chief Operating Officer since 2006 and its Chief Financial Officer since 2002. He served as a Director of Trotter Inc. from 1994 to its merger with the Company in 1997.

 


Age: 53

 


Compensation/Salary:$324,615

Compensation Currency: USD

 

Galen Lemar

 

President Cybex Capital Corp

President

 

 

Biography

Mr. Lemar has served as the Companys Senior Vice President and the President of the Companys wholly-owned subsidiary Cybex Capital Corp. since 2008. He was originally employed by the Company from 2001 to 2006 in several capacities most recently as its Senior Vice President of Sales and Marketing from 2003 to 2006. From 2006 to 2007 he was employed by Main Street National Bank as its Executive Vice President of Financing and Operations.

 

John Derocher

 

Operations Manager

Operations Executive

 

 

Jason Ferwerda

 

Vice President, Manufacturing Operations, Medway

Operations Executive

 

 

Marybeth Fottler

 

Director, Distributor Operations

Operations Executive

 

 

Marybeth Mawson

 

Manager, International Operations

Operations Executive

 

 

Erin Mcneil

 

Sales Operations

Operations Executive

 

 

Dwight Schwader

 

Director-Logistics

Operations Executive

 

 

Debra Cowell

 

Administrator

Administration Executive

 

 

Susan Szen

 

Administrator

Administration Executive

 

 

James M Ahearn

 

Treasurer & Chief Accounting Officer

Finance Executive

 

 

Mary Hart

 

Manager-Corporate Accounting

Finance Executive

 

 

Richard Goulden

 

Credit Manager

Cash Management Executive

 

 

Charles Schwenck

 

Credit Manager

Cash Management Executive

 

 

Christine Blake

 

Assistant Controller

Controller

 

 

Caroline Buckfeller

 

Manager-Benefits & Payroll

Human Resources Executive

 

 

Steve Suchanek

 

Executive Director-Instructional Training

Human Resources Executive

 

 


Education:

University of Oklahoma, BA 

 

Chad Rogers

 

Pink Arc Trainer

Training Executive

 

 

Biography

Chad Rogers hit the pink Arc Trainer at the new The Biggest Loser Resort. Chad is best known for his The Bravo Networks hit show Million Dollar Listing and has built and maintained a reputation among power-player clientele including professional athletes celebrities and high-ranking business officials like the Hiltons. We understand that he was happy to log a few miles to get ready for Paris Halloween party.

 

Edward J. Pryts

 

Senior Vice President - Sales, North America

Sales Executive

 

 

Biography

Mr. Edward J. Pryts is Senior Vice President - Sales, North America of Cybex International Inc., since January 2007. Mr. Pryts first joined Trotter in 1993 and has served the Company in a variety of capacities, including Vice President of Sales—North America from 2002 to 2006.

 


Age: 51

 


Compensation/Salary:$214,427

Compensation Currency: USD

 

John P. Young

 

Senior Vice President - Sales International

Sales Executive

 

 

Biography

Mr. John P. Young is Senior Vice President - Sales International of Cybex International Inc., since January 2007. He first joined Cybex in 1999 and has served in several capacities, including Vice President of International Sales from 2001 to 2006.

 


Age: 49

 

Larry Gulko

 

Chief Marketing Officer

Marketing Executive

 

 


Education:

Babson College, MBA 
University of Massachusetts Business School, BA 

 

Heather Koester

 

Marketing Executive

Marketing Executive

 

 

Paul Trammell

 

Marketing

Marketing Executive

 

 

Nellie Stepanova

 

Graphic Designer

Advertising Executive

 

 

Brian Lyman

 

Manager-Mis

Information Executive

 

 

John Wiggington

 

Manager-MIS

Information Executive

 

 

Gordon Andrade

 

Design Engineer

Engineering/Technical Executive

 

 

Richard Bartholomew

 

Engineer

Engineering/Technical Executive

 

 

Mark Buontempo

 

Electro Mechanical Design Engineer

Engineering/Technical Executive

 

 

Peter Deneault

 

Electrical Engineer

Engineering/Technical Executive

 

 

Johnathan Dennis

 

Engineer

Engineering/Technical Executive

 

 

Cameron Mcleod

 

Director of Hw and Software Engineering

Engineering/Technical Executive

 

 

Stephen Wendt

 

Engineer

Engineering/Technical Executive

 

 

Raymond Giannelli

 

Senior Vice President - Research and Development

Research & Development Executive

 

 

Biography

Mr. Raymond Giannelli is Senior Vice President - Research and Development of Cybex International Inc., since August 2003. He first joined Cybex in 1975 and served in various positions including Vice President of Research and Development. In 1991, Mr. Giannelli left Cybex and joined Trotter as the Vice President of Research and Development and continued to maintain that position after the merger of Trotter with Cybex. Mr. Giannelli left Cybex in 1999 and returned in 2001 to assist in Cybex’s research and development effort as the Chairman of the Cybex Institute.

 


Age: 58

 


Education:

Western New England College, Bachelor's (Mechanical Engineering)

 


Compensation/Salary:$300,000

Compensation Currency: USD

 

Edward Kurzontkowski

 

Senior Vice President - Manufacturing

Manufacturing Executive

 

 

Biography

Mr. Edward Kurzontkowski is Senior Vice President - Manufacturing of Cybex International Inc., since 2008. He joined Trotter in 1981 and has served the Company in a variety of capacities, including Senior Vice President of Manufacturing and Engineering from 2003 to 2008.

 


Age: 48

 


Compensation/Salary:$224,264

Compensation Currency: USD

 

Ken Bancewicz

 

Manager-Facilities

Facilities Executive

 

 

Frank Busby

 

Purchasing Agent

Purchasing Executive

 

 

Mark Williams

 

Manager-Purchasing

Purchasing Executive

 

 


Education:

Australian Graduate School of Management , University of New South Wales , Australia, MBA 

 

Rob Wales

 

Quality Assurance Manager

Quality Executive

 

 

Glenn Colarossi

 

President-CYBEX Hospitality Division

Other

 

 


Education:

Adelphi University, Masters (Exercise Physiology)
University of Physical Culture, graduate 

 

Jerry Lee

 

 

Other

 

 

Biography

Mr. Jerry Lee will no longer serve as Independent Director of Cybex International Inc., effective May 23, 2012. He is retired. Partner of Ernst & Young, LLP from 1969 to 1995, including managing partner of the Philadelphia office from 1979 to 1989. He served as a Director of Trotter, Inc. from 1996 to its merger with the Company in 1997.

 


Age: 74

 


Education:

The University of Tennessee, bachelor's (Computer Science)
University of Tennessee, bachelor's (Computer Science)

 

Tom Meyer

 

Peoplesoft Fscm Consultant

Other

 

 

John Pearl

 

Middle Atlantic Territory Manager

Other

 

 

Peter Sturmfels

 

Director

Other

 

 

Cindy Terestre

 

Manager

Other

 

 

Lisa Vanelli

 

H R Generalist

Other

 

 

 

 

Significant Developments

 

Cybex International Inc Announces Partnership With PumpOne Mar 14, 2012

 

Cybex International Inc and PumpOne announced a partnership that will provide users of online and mobile fitness applications with unprecedented access to Cybex technology and research. In the coming months, official Cybex exercises will join the more than 2,000 exercises featured in PumpOne's FitnessBuilder platform, available online and on iOS and Android mobile devices. In addition to the individual exercises at the core of the platform, FitnessBuilder will provide full workout programs designed by Cybex Research Institute (CRI) experts, and give users access to CRI's fitness advice and research.

 

Cybex International Inc Reaches Settlement In Barnhard Product Liability Suit Feb 06, 2012

 

Cybex International Inc announced that it has reached a settlement in the product liability litigation, Barnhard v. Cybex International, Inc. Pursuant to the settlement, Cybex will pay to the plaintiff, net of insurance, approximately $19,500,000, of which approximately $18,500,000 will be paid at the consummation of the settlement with the balance paid over seven years. As part of the settlement, Cybex will be released of all further liability with respect to the litigation, which will be dismissed with prejudice. Cybex will satisfy its cash obligation through available cash, its existing line of credit and additional financing, which it is in the process of arranging with its principal bank. The settlement is subject to standard closing conditions, including the execution of a definitive settlement agreement by Cybex, the plaintiff and the third party defendant. Cybex anticipates that all conditions will be satisfied and funds disbursed within the next 30 days.

 

 

Annual Income Statement

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2011

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Updated Normal
31-Dec-2008

Updated Normal 
31-Dec-2007

Filed Currency

USD

USD

USD

USD

USD

Exchange Rate (Period Average)

1

1

1

1

1

Auditor

KPMG LLP

KPMG LLP

KPMG LLP

KPMG LLP

KPMG LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified with Explanation

 

 

 

 

 

 

    Net Sales

140.1

123.0

120.5

147.9

146.5

Revenue

140.1

123.0

120.5

147.9

146.5

Total Revenue

140.1

123.0

120.5

147.9

146.5

 

 

 

 

 

 

    Cost of Revenue

90.2

78.1

84.5

99.9

95.7

Cost of Revenue, Total

90.2

78.1

84.5

99.9

95.7

Gross Profit

49.9

44.8

36.0

48.0

50.8

 

 

 

 

 

 

    Selling/General/Administrative Expense

41.7

42.1

37.7

42.3

42.2

Total Selling/General/Administrative Expenses

41.7

42.1

37.7

42.3

42.2

    Litigation

-27.1

46.0

0.0

0.0

0.0

    Impairment-Assets Held for Use

-

0.0

0.0

11.2

0.0

Unusual Expense (Income)

-27.1

46.0

0.0

11.2

0.0

Total Operating Expense

104.8

166.2

122.1

153.5

137.9

 

 

 

 

 

 

Operating Income

35.3

-43.2

-1.7

-5.6

8.6

 

 

 

 

 

 

        Interest Expense - Non-Operating

-

-

-

-

-1.0

    Interest Expense, Net Non-Operating

-

-

-

-

-1.0

        Interest Income - Non-Operating

-

-

-

-

0.0

    Interest/Investment Income - Non-Operating

-

-

-

-

0.0

    Interest Income (Expense) - Net Non-Operating

-1.0

-1.3

-1.3

-1.2

-

Interest Income (Expense) - Net Non-Operating Total

-1.0

-1.3

-1.3

-1.2

-1.0

Income Before Tax

34.3

-44.5

-2.9

-6.8

7.6

 

 

 

 

 

 

Total Income Tax

0.0

13.8

-0.5

2.3

-2.1

Income After Tax

34.3

-58.2

-2.4

-9.1

9.8

 

 

 

 

 

 

Net Income Before Extraord Items

34.3

-58.2

-2.4

-9.1

9.8

Net Income

34.3

-58.2

-2.4

-9.1

9.8

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

34.3

-58.2

-2.4

-9.1

9.8

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

34.3

-58.2

-2.4

-9.1

9.8

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

17.1

17.1

17.2

17.5

17.3

Basic EPS Excl Extraord Items

2.00

-3.40

-0.14

-0.52

0.56

Basic/Primary EPS Incl Extraord Items

2.00

-3.40

-0.14

-0.52

0.56

Dilution Adjustment

0.0

0.0

0.0

0.0

0.0

Diluted Net Income

34.3

-58.2

-2.4

-9.1

9.8

Diluted Weighted Average Shares

17.1

17.1

17.2

17.5

17.8

Diluted EPS Excl Extraord Items

2.00

-3.40

-0.14

-0.52

0.55

Diluted EPS Incl Extraord Items

2.00

-3.40

-0.14

-0.52

0.55

Dividends per Share - Common Stock Primary Issue

0.00

0.00

0.00

0.00

0.00

Gross Dividends - Common Stock

0.0

0.0

0.0

0.0

0.0

Interest Expense, Supplemental

1.1

1.3

1.3

1.2

1.3

Depreciation, Supplemental

4.7

4.7

5.4

5.0

3.9

Total Special Items

-27.1

46.0

0.0

11.2

0.0

Normalized Income Before Tax

7.2

1.5

-2.9

4.5

7.6

 

 

 

 

 

 

Effect of Special Items on Income Taxes

3.1

-12.7

0.0

3.9

0.0

Inc Tax Ex Impact of Sp Items

3.1

1.1

-0.5

6.3

-2.1

Normalized Income After Tax

4.1

0.4

-2.4

-1.8

9.8

 

 

 

 

 

 

Normalized Inc. Avail to Com.

4.1

0.4

-2.4

-1.8

9.8

 

 

 

 

 

 

Basic Normalized EPS

0.24

0.02

-0.14

-0.10

0.56

Diluted Normalized EPS

0.24

0.02

-0.14

-0.10

0.55

Amort of Intangibles, Supplemental

0.0

0.0

0.0

0.0

0.0

Rental Expenses

0.6

0.6

0.6

0.6

1.0

Advertising Expense, Supplemental

2.7

3.7

1.8

1.9

2.1

Research & Development Exp, Supplemental

5.7

5.6

4.5

6.6

6.7

Reported Gross Profit

-

-

36.0

48.0

50.8

Reported Operating Profit

-

-

-1.7

-5.6

8.6

Normalized EBIT

8.2

2.8

-1.7

5.7

8.6

Normalized EBITDA

12.9

7.4

3.7

10.7

12.5

    Current Tax - Domestic

-0.1

0.0

0.0

0.1

0.1

    Current Tax - Local

0.2

0.1

0.1

0.1

0.0

Current Tax - Total

0.0

0.1

0.1

0.1

0.1

    Deferred Tax - Domestic

0.0

12.4

-0.9

2.0

-2.7

    Deferred Tax - Local

0.0

1.3

0.3

0.2

0.4

Deferred Tax - Total

0.0

13.7

-0.6

2.2

-2.2

Income Tax - Total

0.0

13.8

-0.5

2.3

-2.1

Defined Contribution Expense - Domestic

0.1

0.0

0.1

0.4

0.3

Total Pension Expense

0.1

0.0

0.1

0.4

0.3

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

UpdateType/Date

Updated Normal
31-Dec-2011

Updated Normal
31-Dec-2010

Reclassified Normal
31-Dec-2010

Updated Normal
31-Dec-2008

Updated Normal 
31-Dec-2007

Filed Currency

USD

USD

USD

USD

USD

Exchange Rate

1

1

1

1

1

Auditor

KPMG LLP

KPMG LLP

KPMG LLP

KPMG LLP

KPMG LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified with Explanation

 

 

 

 

 

 

    Cash

12.0

7.0

6.9

1.6

0.6

Cash and Short Term Investments

12.0

7.0

6.9

1.6

0.6

        Accounts Receivable - Trade, Gross

21.4

19.9

18.2

20.0

22.0

        Provision for Doubtful Accounts

-1.2

-1.0

-1.4

-1.2

-1.0

    Trade Accounts Receivable - Net

20.3

18.8

16.8

18.7

21.0

    Other Receivables

7.6

15.9

0.0

-

-

Total Receivables, Net

27.8

34.7

16.8

18.7

21.0

    Inventories - Finished Goods

2.6

2.2

2.0

2.9

3.2

    Inventories - Work In Progress

3.2

3.5

2.8

3.1

2.6

    Inventories - Raw Materials

7.9

5.4

5.2

7.4

8.0

Total Inventory

13.6

11.1

10.1

13.5

13.8

Prepaid Expenses

2.1

1.6

1.2

2.2

2.0

    Deferred Income Tax - Current Asset

-

0.0

5.0

4.7

4.3

Other Current Assets, Total

-

0.0

5.0

4.7

4.3

Total Current Assets

55.4

54.4

40.0

40.8

41.7

 

 

 

 

 

 

        Buildings

20.1

20.1

19.9

19.0

18.3

        Land/Improvements

3.1

3.1

3.1

3.1

3.2

        Machinery/Equipment

29.4

26.3

24.5

25.9

21.5

    Property/Plant/Equipment - Gross

52.6

49.6

47.5

48.0

43.0

    Accumulated Depreciation

-24.5

-19.9

-15.7

-11.4

-8.9

Property/Plant/Equipment - Net

28.2

29.7

31.8

36.6

34.1

Goodwill, Net

-

-

-

0.0

11.2

Intangibles, Net

0.0

0.0

0.0

0.0

0.0

Note Receivable - Long Term

0.9

0.9

7.6

5.0

0.0

    Deferred Charges

0.1

0.1

0.2

0.2

0.2

    Deferred Income Tax - Long Term Asset

-

0.0

8.8

8.7

10.7

    Other Long Term Assets

0.1

0.3

0.2

0.1

0.1

Other Long Term Assets, Total

0.2

0.4

9.2

9.0

11.1

Total Assets

84.6

85.4

88.6

91.3

98.1

 

 

 

 

 

 

Accounts Payable

5.4

3.9

4.4

6.0

7.0

Accrued Expenses

12.0

10.9

10.2

12.0

13.9

Notes Payable/Short Term Debt

0.0

0.0

0.0

0.0

0.0

Current Portion - Long Term Debt/Capital Leases

1.5

1.5

2.4

1.9

2.6

    Customer Advances

1.7

2.0

1.9

-

-

    Other Current Liabilities

27.0

62.7

0.0

-

-

Other Current liabilities, Total

28.7

64.7

1.9

-

-

Total Current Liabilities

47.6

81.0

18.9

19.8

23.5

 

 

 

 

 

 

    Long Term Debt

12.8

14.3

15.2

16.6

16.3

Total Long Term Debt

12.8

14.3

15.2

16.6

16.3

Total Debt

14.3

15.8

17.6

18.5

19.0

 

 

 

 

 

 

    Reserves

-

0.0

4.6

-

-

    Other Long Term Liabilities

4.7

5.2

6.9

9.4

3.2

Other Liabilities, Total

4.7

5.2

11.4

9.4

3.2

Total Liabilities

65.0

100.4

45.5

45.9

43.1

 

 

 

 

 

 

    Common Stock

1.8

1.8

1.8

1.8

1.8

Common Stock

1.8

1.8

1.8

1.8

1.8

Additional Paid-In Capital

69.1

68.9

68.7

68.4

68.0

Retained Earnings (Accumulated Deficit)

-46.2

-80.5

-22.2

-19.8

-10.7

Treasury Stock - Common

-3.0

-3.0

-3.0

-2.5

-2.3

    Translation Adjustment

-1.3

-1.3

-

-

-

    Other Comprehensive Income

-0.7

-0.9

-2.1

-2.4

-1.8

Other Equity, Total

-2.0

-2.2

-2.1

-2.4

-1.8

Total Equity

19.6

-15.0

43.1

45.5

55.0

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

84.6

85.4

88.6

91.3

98.1

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

17.1

17.1

17.1

17.5

17.3

Total Common Shares Outstanding

17.1

17.1

17.1

17.5

17.3

Treasury Shares - Common Stock Primary Issue

0.7

0.7

0.7

0.3

0.2

Employees

563

552

558

556

608

Number of Common Shareholders

427

436

443

448

457

Deferred Revenue - Current

1.7

2.0

1.9

-

-

Total Long Term Debt, Supplemental

14.3

15.8

17.6

18.5

19.0

Long Term Debt Maturing within 1 Year

1.5

1.5

2.4

1.9

1.3

Long Term Debt Maturing in Year 2

1.5

1.5

2.4

1.9

2.9

Long Term Debt Maturing in Year 3

10.7

1.5

1.9

1.9

1.5

Long Term Debt Maturing in Year 4

0.6

10.7

1.2

1.9

1.5

Long Term Debt Maturing in Year 5

0.0

0.6

9.7

1.2

1.5

Long Term Debt Maturing in 2-3 Years

12.2

3.0

4.3

3.8

4.3

Long Term Debt Maturing in 4-5 Years

0.6

11.2

10.9

3.1

3.0

Long Term Debt Matur. in Year 6 & Beyond

0.0

0.0

0.0

9.7

10.3

    Interest Costs

0.0

0.0

-

0.0

0.0

Total Capital Leases, Supplemental

0.0

0.0

-

0.0

0.1

Capital Lease Payments Due in Year 1

0.0

0.0

-

0.0

0.1

Capital Lease Payments Due in Year 2

0.0

0.0

-

0.0

0.0

Capital Lease Payments Due in Year 3

0.0

0.0

-

0.0

0.0

Capital Lease Payments Due in Year 4

0.0

-

-

0.0

0.0

Capital Lease Payments Due in Year 5

0.0

-

-

0.0

0.0

Capital Lease Payments Due in 2-3 Years

0.0

0.0

-

0.0

0.0

Capital Lease Payments Due in 4-5 Years

0.0

-

-

0.0

0.0

Total Operating Leases, Supplemental

1.3

1.3

0.7

0.9

0.7

Operating Lease Payments Due in Year 1

0.6

0.5

0.5

0.5

0.4

Operating Lease Payments Due in Year 2

0.4

0.4

0.1

0.3

0.2

Operating Lease Payments Due in Year 3

0.2

0.2

0.1

0.1

0.1

Operating Lease Payments Due in Year 4

0.1

0.2

0.0

0.0

0.0

Operating Lease Payments Due in Year 5

0.0

0.1

0.0

0.0

0.0

Operating Lease Pymts. Due in 2-3 Years

0.6

0.6

0.2

0.4

0.3

Operating Lease Pymts. Due in 4-5 Years

0.2

0.3

0.0

0.0

0.0

Oper. Lse. Pymts. Due in Year 6 & Beyond

0.0

0.0

0.0

0.0

0.0

 

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2011

Reclassified Normal 
31-Dec-2011

Reclassified Normal 
31-Dec-2011

Updated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2007

Filed Currency

USD

USD

USD

USD

USD

Exchange Rate (Period Average)

1

1

1

1

1

Auditor

KPMG LLP

KPMG LLP

KPMG LLP

KPMG LLP

KPMG LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified with Explanation

 

 

 

 

 

 

Net Income/Starting Line

34.3

-58.2

-2.4

-9.1

9.8

    Depreciation

4.7

4.7

5.4

5.1

3.9

Depreciation/Depletion

4.7

4.7

5.4

5.1

3.9

Deferred Taxes

0.0

13.9

-0.7

2.2

-2.4

    Unusual Items

-27.1

46.0

0.0

11.2

0.0

    Other Non-Cash Items

0.5

0.2

1.0

0.4

0.3

Non-Cash Items

-26.6

46.2

1.0

11.7

0.3

    Accounts Receivable

-1.9

-1.9

1.6

1.7

-1.3

    Inventories

-2.5

-1.0

3.4

0.3

-4.3

    Prepaid Expenses

-0.3

-0.5

0.5

0.1

3.4

    Payable/Accrued

1.8

1.1

-1.5

-2.9

-0.3

Changes in Working Capital

-2.8

-2.2

3.9

-0.7

-2.4

Cash from Operating Activities

9.5

4.2

7.2

9.1

9.1

 

 

 

 

 

 

    Purchase of Fixed Assets

-3.1

-2.2

-0.6

-7.4

-24.9

Capital Expenditures

-3.1

-2.2

-0.6

-7.4

-24.9

    Sale of Fixed Assets

-

-

-

-

0.0

Other Investing Cash Flow Items, Total

-

-

-

-

0.0

Cash from Investing Activities

-3.1

-2.2

-0.6

-7.4

-24.9

 

 

 

 

 

 

    Other Financing Cash Flow

0.0

0.0

-0.5

-0.2

-0.1

Financing Cash Flow Items

0.0

0.0

-0.5

-0.2

-0.1

        Sale/Issuance of Common

-

-

-

-

0.0

    Common Stock, Net

-

-

-

-

0.0

    Options Exercised

-

-

-

0.1

0.2

Issuance (Retirement) of Stock, Net

-

-

-

0.1

0.2

        Long Term Debt Issued

0.0

5.0

4.4

80.2

166.3

        Long Term Debt Reduction

-1.5

-6.8

-5.3

-80.7

-151.3

    Long Term Debt, Net

-1.5

-1.8

-0.9

-0.5

14.9

Issuance (Retirement) of Debt, Net

-1.5

-1.8

-0.9

-0.5

14.9

Cash from Financing Activities

-1.5

-1.8

-1.3

-0.6

15.0

 

 

 

 

 

 

Net Change in Cash

4.9

0.2

5.3

1.0

-0.8

 

 

 

 

 

 

Net Cash - Beginning Balance

7.0

6.9

1.6

0.6

1.4

Net Cash - Ending Balance

12.0

7.0

6.9

1.6

0.6

Cash Interest Paid

1.1

1.3

1.3

1.2

1.1

Cash Taxes Paid

-0.1

0.0

0.0

0.3

0.1

 

Annual Income Statement

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2011

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2007

Filed Currency

USD

USD

USD

USD

USD

Exchange Rate (Period Average)

1

1

1

1

1

Auditor

KPMG LLP

KPMG LLP

KPMG LLP

KPMG LLP

KPMG LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified with Explanation

 

 

 

 

 

 

    Net Sales

140.1

123.0

120.5

147.9

146.5

Total Revenue

140.1

123.0

120.5

147.9

146.5

 

 

 

 

 

 

    Cost of Sales

90.2

78.1

84.5

99.9

95.7

    Selling general and administrative expe

41.7

42.1

37.7

42.3

41.7

    Goodwill impairment charge

-

0.0

0.0

11.2

0.0

    Litigation charge

-27.1

46.0

0.0

0.0

0.0

    Bad Debt

-

-

-

-

0.5

Total Operating Expense

104.8

166.2

122.1

153.5

137.9

 

 

 

 

 

 

    Interest expense, net

-1.0

-1.3

-1.3

-1.2

-

    Interest Expense

-

-

-

-

-1.3

    Interest Income

-

-

-

-

0.0

    Interest rate swap benefit (expense)

-

-

-

-

0.3

Net Income Before Taxes

34.3

-44.5

-2.9

-6.8

7.6

 

 

 

 

 

 

Provision for Income Taxes

0.0

13.8

-0.5

2.3

-2.1

Net Income After Taxes

34.3

-58.2

-2.4

-9.1

9.8

 

 

 

 

 

 

Net Income Before Extra. Items

34.3

-58.2

-2.4

-9.1

9.8

Net Income

34.3

-58.2

-2.4

-9.1

9.8

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

34.3

-58.2

-2.4

-9.1

9.8

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

34.3

-58.2

-2.4

-9.1

9.8

 

 

 

 

 

 

Basic Weighted Average Shares

17.1

17.1

17.2

17.5

17.3

Basic EPS Excluding ExtraOrdinary Items

2.00

-3.40

-0.14

-0.52

0.56

Basic EPS Including ExtraOrdinary Item

2.00

-3.40

-0.14

-0.52

0.56

Dilution Adjustment

0.0

0.0

0.0

0.0

0.0

Diluted Net Income

34.3

-58.2

-2.4

-9.1

9.8

Diluted Weighted Average Shares

17.1

17.1

17.2

17.5

17.8

Diluted EPS Excluding ExtraOrd Items

2.00

-3.40

-0.14

-0.52

0.55

Diluted EPS Including ExtraOrd Items

2.00

-3.40

-0.14

-0.52

0.55

DPS-Common Stock

0.00

0.00

0.00

0.00

0.00

Gross Dividends - Common Stock

0.0

0.0

0.0

0.0

0.0

Normalized Income Before Taxes

7.2

1.5

-2.9

4.5

7.6

 

 

 

 

 

 

Effect of Special Items on Income Taxes

3.1

-12.7

0.0

-

-

Inc Tax Ex Impact of Sp Items

3.1

1.1

-0.5

6.3

-2.1

Normalized Income After Taxes

4.1

0.4

-2.4

-1.8

9.8

 

 

 

 

 

 

Normalized Inc. Avail to Com.

4.1

0.4

-2.4

-1.8

9.8

 

 

 

 

 

 

Basic Normalized EPS

0.24

0.02

-0.14

-0.10

0.56

Diluted Normalized EPS

0.24

0.02

-0.14

-0.10

0.55

Advertising Expense

2.7

3.7

1.8

1.9

2.1

Research & Development

5.7

5.6

4.5

6.6

6.7

Interest Expense

1.1

1.3

1.3

1.2

1.3

Rental Expense

0.6

0.6

0.6

0.6

1.0

Amortization of Intangibles

0.0

0.0

0.0

0.0

0.0

Depreciation

4.7

4.7

5.4

5.0

3.9

    Federal

-0.1

0.0

0.0

0.1

0.1

    State

0.2

0.1

0.1

0.1

0.0

Current Tax - Total

0.0

0.1

0.1

0.1

0.1

    Federal

0.0

12.4

-0.9

2.0

-2.7

    State

0.0

1.3

0.3

0.2

0.4

Deferred Tax - Total

0.0

13.7

-0.6

2.2

-2.2

Income Tax - Total

0.0

13.8

-0.5

2.3

-2.1

Operating income

-

-

-1.7

-5.6

8.6

Gross profit

-

-

36.0

48.0

50.8

Defined Contribution Plan

0.1

0.0

0.1

0.4

0.3

Total Pension Expense

0.1

0.0

0.1

0.4

0.3

 

spacebar

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

UpdateType/Date

Updated Normal 
31-Dec-2011

Updated Normal 
31-Dec-2010

Reclassified Normal 
31-Dec-2010

Updated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2007

Filed Currency

USD

USD

USD

USD

USD

Exchange Rate

1

1

1

1

1

Auditor

KPMG LLP

KPMG LLP

KPMG LLP

KPMG LLP

KPMG LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified with Explanation

 

 

 

 

 

 

    Barnhard litigation related receivable

7.6

15.9

0.0

-

-

    Prepaid Expenses

2.1

1.6

1.2

2.2

2.0

    Cash

12.0

7.0

6.9

1.6

0.6

    Deferred Taxes

-

0.0

5.0

4.7

4.3

    Accounts Rcvbl.

21.4

19.9

18.2

20.0

22.0

    Doubtful Account

-1.2

-1.0

-1.4

-1.2

-1.0

    Raw Materials

7.9

5.4

5.2

7.4

8.0

    Work in Process

3.2

3.5

2.8

3.1

2.6

    Finished Goods

2.6

2.2

2.0

2.9

3.2

Total Current Assets

55.4

54.4

40.0

40.8

41.7

 

 

 

 

 

 

    Land

3.1

3.1

3.1

3.1

3.2

    Build & Improv.

20.1

20.1

19.9

19.0

18.3

    Equip. & Furn.

29.4

26.3

24.5

25.9

21.5

    Depreciation

-24.5

-19.9

-15.7

-11.4

-8.9

    Goodwill, Net

-

-

-

0.0

11.2

    Barnhard litigation related receivable

-

0.0

4.6

-

-

    Deferred tax asset

-

0.0

8.8

8.7

10.7

    Deferred financing costs, net

0.1

0.1

0.2

0.2

0.2

    Other amortizable intangibles, net

0.0

0.0

0.0

0.0

0.0

    Recoverable insurance claim

0.9

0.9

3.1

5.0

0.0

    Other Assets

0.1

0.3

0.2

0.1

0.1

Total Assets

84.6

85.4

88.6

91.3

98.1

 

 

 

 

 

 

    Cur. Port. LTD

1.5

1.5

2.4

1.9

2.6

    Accounts Payable

5.4

3.9

4.4

6.0

7.0

    Customer deposits

1.7

2.0

1.9

-

-

    Accrued Expenses

12.0

10.9

10.2

12.0

13.9

    Barnhard litigation reserve

27.0

62.7

0.0

-

-

Total Current Liabilities

47.6

81.0

18.9

19.8

23.5

 

 

 

 

 

 

    Long term debt

12.8

14.3

15.2

16.6

16.3

Total Long Term Debt

12.8

14.3

15.2

16.6

16.3

 

 

 

 

 

 

    Barnhard litigation reserve

-

0.0

4.6

-

-

    Long-term portion of accrued warranty ob

1.1

1.1

1.3

-

-

    Accrued Warranty

-

-

-

1.4

1.4

    Other liabilities

3.5

4.0

5.5

8.0

1.9

Total Liabilities

65.0

100.4

45.5

45.9

43.1

 

 

 

 

 

 

    Common stock, $.10 par value, 30,000 sha

1.8

1.8

1.8

1.8

1.8

    Additional paid-in capital

69.1

68.9

68.7

68.4

68.0

    Treasury stock, at cost (740 and 329 sha

-3.0

-3.0

-3.0

-2.5

-2.3

    Retained Earning

-46.2

-80.5

-22.2

-19.8

-10.7

    Cumulative translation adjustment

-1.3

-1.3

-

-

-

    Other Compreh. Income

-0.7

-0.9

-2.1

-2.4

-1.8

Total Equity

19.6

-15.0

43.1

45.5

55.0

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

84.6

85.4

88.6

91.3

98.1

 

 

 

 

 

 

    S/O-Common Stock

17.1

17.1

17.1

17.5

17.3

Total Common Shares Outstanding

17.1

17.1

17.1

17.5

17.3

T/S-Common Stock

0.7

0.7

0.7

0.3

0.2

Deferred Revenue - Current

1.7

2.0

1.9

-

-

Full-Time Employees

563

552

558

556

608

Number of Common Shareholders

427

436

443

448

457

Long-Term Debt Maturing in 1 Year

1.5

1.5

2.4

1.9

1.3

Long-Term Debt Maturing in 2 Years

1.5

1.5

2.4

1.9

2.9

Long-Term Debt Maturing in 3 Years

10.7

1.5

1.9

1.9

1.5

Long-Term Debt Maturing in 4 Years

0.6

10.7

1.2

1.9

1.5

Long Term Debt Maturing in 5 Years

0.0

0.6

9.7

1.2

1.5

Long Term Debt Maturing Thereafter

-

-

-

9.7

10.3

Total Long Term Debt, Supplemental

14.3

15.8

17.6

18.5

19.0

Capital Lease Maturing within 1 Year

0.0

0.0

-

0.0

0.1

Capital Lease Maturing within 2 Years

0.0

0.0

-

0.0

0.0

Capital Lease Maturing within 3 Years

0.0

0.0

-

0.0

0.0

Capital Lease Maturing within 4 Years

0.0

-

-

0.0

0.0

Capital Lease Maturing within 5 Years

0.0

-

-

0.0

0.0

Interest Cost

0.0

0.0

-

0.0

0.0

Total Capital Leases

0.0

0.0

-

0.0

0.1

Operating Lease Due Within 1 Year

0.6

0.5

0.5

0.5

0.4

Operating Lease Due Within 2 Years

0.4

0.4

0.1

0.3

0.2

Operating Lease Due Within 3 Years

0.2

0.2

0.1

0.1

0.1

Operating Lease Due Within 4 Years

0.1

0.2

0.0

0.0

0.0

Operating Lease Due Within 5 Years

0.0

0.1

0.0

0.0

0.0

Total Operating Leases

1.3

1.3

0.7

0.9

0.7

 

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2011

Reclassified Normal 
31-Dec-2011

Reclassified Normal 
31-Dec-2011

Updated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2007

Filed Currency

USD

USD

USD

USD

USD

Exchange Rate (Period Average)

1

1

1

1

1

Auditor

KPMG LLP

KPMG LLP

KPMG LLP

KPMG LLP

KPMG LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified with Explanation

 

 

 

 

 

 

Net Income

34.3

-58.2

-2.4

-9.1

9.8

    Depreciation

4.7

4.7

5.4

5.1

3.9

    Goodwill impairment charge

-

-

-

11.2

0.0

    Litigation charge

-27.1

46.0

0.0

0.0

-

    Amortization of Deferred Financing

0.1

0.0

0.0

0.0

0.2

    Deferred income taxes

0.0

13.9

-0.7

2.2

-2.4

    Stock Compensation

0.2

0.2

0.2

0.2

0.2

    Provisions for doubtful accounts

0.3

-0.1

0.3

0.5

0.5

    Change in fair value of interest rate sw

0.0

0.0

0.0

0.0

-0.2

    Change in fair value of foreign currency

0.0

0.0

0.5

-0.3

-0.3

    Litigation Reserve

-

-

-

-

0.0

    Accounts Receivable

-1.9

-1.9

1.6

1.7

-1.3

    Inventories

-2.5

-1.0

3.4

0.3

-4.3

    Prepaid Expenses

-0.3

-0.5

0.5

0.1

3.4

    Payable/Accrued

1.8

1.1

-1.5

-2.9

-0.3

Cash from Operating Activities

9.5

4.2

7.2

9.1

9.1

 

 

 

 

 

 

    Capital expenditure

-3.1

-2.2

-0.6

-7.4

-24.9

    Disposal of Assets

-

-

-

-

0.0

Cash from Investing Activities

-3.1

-2.2

-0.6

-7.4

-24.9

 

 

 

 

 

 

    Payment LT Debt

-1.5

-6.8

-1.9

-1.3

-0.2

    Repay Revolving Loan

0.0

0.0

-3.4

-79.4

-150.9

    Revolving Loan

0.0

0.0

3.4

78.0

148.5

    Term Loan

0.0

5.0

1.0

2.2

17.8

    Deferred Financing

-

-

-

-

-0.2

    Purchase of treasury stock through repur

0.0

0.0

-0.5

-0.3

0.0

    Proceeds from issuance of common stock

-

-

-

-

0.0

    Stock Options

-

-

-

0.1

0.2

    Tax benefit from employee stock options

-

-

-

0.0

0.2

    Capital Lease

-

-

-

-0.1

-0.2

Cash from Financing Activities

-1.5

-1.8

-1.3

-0.6

15.0

 

 

 

 

 

 

Net Change in Cash

4.9

0.2

5.3

1.0

-0.8

 

 

 

 

 

 

Net Cash - Beginning Balance

7.0

6.9

1.6

0.6

1.4

Net Cash - Ending Balance

12.0

7.0

6.9

1.6

0.6

    Cash Interest Paid

1.1

1.3

1.3

1.2

1.1

    Cash Taxes Paid

-0.1

0.0

0.0

0.3

0.1

 

Financial Health

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

Key Indicators USD (mil)

 

Quarter
Ending
31-Mar-2012

Quarter
Ending
Yr Ago

Annual
Year End
31-Dec-2011

1 Year
Growth

3 Year
Growth

5 Year
Growth

Total Revenue

37.3

20.15%

140.1

13.96%

-1.79%

2.00%

Operating Income

0.7

71.86%

35.3

-

-

28.88%

Income Available to Common Excl Extraord Items

0.5

24.01%

34.3

-

-

11.30%

Basic EPS Excl Extraord Items

0.03

24.43%

2.00

-

-

10.35%

Capital Expenditures

3.1

37.19%

3.1

37.19%

-25.51%

-5.84%

Cash from Operating Activities

9.5

127.34%

9.5

127.34%

1.55%

12.81%

Free Cash Flow

6.4

231.01%

6.4

231.01%

57.32%

43.46%

Total Assets

66.9

-20.63%

84.6

-0.90%

-2.49%

2.90%

Total Liabilities

46.6

-52.83%

65.0

-35.27%

12.34%

18.59%

Total Long Term Debt

22.3

60.67%

12.8

-10.64%

-8.39%

174.45%

Employees

-

-

563

1.99%

0.42%

0.58%

Total Common Shares Outstanding

17.1

0.00%

17.1

0.00%

-0.70%

-0.10%

Market Cap

43.3

197.65%

7.2

-36.36%

-39.31%

-41.30%

Utility Industry Specific USD (mil)

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

 

Deferred Charges

0.1

0.1

0.2

0.2

0.2

 

Key Ratios

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Profitability

Gross Margin

35.62%

36.47%

29.89%

32.44%

34.69%

Operating Margin

25.19%

-35.15%

-1.39%

-3.77%

5.87%

Pretax Margin

24.47%

-36.17%

-2.45%

-4.57%

5.21%

Net Profit Margin

24.45%

-47.36%

-2.02%

-6.14%

6.66%

Financial Strength

Current Ratio

1.17

0.67

2.12

2.06

1.77

Long Term Debt/Equity

0.65

-0.95

0.35

0.37

0.30

Total Debt/Equity

0.73

-1.05

0.41

0.41

0.34

Interest Coverage

35.15

-34.30

-1.31

-4.74

-

Management Effectiveness

Return on Assets

40.29%

-66.92%

-2.71%

-9.60%

11.37%

Return on Equity

1,480.34%

-414.51%

-5.50%

-18.09%

19.37%

Efficiency

Receivables Turnover

4.48

4.77

6.78

7.44

7.09

Inventory Turnover

7.32

7.40

7.18

7.33

8.17

Asset Turnover

1.65

1.41

1.34

1.56

1.71

Market Valuation USD (mil)

P/E (TTM)

0.86

.

Enterprise Value

51.3

Price/Sales (TTM)

0.20

.

Enterprise Value/Revenue (TTM)

0.35

Price/Book (MRQ)

1.45

.

Enterprise Value/EBITDA (TTM)

1.31

Market Cap as of 01-Jun-2012

 

.

 

 

 

 

Ratio Comparisons

 

Traded: NASDAQ: CYBI

Financials in: USD (actual units)

Industry: Recreational Products

As of 01-Jun-2012

Sector: Consumer Cyclical

 

Company

Industry

Sector

S&P 500

Valuation Ratios

P/E Excluding Extraordinary (TTM)

0.86

26.61

24.19

19.68

P/E High Excluding Extraordinary - Last 5 Yrs

8.31

33.06

29.06

32.79

P/E Low Excluding Extraordinary - Last 5 Yrs

0.21

10.95

9.37

10.71

Beta

2.01

1.57

1.71

1.00

Price/Revenue (TTM)

0.20

1.70

1.29

2.57

Price/Book (MRQ)

1.45

4.95

3.76

3.67

Price to Tangible Book (MRQ)

1.45

5.70

6.82

5.21

Price to Cash Flow Per Share (TTM)

-

24.57

15.89

14.22

Price to Free Cash Flow Per Share (TTM)

-

17.29

22.86

26.26

 

 

 

 

 

Dividends

Dividend Yield

-

2.04%

1.69%

2.26%

Dividend Per Share - 5 Yr Avg

0.00

2.48

1.64

1.99

Dividend 5 Yr Growth

-

-6.61%

-29.80%

0.08%

Payout Ratio (TTM)

-

19.08%

13.41%

25.98%

 

 

 

 

 

Growth Rates (%)

Revenue (MRQ) vs Qtr 1 Yr Ago

20.15%

8.22%

17.88%

15.58%

Revenue (TTM) vs TTM 1 Yr Ago

14.49%

20.31%

15.15%

17.69%

Revenue 5 Yr Growth

2.00%

1.23%

1.89%

8.97%

EPS (MRQ) vs Qtr 1 Yr Ago

23.85%

0.47%

-0.73%

19.49%

EPS (TTM) vs TTM 1 Yr Ago

160.14%

64.16%

48.61%

32.55%

EPS 5 Yr Growth

11.23%

-1.78%

0.58%

9.86%

Capital Spending 5 Yr Growth

-5.84%

-4.12%

-1.26%

-2.04%

 

 

 

 

 

Financial Strength

Quick Ratio (MRQ)

1.24

1.56

1.36

1.24

Current Ratio (MRQ)

2.00

2.35

2.26

1.79

LT Debt/Equity (MRQ)

1.10

1.45

0.52

0.64

Total Debt/Equity (MRQ)

1.20

1.67

0.65

0.73

Interest Coverage (TTM)

36.15

7.49

7.89

13.80

 

 

 

 

 

Profitability Ratios (%)

Gross Margin (TTM)

34.78%

42.54%

26.74%

45.21%

Gross Margin - 5 Yr Avg

33.86%

41.72%

29.20%

44.91%

EBITD Margin (TTM)

26.72%

12.49%

8.96%

24.43%

EBITD Margin - 5 Yr Avg

2.53%

13.18%

9.28%

22.84%

Operating Margin (TTM)

24.32%

10.78%

6.73%

20.63%

Operating Margin - 5 Yr Avg

-0.97%

10.54%

5.31%

18.28%

Pretax Margin (TTM)

23.65%

9.57%

6.58%

17.95%

Pretax Margin - 5 Yr Avg

-1.81%

9.84%

5.03%

17.10%

Net Profit Margin (TTM)

23.46%

6.79%

4.89%

13.65%

Net Profit Margin - 5 Yr Avg

-3.80%

6.63%

3.66%

12.10%

Effective Tax Rate (TTM)

0.79%

28.53%

24.56%

28.45%

Effective Tax rate - 5 Yr Avg

-

30.88%

31.05%

29.92%

 

 

 

 

 

Management Effectiveness (%)

Return on Assets (TTM)

45.40%

6.00%

5.40%

8.54%

Return on Assets - 5 Yr Avg

-5.82%

7.99%

5.11%

8.40%

Return on Investment (TTM)

132.78%

5.70%

5.61%

7.90%

Return on Investment - 5 Yr Avg

-9.79%

7.28%

4.46%

8.27%

Return on Equity (TTM)

1,173.02%

12.68%

13.72%

19.72%

Return on Equity - 5 Yr Avg

-15.97%

18.35%

15.21%

20.06%

 

 

 

 

 

Efficiency

Revenue/Employee (TTM)

259,992.90

448,931.38

495,155.30

927,613.77

Net Income/Employee (TTM)

61,005.33

33,728.44

35,593.51

116,121.92

Receivables Turnover (TTM)

8.08

9.61

7.92

13.25

Inventory Turnover (TTM)

6.88

9.95

12.48

14.53

Asset Turnover (TTM)

1.93

0.93

1.11

0.93

 

Annual Ratios

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Financial Strength

Current Ratio

1.17

0.67

2.12

2.06

1.77

Quick/Acid Test Ratio

0.84

0.52

1.25

1.03

0.92

Working Capital

7.9

-26.6

21.1

20.9

18.2

Long Term Debt/Equity

0.65

-0.95

0.35

0.37

0.30

Total Debt/Equity

0.73

-1.05

0.41

0.41

0.34

Long Term Debt/Total Capital

0.38

17.88

0.25

0.26

0.22

Total Debt/Total Capital

0.42

19.79

0.29

0.29

0.26

Interest Coverage

35.15

-34.30

-1.31

-4.74

-

Payout Ratio

0.00%

0.00%

0.00%

0.00%

0.00%

Effective Tax Rate

0.11%

-

-

-

-27.79%

Total Capital

33.9

0.8

60.7

63.9

74.0

 

 

 

 

 

 

Efficiency

Asset Turnover

1.65

1.41

1.34

1.56

1.71

Inventory Turnover

7.32

7.40

7.18

7.33

8.17

Days In Inventory

49.85

49.33

50.82

49.79

44.68

Receivables Turnover

4.48

4.77

6.78

7.44

7.09

Days Receivables Outstanding

81.43

76.47

53.85

49.04

51.46

Revenue/Employee

248,897

222,755

215,903

266,059

240,959

Operating Income/Employee

62,691

-78,290

-2,996

-10,034

14,138

EBITDA/Employee

71,041

-69,855

6,665

-944

20,561

 

 

 

 

 

 

Profitability

Gross Margin

35.62%

36.47%

29.89%

32.44%

34.69%

Operating Margin

25.19%

-35.15%

-1.39%

-3.77%

5.87%

EBITDA Margin

28.54%

-31.36%

3.09%

-0.35%

8.53%

EBIT Margin

25.19%

-35.15%

-1.39%

-3.77%

5.87%

Pretax Margin

24.47%

-36.17%

-2.45%

-4.57%

5.21%

Net Profit Margin

24.45%

-47.36%

-2.02%

-6.14%

6.66%

COGS/Revenue

64.38%

63.53%

70.11%

67.56%

65.31%

SG&A Expense/Revenue

29.74%

34.22%

31.28%

28.61%

28.82%

 

 

 

 

 

 

Management Effectiveness

Return on Assets

40.29%

-66.92%

-2.71%

-9.60%

11.37%

Return on Equity

1,480.34%

-414.51%

-5.50%

-18.09%

19.37%

 

 

 

 

 

 

Valuation

Free Cash Flow/Share

0.38

0.11

0.38

0.09

-0.91

Operating Cash Flow/Share

0.56

0.24

0.42

0.52

0.52

 

Current Market Multiples

Market Cap/Earnings (TTM)

0.86

Market Cap/Equity (MRQ)

1.45

Market Cap/Revenue (TTM)

0.20

Market Cap/EBIT (TTM)

0.83

Market Cap/EBITDA (TTM)

0.75

Enterprise Value/Earnings (TTM)

1.49

Enterprise Value/Equity (MRQ)

2.52

Enterprise Value/Revenue (TTM)

0.35

Enterprise Value/EBIT (TTM)

1.44

Enterprise Value/EBITDA (TTM)

1.31

 

 

                               Stock Snapshot    

 

 

Traded: NASDAQ: CYBI  

As of 1-Jun-2012    US Dollars

Recent Price

$1.72

 

EPS

$0.24

52 Week High

$3.60

 

Price/Sales

0.21

52 Week Low

$0.36

 

Price/Earnings

1.26

Avg. Volume (mil)

0.11

 

Price/Book

1.50

Market Value (mil)

$29.45

 

Beta

2.01

 

Price % Change

Rel S&P 500%

4 Week

-22.52%

-17.00%

13 Week

-23.56%

-18.08%

52 Week

109.50%

115.22%

Year to Date

309.52%

302.95%

 

 

 

 

 

                                                               Stock History       

 

 

Market Cap History

 

31-Mar-12

% Chg

31-Dec-11

% Chg

24-Sep-11

% Chg

25-Jun-11

% Chg

26-Mar-11

% Chg

Total Common Shares Outstanding

17

0.0

17

0.0

17

0.0

17

0.0

17

0.0

Market Cap

43.3

502.4

7.2

-34.4

11.0

-11.1

12.3

-15.3

14.6

28.8

Yearly Price History

 

2012

% Chg

2011

% Chg

2010

% Chg

2009

% Chg

2008

% Chg

High Price

3.60

160.9

1.38

-23.3

1.80

-29.4

2.55

-50.8

5.18

-29.2

Low Price

0.40

9.7

0.36

-36.8

0.57

-29.6

0.81

-26.4

1.10

-73.0

Year End Price

1.72

309.5

0.42

-36.4

0.66

-43.6

1.17

-36.4

1.84

-59.6

Monthly Price History

Price Ending Date

Open

High

Low

Close

Volume

 

01-Jun-12

1.72

1.84

1.67

1.72

48,231

 

31-May-12

2.31

2.39

1.67

1.74

998,799

 

30-Apr-12

2.73

3.12

2.25

2.31

3,536,222

 

30-Mar-12

2.32

3.60

2.04

2.53

2,455,386

 

29-Feb-12

0.60

2.80

0.52

2.27

3,956,343

 

31-Jan-12

0.44

0.64

0.40

0.63

542,700

 

30-Dec-11

0.53

0.54

0.36

0.42

675,567

 

30-Nov-11

0.80

1.38

0.50

0.51

711,648

 

31-Oct-11

0.62

0.80

0.52

0.75

313,057

 

30-Sep-11

0.68

0.70

0.55

0.64

433,046

 

31-Aug-11

0.80

0.85

0.64

0.65

463,776

 

29-Jul-11

0.70

0.87

0.66

0.81

258,215

 

30-Jun-11

0.89

0.89

0.65

0.72

457,773

 

 

 

Annual Income Statement

Standardized

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2011

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Updated Normal
31-Dec-2008

Updated Normal 
31-Dec-2007

Filed Currency

USD

USD

USD

USD

USD

Exchange Rate (Period Average)

1

1

1

1

1

Auditor

KPMG LLP

KPMG LLP

KPMG LLP

KPMG LLP

KPMG LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified with Explanation

 

 

 

 

 

 

    Net Sales

140.1

123.0

120.5

147.9

146.5

Revenue

140.1

123.0

120.5

147.9

146.5

Total Revenue

140.1

123.0

120.5

147.9

146.5

 

 

 

 

 

 

    Cost of Revenue

90.2

78.1

84.5

99.9

95.7

Cost of Revenue, Total

90.2

78.1

84.5

99.9

95.7

Gross Profit

49.9

44.8

36.0

48.0

50.8

 

 

 

 

 

 

    Selling/General/Administrative Expense

41.7

42.1

37.7

42.3

42.2

Total Selling/General/Administrative Expenses

41.7

42.1

37.7

42.3

42.2

    Litigation

-27.1

46.0

0.0

0.0

0.0

    Impairment-Assets Held for Use

-

0.0

0.0

11.2

0.0

Unusual Expense (Income)

-27.1

46.0

0.0

11.2

0.0

Total Operating Expense

104.8

166.2

122.1

153.5

137.9

 

 

 

 

 

 

Operating Income

35.3

-43.2

-1.7

-5.6

8.6

 

 

 

 

 

 

        Interest Expense - Non-Operating

-

-

-

-

-1.0

    Interest Expense, Net Non-Operating

-

-

-

-

-1.0

        Interest Income - Non-Operating

-

-

-

-

0.0

    Interest/Investment Income - Non-Operating

-

-

-

-

0.0

    Interest Income (Expense) - Net Non-Operating

-1.0

-1.3

-1.3

-1.2

-

Interest Income (Expense) - Net Non-Operating Total

-1.0

-1.3

-1.3

-1.2

-1.0

Income Before Tax

34.3

-44.5

-2.9

-6.8

7.6

 

 

 

 

 

 

Total Income Tax

0.0

13.8

-0.5

2.3

-2.1

Income After Tax

34.3

-58.2

-2.4

-9.1

9.8

 

 

 

 

 

 

Net Income Before Extraord Items

34.3

-58.2

-2.4

-9.1

9.8

Net Income

34.3

-58.2

-2.4

-9.1

9.8

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

34.3

-58.2

-2.4

-9.1

9.8

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

34.3

-58.2

-2.4

-9.1

9.8

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

17.1

17.1

17.2

17.5

17.3

Basic EPS Excl Extraord Items

2.00

-3.40

-0.14

-0.52

0.56

Basic/Primary EPS Incl Extraord Items

2.00

-3.40

-0.14

-0.52

0.56

Dilution Adjustment

0.0

0.0

0.0

0.0

0.0

Diluted Net Income

34.3

-58.2

-2.4

-9.1

9.8

Diluted Weighted Average Shares

17.1

17.1

17.2

17.5

17.8

Diluted EPS Excl Extraord Items

2.00

-3.40

-0.14

-0.52

0.55

Diluted EPS Incl Extraord Items

2.00

-3.40

-0.14

-0.52

0.55

Dividends per Share - Common Stock Primary Issue

0.00

0.00

0.00

0.00

0.00

Gross Dividends - Common Stock

0.0

0.0

0.0

0.0

0.0

Interest Expense, Supplemental

1.1

1.3

1.3

1.2

1.3

Depreciation, Supplemental

4.7

4.7

5.4

5.0

3.9

Total Special Items

-27.1

46.0

0.0

11.2

0.0

Normalized Income Before Tax

7.2

1.5

-2.9

4.5

7.6

 

 

 

 

 

 

Effect of Special Items on Income Taxes

3.1

-12.7

0.0

3.9

0.0

Inc Tax Ex Impact of Sp Items

3.1

1.1

-0.5

6.3

-2.1

Normalized Income After Tax

4.1

0.4

-2.4

-1.8

9.8

 

 

 

 

 

 

Normalized Inc. Avail to Com.

4.1

0.4

-2.4

-1.8

9.8

 

 

 

 

 

 

Basic Normalized EPS

0.24

0.02

-0.14

-0.10

0.56

Diluted Normalized EPS

0.24

0.02

-0.14

-0.10

0.55

Amort of Intangibles, Supplemental

0.0

0.0

0.0

0.0

0.0

Rental Expenses

0.6

0.6

0.6

0.6

1.0

Advertising Expense, Supplemental

2.7

3.7

1.8

1.9

2.1

Research & Development Exp, Supplemental

5.7

5.6

4.5

6.6

6.7

Reported Gross Profit

-

-

36.0

48.0

50.8

Reported Operating Profit

-

-

-1.7

-5.6

8.6

Normalized EBIT

8.2

2.8

-1.7

5.7

8.6

Normalized EBITDA

12.9

7.4

3.7

10.7

12.5

    Current Tax - Domestic

-0.1

0.0

0.0

0.1

0.1

    Current Tax - Local

0.2

0.1

0.1

0.1

0.0

Current Tax - Total

0.0

0.1

0.1

0.1

0.1

    Deferred Tax - Domestic

0.0

12.4

-0.9

2.0

-2.7

    Deferred Tax - Local

0.0

1.3

0.3

0.2

0.4

Deferred Tax - Total

0.0

13.7

-0.6

2.2

-2.2

Income Tax - Total

0.0

13.8

-0.5

2.3

-2.1

Defined Contribution Expense - Domestic

0.1

0.0

0.1

0.4

0.3

Total Pension Expense

0.1

0.0

0.1

0.4

0.3

 

 

Interim Income Statement

Standardized

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Mar-2012

31-Dec-2011

24-Sep-2011

25-Jun-2011

26-Mar-2011

Period Length

3 Months

3 Months

3 Months

3 Months

3 Months

UpdateType/Date

Updated Normal 
31-Mar-2012

Updated Normal 
31-Dec-2011

Updated Normal 
24-Sep-2011

Updated Normal 
25-Jun-2011

Updated Normal 
26-Mar-2011

Filed Currency

USD

USD

USD

USD

USD

Exchange Rate (Period Average)

1

1

1

1

1

 

 

 

 

 

 

    Net Sales

37.3

43.1

33.5

32.6

31.0

Revenue

37.3

43.1

33.5

32.6

31.0

Total Revenue

37.3

43.1

33.5

32.6

31.0

 

 

 

 

 

 

    Cost of Revenue

25.0

27.2

21.7

21.6

19.8

Cost of Revenue, Total

25.0

27.2

21.7

21.6

19.8

Gross Profit

12.3

15.9

11.8

11.0

11.2

 

 

 

 

 

 

    Selling/General/Administrative Expense

11.4

10.9

10.4

10.0

10.5

Total Selling/General/Administrative Expenses

11.4

10.9

10.4

10.0

10.5

    Litigation

0.1

-30.1

1.4

1.3

0.4

Unusual Expense (Income)

0.1

-30.1

1.4

1.3

0.4

Total Operating Expense

36.5

8.0

33.5

32.8

30.6

 

 

 

 

 

 

Operating Income

0.7

35.1

0.0

-0.2

0.4

 

 

 

 

 

 

    Interest Income (Expense) - Net Non-Operating

-0.3

-0.2

-0.2

-0.3

-0.3

Interest Income (Expense) - Net Non-Operating Total

-0.3

-0.2

-0.2

-0.3

-0.3

Income Before Tax

0.5

34.9

-0.3

-0.5

0.2

 

 

 

 

 

 

Total Income Tax

0.0

0.2

0.0

0.1

-0.2

Income After Tax

0.5

34.7

-0.3

-0.6

0.4

 

 

 

 

 

 

Net Income Before Extraord Items

0.5

34.7

-0.3

-0.6

0.4

Net Income

0.5

34.7

-0.3

-0.6

0.4

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

0.5

34.7

-0.3

-0.6

0.4

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

0.5

34.7

-0.3

-0.6

0.4

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

17.1

17.1

17.1

17.1

17.1

Basic EPS Excl Extraord Items

0.03

2.03

-0.02

-0.03

0.02

Basic/Primary EPS Incl Extraord Items

0.03

2.03

-0.02

-0.03

0.02

Dilution Adjustment

-

0.0

0.0

0.0

-

Diluted Net Income

0.5

34.7

-0.3

-0.6

0.4

Diluted Weighted Average Shares

17.1

17.1

17.1

17.1

17.1

Diluted EPS Excl Extraord Items

0.03

2.03

-0.02

-0.03

0.02

Diluted EPS Incl Extraord Items

0.03

2.03

-0.02

-0.03

0.02

Dividends per Share - Common Stock Primary Issue

-

0.00

0.00

0.00

0.00

Gross Dividends - Common Stock

-

0.0

0.0

0.0

0.0

Interest Expense, Supplemental

-

0.3

0.3

0.3

0.3

Depreciation, Supplemental

-

1.2

1.1

1.2

1.2

Total Special Items

0.1

-30.1

1.4

1.3

0.4

Normalized Income Before Tax

0.6

4.8

1.1

0.8

0.5

 

 

 

 

 

 

Effect of Special Items on Income Taxes

0.0

1.9

0.5

0.5

0.1

Inc Tax Ex Impact of Sp Items

0.0

2.1

0.5

0.5

-0.1

Normalized Income After Tax

0.6

2.7

0.6

0.3

0.6

 

 

 

 

 

 

Normalized Inc. Avail to Com.

0.6

2.7

0.6

0.3

0.6

 

 

 

 

 

 

Basic Normalized EPS

0.03

0.16

0.04

0.02

0.04

Diluted Normalized EPS

0.03

0.16

0.04

0.02

0.04

Reported Gross Profit

12.3

-

11.8

11.0

11.2

Reported Operating Profit

0.7

-

0.0

-0.2

0.4

Reported Ordinary Profit

-

-

-

-0.6

-

Normalized EBIT

0.8

5.1

1.3

1.1

0.8

Normalized EBITDA

0.8

6.3

2.4

2.3

2.0

 

 

 

Annual Balance Sheet

Standardized

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

UpdateType/Date

Updated Normal
31-Dec-2011

Updated Normal
31-Dec-2010

Reclassified Normal
31-Dec-2010

Updated Normal
31-Dec-2008

Updated Normal 
31-Dec-2007

Filed Currency

USD

USD

USD

USD

USD

Exchange Rate

1

1

1

1

1

Auditor

KPMG LLP

KPMG LLP

KPMG LLP

KPMG LLP

KPMG LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified with Explanation

 

 

 

 

 

 

    Cash

12.0

7.0

6.9

1.6

0.6

Cash and Short Term Investments

12.0

7.0

6.9

1.6

0.6

        Accounts Receivable - Trade, Gross

21.4

19.9

18.2

20.0

22.0

        Provision for Doubtful Accounts

-1.2

-1.0

-1.4

-1.2

-1.0

    Trade Accounts Receivable - Net

20.3

18.8

16.8

18.7

21.0

    Other Receivables

7.6

15.9

0.0

-

-

Total Receivables, Net

27.8

34.7

16.8

18.7

21.0

    Inventories - Finished Goods

2.6

2.2

2.0

2.9

3.2

    Inventories - Work In Progress

3.2

3.5

2.8

3.1

2.6

    Inventories - Raw Materials

7.9

5.4

5.2

7.4

8.0

Total Inventory

13.6

11.1

10.1

13.5

13.8

Prepaid Expenses

2.1

1.6

1.2

2.2

2.0

    Deferred Income Tax - Current Asset

-

0.0

5.0

4.7

4.3

Other Current Assets, Total

-

0.0

5.0

4.7

4.3

Total Current Assets

55.4

54.4

40.0

40.8

41.7

 

 

 

 

 

 

        Buildings

20.1

20.1

19.9

19.0

18.3

        Land/Improvements

3.1

3.1

3.1

3.1

3.2

        Machinery/Equipment

29.4

26.3

24.5

25.9

21.5

    Property/Plant/Equipment - Gross

52.6

49.6

47.5

48.0

43.0

    Accumulated Depreciation

-24.5

-19.9

-15.7

-11.4

-8.9

Property/Plant/Equipment - Net

28.2

29.7

31.8

36.6

34.1

Goodwill, Net

-

-

-

0.0

11.2

Intangibles, Net

0.0

0.0

0.0

0.0

0.0

Note Receivable - Long Term

0.9

0.9

7.6

5.0

0.0

    Deferred Charges

0.1

0.1

0.2

0.2

0.2

    Deferred Income Tax - Long Term Asset

-

0.0

8.8

8.7

10.7

    Other Long Term Assets

0.1

0.3

0.2

0.1

0.1

Other Long Term Assets, Total

0.2

0.4

9.2

9.0

11.1

Total Assets

84.6

85.4

88.6

91.3

98.1

 

 

 

 

 

 

Accounts Payable

5.4

3.9

4.4

6.0

7.0

Accrued Expenses

12.0

10.9

10.2

12.0

13.9

Notes Payable/Short Term Debt

0.0

0.0

0.0

0.0

0.0

Current Portion - Long Term Debt/Capital Leases

1.5

1.5

2.4

1.9

2.6

    Customer Advances

1.7

2.0

1.9

-

-

    Other Current Liabilities

27.0

62.7

0.0

-

-

Other Current liabilities, Total

28.7

64.7

1.9

-

-

Total Current Liabilities

47.6

81.0

18.9

19.8

23.5

 

 

 

 

 

 

    Long Term Debt

12.8

14.3

15.2

16.6

16.3

Total Long Term Debt

12.8

14.3

15.2

16.6

16.3

Total Debt

14.3

15.8

17.6

18.5

19.0

 

 

 

 

 

 

    Reserves

-

0.0

4.6

-

-

    Other Long Term Liabilities

4.7

5.2

6.9

9.4

3.2

Other Liabilities, Total

4.7

5.2

11.4

9.4

3.2

Total Liabilities

65.0

100.4

45.5

45.9

43.1

 

 

 

 

 

 

    Common Stock

1.8

1.8

1.8

1.8

1.8

Common Stock

1.8

1.8

1.8

1.8

1.8

Additional Paid-In Capital

69.1

68.9

68.7

68.4

68.0

Retained Earnings (Accumulated Deficit)

-46.2

-80.5

-22.2

-19.8

-10.7

Treasury Stock - Common

-3.0

-3.0

-3.0

-2.5

-2.3

    Translation Adjustment

-1.3

-1.3

-

-

-

    Other Comprehensive Income

-0.7

-0.9

-2.1

-2.4

-1.8

Other Equity, Total

-2.0

-2.2

-2.1

-2.4

-1.8

Total Equity

19.6

-15.0

43.1

45.5

55.0

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

84.6

85.4

88.6

91.3

98.1

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

17.1

17.1

17.1

17.5

17.3

Total Common Shares Outstanding

17.1

17.1

17.1

17.5

17.3

Treasury Shares - Common Stock Primary Issue

0.7

0.7

0.7

0.3

0.2

Employees

563

552

558

556

608

Number of Common Shareholders

427

436

443

448

457

Deferred Revenue - Current

1.7

2.0

1.9

-

-

Total Long Term Debt, Supplemental

14.3

15.8

17.6

18.5

19.0

Long Term Debt Maturing within 1 Year

1.5

1.5

2.4

1.9

1.3

Long Term Debt Maturing in Year 2

1.5

1.5

2.4

1.9

2.9

Long Term Debt Maturing in Year 3

10.7

1.5

1.9

1.9

1.5

Long Term Debt Maturing in Year 4

0.6

10.7

1.2

1.9

1.5

Long Term Debt Maturing in Year 5

0.0

0.6

9.7

1.2

1.5

Long Term Debt Maturing in 2-3 Years

12.2

3.0

4.3

3.8

4.3

Long Term Debt Maturing in 4-5 Years

0.6

11.2

10.9

3.1

3.0

Long Term Debt Matur. in Year 6 & Beyond

0.0

0.0

0.0

9.7

10.3

    Interest Costs

0.0

0.0

-

0.0

0.0

Total Capital Leases, Supplemental

0.0

0.0

-

0.0

0.1

Capital Lease Payments Due in Year 1

0.0

0.0

-

0.0

0.1

Capital Lease Payments Due in Year 2

0.0

0.0

-

0.0

0.0

Capital Lease Payments Due in Year 3

0.0

0.0

-

0.0

0.0

Capital Lease Payments Due in Year 4

0.0

-

-

0.0

0.0

Capital Lease Payments Due in Year 5

0.0

-

-

0.0

0.0

Capital Lease Payments Due in 2-3 Years

0.0

0.0

-

0.0

0.0

Capital Lease Payments Due in 4-5 Years

0.0

-

-

0.0

0.0

Total Operating Leases, Supplemental

1.3

1.3

0.7

0.9

0.7

Operating Lease Payments Due in Year 1

0.6

0.5

0.5

0.5

0.4

Operating Lease Payments Due in Year 2

0.4

0.4

0.1

0.3

0.2

Operating Lease Payments Due in Year 3

0.2

0.2

0.1

0.1

0.1

Operating Lease Payments Due in Year 4

0.1

0.2

0.0

0.0

0.0

Operating Lease Payments Due in Year 5

0.0

0.1

0.0

0.0

0.0

Operating Lease Pymts. Due in 2-3 Years

0.6

0.6

0.2

0.4

0.3

Operating Lease Pymts. Due in 4-5 Years

0.2

0.3

0.0

0.0

0.0

Oper. Lse. Pymts. Due in Year 6 & Beyond

0.0

0.0

0.0

0.0

0.0

 

 

 

Interim Balance Sheet

Standardized

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Mar-2012

31-Dec-2011

24-Sep-2011

25-Jun-2011

26-Mar-2011

UpdateType/Date

Updated Normal 
31-Mar-2012

Updated Normal 
31-Dec-2011

Updated Normal 
24-Sep-2011

Updated Normal 
25-Jun-2011

Updated Normal 
26-Mar-2011

Filed Currency

USD

USD

USD

USD

USD

Exchange Rate

1

1

1

1

1

 

 

 

 

 

 

    Cash

2.5

12.0

9.9

7.6

6.9

Cash and Short Term Investments

2.5

12.0

9.9

7.6

6.9

        Accounts Receivable - Trade, Gross

-

21.4

19.1

17.6

18.3

        Provision for Doubtful Accounts

-

-1.2

-1.2

-1.2

-1.1

    Trade Accounts Receivable - Net

19.0

20.3

18.0

16.5

17.2

    Other Receivables

0.0

7.6

16.3

16.1

15.9

Total Receivables, Net

19.0

27.8

34.2

32.6

33.1

    Inventories - Finished Goods

-

2.6

2.9

3.1

3.2

    Inventories - Work In Progress

-

3.2

3.5

3.7

4.0

    Inventories - Raw Materials

-

7.9

7.2

6.5

6.3

Total Inventory

14.4

13.6

13.5

13.3

13.4

Prepaid Expenses

2.0

2.1

1.4

1.3

1.3

Total Current Assets

37.8

55.4

59.1

54.8

54.7

 

 

 

 

 

 

Property/Plant/Equipment - Net

28.1

28.2

28.2

28.5

28.9

    Other Long Term Assets

1.0

1.0

0.5

0.6

0.7

Other Long Term Assets, Total

1.0

1.0

0.5

0.6

0.7

Total Assets

66.9

84.6

87.8

83.9

84.3

 

 

 

 

 

 

Accounts Payable

5.2

5.4

5.4

4.6

4.9

Accrued Expenses

11.6

13.7

13.1

10.9

11.2

Notes Payable/Short Term Debt

-

0.0

0.0

0.0

0.0

Current Portion - Long Term Debt/Capital Leases

2.1

1.5

1.5

1.5

1.5

    Other Current Liabilities

0.0

27.0

65.8

64.4

63.1

Other Current liabilities, Total

0.0

27.0

65.8

64.4

63.1

Total Current Liabilities

18.9

47.6

85.8

81.4

80.7

 

 

 

 

 

 

    Long Term Debt

22.3

12.8

13.1

13.5

13.9

Total Long Term Debt

22.3

12.8

13.1

13.5

13.9

Total Debt

24.4

14.3

14.7

15.0

15.4

 

 

 

 

 

 

    Other Long Term Liabilities

5.4

4.7

4.1

4.1

4.3

Other Liabilities, Total

5.4

4.7

4.1

4.1

4.3

Total Liabilities

46.6

65.0

103.0

99.0

98.8

 

 

 

 

 

 

    Common Stock

-

1.8

1.8

1.8

1.8

Common Stock

-

1.8

1.8

1.8

1.8

Additional Paid-In Capital

-

69.1

69.0

69.0

68.9

Retained Earnings (Accumulated Deficit)

-

-46.2

-80.9

-80.7

-80.1

Treasury Stock - Common

-

-3.0

-3.0

-3.0

-3.0

    Other Equity

20.3

-

-

-

-

    Other Comprehensive Income

-

-2.0

-2.2

-2.2

-2.1

Other Equity, Total

20.3

-2.0

-2.2

-2.2

-2.1

Total Equity

20.3

19.6

-15.3

-15.1

-14.5

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

66.9

84.6

87.8

83.9

84.3

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

17.1

17.1

17.1

17.1

17.1

Total Common Shares Outstanding

17.1

17.1

17.1

17.1

17.1

Treasury Shares - Common Stock Primary Issue

0.7

0.7

0.7

0.7

0.7

Total Long Term Debt, Supplemental

-

14.3

14.7

15.0

15.4

Long Term Debt Maturing within 1 Year

-

1.5

0.4

0.8

1.1

Long Term Debt Maturing in Year 2

-

1.5

1.5

1.5

1.5

Long Term Debt Maturing in Year 3

-

10.7

1.5

1.5

1.5

Long Term Debt Maturing in Year 4

-

0.6

10.7

10.7

10.7

Long Term Debt Maturing in Year 5

-

0.0

0.6

0.6

0.6

Long Term Debt Maturing in 2-3 Years

-

12.2

3.0

3.0

3.0

Long Term Debt Maturing in 4-5 Years

-

0.6

11.2

11.2

11.2

Long Term Debt Matur. in Year 6 & Beyond

-

0.0

0.0

0.0

0.0

    Interest Costs

-

0.0

-

-

-

Total Capital Leases, Supplemental

-

0.0

0.0

0.0

0.0

Capital Lease Payments Due in Year 1

-

0.0

0.0

0.0

0.0

Capital Lease Payments Due in Year 2

-

0.0

0.0

0.0

0.0

Capital Lease Payments Due in Year 3

-

0.0

0.0

0.0

0.0

Capital Lease Payments Due in Year 4

-

0.0

0.0

0.0

0.0

Capital Lease Payments Due in Year 5

-

0.0

0.0

0.0

0.0

Capital Lease Payments Due in 2-3 Years

-

0.0

0.0

0.0

0.0

Capital Lease Payments Due in 4-5 Years

-

0.0

0.0

0.0

0.0

Cap. Lease Pymts. Due in Year 6 & Beyond

-

-

0.0

0.0

0.0

Total Operating Leases, Supplemental

-

1.3

1.5

1.6

1.7

Operating Lease Payments Due in Year 1

-

0.6

0.6

0.6

0.6

Operating Lease Payments Due in Year 2

-

0.4

0.4

0.4

0.4

Operating Lease Payments Due in Year 3

-

0.2

0.4

0.4

0.4

Operating Lease Payments Due in Year 4

-

0.1

0.1

0.1

0.1

Operating Lease Payments Due in Year 5

-

0.0

0.1

0.1

0.1

Operating Lease Pymts. Due in 2-3 Years

-

0.6

0.7

0.8

0.9

Operating Lease Pymts. Due in 4-5 Years

-

0.2

0.2

0.2

0.2

Oper. Lse. Pymts. Due in Year 6 & Beyond

-

0.0

0.0

0.0

0.0

 

 

 

Annual Cash Flows

Standardized

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2011

Reclassified Normal 
31-Dec-2011

Reclassified Normal 
31-Dec-2011

Updated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2007

Filed Currency

USD

USD

USD

USD

USD

Exchange Rate (Period Average)

1

1

1

1

1

Auditor

KPMG LLP

KPMG LLP

KPMG LLP

KPMG LLP

KPMG LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified with Explanation

 

 

 

 

 

 

Net Income/Starting Line

34.3

-58.2

-2.4

-9.1

9.8

    Depreciation

4.7

4.7

5.4

5.1

3.9

Depreciation/Depletion

4.7

4.7

5.4

5.1

3.9

Deferred Taxes

0.0

13.9

-0.7

2.2

-2.4

    Unusual Items

-27.1

46.0

0.0

11.2

0.0

    Other Non-Cash Items

0.5

0.2

1.0

0.4

0.3

Non-Cash Items

-26.6

46.2

1.0

11.7

0.3

    Accounts Receivable

-1.9

-1.9

1.6

1.7

-1.3

    Inventories

-2.5

-1.0

3.4

0.3

-4.3

    Prepaid Expenses

-0.3

-0.5

0.5

0.1

3.4

    Payable/Accrued

1.8

1.1

-1.5

-2.9

-0.3

Changes in Working Capital

-2.8

-2.2

3.9

-0.7

-2.4

Cash from Operating Activities

9.5

4.2

7.2

9.1

9.1

 

 

 

 

 

 

    Purchase of Fixed Assets

-3.1

-2.2

-0.6

-7.4

-24.9

Capital Expenditures

-3.1

-2.2

-0.6

-7.4

-24.9

    Sale of Fixed Assets

-

-

-

-

0.0

Other Investing Cash Flow Items, Total

-

-

-

-

0.0

Cash from Investing Activities

-3.1

-2.2

-0.6

-7.4

-24.9

 

 

 

 

 

 

    Other Financing Cash Flow

0.0

0.0

-0.5

-0.2

-0.1

Financing Cash Flow Items

0.0

0.0

-0.5

-0.2

-0.1

        Sale/Issuance of Common

-

-

-

-

0.0

    Common Stock, Net

-

-

-

-

0.0

    Options Exercised

-

-

-

0.1

0.2

Issuance (Retirement) of Stock, Net

-

-

-

0.1

0.2

        Long Term Debt Issued

0.0

5.0

4.4

80.2

166.3

        Long Term Debt Reduction

-1.5

-6.8

-5.3

-80.7

-151.3

    Long Term Debt, Net

-1.5

-1.8

-0.9

-0.5

14.9

Issuance (Retirement) of Debt, Net

-1.5

-1.8

-0.9

-0.5

14.9

Cash from Financing Activities

-1.5

-1.8

-1.3

-0.6

15.0

 

 

 

 

 

 

Net Change in Cash

4.9

0.2

5.3

1.0

-0.8

 

 

 

 

 

 

Net Cash - Beginning Balance

7.0

6.9

1.6

0.6

1.4

Net Cash - Ending Balance

12.0

7.0

6.9

1.6

0.6

Cash Interest Paid

1.1

1.3

1.3

1.2

1.1

Cash Taxes Paid

-0.1

0.0

0.0

0.3

0.1

 

 

 

Interim Cash Flows

Standardized

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Dec-2011

24-Sep-2011

25-Jun-2011

26-Mar-2011

31-Dec-2010

Period Length

12 Months

9 Months

6 Months

3 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2011

Updated Normal 
24-Sep-2011

Updated Normal 
25-Jun-2011

Updated Normal 
26-Mar-2011

Reclassified Normal 
31-Dec-2011

Filed Currency

USD

USD

USD

USD

USD

Exchange Rate (Period Average)

1

1

1

1

1

 

 

 

 

 

 

Net Income/Starting Line

34.3

-0.5

-0.2

0.4

-58.2

    Depreciation

4.7

3.5

2.4

1.2

4.7

Depreciation/Depletion

4.7

3.5

2.4

1.2

4.7

Deferred Taxes

0.0

0.0

0.0

0.0

13.9

    Unusual Items

-27.1

3.0

1.6

0.4

46.0

    Other Non-Cash Items

0.5

0.3

0.2

0.1

0.2

Non-Cash Items

-26.6

3.3

1.9

0.5

46.2

    Accounts Receivable

-1.9

-0.6

2.3

1.6

-1.9

    Inventories

-2.5

-2.2

-2.2

-2.4

-1.0

    Prepaid Expenses

-0.3

0.2

0.2

0.2

-0.5

    Payable/Accrued

1.8

2.2

-1.9

-1.0

1.1

Changes in Working Capital

-2.8

-0.4

-1.6

-1.5

-2.2

Cash from Operating Activities

9.5

6.0

2.5

0.6

4.2

 

 

 

 

 

 

    Purchase of Fixed Assets

-3.1

-2.0

-1.2

-0.3

-2.2

Capital Expenditures

-3.1

-2.0

-1.2

-0.3

-2.2

Cash from Investing Activities

-3.1

-2.0

-1.2

-0.3

-2.2

 

 

 

 

 

 

    Other Financing Cash Flow

0.0

-

-

0.0

0.0

Financing Cash Flow Items

0.0

-

-

0.0

0.0

        Long Term Debt Issued

0.0

0.0

0.0

-

5.0

        Long Term Debt Reduction

-1.5

-1.1

-0.8

-0.4

-6.8

    Long Term Debt, Net

-1.5

-1.1

-0.8

-0.4

-1.8

Issuance (Retirement) of Debt, Net

-1.5

-1.1

-0.8

-0.4

-1.8

Cash from Financing Activities

-1.5

-1.1

-0.8

-0.4

-1.8

 

 

 

 

 

 

Net Change in Cash

4.9

2.9

0.6

-0.2

0.2

 

 

 

 

 

 

Net Cash - Beginning Balance

7.0

7.0

7.0

7.0

6.9

Net Cash - Ending Balance

12.0

9.9

7.6

6.9

7.0

Cash Interest Paid

1.1

0.8

0.5

0.3

1.3

Cash Taxes Paid

-0.1

-0.1

-0.2

-0.2

0.0

 

 

Annual Income Statement

As Reported

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2011

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2007

Filed Currency

USD

USD

USD

USD

USD

Exchange Rate (Period Average)

1

1

1

1

1

Auditor

KPMG LLP

KPMG LLP

KPMG LLP

KPMG LLP

KPMG LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified with Explanation

 

 

 

 

 

 

    Net Sales

140.1

123.0

120.5

147.9

146.5

Total Revenue

140.1

123.0

120.5

147.9

146.5

 

 

 

 

 

 

    Cost of Sales

90.2

78.1

84.5

99.9

95.7

    Selling general and administrative expe

41.7

42.1

37.7

42.3

41.7

    Goodwill impairment charge

-

0.0

0.0

11.2

0.0

    Litigation charge

-27.1

46.0

0.0

0.0

0.0

    Bad Debt

-

-

-

-

0.5

Total Operating Expense

104.8

166.2

122.1

153.5

137.9

 

 

 

 

 

 

    Interest expense, net

-1.0

-1.3

-1.3

-1.2

-

    Interest Expense

-

-

-

-

-1.3

    Interest Income

-

-

-

-

0.0

    Interest rate swap benefit (expense)

-

-

-

-

0.3

Net Income Before Taxes

34.3

-44.5

-2.9

-6.8

7.6

 

 

 

 

 

 

Provision for Income Taxes

0.0

13.8

-0.5

2.3

-2.1

Net Income After Taxes

34.3

-58.2

-2.4

-9.1

9.8

 

 

 

 

 

 

Net Income Before Extra. Items

34.3

-58.2

-2.4

-9.1

9.8

Net Income

34.3

-58.2

-2.4

-9.1

9.8

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

34.3

-58.2

-2.4

-9.1

9.8

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

34.3

-58.2

-2.4

-9.1

9.8

 

 

 

 

 

 

Basic Weighted Average Shares

17.1

17.1

17.2

17.5

17.3

Basic EPS Excluding ExtraOrdinary Items

2.00

-3.40

-0.14

-0.52

0.56

Basic EPS Including ExtraOrdinary Item

2.00

-3.40

-0.14

-0.52

0.56

Dilution Adjustment

0.0

0.0

0.0

0.0

0.0

Diluted Net Income

34.3

-58.2

-2.4

-9.1

9.8

Diluted Weighted Average Shares

17.1

17.1

17.2

17.5

17.8

Diluted EPS Excluding ExtraOrd Items

2.00

-3.40

-0.14

-0.52

0.55

Diluted EPS Including ExtraOrd Items

2.00

-3.40

-0.14

-0.52

0.55

DPS-Common Stock

0.00

0.00

0.00

0.00

0.00

Gross Dividends - Common Stock

0.0

0.0

0.0

0.0

0.0

Normalized Income Before Taxes

7.2

1.5

-2.9

4.5

7.6

 

 

 

 

 

 

Effect of Special Items on Income Taxes

3.1

-12.7

0.0

-

-

Inc Tax Ex Impact of Sp Items

3.1

1.1

-0.5

6.3

-2.1

Normalized Income After Taxes

4.1

0.4

-2.4

-1.8

9.8

 

 

 

 

 

 

Normalized Inc. Avail to Com.

4.1

0.4

-2.4

-1.8

9.8

 

 

 

 

 

 

Basic Normalized EPS

0.24

0.02

-0.14

-0.10

0.56

Diluted Normalized EPS

0.24

0.02

-0.14

-0.10

0.55

Advertising Expense

2.7

3.7

1.8

1.9

2.1

Research & Development

5.7

5.6

4.5

6.6

6.7

Interest Expense

1.1

1.3

1.3

1.2

1.3

Rental Expense

0.6

0.6

0.6

0.6

1.0

Amortization of Intangibles

0.0

0.0

0.0

0.0

0.0

Depreciation

4.7

4.7

5.4

5.0

3.9

    Federal

-0.1

0.0

0.0

0.1

0.1

    State

0.2

0.1

0.1

0.1

0.0

Current Tax - Total

0.0

0.1

0.1

0.1

0.1

    Federal

0.0

12.4

-0.9

2.0

-2.7

    State

0.0

1.3

0.3

0.2

0.4

Deferred Tax - Total

0.0

13.7

-0.6

2.2

-2.2

Income Tax - Total

0.0

13.8

-0.5

2.3

-2.1

Operating income

-

-

-1.7

-5.6

8.6

Gross profit

-

-

36.0

48.0

50.8

Defined Contribution Plan

0.1

0.0

0.1

0.4

0.3

Total Pension Expense

0.1

0.0

0.1

0.4

0.3

 

 

 

Interim Income Statement

As Reported

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Mar-2012

31-Dec-2011

24-Sep-2011

25-Jun-2011

26-Mar-2011

Period Length

3 Months

3 Months

3 Months

3 Months

3 Months

UpdateType/Date

Updated Normal 
31-Mar-2012

Updated Normal 
31-Dec-2011

Updated Normal 
24-Sep-2011

Updated Normal 
25-Jun-2011

Updated Normal 
26-Mar-2011

Filed Currency

USD

USD

USD

USD

USD

Exchange Rate (Period Average)

1

1

1

1

1

 

 

 

 

 

 

    Net sales

37.3

43.1

33.5

32.6

31.0

Total Revenue

37.3

43.1

33.5

32.6

31.0

 

 

 

 

 

 

    Cost of Sales

25.0

27.2

21.7

21.6

19.8

    Sell./Gen./Admin.

11.4

10.9

10.4

10.0

10.5

    Litigation

0.1

-30.1

1.4

1.3

0.4

Total Operating Expense

36.5

8.0

33.5

32.8

30.6

 

 

 

 

 

 

    Interest Expense, Net

-0.3

-0.2

-0.2

-0.3

-0.3

Net Income Before Taxes

0.5

34.9

-0.3

-0.5

0.2

 

 

 

 

 

 

Provision for Income Taxes

0.0

0.2

0.0

0.1

-0.2

Net Income After Taxes

0.5

34.7

-0.3

-0.6

0.4

 

 

 

 

 

 

Net Income Before Extra. Items

0.5

34.7

-0.3

-0.6

0.4

Net Income

0.5

34.7

-0.3

-0.6

0.4

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

0.5

34.7

-0.3

-0.6

0.4

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

0.5

34.7

-0.3

-0.6

0.4

 

 

 

 

 

 

Basic Weighted Average Shares

17.1

17.1

17.1

17.1

17.1

Basic EPS Excluding ExtraOrdinary Items

0.03

2.03

-0.02

-0.03

0.02

Basic EPS Including ExtraOrdinary Item

0.03

2.03

-0.02

-0.03

0.02

Dilution Adjustment

-

0.0

0.0

0.0

-

Diluted Net Income

0.5

34.7

-0.3

-0.6

0.4

Diluted Weighted Average Shares

17.1

17.1

17.1

17.1

17.1

Diluted EPS Excluding ExtraOrd Items

0.03

2.03

-0.02

-0.03

0.02

Diluted EPS Including ExtraOrd Items

0.03

2.03

-0.02

-0.03

0.02

DPS-Common Stock

-

0.00

0.00

0.00

0.00

Gross Dividends - Common Stock

-

0.0

0.0

0.0

0.0

Normalized Income Before Taxes

0.6

4.8

1.1

0.8

0.5

 

 

 

 

 

 

Effect of Special Items on Income Taxes

-

1.9

-

-

-

Inc Tax Ex Impact of Sp Items

0.0

2.1

0.5

0.5

-0.1

Normalized Income After Taxes

0.6

2.7

0.6

0.3

0.6

 

 

 

 

 

 

Normalized Inc. Avail to Com.

0.6

2.7

0.6

0.3

0.6

 

 

 

 

 

 

Basic Normalized EPS

0.03

0.16

0.04

0.02

0.04

Diluted Normalized EPS

0.03

0.16

0.04

0.02

0.04

Interest Expense

-

0.3

0.3

0.3

0.3

Depreciation

-

1.2

1.1

1.2

1.2

Operating income

-

-

0.0

-

-

Operating loss

0.7

-

-

-0.2

0.4

Net loss

-

-

-

-0.6

-

Gross profit

12.3

-

11.8

11.0

11.2

 

 

 

Annual Balance Sheet

As Reported

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

UpdateType/Date

Updated Normal 
31-Dec-2011

Updated Normal 
31-Dec-2010

Reclassified Normal 
31-Dec-2010

Updated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2007

Filed Currency

USD

USD

USD

USD

USD

Exchange Rate

1

1

1

1

1

Auditor

KPMG LLP

KPMG LLP

KPMG LLP

KPMG LLP

KPMG LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified with Explanation

 

 

 

 

 

 

    Barnhard litigation related receivable

7.6

15.9

0.0

-

-

    Prepaid Expenses

2.1

1.6

1.2

2.2

2.0

    Cash

12.0

7.0

6.9

1.6

0.6

    Deferred Taxes

-

0.0

5.0

4.7

4.3

    Accounts Rcvbl.

21.4

19.9

18.2

20.0

22.0

    Doubtful Account

-1.2

-1.0

-1.4

-1.2

-1.0

    Raw Materials

7.9

5.4

5.2

7.4

8.0

    Work in Process

3.2

3.5

2.8

3.1

2.6

    Finished Goods

2.6

2.2

2.0

2.9

3.2

Total Current Assets

55.4

54.4

40.0

40.8

41.7

 

 

 

 

 

 

    Land

3.1

3.1

3.1

3.1

3.2

    Build & Improv.

20.1

20.1

19.9

19.0

18.3

    Equip. & Furn.

29.4

26.3

24.5

25.9

21.5

    Depreciation

-24.5

-19.9

-15.7

-11.4

-8.9

    Goodwill, Net

-

-

-

0.0

11.2

    Barnhard litigation related receivable

-

0.0

4.6

-

-

    Deferred tax asset

-

0.0

8.8

8.7

10.7

    Deferred financing costs, net

0.1

0.1

0.2

0.2

0.2

    Other amortizable intangibles, net

0.0

0.0

0.0

0.0

0.0

    Recoverable insurance claim

0.9

0.9

3.1

5.0

0.0

    Other Assets

0.1

0.3

0.2

0.1

0.1

Total Assets

84.6

85.4

88.6

91.3

98.1

 

 

 

 

 

 

    Cur. Port. LTD

1.5

1.5

2.4

1.9

2.6

    Accounts Payable

5.4

3.9

4.4

6.0

7.0

    Customer deposits

1.7

2.0

1.9

-

-

    Accrued Expenses

12.0

10.9

10.2

12.0

13.9

    Barnhard litigation reserve

27.0

62.7

0.0

-

-

Total Current Liabilities

47.6

81.0

18.9

19.8

23.5

 

 

 

 

 

 

    Long term debt

12.8

14.3

15.2

16.6

16.3

Total Long Term Debt

12.8

14.3

15.2

16.6

16.3

 

 

 

 

 

 

    Barnhard litigation reserve

-

0.0

4.6

-

-

    Long-term portion of accrued warranty ob

1.1

1.1

1.3

-

-

    Accrued Warranty

-

-

-

1.4

1.4

    Other liabilities

3.5

4.0

5.5

8.0

1.9

Total Liabilities

65.0

100.4

45.5

45.9

43.1

 

 

 

 

 

 

    Common stock, $.10 par value, 30,000 sha

1.8

1.8

1.8

1.8

1.8

    Additional paid-in capital

69.1

68.9

68.7

68.4

68.0

    Treasury stock, at cost (740 and 329 sha

-3.0

-3.0

-3.0

-2.5

-2.3

    Retained Earning

-46.2

-80.5

-22.2

-19.8

-10.7

    Cumulative translation adjustment

-1.3

-1.3

-

-

-

    Other Compreh. Income

-0.7

-0.9

-2.1

-2.4

-1.8

Total Equity

19.6

-15.0

43.1

45.5

55.0

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

84.6

85.4

88.6

91.3

98.1

 

 

 

 

 

 

    S/O-Common Stock

17.1

17.1

17.1

17.5

17.3

Total Common Shares Outstanding

17.1

17.1

17.1

17.5

17.3

T/S-Common Stock

0.7

0.7

0.7

0.3

0.2

Deferred Revenue - Current

1.7

2.0

1.9

-

-

Full-Time Employees

563

552

558

556

608

Number of Common Shareholders

427

436

443

448

457

Long-Term Debt Maturing in 1 Year

1.5

1.5

2.4

1.9

1.3

Long-Term Debt Maturing in 2 Years

1.5

1.5

2.4

1.9

2.9

Long-Term Debt Maturing in 3 Years

10.7

1.5

1.9

1.9

1.5

Long-Term Debt Maturing in 4 Years

0.6

10.7

1.2

1.9

1.5

Long Term Debt Maturing in 5 Years

0.0

0.6

9.7

1.2

1.5

Long Term Debt Maturing Thereafter

-

-

-

9.7

10.3

Total Long Term Debt, Supplemental

14.3

15.8

17.6

18.5

19.0

Capital Lease Maturing within 1 Year

0.0

0.0

-

0.0

0.1

Capital Lease Maturing within 2 Years

0.0

0.0

-

0.0

0.0

Capital Lease Maturing within 3 Years

0.0

0.0

-

0.0

0.0

Capital Lease Maturing within 4 Years

0.0

-

-

0.0

0.0

Capital Lease Maturing within 5 Years

0.0

-

-

0.0

0.0

Interest Cost

0.0

0.0

-

0.0

0.0

Total Capital Leases

0.0

0.0

-

0.0

0.1

Operating Lease Due Within 1 Year

0.6

0.5

0.5

0.5

0.4

Operating Lease Due Within 2 Years

0.4

0.4

0.1

0.3

0.2

Operating Lease Due Within 3 Years

0.2

0.2

0.1

0.1

0.1

Operating Lease Due Within 4 Years

0.1

0.2

0.0

0.0

0.0

Operating Lease Due Within 5 Years

0.0

0.1

0.0

0.0

0.0

Total Operating Leases

1.3

1.3

0.7

0.9

0.7

 

 

 

Interim Balance Sheet

As Reported

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Mar-2012

31-Dec-2011

24-Sep-2011

25-Jun-2011

26-Mar-2011

UpdateType/Date

Updated Normal 
31-Mar-2012

Updated Normal 
31-Dec-2011

Updated Normal 
24-Sep-2011

Updated Normal 
25-Jun-2011

Updated Normal 
26-Mar-2011

Filed Currency

USD

USD

USD

USD

USD

Exchange Rate

1

1

1

1

1

 

 

 

 

 

 

    Cash

-

12.0

9.9

7.6

6.9

    Cash

2.5

-

-

-

-

    Accounts Receivables, Net

19.0

-

-

-

-

    Accounts Receivable

-

21.4

19.1

17.6

18.3

    Doubtful Account

-

-1.2

-1.2

-1.2

-1.1

    Raw Materials

-

7.9

7.2

6.5

6.3

    Work-In-Process

-

3.2

3.5

3.7

4.0

    Finished Goods

-

2.6

2.9

3.1

3.2

    Inventories

14.4

-

-

-

-

    Barnhard litigation related receivable

0.0

7.6

16.3

16.1

15.9

    Prepaid Expenses and Other

2.0

2.1

1.4

1.3

1.3

Total Current Assets

37.8

55.4

59.1

54.8

54.7

 

 

 

 

 

 

    Property and equipment, net

28.1

28.2

28.2

28.5

28.9

    Other Assets

1.0

1.0

0.5

0.6

0.7

Total Assets

66.9

84.6

87.8

83.9

84.3

 

 

 

 

 

 

    Current portion of long-term debt

2.1

1.5

1.5

1.5

1.5

    Accounts Payable

5.2

5.4

5.4

4.6

4.9

    Accrued expenses

11.6

13.7

13.1

10.9

11.2

    Barnhard litigation reserve

0.0

27.0

65.8

64.4

63.1

Total Current Liabilities

18.9

47.6

85.8

81.4

80.7

 

 

 

 

 

 

    Long term debt

22.3

12.8

13.1

13.5

13.9

Total Long Term Debt

22.3

12.8

13.1

13.5

13.9

 

 

 

 

 

 

    Long-term portion of accrued warranty ob

-

1.1

-

-

-

    Other liabilities

5.4

3.5

4.1

4.1

4.3

Total Liabilities

46.6

65.0

103.0

99.0

98.8

 

 

 

 

 

 

    Common Stock

-

1.8

1.8

1.8

1.8

    Additional Paid-in capital

-

69.1

69.0

69.0

68.9

    Treasury Stock, at Cost

-

-3.0

-3.0

-3.0

-3.0

    Retained Earnings

-

-46.2

-80.9

-80.7

-80.1

    Comprehensive Income

-

-2.0

-2.2

-2.2

-2.1

    Stockholders’ equity (deficit)

20.3

-

-

-

-

Total Equity

20.3

19.6

-15.3

-15.1

-14.5

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

66.9

84.6

87.8

83.9

84.3

 

 

 

 

 

 

    S/O-Common Stock

17.1

17.1

17.1

17.1

17.1

Total Common Shares Outstanding

17.1

17.1

17.1

17.1

17.1

T/S-Common Stock

0.7

0.7

0.7

0.7

0.7

Long Term Debt Maturing within 1 Year

-

1.5

0.4

0.8

1.1

Long Term Debt Maturing within 2 Years

-

1.5

1.5

1.5

1.5

Long Term Debt Maturing within 3 Years

-

10.7

1.5

1.5

1.5

Long Term Debt Maturing within 4 Years

-

0.6

10.7

10.7

10.7

Long Term Debt Maturing within 5 Years

-

0.0

0.6

0.6

0.6

Total Long Term Debt, Supplemental

-

14.3

14.7

15.0

15.4

Capital Leases Maturing within 1 Year

-

0.0

0.0

0.0

0.0

Capital Leases Maturing within 2 Years

-

0.0

-

-

-

Capital Leases Maturing within 3 Years

-

0.0

0.0

0.0

0.0

Capital Leases Maturing within 4 Years

-

0.0

-

-

-

Capital Leases Maturing within 5 Years

-

0.0

0.0

0.0

0.0

Capital Leases Maturing Thereafter

-

-

0.0

0.0

0.0

Interest

-

0.0

-

-

-

Total Capital Leases

-

0.0

0.0

0.0

0.0

Operating Leases Maturing within 1 Year

-

0.6

0.6

0.6

0.6

Operating Leases Maturing within 2 Years

-

0.4

-

-

-

Operating Leases Maturing within 3 Years

-

0.2

0.7

0.8

0.9

Operating Leases Maturing within 4 Years

-

0.1

-

-

-

Operating Leases Maturing within 5 Years

-

0.0

0.2

0.2

0.2

Operating Leases Maturing Thereafter

-

-

0.0

0.0

0.0

Total Operating Leases

-

1.3

1.5

1.6

1.7

 

 

Annual Cash Flows

As Reported

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2011

Reclassified Normal 
31-Dec-2011

Reclassified Normal 
31-Dec-2011

Updated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2007

Filed Currency

USD

USD

USD

USD

USD

Exchange Rate (Period Average)

1

1

1

1

1

Auditor

KPMG LLP

KPMG LLP

KPMG LLP

KPMG LLP

KPMG LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified with Explanation

 

 

 

 

 

 

Net Income

34.3

-58.2

-2.4

-9.1

9.8

    Depreciation

4.7

4.7

5.4

5.1

3.9

    Goodwill impairment charge

-

-

-

11.2

0.0

    Litigation charge

-27.1

46.0

0.0

0.0

-

    Amortization of Deferred Financing

0.1

0.0

0.0

0.0

0.2

    Deferred income taxes

0.0

13.9

-0.7

2.2

-2.4

    Stock Compensation

0.2

0.2

0.2

0.2

0.2

    Provisions for doubtful accounts

0.3

-0.1

0.3

0.5

0.5

    Change in fair value of interest rate sw

0.0

0.0

0.0

0.0

-0.2

    Change in fair value of foreign currency

0.0

0.0

0.5

-0.3

-0.3

    Litigation Reserve

-

-

-

-

0.0

    Accounts Receivable

-1.9

-1.9

1.6

1.7

-1.3

    Inventories

-2.5

-1.0

3.4

0.3

-4.3

    Prepaid Expenses

-0.3

-0.5

0.5

0.1

3.4

    Payable/Accrued

1.8

1.1

-1.5

-2.9

-0.3

Cash from Operating Activities

9.5

4.2

7.2

9.1

9.1

 

 

 

 

 

 

    Capital expenditure

-3.1

-2.2

-0.6

-7.4

-24.9

    Disposal of Assets

-

-

-

-

0.0

Cash from Investing Activities

-3.1

-2.2

-0.6

-7.4

-24.9

 

 

 

 

 

 

    Payment LT Debt

-1.5

-6.8

-1.9

-1.3

-0.2

    Repay Revolving Loan

0.0

0.0

-3.4

-79.4

-150.9

    Revolving Loan

0.0

0.0

3.4

78.0

148.5

    Term Loan

0.0

5.0

1.0

2.2

17.8

    Deferred Financing

-

-

-

-

-0.2

    Purchase of treasury stock through repur

0.0

0.0

-0.5

-0.3

0.0

    Proceeds from issuance of common stock

-

-

-

-

0.0

    Stock Options

-

-

-

0.1

0.2

    Tax benefit from employee stock options

-

-

-

0.0

0.2

    Capital Lease

-

-

-

-0.1

-0.2

Cash from Financing Activities

-1.5

-1.8

-1.3

-0.6

15.0

 

 

 

 

 

 

Net Change in Cash

4.9

0.2

5.3

1.0

-0.8

 

 

 

 

 

 

Net Cash - Beginning Balance

7.0

6.9

1.6

0.6

1.4

Net Cash - Ending Balance

12.0

7.0

6.9

1.6

0.6

    Cash Interest Paid

1.1

1.3

1.3

1.2

1.1

    Cash Taxes Paid

-0.1

0.0

0.0

0.3

0.1

 

 

 

Interim Cash Flows

As Reported

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Dec-2011

24-Sep-2011

25-Jun-2011

26-Mar-2011

31-Dec-2010

Period Length

12 Months

9 Months

6 Months

3 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2011

Updated Normal 
24-Sep-2011

Updated Normal 
25-Jun-2011

Updated Normal 
26-Mar-2011

Reclassified Normal 
31-Dec-2011

Filed Currency

USD

USD

USD

USD

USD

Exchange Rate (Period Average)

1

1

1

1

1

 

 

 

 

 

 

Net Income

34.3

-0.5

-0.2

0.4

-58.2

    Depreciation

4.7

3.5

2.4

1.2

4.7

    Litigation charge

-27.1

3.0

1.6

0.4

46.0

    Amortization Deferred Financing

0.1

0.0

0.0

0.0

0.0

    Deferred Taxes

0.0

0.0

0.0

0.0

13.9

    Stock Compensation

0.2

0.1

0.1

0.0

0.2

    Provision for doubtful accounts

0.3

0.2

0.1

0.1

-0.1

    Change in fair value of interest rate sw

0.0

0.0

0.0

0.0

0.0

    Change in fair value of foreign currency

0.0

-

-

-

0.0

    Account Receivable

-1.9

-0.6

2.3

1.6

-1.9

    Inventories

-2.5

-2.2

-2.2

-2.4

-1.0

    Prepaid Expenses

-0.3

0.2

0.2

0.2

-0.5

    Payable/Accrued

1.8

2.2

-1.9

-1.0

1.1

Cash from Operating Activities

9.5

6.0

2.5

0.6

4.2

 

 

 

 

 

 

    Capital expenditure

-3.1

-2.0

-1.2

-0.3

-2.2

Cash from Investing Activities

-3.1

-2.0

-1.2

-0.3

-2.2

 

 

 

 

 

 

    Repayments of term loans

-1.5

-1.1

-0.8

-0.4

-6.8

    Repayments under revolving loans

0.0

-

-

-

0.0

    Borrowings under revolving loan

0.0

-

-

-

0.0

    Term Loan

0.0

0.0

0.0

-

5.0

    Purchase of common stock through repurch

0.0

-

-

-

0.0

    Other financing activity payments

-

-

-

0.0

-

Cash from Financing Activities

-1.5

-1.1

-0.8

-0.4

-1.8

 

 

 

 

 

 

Net Change in Cash

4.9

2.9

0.6

-0.2

0.2

 

 

 

 

 

 

Net Cash - Beginning Balance

7.0

7.0

7.0

7.0

6.9

Net Cash - Ending Balance

12.0

9.9

7.6

6.9

7.0

    Cash Interest Paid

1.1

0.8

0.5

0.3

1.3

    Cash Taxes Paid

-0.1

-0.1

-0.2

-0.2

0.0

 

Standard & Poor’s

United States of America Long-Term Rating Lowered To 'AA+' Due To Political Risks, Rising Debt Burden; Outlook Negative

Publication date: 05-Aug-2011 20:13:14 EST

 

·        We have lowered our long-term sovereign credit rating on the United States of America to 'AA+' from 'AAA' and affirmed the 'A-1+' short-term rating.

·         We have also removed both the short- and long-term ratings from CreditWatch negative.

·        The downgrade reflects our opinion that the fiscal consolidation plan that Congress and the Administration recently agreed to falls short of what, in our view, would be necessary to stabilize the government's medium-term debt dynamics.

·        More broadly, the downgrade reflects our view that the effectiveness, stability, and predictability of American policymaking and political institutions have weakened at a time of ongoing fiscal and economic challenges to a degree more than we envisioned when we assigned a negative outlook to the rating on April 18, 2011.

·        Since then, we have changed our view of the difficulties in bridging the gulf between the political parties over fiscal policy, which makes us pessimistic about the capacity of Congress and the Administration to be able to leverage their agreement this week into a broader fiscal consolidation plan that stabilizes the government's debt dynamics any time soon.

·        The outlook on the long-term rating is negative. We could lower the long-term rating to 'AA' within the next two years if we see that less reduction in spending than agreed to, higher interest rates, or new fiscal pressures during the period result in a higher general government debt trajectory than we currently assume in our base case.

 

TORONTO (Standard & Poor's) Aug. 5, 2011--Standard & Poor's Ratings Services said today that it lowered its long-term sovereign credit rating on the United States of America to 'AA+' from 'AAA'. Standard & Poor's also said that the outlook on the long-term rating is negative. At the same time, Standard & Poor's affirmed its 'A-1+' short-term rating on the U.S. In addition, Standard & Poor's removed both ratings from CreditWatch, where they were placed on July 14, 2011, with negative implications.

 

The transfer and convertibility (T&C) assessment of the U.S.--our assessment of the likelihood of official interference in the ability of U.S.-based public- and private-sector issuers to secure foreign exchange for

debt service--remains 'AAA'.

 

We lowered our long-term rating on the U.S. because we believe that the prolonged controversy over raising the statutory debt ceiling and the related fiscal policy debate indicate that further near-term progress containing the growth in public spending, especially on entitlements, or on reaching an agreement on raising revenues is less likely than we previously assumed and will remain a contentious and fitful process. We also believe that the fiscal consolidation plan that Congress and the Administration agreed to this week falls short of the amount that we believe is necessary to stabilize the general government debt burden by the middle of the decade.

 

Our lowering of the rating was prompted by our view on the rising public debt burden and our perception of greater policymaking uncertainty, consistent with our criteria (see "Sovereign Government Rating Methodology and Assumptions ," June 30, 2011, especially Paragraphs 36-41). Nevertheless, we view the U.S. federal government's other economic, external, and monetary credit attributes, which form the basis for the sovereign rating, as broadly unchanged.

 

We have taken the ratings off CreditWatch because the Aug. 2 passage of the Budget Control Act Amendment of 2011 has removed any perceived immediate threat of payment default posed by delays to raising the government's debt ceiling. In addition, we believe that the act provides sufficient clarity to allow us to evaluate the likely course of U.S. fiscal policy for the next few years.

 

The political brinksmanship of recent months highlights what we see as America's governance and policymaking becoming less stable, less effective, and less predictable than what we previously believed. The statutory debt ceiling and the threat of default have become political bargaining chips in the debate over fiscal policy. Despite this year's wide-ranging debate, in our view, the differences between political parties have proven to be extraordinarily difficult to bridge, and, as we see it, the resulting agreement fell well short of the comprehensive fiscal consolidation program that some proponents had envisaged until quite recently. Republicans and Democrats have only been able to agree to relatively modest savings on discretionary spending while delegating to the Select Committee decisions on more comprehensive measures. It appears that for now, new revenues have dropped down on the menu of policy options. In addition, the plan envisions only minor policy changes on Medicare and little change in other entitlements,

the containment of which we and most other independent observers regard as key to long-term fiscal sustainability.

 

Our opinion is that elected officials remain wary of tackling the structural issues required to effectively address the rising U.S. public debt burden in a manner consistent with a 'AAA' rating and with 'AAA' rated sovereign peers (see Sovereign Government Rating Methodology and Assumptions," June 30, 2011, especially Paragraphs 36-41). In our view, the difficulty in framing a consensus on fiscal policy weakens the government's ability to manage public finances and diverts attention from the debate over how to achieve more balanced and dynamic economic growth in an era of fiscal stringency and private-sector deleveraging (ibid). A new political consensus might (or might not) emerge after the 2012 elections, but we believe that by then, the government debt burden will likely be higher, the needed medium-term fiscal adjustment potentially greater, and the inflection point on the U.S. population's demographics and other age-related spending drivers closer at hand (see "Global Aging 2011: In The U.S., Going Gray Will Likely Cost Even More Green, Now," June 21, 2011).

 

Standard & Poor's takes no position on the mix of spending and revenue measures that Congress and the Administration might conclude is appropriate for putting the U.S.'s finances on a sustainable footing.

 

The act calls for as much as $2.4 trillion of reductions in expenditure growth over the 10 years through 2021. These cuts will be implemented in two steps: the $917 billion agreed to initially, followed by an additional $1.5 trillion that the newly formed Congressional Joint Select Committee on Deficit Reduction is supposed to recommend by November 2011. The act contains no measures to raise taxes or otherwise enhance revenues, though the committee could recommend them.

 

The act further provides that if Congress does not enact the committee's recommendations, cuts of $1.2 trillion will be implemented over the same time period. The reductions would mainly affect outlays for civilian discretionary spending, defense, and Medicare. We understand that this fall-back mechanism is designed to encourage Congress to embrace a more balanced mix of expenditure savings, as the committee might recommend.

 

We note that in a letter to Congress on Aug. 1, 2011, the Congressional Budget Office (CBO) estimated total budgetary savings under the act to be at least $2.1 trillion over the next 10 years relative to its baseline assumptions. In updating our own fiscal projections, with certain modifications outlined below, we have relied on the CBO's latest "Alternate Fiscal Scenario" of June 2011, updated to include the CBO assumptions contained in its Aug. 1 letter to Congress. In general, the CBO's "Alternate Fiscal Scenario" assumes a continuation of recent Congressional action overriding existing law.

 

We view the act's measures as a step toward fiscal consolidation. However, this is within the framework of a legislative mechanism that leaves open the details of what is finally agreed to until the end of 2011, and Congress and the Administration could modify any agreement in the future. Even assuming that at least $2.1 trillion of the spending reductions the act envisages are implemented, we maintain our view that the U.S. net general government debt burden (all levels of government combined, excluding liquid financial assets) will likely continue to grow. Under our revised base case fiscal scenario--which we consider to be consistent with a 'AA+' long-term rating and a negative outlook--we now project that net general government debt would rise from an estimated 74% of GDP by the end of 2011 to 79% in 2015 and 85% by 2021. Even the projected 2015 ratio of sovereign indebtedness is high in relation to those of peer credits and, as noted, would continue to rise under the act's revised policy settings.

 

Compared with previous projections, our revised base case scenario now assumes that the 2001 and 2003 tax cuts, due to expire by the end of 2012, remain in place. We have changed our assumption on this because the majority of Republicans in Congress continue to resist any measure that would raise revenues, a position we believe Congress reinforced by passing the act. Key macroeconomic assumptions in the base case scenario include trend real GDP growth of 3% and consumer price inflation near 2% annually over the decade.

 

Our revised upside scenario--which, other things being equal, we view as consistent with the outlook on the 'AA+' long-term rating being revised to stable--retains these same macroeconomic assumptions. In addition, it incorporates $950 billion of new revenues on the assumption that the 2001 and 2003 tax cuts for high earners lapse from 2013 onwards, as the Administration is advocating. In this scenario, we project that the net general government debt would rise from an estimated 74% of GDP by the end of 2011 to 77% in 2015 and to 78% by 2021.

 

Our revised downside scenario--which, other things being equal, we view as being consistent with a possible further downgrade to a 'AA' long-term rating--features less-favorable macroeconomic assumptions, as outlined below and also assumes that the second round of spending cuts (at least $1.2 trillion) that the act calls for does not occur. This scenario also assumes somewhat higher nominal interest rates for U.S. Treasuries. We still believe that the role of the U.S. dollar as the key reserve currency confers a government funding advantage, one that could change only slowly over time, and that Fed policy might lean toward continued loose monetary policy at a time of fiscal tightening. Nonetheless, it is possible that interest rates could rise if investors re-price relative risks. As a result, our alternate scenario factors in a 50 basis point (bp)-75 bp rise in 10-year bond yields relative to the base and upside cases from 2013 onwards. In this scenario, we project the net public debt burden would rise from 74% of GDP in 2011 to 90% in 2015 and to 101% by 2021.

 

Our revised scenarios also take into account the significant negative revisions to historical GDP data that the Bureau of Economic Analysis announced on July 29. From our perspective, the effect of these revisions underscores two related points when evaluating the likely debt trajectory of the U.S. government. First, the revisions show that the recent recession was deeper than previously assumed, so the GDP this year is lower than previously thought in both nominal and real terms. Consequently, the debt burden is slightly higher. Second, the revised data highlight the sub-par path of the current economic recovery when compared with rebounds following previous post-war recessions. We believe the sluggish pace of the current economic recovery could be consistent with the experiences of countries that have had financial crises in which the slow process of debt deleveraging in the private sector leads to a persistent drag on demand. As a result, our downside case scenario assumes relatively modest real trend GDP growth of 2.5% and inflation of near 1.5% annually going forward.

 

When comparing the U.S. to sovereigns with 'AAA' long-term ratings that we view as relevant peers--Canada, France, Germany, and the U.K.--we also observe, based on our base case scenarios for each, that the trajectory of the U.S.'s net public debt is diverging from the others. Including the U.S., we estimate that these five sovereigns will have net general government debt to GDP ratios this year ranging from 34% (Canada) to 80% (the U.K.), with the U.S. debt burden at 74%. By 2015, we project that their net public debt to GDP ratios will range between 30% (lowest, Canada) and 83% (highest, France), with the U.S. debt burden at 79%. However, in contrast with the U.S., we project that the net public debt burdens of these other sovereigns will begin to decline, either before or by 2015.

 

Standard & Poor's transfer T&C assessment of the U.S. remains 'AAA'. Our T&C assessment reflects our view of the likelihood of the sovereign restricting other public and private issuers' access to foreign exchange needed to meet debt service. Although in our view the credit standing of the U.S. government has deteriorated modestly, we see little indication that official interference of this kind is entering onto the policy agenda of either Congress or the Administration. Consequently, we continue to view this risk as being highly remote.

 

The outlook on the long-term rating is negative. As our downside alternate fiscal scenario illustrates, a higher public debt trajectory than we currently assume could lead us to lower the long-term rating again. On the other hand, as our upside scenario highlights, if the recommendations of the Congressional Joint Select Committee on Deficit Reduction--independently or coupled with other initiatives, such as the lapsing of the 2001 and 2003 tax cuts for high earners--lead to fiscal consolidation measures beyond the minimum mandated, and we believe they are likely to slow the deterioration of the government's debt dynamics, the long-term rating could stabilize at 'AA+'.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.56.05

UK Pound

1

Rs.86.69

Euro

1

Rs.69.98

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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

----

NB

New Business

----

 

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.