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With its price tag of $7,995, the Tectrix VR Bike - and the VR Climber, a step machine that involves a simulated airplane and sells for $6,995 - is out of the price range of most consumers for home use.
Jill Ellen Lawton, left, uses the Tectrix VR Bike, one of the first virtual-reality bicycles, while Tom Heavy uses a Sit-Up Master.
12 Weighted average shares outstanding 8,689 8,665 8,689 8,671 Diluted shares 8,689 8,666 8,689 8,719 (1) 1998 includes the results of Tectrix from the May 21, 1998 acquisition date.
The increase in net sales is principally due to inclusion of Tectrix commencing May 21, 1998 and the inclusion of the results of Cybex sales for the entire period in 1998 as compared to only four months during the 1997 period.
Pre-tax nonrecurring charges for the nine months ended September 26, 1998 (incurred in the second quarter of 1998) totaled $3,570,000 and primarily related to the acquisition and integration of Tectrix and the elimination of the Reactor product line.
Peter Haines, President and Chief Executive Officer, said, "While we are pleased with the Tectrix acquisition and the progress we are making, particularly with the synergies being realized in the selling, general and administrative expense area, our margins in the third quarter are lower than targeted principally due to warranty expenses in our cardiovascular line.
Results for the three and six months ended June 27, 1998 include the results of Tectrix from its May 21, 1998 acquisition date.
Peter Haines, President and Chief Executive Officer, stated, "The highlight of our quarter was the Tectrix acquisition, which has brought to Cybex an extended product line and development capabilities.