Sony today. Who's next?
MEDWAY, Mass.--(BUSINESS WIRE)--
Cybex International, Inc. (NASDAQ: CYBI), a leading manufacturer of
premium exercise equipment, reported today that a $66,000,000 jury
verdict has been rendered in the product liability litigation, Barnhard
v. Cybex International, Inc. The verdict was apportioned 75% to
CYBEX, 20% to Amherst Orthopedic Physical Therapy, P.C. and 5% to the
plaintiff. Under New York law, CYBEX would be responsible for 95% of the
verdict but may collect 20% of the verdict from Amherst Orthopedic.
CYBEX management is extremely disappointed in this verdict, which it
does not believe is supported by the facts or the law, and stated that
it will pursue all available options, including post-trial motions and
The plaintiff in Barnhard was rendered a
quadriplegic after she pulled a CYBEX weight machine over on herself.
CYBEX Chairman and CEO John Aglialoro stated: “This piece of equipment
has been in continuous operation for over 25 years in the same facility
as Ms. Barnhard was injured to the current date, with no incidents
reported other than this one event. We strongly believe that CYBEX was
not negligent and is in no way responsible for this tragic accident. We
will vigorously pursue all avenues to attain a reversal of this verdict.”
CYBEX management in consultation with counsel is analyzing the impact of
the verdict on the Company and its financial condition. CYBEX’s
available insurance coverage for this claim is currently less than $4
million. The amount of the required fourth quarter addition to the
Company’s litigation reserve will be determined as the post-trial motion
Cybex International, Inc. is a leading manufacturer of premium exercise
equipment primarily for commercial use. The CYBEX product line,
including a full range of strength and cardio training machines, is
designed using exercise science to reflect the natural movement of the
human body. Led by the Cybex
Institute for Exercise Science, CYBEX fitness equipment is
engineered to produce optimal results for users from the first-time
exerciser to the professional athlete. Products are available for a wide
range of facilities, from commercial health clubs to home gyms, and are
sold in more than 85 countries worldwide. For more information on CYBEX
and its product lines, visit the Company’s website at www.cybexintl.com.
This news release may contain forward-looking statements.There
are a number of risks and uncertainties that could cause actual results
to differ materially from those anticipated by the statements made above.These include, but are not limited to, competitive factors,
technological and product developments, market demand, economic
conditions, the resolution of litigation involving the Company, and the
ability of the Company to comply with the terms of its credit facilities.Further information on these and other factors which could affect the
Company’s financial results can be found in the Company’s previously
filed Report on Form 10-K for the year ended December 31, 2009, its
Reports on Form 10-Q, its Current Reports on Form 8-K, and its proxy
statement dated March 25, 2010.
Cybex International, Inc.Arthur W. Hicks, Jr.,
508-533-4300President and COO
Source: Cybex International, Inc.