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Exhibit 99.2
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November 22, 2000
Dear Fellow Shareholders:
I want to communicate to you now although we are between reporting
Quarters. As Chairman, and now in this additional role as Acting CEO, I thought
it appropriate that you get some sense as to where we are, what happened in the
past to get us here, and how do we get to a more successful future...that's code
meaning a higher stock price.
First, let me say a few words about the retirement of Peter Haines. In
1983, I hired Peter as President of a $2 million dollar private company making
treadmills only. In 17 years, in a brutally competitive industry, he built the
company into a $125 million dollar leading public enterprise manufacturing a
host of quality fitness equipment. If anyone deserves a rest, it's him. Yes,
the stock price has suffered. But without his leadership, Cybex would not have
the critical mass to take this company to the higher levels where we intend it
to be. So, thank you Peter Haines.
Where are we??? Well, I cannot tell you that we do not have problems. The
competitors are discounting furiously...a sign of a slowed down industry without
much innovation. Many customers aren't paying their invoices in any reasonable
definition of the word TIMELY. We have some customer service issues that need
to be addressed. And not insignificantly, our ERP computer system is not living
up to our expectations.
All of the above, as well as other things, must get fixed...and we're going
to be very serious about doing just that. The company is going to have to do
all the things a company must do in order to achieve profitable growth. It is
our duty to serve our shareholders well...our management and all employees
realize that and will work diligently toward that end.
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The theme ahead in 2001 will be clear to everyone at Cybex...we seek
Quality Revenues and Quality Customers. If we achieve this, everything else
will fall into place. We need to discipline ourselves to ship only to customers
who operate within payment terms that are in the best interest of Cybex. This
will produce a stronger balance sheet, enable Cybex to pay down debt, and
improve our flexibility and enhance our confidence.
To get in shape offensively we're going to have to concentrate on the
following agenda:
First, developing one hierarchy of consumer and commercial product lines
that customers will love to buy...it may mean more focus, less models.
Second, an expanded and upgraded dealer network and utilizing in-house
representatives to educate and incentivize dealers to sell more Cybex products.
Third, we need to find additional profit centers within the corporate
structure of Cybex...taking a careful look at leasing, restructuring
service/parts, refurbishing used equipment, selling accessory lines, etc.
Fourth, customer service needs attention. We need to provide quality
customers with the professional assistance to which quality customers are
entitled. That being said, we need to manage customer expectations to expect a
reasonable length and scope of service protection.
Finally...if any of the Cybex story sounds the least bit enticing...great!
Although there's a lot to do and not everything will work, we remain optimistic
about our future.
That's all for now...I'll be in touch.
John Aglialoro
Chairman & Acting CEO
cc: Cybex employees
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