UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                             ----------------------

                                    FORM 10-Q

                Quarterly Report Pursuant to Section 13 or 15(d)
                     of the Securities Exchange Act of 1934.

                             ----------------------

[X]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
     ACT OF 1934 for the quarterly period ended 9/30/96.
                                                -------
                                       or

[_]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
     EXCHANGE ACT OF 1934 For the transition period from ______ to ______

Commission File Number 0-4538

                            CYBEX INTERNATIONAL, INC.
--------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)


           New York                                          11-1731581
--------------------------------------------------------------------------------
 (State or other jurisdiction of                          (I.R.S. Employer
 incorporation or organization)                           Identification No.)


 2100 Smithtown Avenue, Ronkonkoma, New York                   11779
--------------------------------------------------------------------------------
   (Address of principal executive office)                  (Zip Code)


Registrant's telephone number, including area code        516-585-9000
                                                  ------------------------------

Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934
during the preceding 12 months (or for such shorter period that the Registrant
was required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes [X] No [_]

On September 30, 1996, the registrant had outstanding 4,369,197 shares of Common
Stock, par value $.10 per share, which is the registrant's only class of common
stock.


<PAGE>


PART I.  FINANCIAL INFORMATION
Item 1.  Financial Statements

                            CYBEX INTERNATIONAL, INC.
                             (FORMERLY LUMEX, INC.)
<TABLE>
<CAPTION>

                 CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
                 -----------------------------------------------
                  (Dollars in thousands, except per share data)
                                   (unaudited)
                                                                                  THREE MONTHS ENDED            NINE MONTHS ENDED
                                                                                     SEPTEMBER 30                 SEPTEMBER 30
                                                                              ------------------------      ------------------------
                                                                                 1996          1995           1996           1995
                                                                                 ----          ----           ----           ----

<S>                                                                           <C>            <C>            <C>            <C>     
Net Sales                                                                     $ 19,074       $ 17,039       $ 56,863       $ 50,739

Cost and expenses:
   Cost of sales                                                                11,602         10,486         33,802         30,208
   Selling, general and administrative                                           7,557          8,965         23,289         26,337
   Other income                                                                    (52)          (207)          (142)          (445)
                                                                              --------       --------       --------       -------- 
                                                                                19,107         19,244         56,949         56,100
                                                                              --------       --------       --------       --------

Operating loss                                                                     (33)        (2,205)           (86)        (5,361)
Interest expense                                                                   119            480            778          1,134
Interest income                                                                    260            402            490          1,181
                                                                              --------       --------       --------       --------
Income (loss) from continuing operations
   before income tax benefit                                                       108         (2,283)          (374)        (5,314)
Income tax benefit                                                                 -0-           (817)           -0-         (1,901)
                                                                              --------       --------       --------       --------

INCOME (LOSS) FROM CONTINUING OPERATIONS                                           108         (1,466)          (374)        (3,413)
    Income (loss) from discontinued
    operations, net                                                                -0-            549           (414)         1,350
                                                                              --------       --------       --------       --------
NET INCOME (LOSS)                                                             $    108       $    917       $    788       $ (2,063)
                                                                              ========       ========       ========       ========


INCOME (LOSS) PER SHARE OF COMMON STOCK:
   Continuing operations                                                      $   0.02       $  (0.34)      $  (0.09)      $  (0.78)
   Discontinued operations                                                        0.00           0.13          (0.09)          0.31
                                                                              --------       --------       --------       --------
NET INCOME (LOSS)                                                             $   0.02       $  (0.21)      $  (0.18)      $  (0.47)
                                                                              ========       ========       ========       ========

</TABLE>


See notes to consolidated condensed financial statements.

                                       2
<PAGE>


                            CYBEX INTERNATIONAL, INC.
                             (FORMERLY LUMEX, INC.)
<TABLE>
<CAPTION>

                      CONSOLIDATED CONDENSED BALANCE SHEETS
                      -------------------------------------

                                                                  (unaudited)
                                                         SEPTEMBER 30,   DECEMBER 31,
                                                            1996             1995
                                                            -----            ----
                                                            (Dollars in thousands)
<S>                                                       <C>             <C>   
ASSETS
Current Assets
   Cash and cash equivalents                              $ 4,808         $ 1,798
   Investments                                                -0-           2,476
   Accounts receivable                                     18,157          22,482
   Inventories                                             12,451          12,024
   Lease receivables                                        2,811             574
   Net assets of discontinued operations                      -0-          37,214
   Other current assets                                     5,660           5,466
                                                          -------         -------
          Total Current Assets                             43,887          82,034

Property, plant and equipment, net                         13,001          13,291
Intangible assets                                           1,336           1,687
Lease receivables                                           2,016           1,402
Other assets                                                  405             504
                                                          -------         -------
                                                          $60,645         $98,918
                                                          =======         =======

LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
   Short-term borrowings                                  $   -0-         $15,250
   Current maturities of long term debt                     1,655          14,330
   Accounts payable                                         4,875          10,874
   Other current liabilities                               10,119          13,888
                                                          -------         -------
          Total Current Liabilities                        16,649          54,342

Deferred income taxes                                       1,227           1,227
Long-term debt                                              3,280           2,715
Stockholders' Equity
   Common Stock, par value $.10 per share,
   authorized 15,000,000 shares, issued
   4,498,802 in 1996 and 4,458,354 in 1995                    450             446
   Capital surplus                                         17,485          17,128
   Retained earnings                                       23,313          24,101
   Treasury stock at cost (129,605 shares in 1996 and
    54,897 shares in 1995)                                 (1,506)           (629)
   Other                                                     (253)           (412)
                                                          -------         -------
          Total Stockholders' Equity                       39,489          40,634
                                                          -------         -------
                                                          $60,645         $98,918
                                                          =======         =======

</TABLE>

See notes to consolidated condensed financial statements.

                                       3
<PAGE>


                            CYBEX INTERNATIONAL, INC.
                             (FORMERLY LUMEX, INC.)

<TABLE>
<CAPTION>
                 CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
                 -----------------------------------------------


                                                                     (unaudited)
                                                                  NINE MONTHS ENDED
                                                                    SEPTEMBER 30,
                                                                 1996            1995
                                                                 ----            ----
                                                                (Dollars in thousands)
<S>                                                         <C>             <C> 
OPERATING ACTIVITIES:

Net loss                                                    $    (788)      $  (2,063)
Adjustments to reconcile net loss to net
   cash provided by (used in) operating activities:
          Depreciation and amortization                         2,154           3,588
          Net changes in operating assets and liabilities     (14,943)        (18,099)
          Change in net assets of discontinued operations      37,214             -0-
                                                            ---------       ---------
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES            23,637         (16,574)


INVESTING ACTIVITIES:

Purchase of property, plant and equipment                      (1,096)         (7,418)
Proceeds from sales and maturities of investments               2,476             -0-
Purchases of intangible assets                                    (34)         (4,094)
Other                                                             -0-             (70)
                                                            ---------       ---------
NET CASH PROVIDED BY (USED IN)
   INVESTING ACTIVITIES                                         1,346         (11,582)


FINANCING ACTIVITIES:

Principal payments of short-term borrowings                   (15,250)            -0-
Proceeds from short-term borrowings                               -0-          13,500
Proceeds from sales of lease receivables                        6,168           4,491
Proceeds from long-term debt                                    2,465           4,500
Principal payments of long-term debt                          (14,576)         (3,055)
Exercise of stock options                                         232              70
Common shares reacquired                                       (1,012)             (2)
Other                                                             -0-            (158)
                                                            ---------       ---------
NET CASH (USED IN) PROVIDED BY
   FINANCING ACTIVITIES                                       (21,973)         19,346
                                                            ---------       ---------

INCREASE (DECREASE) IN CASH                                     3,010          (8,810)

CASH AND CASH EQUIVALENTS -- January 1                          1,798           9,746
                                                            ---------       ---------
CASH AND CASH EQUIVALENTS -- September 30                   $   4,808       $     936
                                                            =========       =========
</TABLE>

See notes to consolidated condensed financial statements.
 
                                        4
<PAGE>


                            CYBEX INTERNATIONAL, INC.
                             (FORMERLY LUMEX, INC.)

              NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
              ----------------------------------------------------
                             (Dollars in thousands)

NOTE 1 -- BASIS OF PRESENTATION

The accompanying unaudited consolidated condensed financial statements have been
prepared in accordance with the instructions to Form 10-Q and, therefore, do not
include all information and footnotes necessary for a fair presentation of
financial position, results of operations and changes in cash flows in
conformity with generally accepted accounting principles. In the opinion of
management, all adjustments (consisting of normal recurring accruals) considered
necessary for a fair presentation have been included. The Company has
reclassified the presentation of certain prior year information to conform to
the current year presentation format.

Effective with the approval of shareholders at the Company's annual meeting of
shareholders on August 7, 1996, the Company's name was changed from Lumex, Inc.
to CYBEX International, Inc.

It is suggested that these condensed financial statements be read in conjunction
with the financial statements and the notes thereto included in the Company's
latest Annual Report on Form 10-K for the year ended December 31, 1995.

NOTE 2 -- DISCONTINUED OPERATIONS

On April 3, 1996, the Company completed the sale of its Lumex Division (the
"Division") to Fuqua Enterprises, Inc. ("Fuqua") for $40,750 in cash and,
accordingly the net assets and operating results of the Division are reflected
as discontinued operations. The sale agreement provides for a post closing
adjustment to the sales price based on the change in the net assets of the
Division from December 31, 1995, through the closing date. The Company has
received notice from Fuqua that it is not in agreement with the stated amount of
certain of the net assets of the Division as of the closing date. Under the
terms of the sale agreement, if the Company and Fuqua are unable to agree on the
recorded amount of net assets, the disputed items will be submitted to
arbitration by an independent accounting firm for resolution.

NOTE 3 -- INVENTORIES

Inventories are valued at the lower of cost or market. Certain inventories
representing 38% and 33% of total inventories at September 30, 1996 and December
31, 1995, respectively, are valued under the last-in first-out (LIFO) method.
The estimated replacement cost of LIFO inventories exceeds stated LIFO cost by
$1,550 and $1,500 at September 30, 1996, and December 31, 1995, respectively.

Inventories were comprised of the following:



                                  September 30,                December 31
                                      1996                         1995
                                      ----                         ----

      Finished goods                $ 4,534                      $ 4,160
      Work in process                 3,590                        3,828
      Raw materials                   4,327                        4,036
                                    -------                      -------
                                    $12,451                      $12,024
                                    =======                      =======


                                       5
<PAGE>

Because the inventory determination under the LIFO method can only be made at
the end of each fiscal year based on the inventory levels and costs at that
point, interim LIFO determinations are based on management's estimates of
expected year-end inventory levels and costs.

Since future estimates of inventory levels and prices are subject to many forces
beyond the control of management, interim financial results are subject to final
year-end LIFO inventory amounts.

NOTE 4 -- REVOLVING CREDIT AGREEMENT

In October 1996, the Company renewed and amended its credit facility to a
committed Revolving Credit Agreement which provides up to $10 million through
October 15, 1998, at the lower of the bank prime rate plus 1/4% or LIBOR plus
2.5% at the time of borrowing. The Company paid a $75,000 facility fee and pays
a commitment fee of 1/4% based on the unused portion of the facility. The credit
facility is principally secured by the Company's trade accounts receivable and
inventories. The Agreement requires the Company to maintain certain financial
ratios and comply with certain other restrictive covenants, including a
restriction on the payment of dividends not to exceed twenty percent (20%) of
current year's net income.

NOTE 5 -- NET INCOME (LOSS) PER COMMON SHARE

Net income (loss) per common share is computed by dividing net income (loss) by
the weighted average number of common shares and, if applicable, common share
equivalents (dilutive stock options) outstanding during each year as appears
below:


                                             1996                    1995
                                             ----                    ----

Three months ended Sept. 30               4,365,417                4,345,689
Nine months ended Sept. 30                4,400,341                4,350,488





                                       6
<PAGE>

Item 2.  Management's Discussion and Analysis of
         Financial Condition and Results of Operations
         ---------------------------------------------

On April 3, 1996, the Company completed the sale of substantially all the assets
of its Lumex Division for $40,750,000 in cash. Accordingly, the results of
operations of the Lumex Division have been reflected as discontinued operations.

The following discussion, including statistics presented, refers solely to
continuing operations unless otherwise stated.

RESULTS OF OPERATIONS

The following table sets forth selected items from the consolidated statements
of operations as a percentage of sales:

<TABLE>
<CAPTION>

                                                              %                              %
                                         Quarter Ended       Inc.     Nine Months Ended     Inc.
                                         September 30,      (Dec.)      September 30,      (Dec.)
                                        --------------      ------     --------------     -------
                                        1996      1995                 1996      1995
                                        ----      ----                 ----      ----
<S>                                    <C>       <C>         <C>      <C>       <C>        <C>  
Net sales                              100.0%    100.0%      12.0%    100.0%    100.0%     12.1%
 Cost of sales                          60.8      61.6       10.7      59.5      59.5      11.9
 Selling, general and                   39.6      52.6      (15.7)     41.0      51.9     (11.6)
    administrative

Income/(loss) from continuing
operations before income tax benefit     0.6     (13.4)                (0.7)    (10.5)     93.0

</TABLE>

1996 vs. 1995:
--------------

Net sales increased 12.0%, to $19,074,000, in the third quarter 1996 as compared
to net sales of $17,039,000 in the third quarter 1995. For the first nine months
of 1996, net sales increased 12.1%, to $56,863,000, as compared to $50,739,000
for the same period in 1995.

The quarter and year-to-date sales growth was primarily attributable to
significantly higher worldwide shipments of CYBEX variable resistance training
equipment, including the second generation VR2 products, and commercial
treadmills, both introduced in mid 1995. Sales of the Company's other strength
lines, free weight, plate-loaded and modular systems, were also higher in the
periods, while shipments of the BIKE and SEMI were lower due to continued
competitive pricing practices.

Gross margins improved to 39.2% during the third quarter 1996 compared to 38.4%
in the third quarter 1995, due to a favorable product mix offsetting the impact
of increased international shipments which have lower margins. The quarter to
quarter margin comparisons were also affected by production start up costs
incurred in the 1995 quarter for several major new products.



                                       7
<PAGE>

Selling, general and administrative expenses declined $1,408,000, and
$3,048,000, for the three and nine month periods ended September 30, 1996,
respectively, as compared to the same periods in 1995. These expense reductions
were largely attributable to the restructuring plan adopted in the fourth
quarter of 1995, which included the realignment of the Company's sales and
customer service departments, discontinuing its line of consumer products and
workforce reductions. Product development expenses were higher in 1995 due to
accelerated efforts to complete the CYBEX NORM and VR2 product lines which were
successfully introduced in mid 1995.

Interest expense declined significantly as the Company repaid approximately $28
million of bank debt from the proceeds received in the sale of the Company's
Lumex Division in April 1996. Interest income declined due to lower average
balances in the Company's lease receivable portfolio.

The Company has significant carryforward tax losses and has not taken any
additional tax benefit for financial statement purposes.

LIQUIDITY AND CAPITAL RESOURCES

At September 30, 1996, the Company had a current ratio of 2.64 to 1 and working
capital in excess of $27.2 million, including $4.8 million in cash and cash
equivalents. The Company's financial condition considerably improved during 1996
as a result of the sale of its Lumex Division, completed on April 3, 1996, for
$40.75 million in cash.

Net cash provided by operating activities was $23.6 million during the first
nine months of 1996, including $37.2 million from the sale of the Company's
Lumex Division on April 3, 1996. Cash used in continuing operations of
approximately $13.6 million resulted largely from a $9.7 million decrease in
accounts payable and accrued liabilities, including $2.7 million of payments
made related to $8.2 million of non-recurring charges recorded in the fourth
quarter 1995 and a $2.8 million increase in lease receivables.

Cash provided by investing activities, in excess of $1.3 million, resulted
primarily from $2.5 million of sales and maturities of investments used to fund
operating activities less $1.1 million in purchases of capital equipment during
the quarter.

Cash used in financing activities of $21.9 million resulted primarily from the
repayment of short-term and long-term borrowings of $27.8 million from the
proceeds received in the sale of the Lumex Division less $6.1 million received
from periodic sales of lease receivables.

The Company has a $10 million bank line of credit under which, subsequent to the
sale of its Lumex Division, there were no outstanding borrowings. Management
expects the cash flow generated from its manufacturing operations plus the net
proceeds from the sale of the Lumex Division will be sufficient to meet its
general working capital and capital expenditure requirements, including those
related to the restructuring of its continuing operations. The Company's finance
subsidiary is expected to continue to support its working capital requirements
through periodic sales of its lease portfolios to third party financial
institutions.


                                       8
<PAGE>



PART II. OTHER INFORMATION

Item 4.  Submission of Matters to a Vote of Security Holders
         ---------------------------------------------------

         (a)   The Annual Meeting of Stockholders of the Company was held on
               August 7, 1996.

         (b)   Voting for the election of directors of the Company:

                                               For         Withheld
                                               ---         --------
               Kay Knight Clarke            4,298,593       37,181
               J. Raymond Elliott           4,301,248       34,526
               Thomas W. Kahle              3,736,067      599,707
               Robert R. McMillan           4,287,774       48,000

               4,312,439 shares were voted in favor of the proposal to approve
               an Amendment to the Company's Restated Certificate of
               Incorporation to change the name of the Company to CYBEX
               International, Inc., with 14,754 shares voted against and 8,581
               abstentions.

Item 6.  Exhibits and Reports on Form 8-K
         --------------------------------

         (a)   Exhibits

         10(xviii)  Amended and Restated Employment Agreement, dated May 9,
                    1996, between J. Raymond Elliott and the Company (filed
                    herewith)

         10(xix)    Severance Agreement, dated August 22, 1996, between
                    Robert McNally and the Company (filed herewith)

         27         Financial Data Schedules (filed herewith)

         (b)   Reports on Form 8-K

               There were no reports on Form 8-K filed during the quarter ended
               September 30, 1996.

                                       9
<PAGE>


                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

                                      CYBEX International, Inc.
                                      -------------------------



Date: November 14, 1996               By  /s/ J. Raymond Elliott
      -----------------                  ---------------------------------
                                              J. Raymond Elliott
                                              President and
                                              Chief Executive Officer

Date: November 14, 1996               By /s/ Robert McNally
      -----------------                  ---------------------------------
                                             Robert McNally
                                             Sr. Vice President and
                                             Chief Financial Officer

                                       10
<PAGE>


                                  EXHIBIT INDEX

Exhibit Number                   Description
--------------                   -----------

   10(xviii)   Amended and Restated Employment Agreement, dated May 9,
               1996, between J. Raymond Elliott and the Company (filed herewith)

   10(xix)     Severance Agreement, dated August 22, 1996, between Robert
               McNally and the Company (filed herewith)

   27          Financial Data Schedules (filed herewith)



                                       11