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Nautilus Q3 2006 earnings in line with company guidance

02
Nov '06
Nautilus Inc, a pure fitness company, announced results for the three months ended September 30, 2006.

Net sales for the three months ended September 30, 2006, were $159.6 million, compared to $163.3 million for the corresponding period last year, down 2.3 percent.

Net income for the quarter was $9.4 million, or $0.29 per diluted share, inclusive of a tax reserve reversal of $3.0 million or 9 cents per share, and inclusive of about 1.5 cents per share for stock option expensing.

Excluding the tax reversal, net income for the quarter was $6.4 million or $0.20 per share, compared with $7.7 million, or $0.22 per diluted share in the year-ago quarter on a non-GAAP basis when adjusted for FAS 123R.

For the fourth quarter of 2006, the Company estimates that net sales will be in the $190-210 million range, with expected earnings of $0.39 to $0.45 per diluted share, including about 1.5 cents per share for stock option expensing as required by FAS 123R in 2006, and with an additional 3 cents per share in expected tax reserve reversal.

The Company expects to conclude 2006 with annual net sales growth of about 10 percent, and annual earnings growth of 22-32 percent when factoring out FAS 123R and the tax reversal, a strong reflection on the operating health of the business.

Including the tax reversal and FAS 123R, 2006 earnings are expected to grow 41-51 percent.

The Company expects 2007 plans to be highlighted by continued focus to achieve leverage through operating excellence. The Company said preliminary full year 2007 net sales growth is expected to be around 10 percent, and earnings growth is expected to be within its three-year target range of 20-30 percent growth.

In addition, the Company announced that its Board of Directors declared a regular quarterly dividend of $0.10 per common share, payable December 8, 2006, to stockholders of record as of November 20, 2006.

The conference call is scheduled for 5:00 p.m. EST (2:00 p.m. PST), November 1, 2006.

Nautilus Inc


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