Pure fitness company Nautilus Inc announced results for the three months ended June 30, 2007.
Net sales for the three months ended June 30, 2007 were $117.1 million, compared to $137.6 million for the corresponding period last year, down 15 percent.
Net income for the quarter was $1.1 million, or $0.04 per share, compared to $1.7 million or $0.05 per share for the second quarter of 2006.
Excluding pro forma adjustments pertaining to a valuation adjustment from access to intellectual property received through a litigation settlement with Icon Health and Fitness (see table), net loss for the second quarter of 2007 was $9.5 million or $0.30 per share, compared to net income of $1.7 million or $0.05 per share in the second quarter of 2006.
"Our quarter was primarily affected by a softer-than-expected consumer environment in the North American home fitness market served by our retail and direct channels, especially within the home exercise gym segment."
"Meanwhile, our international, apparel and commercial businesses are performing in line with our growth plans," said Gregg Hammann, Chairman and CEO of Nautilus Inc.
"While we cannot control the consumer spending environment, we believe by implementing a better brand assortment at retail, launching new advertising, achieving greater brand leverage, and better marketing and sell through support, we will improve our results in the retail and direct channels."
"We continue to position our Company for long-term growth by providing the innovative tools and education people need to achieve a healthy life. We have the top five brands in the category, have put in place a diversified distribution strategy, and are now diversifying and gaining leverage with our supply chain."
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