Global fitness company Nautilus Inc announced quarterly results for the three-month period ended September 30, 2007. Also the company's new President and Chief Executive Officer, Robert S. Falcone, announced Nautilus' restructured operating strategy and principles intended to drive shareholder value.
With a brand portfolio that includes Nautilus, Bowflex, SchwinnFitness, StairMaster, Universal, and Pearl iZUMi, Nautilus manufactures and markets a complete line of innovative health and fitness products through direct, commercial, retail, and international channels.
Nautilus reported that net sales for the three months ended September 30, 2007, were $134 million, compared to $159.6 million for the corresponding period last year, down 16 percent.
Net loss for the third quarter, including charges of 13 cents related to bad debt reserves for a customer's pending bankruptcy and costs associated with the departure of the Company's former CEO, was $13.3 million, or $0.42 per diluted share, compared to income of $9.4 million, or $0.29 per diluted share, for the third quarter of 2006.
The year-ago third quarter included a tax reserve reversal of $3.0 million, or 9 cents per share. Excluding the tax reversal, net income for the quarter was $6.4 million, or $0.20 per diluted share.
The decline in performance was primarily attributable to a reduction in sales of rod-based home gyms in retail and an overall shift in sales mix for customers, channels and products.
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