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Nautilus announces results for Q4 & fiscal year 2007
14 Feb '08
3 min read
- $16.9 million in costs associated with inventory and warranty reserves related to certain commercial cardiovascular products;
- $3.0 million for intellectual property impairments, and;
- $5.8 million for other items including expenses related to the special
- shareholder meeting, the cost to exit certain marketing contracts, staff restructuring and debt restructuring.
For the twelve months ended December 31, 2007, the Company generated $502.1 million in net sales from continuing operations compared to $617.3 million in the fiscal year ended December 31, 2006, a 19 percent decrease.
Loss from continuing operations for fiscal year 2007 was $45.0 million, compared to income from continuing operations of $24.9 million in fiscal 2006.
"After a very difficult year in 2007, our newly reconstituted board and management are making the necessary strategic improvements to restore the Company to profitability," said Bob Falcone, President and CEO of Nautilus, Inc.
"We are making significant adjustments in our business and cost structure to achieve improvements in both gross and operating margins.
We recorded substantial charges during the fourth quarter as we make the necessary strategic corrections to our business model to reposition us for long-term growth and profitability.
"In this economic environment, our path to profitability initially will come from cost containment and margin improvements rather than from sales growth.
We will be making better selling decisions, introducing new products to the marketplace only when they are ready, and be more disciplined about product segmentation into the right channels."
- $3.0 million for intellectual property impairments, and;
- $5.8 million for other items including expenses related to the special
- shareholder meeting, the cost to exit certain marketing contracts, staff restructuring and debt restructuring.
For the twelve months ended December 31, 2007, the Company generated $502.1 million in net sales from continuing operations compared to $617.3 million in the fiscal year ended December 31, 2006, a 19 percent decrease.
Loss from continuing operations for fiscal year 2007 was $45.0 million, compared to income from continuing operations of $24.9 million in fiscal 2006.
"After a very difficult year in 2007, our newly reconstituted board and management are making the necessary strategic improvements to restore the Company to profitability," said Bob Falcone, President and CEO of Nautilus, Inc.
"We are making significant adjustments in our business and cost structure to achieve improvements in both gross and operating margins.
We recorded substantial charges during the fourth quarter as we make the necessary strategic corrections to our business model to reposition us for long-term growth and profitability.
"In this economic environment, our path to profitability initially will come from cost containment and margin improvements rather than from sales growth.
We will be making better selling decisions, introducing new products to the marketplace only when they are ready, and be more disciplined about product segmentation into the right channels."
Nautilus Inc
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