Vancouver, Washington (WA) based Nautilus Inc announced results for the three months ended March 31, 2007. Net sales for the three months ended March 31, 2007, were $158.8 million, compared to $185.0 million for the corresponding period last year, down 14 percent.
Net income for the quarter was $2.5 million, or $0.08 per share, compared to $5.2 million or $0.16 per share for the first quarter of 2006. Gross margins reached 46.1 percent, the highest level in seven quarters.
"As we reported earlier, our international, apparel and commercial businesses performed well," said Gregg Hammann, Chairman and CEO of Nautilus Inc "However, we experienced sluggish trends in the North American market for home fitness equipment in the first quarter, causing cancellation of expected retail replenishment orders and softness in direct."
"We expect to achieve stronger net sales through new innovation and new promotions planned as the next fitness cycle begins the second half of the year."
"Meanwhile, our gross margin-improving activities that began in the back half of 2005 were evident again this quarter. Our efforts to bring efficiencies to manufacturing, distribution, packaging, shipping and transportation are putting us in an excellent position to improve bottom line results as sales pick up."
For the second quarter of 2007, the company expects net sales of $135-140 million and expected earnings of $0.03-$0.06 per share. For the full year, the company expects net sales growth of 5-10 percent and earnings growth of 20-30 percent.
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