“Fitness company Nautilus, Inc. today announced unaudited results for the three months ended March 31, 2008. Net sales declines averaging 7% in each of the Company’s Domestic Fitness Equipment business channels were partially offset by a 6% increase in net sales in the Company’s International business which was primarily driven by currency in the first quarter of 2008. Net loss (including the Company’s former apparel business) for the first quarter 2008 was $6.4 million, or $0.20 per diluted share, compared to net income of $2.5 million, or $0.08 per diluted share for the first quarter of 2007. The Company announced that it entered into an agreement to pay $8.0 million to a major supplier, Land America, to settle all claims from the previously announced termination of the agreement to purchase its China-based manufacturing assets. The settlement is expected to be paid in cash in the second quarter of 2008. Separately, the Company extended its supply agreement with Land America by one year to December 31, 2010. Edward Bramson, Chairman and Chief Executive Officer of Nautilus, Inc., stated, ‘Management is conducting a thorough review of each business unit with particular focus on operating effectiveness and costs, market positioning and product innovation. We expect to communicate the results of the review and plans for improvement during the third quarter. The strengthening of our balance sheet from the sale of Pearl iZumi has enabled us to fund the share repurchase announced today.’”
http://www.earthtimes.org/articles/show/nautilus-inc-announces-results-for-first-quarter-2008,379731.shtml
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