Monday, May 19, 2008

Nautilus Tones Up After Proxy Fight

“Nautilus Inc. is a fitness company that's starting to get back in shape. After a year of financial turmoil and a controversial board and management shake-up, the Vancouver, Wash.-based fitness equipment maker's stock price has risen as it works toward refocusing itself under the helm of new CEO Edward Bramson. ‘We've been focusing on level-setting the business, taking a look at cost structures and getting ourselves organized and looking forward,’ said Tim Joyce, Nautilus' senior vice president and general manager. Last week, Nautilus -- known largely for its signature Bowflex brand home gym product -- reported a net loss of $6.4 million, or 20 cents per share, for the first quarter. The losses reflected two one-time charges: $8 million from canceling the purchase of a Chinese factory, and $2.4 million in severance costs related to the March departure of former CEO Bob Falcone.”

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