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Nautilus, Inc. (NLS) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2013

Nautilus, Inc.

CIK: 1078207 Ticker: NLS

Exhibit 99.1

 

LOGO

NAUTILUS, INC. REPORTS RESULTS FOR THE FOURTH QUARTER AND FULL YEAR 2013

Fourth Quarter Revenue Increased 19% Driven By a 47% Increase in Retail and Continued Growth in Direct Segment

Fourth Quarter Operating Income from Continuing Operations Increased 32% to $10.1 Million

Full Year Revenue Increased 13% and Operating Income Increased 49%

VANCOUVER, WASHINGTON, February 24, 2014 - Nautilus, Inc. (NYSE: NLS) today reported its unaudited operating results for the fourth quarter and full year ended December 31, 2013.

Net sales for the fourth quarter of 2013 totaled $77.1 million, a 19% increase compared to $65.0 million in the same quarter of 2012. The result was driven by strong growth in the Company’s Retail segment, combined with continued gains in the Direct segment. For the full year 2013, net sales were $218.8 million, an increase of 13% over last year. Gross margins for the fourth quarter improved in both the Direct and Retail segments, by 130 and 330 basis points respectively, compared to the same period last year; however fourth quarter consolidated gross margin declined 70 basis points to 47.6% due to a greater percentage of sales coming from the Company’s lower gross margin Retail segment. For the full year, consolidated gross margin increased 180 basis points from the prior year to 48.7%. Operating income for the fourth quarter of 2013 was $10.1 million, a 32% increase over operating income of $7.7 million reported in the same quarter of 2012. The increase in operating income reflects higher sales and gross margins in both the Direct and Retail Segments combined with improved operating leverage of sales and marketing and general and administrative expenses. Full year 2013 operating income was $15.7 million, an increase of 49% over last year.

Net income from continuing operations for the fourth quarter of 2013 was $8.4 million, or $0.27 per diluted share, compared to $7.3 million, or $0.23 per diluted share for the same period last year. Adjusted net income from continuing operations for the fourth quarter of 2013 was $9.6 million, or $0.30 per diluted share, compared to $7.3 million, or $0.23 in the same period last year. Adjusted net income figures exclude nonrecurring income tax benefits and expenses. In the second quarter of 2013 the Company recognized an income tax benefit of $1.09 per share as a result of the partial reversal of the valuation allowance recorded against the Company’s deferred tax assets. During the fourth quarter of 2013 it was determined that this reversal underestimated the Company’s full year profitability and the Company reestablished a portion of the reversal, resulting in recognition of income tax expense of approximately $1.1 million, or $0.04 per share, in the fourth quarter of 2013.

For the full year 2013, net income from continuing operations was $48.1 million, or $1.53 per diluted share, compared to $10.6 million, or $0.34 per diluted share, last year. Full year 2013 net income includes income tax benefit of $33.0 million, or $1.05 per share, due primarily to the aforementioned partial reversal of a valuation allowance. Excluding the tax benefit, 2013 net income from continuing operations was $15.1 million, or $0.48 per diluted share, compared to $10.6 million, or $0.34 per diluted share, last year.

For the fourth quarter of 2013, the Company reported net income (including discontinued operations) of $8.5 million, or $0.27 per diluted share. In the fourth quarter of 2012, the Company reported net income (including discontinued operations) of $13.6 million, or $0.44 per diluted share. Net income for the fourth quarter of 2013 included income from discontinued operations of $0.1 million. Net income for the fourth quarter of 2012 included income from discontinued operations of $6.3 million, or $0.20 per diluted share, which primarily represents a currency translation adjustment gain related to the liquidation of European subsidiaries.

 

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The following information was filed by Nautilus, Inc. (NLS) on Monday, February 24, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information Document
Consolidated Balance Sheets
Consolidated Balance Sheets (parentheticals)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income (loss)
Consolidated Statements Of Comprehensive Income (parenthetical)
Consolidated Statements Of Operations
Consolidated Statements Of Stockholders' Equity
Accrued Liabilities
Accrued Liabilities (details)
Accrued Liabilities (tables)
Borrowings
Borrowings (loan Agreement) (details)
Borrowings (notes) (details)
Commitments And Contingencies
Commitments And Contingencies (details)
Commitments And Contingencies (tables)
Commitments And Contingencies - Operating Lease (details)
Discontinued Operation
Discontinued Operation (details)
Discontinued Operation (tables)
Goodwill
Goodwill (details)
Goodwill (tables)
Income (loss) Per Share
Income (loss) Per Share (details)
Income (loss) Per Share (tables)
Income Taxes
Income Taxes (tables)
Income Taxes - Carryforwards (details)
Income Taxes - Deferred Tax Assets And Liabilities (details)
Income Taxes - Deferred Tax Liability (details)
Income Taxes - Expense (details)
Income Taxes - Income (loss) Before Tax (details)
Income Taxes - Reconciliation (details)
Income Taxes - Unrecognized Tax Benefits (details)
Inventories
Inventories (details)
Inventories (tables)
Other Intangible Assets
Other Intangible Assets (details)
Other Intangible Assets (tables)
Product Warranties
Product Warranties (details)
Product Warranties (tables)
Property, Plant And Equipment
Property, Plant And Equipment (details)
Property, Plant, And Equipment (tables)
Segment Information
Segment Information (details)
Segment Information (tables)
Significant Accounting Policies
Significant Accounting Policies (details)
Significant Accounting Policies (policies)
Significant Accounting Policies (tables)
Stockholders' Equity
Stockholders' Equity (details)
Stockholders' Equity (tables)
Stockholders' Equity - Performance Stock Units (details)
Stockholders' Equity - Restricted Stock Units (details)
Stockholders' Equity - Stock Options (details)
Stockholders' Equity - Stock-based Compensation (details)
Stockholders' Equity Fair Value Assumptions (details)
Stockholders' Equity Stock Compensation, Other (details)
Supplementary Information - Quarterly Results Of Operations (details)
Supplementary Information - Quarterly Results Of Operations (tables)
Supplementary Information - Quarterly Results Of Operations (unaudited)
Trade Receivables
Trade Receivables (details)
Trade Receivables (tables)
Ticker: NLS
CIK: 1078207
Form Type: 10-K Annual Report
Accession Number: 0001078207-14-000003
Submitted to the SEC: Thu Feb 27 2014 5:27:46 PM EST
Accepted by the SEC: Thu Feb 27 2014
Period: Tuesday, December 31, 2013
Industry: Sporting And Athletic Goods

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