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Nautilus, Inc. (NLS) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, December 31, 2014

Nautilus, Inc.

CIK: 1078207 Ticker: NLS

Exhibit 99.1

NAUTILUS, INC. REPORTS STRONG RESULTS FOR THE FOURTH QUARTER AND FULL YEAR 2014
    
Fourth Quarter Revenue Increased 23% Over Prior Year Driven by Continued Growth in Both Direct and Retail Segments

Fourth Quarter Pretax Income from Continuing Operations Increased 44% Over Prior Year

Full Year Revenue Increased 25% and Pretax Income from Continuing Operations Increased 88% Over Prior Year


VANCOUVER, WASHINGTON, February 23, 2015 - Nautilus, Inc. (NYSE: NLS) today reported its unaudited operating results for the fourth quarter and full year ended December 31, 2014.

Net sales for the fourth quarter of 2014 totaled $94.9 million, a 23% increase compared to $77.1 million in the same quarter of 2013. The strong growth was driven by higher sales in both the Direct and Retail segments. For the full year 2014, net sales were $274.4 million, an increase of 25% over last year. Gross margins for the fourth quarter improved by 350 basis points to 51.1%, reflecting strong margin expansion in the Direct segment, partially offset by lower Retail segment gross margins. Operating income from continuing operations for the fourth quarter of 2014 was $14.5 million, a 43% increase compared to $10.1 million in the same period last year. The increase in operating income reflects higher sales in both the Direct and Retail segments and higher Direct segment gross margins, as well as improved leverage of general and administrative and product development costs across higher sales volumes. For the full year 2014, operating income from continuing operations was $30.2 million, compared to $15.7 million last year, an increase of 92%.

Pretax income from continuing operations for the fourth quarter of 2014 was $14.6 million, or $0.46 per diluted share, compared to pretax income from continuing operations of $10.2 million, or $0.32 per diluted share, for the fourth quarter of the prior year. For the full year 2014, pretax income from continuing operations was $30.2 million, or $0.95 per diluted share, compared to pretax income from continuing operations of $16.0 million, or $0.51 per diluted share, the prior year.

Income from continuing operations for the fourth quarter of 2014 was $10.5 million, or $0.33 per diluted share, compared to income from continuing operations of $8.4 million, or $0.27 per diluted share, for the fourth quarter of 2013. For the full year 2014, income from continuing operations was $20.4 million, or $0.64 per diluted share, compared to $48.1 million, or $1.53 per diluted share, the prior year. Full year 2013 net income includes an income tax benefit of $33.0 million, or $1.05 per diluted share, due primarily to the partial reversal of a valuation allowance recorded against the Company’s deferred tax assets.

As previously stated, beginning in the first quarter of 2014, the Company started to record income taxes at a normalized rate following the partial release, in 2013, of its valuation allowance recorded against its deferred tax assets. The effective income tax rate for continuing operations in the fourth quarter of 2014 was 28.3%, reflecting the reversal of certain state tax valuation reserves. Cash payments related to income taxes were limited to alternative minimum tax amounts as the Company continues to utilize domestic net operating loss carryforwards to offset regular income tax liabilities. As of December 31, 2014, the Company had a total of $21.9 million of net deferred tax assets which are comprised mostly of net operating loss carryforwards that can be utilized against future income tax liabilities.

For the fourth quarter of 2014, the Company reported net income (including discontinued operations) of $10.4 million, or $0.33 per diluted share; this includes a loss from discontinued operations of $0.1 million. In the fourth quarter of 2013, the Company reported net income of $8.5 million, or $0.27 per diluted share; this includes income from discontinued operations of $0.1 million.

Bruce M. Cazenave, Chief Executive Officer, stated, “We are pleased to deliver another quarter of strong financial performance that helped cement an outstanding year of sales and profit growth for the Company. As we reflect back on our performance against major initiatives for 2014, we clearly benefited from the successful execution of our key strategies; namely, continued product innovation, improving margins, and leveraging our infrastructure. This is a continuation of the winning formula that has worked


The following information was filed by Nautilus, Inc. (NLS) on Monday, February 23, 2015 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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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)
Fair Value Measurements (details)
Fair Value Measurements (notes)
Fair Value Measurements (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)
Segment Information Segment Informaion (details)
Significant Accounting Policies
Significant Accounting Policies (details)
Significant Accounting Policies (policies)
Significant Accounting Policies (tables)
Stock Repurchase Program (details)
Stock Repurchase Program (notes)
Stock-based Compensation
Stock-based Compensation (detail)
Stock-based Compensation (tables)
Stock-based Compensation - Performance Stock Units (details)
Stock-based Compensation - Stock Options (details)
Stock-based Compensation - Stock-based Compensation (details)
Stock-based Compensation- Restricted Stock Units (details)
Stock-based Incentive Plan And Stock-based Compensation Fair Value Assumptions (details)
Stock-based Incentive Plan And Stock-based Compensation 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: 0001078207-15-000009
Submitted to the SEC: Thu Feb 26 2015 4:46:58 PM EST
Accepted by the SEC: Thu Feb 26 2015
Period: Wednesday, December 31, 2014
Industry: Sporting And Athletic Goods

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