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Nautilus, Inc. (NLS) SEC Filing 10-K Annual report for the fiscal year ending Sunday, December 31, 2017

Nautilus, Inc.

CIK: 1078207 Ticker: NLS
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Exhibit 99.1

NAUTILUS, INC. REPORTS RESULTS FOR THE FOURTH QUARTER AND FULL YEAR 2017
    
Company Achieves Full Year 2017 Revenue Guidance

Fourth Quarter Revenue Increased 2% Over Prior Year as the Direct Segment Increased by 10%

Announces $15M Expansion of Share Repurchase Program


VANCOUVER, WASHINGTON, March 5, 2018 - Nautilus, Inc. (NYSE: NLS) today reported its unaudited operating results for the fourth quarter and full year ended December 31, 2017.

The Company is reporting certain results on an adjusted and unadjusted basis where adjusted excludes a non-cash impairment charge related to the carrying value of the Octane Fitness trade name intangible asset, as well as a tax benefit related to recent changes in the United States tax law.

Q4 2017 Highlights
All comparisons relate to the fourth quarter of 2016 unless otherwise indicated:

Revenues:
Total revenue increased 1.6% to $127.8 million compared to the prior year quarter of $125.8 million.
Direct segment sales increased 9.9% to $71.6 million as sales growth across several product offerings, including the Bowflex MaxTrainer® and the Bowflex HVT®, more than offset the anticipated decline in TreadClimber® sales.
Retail segment sales decreased 7.5% to $55.5 million, reflecting the previously reported timing shift from Q4 into Q3, coupled with continued weakness in specialty and commercial customers.
Gross Margins:
Total company gross margins decreased by 210 basis points to 48.9% primarily due to margin reductions in both segments, partially offset by a shift in segment revenue mix from Retail to higher margin Direct.
Direct margins decreased by 340 basis points due to a shift in product mix to lower margin HVT® and treadmills, coupled with increases in product costs due to unfavorable changes in foreign currency exchange rates.
Retail segment gross margins decreased 380 basis points due to unfavorable product mix and increases in product costs, coupled with higher seasonal discounting.
Operating Expense:
As a percent of revenue, operating expenses increased 830 basis points to 43.9% versus 35.6% in the fourth quarter last year, driven primarily by an $8.8 million non-cash impairment charge related to the carrying value of the Octane Fitness trade name intangible asset. Excluding the non-cash impairment charge, operating expenses were 37.0% of revenue.
Operating income decreased by 66.8% to $6.4 million compared to $19.3 million in the prior period. Adjusted operating income, excluding the non-cash impairment charge of $8.8 million, decreased 21.3% to $15.2 million compared to the prior year period reflecting the lower gross margins and increased media spend.
The effective income tax rate for continuing operations in the fourth quarter of 2017 was a credit of 32.2% versus an expense of 36.4% in the prior year quarter. The current year tax rate reflects the Company's net benefit related to the reassessment of certain deferred tax assets and liabilities to reflect the impact of recently modified United States tax law.
Income from continuing operations was $8.5 million, or $0.28 per diluted share, compared to income from continuing operations of $12.0 million, or $0.38 per diluted share in the prior year quarter. Adjusted income from continuing operations, excluding the impairment charge and tax benefit related to the tax law change, was $8.3 million or $0.27 per diluted share.


The following information was filed by Nautilus, Inc. (NLS) on Monday, March 5, 2018 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
Consolidated Statements Of Stockholders' Equity - Parenthetical
401(k) Savings Plan (details)
401(k) Savings Plan (tables)
401(k) Savings Plan 401(k) Savings Plan
Accrued Liabilities
Accrued Liabilities (details)
Accrued Liabilities (tables)
Accumulated Other Comprehensive Income (loss) (details)
Accumulated Other Comprehensive Income (loss) (tables)
Accumulated Other Comprehensive Income (loss) Accumulated Other Comprehensive Income (loss)
Borrowings
Borrowings (loan Agreement) (details)
Borrowings (tables)
Business Acquisition
Business Acquisition (details)
Business Acquisition (tables)
Business Acquisition - Assets Acquired And Liabilities Assumed (details)
Business Acquisition - Pro Forma (details)
Commitments And Contingencies
Commitments And Contingencies (details)
Commitments And Contingencies (tables)
Commitments And Contingencies - Operating Lease (details)
Derivatives
Derivatives (details)
Derivatives (tables)
Derivatives - Effect On Condensed Consolidated Statements Of Operations (details)
Derivatives - Fair Value Of Derivative Instruments (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 Per Share
Income Per Share (details)
Income 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)
Stock Repurchase Program (details)
Stock Repurchase Program Stock Repurchase Program
Stock Repurchase Program Stock Repurchase Program (tables)
Stock-based Compensation
Stock-based Compensation (detail)
Stock-based Compensation (tables)
Stock-based Compensation - Employee Stock Purchase Plan (details)
Stock-based Compensation - Performance Stock Units (details)
Stock-based Compensation - Stock Options (details)
Stock-based Compensation - Stock-based Compensation (details)
Stock-based Compensation Fair Value Assumptions (details)
Stock-based Compensation Stock Compensation, Other (details)
Stock-based Compensation- Rsu And Rsa Activity (details)
Subsequent Event
Subsequent Event (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: 0001078207-18-000010
Submitted to the SEC: Tue Mar 06 2018 4:32:08 PM EST
Accepted by the SEC: Tue Mar 06 2018
Period: Sunday, December 31, 2017
Industry: Sporting And Athletic Goods

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