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Nautilus, Inc. (NLS) SEC Filing 10-Q Quarterly report for the period ending Saturday, June 30, 2018

Nautilus, Inc.

CIK: 1078207 Ticker: NLS


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EXHIBIT 99.1

NAUTILUS, INC. REPORTS RESULTS FOR THE SECOND QUARTER 2018

Second Quarter Retail Revenue Increased 5.7% to $39.2 Million
 
Company Raises Full Year 2018 Revenue Guidance Range and Reiterates Operating Income Guidance


VANCOUVER, WASHINGTON, July 30, 2018 - Nautilus, Inc. (NYSE: NLS) today reported its unaudited operating results for the second quarter and six months ended June 30, 2018. The Company raised its full year 2018 revenue guidance range and reiterated full year operating income guidance.

Net sales for the second quarter of 2018 totaled $75.5 million, down 2.0% compared to $77.0 million in the same quarter of 2017. The decrease in net sales was driven by lower Direct segment sales, down 11.0%, reflecting expected declines in Bowflex TreadClimber® sales, and weaker than projected Bowflex Max Trainer® sales. Strong performance in the Retail segment, up 5.7% from the prior year quarter, was driven by double-digit growth in the mass retail channel, partially offset by lower sales in the specialty commercial channel. Royalty revenue in the second quarter of 2018 was $1.5 million, compared to $0.8 million for the same quarter of last year, reflecting payments related to a new royalty agreement, with future sales-based royalties that are not expected to be material. For the first six months of 2018, net sales were $190.3 million, flat to prior year. Gross margins for the second quarter of 2018 totaled 44.6% versus 49.8% for the same period last year, reflecting higher product costs across all channels, coupled with a shift in segment revenue mix from Direct to Retail.

Operating income for the second quarter of 2018 was $1.2 million, compared to $3.8 million in the same period last year, as lower net sales and gross margins resulted in a decline in gross profit dollars, partially offset by improved management of operating expenses. Operating expenses for the second quarter were 43.0% of revenue versus 44.8% in the same period last year. For the first six months of 2018, operating income was $11.9 million, compared to $16.5 million in the same period last year.

Income from continuing operations for the second quarter of 2018 was $1.0 million, or $0.03 per diluted share, compared to $2.6 million, or $0.08 per diluted share, for the same period last year. Income from continuing operations for the first six months of 2018 was $9.1 million, or $0.30 per diluted share, compared to income from continuing operations of $10.8 million, or $0.35 per diluted share for the same period last year. EBITDA from continuing operations for the second quarter of 2018 totaled $3.3 million compared to $6.2 million in the prior year period.

At June 30, 2018, cash and marketable securities increased to $85.9 million and debt decreased to $40.0 million, compared to $85.2 million and $48.0 million, respectively, at December 31, 2017.

Bruce M. Cazenave, Chief Executive Officer, stated, “Our overall performance was in-line with our expectations for the second quarter, historically the seasonally slowest quarter of the year. We continued to see solid momentum in our Retail segment during the second quarter, which achieved 5.7% year-over-year growth, driven by double-digit expansion in our mass retail channel. Our Direct segment remained challenged in the second quarter by the continued phase-down of the mature TreadClimber® and softer than expected results from Max Trainer®. We expect strong growth in the Direct segment in the back-half of 2018 based on new product launches and the introduction of our new digital platform, which will be incorporated onto an upgraded and refreshed Max Trainer product line.”

Mr. Cazenave continued, “Our year is unfolding as expected and key initiatives such as new product launches and fall season order plans for retail customers are tracking well. These positive factors give us the confidence to increase our full year revenue guidance range by $3 million. We are now expecting full year revenues in 2018 to be in the range of $431 million to $440 million and are reiterating operating income to be in the range of $42 million to $45 million. The



The following information was filed by Nautilus, Inc. (NLS) on Monday, July 30, 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-Q Quarterly 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-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Comprehensive Income (Unaudited)
Condensed Consolidated Statements Of Comprehensive Income (Unaudited) (Parentheticals)
Condensed Consolidated Statements Of Operations (Unaudited)
Accrued Liabilities
Accrued Liabilities (Details)
Accrued Liabilities (Tables)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) (Details)
Accumulated Other Comprehensive Income (Loss) (Tables)
Commitments And Contingencies
Commitments And Contingencies (Details)
Derivatives
Derivatives (Details)
Derivatives (Tables)
Derivatives - Effect On Condensed Consolidated Statements Of Operations (Details)
Derivatives - Fair Value Of Derivative Instruments (Details)
Fair Value Measurements
Fair Value Measurements (Details)
Fair Value Measurements (Tables)
General Information
General Information (Policies)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (Details)
Goodwill And Other Intangible Assets (Tables)
Goodwill And Other Intangible Assets Future Intangible Amortization (Details)
Goodwill And Other Intangible Assets Goodwill Roll Forward (Details)
Goodwill And Other Intangible Assets Patent Amortization (Details)
Income Per Share
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Income Per Share (Tables)
Inventories
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Inventories (Tables)
Product Warranties
Product Warranties (Details)
Product Warranties (Tables)
Property, Plant And Equipment
Property, Plant And Equipment (Details)
Property, Plant And Equipment - Depreciation Expense (Details)
Property, Plant, And Equipment (Tables)
Revenues
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Revenues (Tables)
Segment And Enterprise-Wide Information
Segment And Enterprise-Wide Information (Details)
Segment And Enterprise-Wide Information (Tables)
Segment And Enterprise-Wide Information - Concentration (Details)
Stock Repurchase Program
Stock Repurchase Program (Details)
Stock Repurchase Program Stock Repurchase Program (Tables)
Stock Repurchase Program, Repurchased Shares (Details)

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Nautilus, Inc. provided additional information to their SEC Filing as exhibits

Ticker: NLS
CIK: 1078207
Form Type: 10-Q Quarterly Report
Accession Number: 0001078207-18-000034
Submitted to the SEC: Tue Jul 31 2018 4:11:06 PM EST
Accepted by the SEC: Tue Jul 31 2018
Period: Saturday, June 30, 2018
Industry: Sporting And Athletic Goods

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