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

Nautilus, Inc.

CIK: 1078207 Ticker: NLS


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EXHIBIT 99.1

NAUTILUS, INC. REPORTS RESULTS FOR THE THIRD QUARTER 2018

Third Quarter Total Revenues Increased 3% Fueled by 15% Growth in Retail Segment
 
Company Set to Unveil Major Digital Platform with New Max Trainer Line in Q4


VANCOUVER, WASHINGTON, October 29, 2018 - Nautilus, Inc. (NYSE: NLS) today reported its unaudited operating results for the third quarter and nine months ended September 30, 2018.

Net sales for the third quarter of 2018 totaled $91.1 million, up 3.3% compared to $88.1 million in the same quarter of 2017. The increase in net sales was driven by strong performance in the Retail segment, up 14.9% from the prior year quarter, reflecting double-digit growth in both the mass retail channel and the specialty and commercial channel due to broad-based strength across several product offerings including bikes, treadmills and Max Trainer®. Overall sales growth was partially offset by lower Direct segment sales, which were down 14.8% and reflect a reduction in media spend of 17.7% versus the same period last year. All product categories in the Direct segment declined with the exception of the Bowflex LateralX® trainer which was soft launched during the quarter. Royalty revenue in the third quarter of 2018 was $0.6 million, flat compared to the same quarter of last year. For the first nine months of 2018, net sales were $281.4 million, up 1.1% compared to the same prior year period. Gross margins for the third quarter of 2018 totaled 42.3% versus 46.9% 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 third quarter of 2018 was $6.2 million, compared to $13.4 million in the same period last year, as lower gross margins drove a decline in gross profit dollars, coupled with higher operating expenses. The third quarter of 2017 operating expense included a $2.1 million favorable retroactive adjustment to finance fees related to a contract extension and a $1.0 million favorable settlement related to an indemnification claim. Operating expenses for the third quarter of 2018 were 35.5% of revenue versus 31.7% in the same period last year. Excluding the finance fee adjustment and indemnification-related settlement from the prior year, operating expenses in the quarter were essentially flat as a percentage of revenue versus the same period in the prior year. Through September 30, 2018, year-to-date operating expense as percentage of revenue remained flat versus prior year at 40.1%, even with additional investments made this year in support of strategic initiatives. For the first nine months of 2018, operating income was $18.1 million, compared to $29.9 million in the same period last year.

Income from continuing operations for the third quarter of 2018 was $4.5 million, or $0.15 per diluted share, compared to $8.3 million, or $0.27 per diluted share, for the same period last year. Income from continuing operations for the first nine months of 2018 was $13.7 million, or $0.45 per diluted share, compared to income from continuing operations of $19.1 million, or $0.61 per diluted share for the same period last year. EBITDA from continuing operations for the third quarter of 2018 totaled $8.5 million compared to $15.3 million in the prior year period.

At September 30, 2018, cash and marketable securities decreased to $71.1 million and debt decreased to $36.0 million, compared to $85.2 million and $48.0 million, respectively, at December 31, 2017.

Bruce M. Cazenave, Chief Executive Officer, stated, “Our third quarter performance was substantially in-line with our expectations, driven by strong growth in the Retail segment, reflecting double-digit increases in both our mass retail channel as well as the specialty and commercial channel. During the quarter, we successfully launched a number of new products including the Bowflex LateralX® trainer in the Direct segment and the Octane MTX Max Trainer®, the commercial grade version of our popular Max Trainer® line. Media spending in the Direct segment was reduced in the third quarter as we prepared to transition our media and promotional support to the new upgraded and refreshed Max Trainer line that is planned to launch in November. We anticipate a reversal of recent sales trends in our Direct segment



The following information was filed by Nautilus, Inc. (NLS) on Monday, October 29, 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 Nautilus, Inc.'s 10-Q Quarterly Report:

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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: 0001078207-18-000042
Submitted to the SEC: Tue Oct 30 2018 12:33:17 PM EST
Accepted by the SEC: Tue Oct 30 2018
Period: Sunday, September 30, 2018
Industry: Sporting And Athletic Goods

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