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Nautilus, Inc. (NLS) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2011

Nautilus, Inc.

CIK: 1078207 Ticker: NLS



Exhibit 99.1
For Immediate Release

NAUTILUS, INC. REPORTS STRONG RESULTS
FOR THE FOURTH QUARTER AND FULL YEAR 2011

Fourth Quarter Sales Increased 11.7% Year-over-Year

Fourth Quarter Income from Continuing Operations increased 69.4%


 
VANCOUVER, WASHINGTON, March 12, 2012 - Nautilus, Inc. (NYSE: NLS) reported today its unaudited operating results for the fourth quarter and full year ended December 31, 2011. All information regarding the Company's operating results, unless otherwise noted, pertains to its continuing operations, which include the Direct and Retail fitness segments. The Company's former commercial fitness business is reported as a discontinued operation.
Net sales for the fourth quarter ended December 31, 2011 totaled $60.0 million, an increase of 11.7% as compared to net sales of $53.7 million for the same quarter in 2010. For the full year ended December 31, 2011, net sales increased to $180.4 million, an increase of 7.1% as compared to net sales of $168.5 million for the same period in 2010.
 
Income from continuing operations for the fourth quarter ended December 31, 2011 was $3.3 million, compared to $1.9 million for the 2010 fourth quarter. Diluted income per share from continuing operations for the fourth quarter of 2011 was $0.11, compared to $0.06 for the same quarter a year ago. The significant improvement in results from continuing operations reflects stronger sales and a 500 basis point decrease in operating expenses as a percentage of sales due to lower general and administrative costs and marketing spend efficiencies within the Direct channel. Selling and marketing expenses for the 2011 fourth quarter were roughly flat to prior year, but as a percent of net sales declined to 26.5% from 30.0%. This reflects a strategic shift toward online media for strength products as well as improved efficiency of marketing and media expenditure for our cardio products.

Income from continuing operations for the full year ended December 31, 2011 was $2.5 million, compared to a loss from continuing operations of $9.8 million in 2010.
 
Bruce M. Cazenave, Chief Executive Officer, stated, “We are pleased with our financial performance for the fourth quarter and full year 2011; it represents a quantum improvement over prior years and puts us on a path towards sustained profitable growth. Increased sales and greater leverage of operating expenses resulted in significant improvement in our income from continuing operations. Consumer demand for our products in the fourth quarter remained strong in both our Direct and Retail channels, with the TreadClimber® product line continuing to perform well in our Direct segment and new bikes and ellipticals performing well in our Retail segment. In addition, we launched our new CoreBody ReformerTM in the fourth quarter and are encouraged by the initial acceptance in the marketplace.”

Mr. Cazenave continued, “As we begin 2012, we are excited about the outlook for our business and are confident in our ability to deliver growth and improved financial results. Our management team remains focused on introducing more new products in 2012, in addition to refreshing products in our current portfolio. We will also continue our focus on tight expense management in order to achieve further leverage in our business model.”

The Company reported net income (including discontinued operation) of $3.2 million for the fourth quarter of 2011, compared to a net loss of $39,000 for the fourth quarter of 2010. Diluted net income per share for the fourth quarter of 2011 was $0.10, compared to breakeven $(0.00) for the same quarter a



The following information was filed by Nautilus, Inc. (NLS) on Monday, March 12, 2012 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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Ticker: NLS
CIK: 1078207
Form Type: 10-K Annual Report
Accession Number: 0001445305-12-000692
Submitted to the SEC: Thu Mar 15 2012 7:26:19 PM EST
Accepted by the SEC: Fri Mar 16 2012
Period: Saturday, December 31, 2011
Industry: Sporting And Athletic Goods

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