![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Nautilus Inc | NYSE:NLS | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.8204 | 0 | 01:00:00 |
|
|
FORM 10-Q
|
|
[x]
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
[ ]
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
|
|
NAUTILUS, INC.
|
||
(Exact name of Registrant as specified in its charter)
|
||
|
|
|
Washington
|
|
94-3002667
|
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification No.)
|
|
|
|
|
|
|
|
|
Item 1.
|
|
||
Item 2.
|
|
||
Item 4.
|
|
||
|
|
|
|
|
|
|
|
Item 1.
|
|
||
Item 1A.
|
|
||
Item 6.
|
|
||
|
|
As of
|
||||||
|
September 30, 2011
|
|
December 31, 2010
|
||||
ASSETS
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
11,518
|
|
|
$
|
14,296
|
|
Restricted cash
|
—
|
|
|
351
|
|
||
Trade receivables, net of allowances of $307 as of September 30, 2011 and $301 as of December 31, 2010
|
11,520
|
|
|
19,633
|
|
||
Inventories
|
13,492
|
|
|
10,347
|
|
||
Prepaids and other current assets
|
4,059
|
|
|
5,331
|
|
||
Income taxes receivable
|
1,547
|
|
|
456
|
|
||
Short-term notes receivable
|
671
|
|
|
832
|
|
||
Assets of discontinued operation held-for-sale
|
—
|
|
|
292
|
|
||
Deferred income tax assets
|
52
|
|
|
57
|
|
||
Total current assets
|
42,859
|
|
|
51,595
|
|
||
Property, plant and equipment, net
|
4,290
|
|
|
3,795
|
|
||
Goodwill
|
2,837
|
|
|
2,931
|
|
||
Other intangible assets, net
|
17,229
|
|
|
18,774
|
|
||
Other assets
|
715
|
|
|
1,272
|
|
||
|
$
|
67,930
|
|
|
$
|
78,367
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Trade payables
|
$
|
17,799
|
|
|
$
|
24,535
|
|
Accrued liabilities
|
6,620
|
|
|
7,045
|
|
||
Warranty obligations, current portion
|
1,764
|
|
|
3,539
|
|
||
Deferred income tax liabilities
|
1,142
|
|
|
1,160
|
|
||
Total current liabilities
|
27,325
|
|
|
36,279
|
|
||
Long-term notes payable
|
5,480
|
|
|
5,141
|
|
||
Warranty obligations, non-current
|
408
|
|
|
396
|
|
||
Income taxes payable, non-current
|
3,293
|
|
|
3,210
|
|
||
Deferred income tax liabilities, non-current
|
1,354
|
|
|
1,008
|
|
||
Other long-term liabilities
|
1,427
|
|
|
1,534
|
|
||
Total liabilities
|
39,287
|
|
|
47,568
|
|
||
Commitments and contingencies (Note 11)
|
|
|
|
||||
Stockholders' equity:
|
|
|
|
||||
Common stock - no par value, 75,000 shares authorized,
30,747
and 30,744 shares issued and outstanding as of September 30, 2011 and December 31, 2010, respectively
|
5,276
|
|
|
5,051
|
|
||
Retained earnings
|
16,542
|
|
|
18,295
|
|
||
Accumulated other comprehensive income
|
6,825
|
|
|
7,453
|
|
||
Total stockholders' equity
|
28,643
|
|
|
30,799
|
|
||
|
$
|
67,930
|
|
|
$
|
78,367
|
|
|
Three months ended
September 30,
|
|
Nine months ended
September 30,
|
||||||||||||
|
2011
|
|
2010
|
|
2011
|
|
2010
|
||||||||
Net sales
|
$
|
37,402
|
|
|
$
|
38,474
|
|
|
$
|
120,427
|
|
|
$
|
114,760
|
|
Cost of sales
|
21,605
|
|
|
21,856
|
|
|
68,000
|
|
|
61,708
|
|
||||
Gross margin
|
15,797
|
|
|
16,618
|
|
|
52,427
|
|
|
53,052
|
|
||||
Operating expenses:
|
|
|
|
|
|
|
|
||||||||
Selling and marketing
|
11,517
|
|
|
14,347
|
|
|
38,601
|
|
|
47,935
|
|
||||
General and administrative
|
4,134
|
|
|
4,797
|
|
|
13,103
|
|
|
14,750
|
|
||||
Research and development
|
859
|
|
|
699
|
|
|
2,336
|
|
|
2,290
|
|
||||
Total operating expenses
|
16,510
|
|
|
19,843
|
|
|
54,040
|
|
|
64,975
|
|
||||
Operating loss
|
(713
|
)
|
|
(3,225
|
)
|
|
(1,613
|
)
|
|
(11,923
|
)
|
||||
Other income (expense):
|
|
|
|
|
|
|
|
||||||||
Interest income
|
5
|
|
|
4
|
|
|
14
|
|
|
15
|
|
||||
Interest expense
|
(116
|
)
|
|
(9
|
)
|
|
(348
|
)
|
|
(9
|
)
|
||||
Other
|
(65
|
)
|
|
343
|
|
|
17
|
|
|
284
|
|
||||
Total other income (expense)
|
(176
|
)
|
|
338
|
|
|
(317
|
)
|
|
290
|
|
||||
Loss from continuing operations before income taxes
|
(889
|
)
|
|
(2,887
|
)
|
|
(1,930
|
)
|
|
(11,633
|
)
|
||||
Income tax (benefit) expense
|
(1,170
|
)
|
|
(489
|
)
|
|
(1,136
|
)
|
|
130
|
|
||||
Income (loss) from continuing operations
|
281
|
|
|
(2,398
|
)
|
|
(794
|
)
|
|
(11,763
|
)
|
||||
Discontinued operation:
|
|
|
|
|
|
|
|
||||||||
Loss from discontinued operation before income taxes
|
(19
|
)
|
|
(1,728
|
)
|
|
(509
|
)
|
|
(10,778
|
)
|
||||
Income tax expense of discontinued operation
|
354
|
|
|
180
|
|
|
451
|
|
|
261
|
|
||||
Loss from discontinued operation
|
(373
|
)
|
|
(1,908
|
)
|
|
(960
|
)
|
|
(11,039
|
)
|
||||
Net loss
|
$
|
(92
|
)
|
|
$
|
(4,306
|
)
|
|
$
|
(1,754
|
)
|
|
$
|
(22,802
|
)
|
Income (loss) per share from continuing operations:
Basic and diluted
|
$
|
0.01
|
|
|
$
|
(0.08
|
)
|
|
$
|
(0.03
|
)
|
|
$
|
(0.38
|
)
|
Loss per share from discontinued operation:
Basic and diluted
|
$
|
(0.01
|
)
|
|
$
|
(0.06
|
)
|
|
$
|
(0.03
|
)
|
|
$
|
(0.36
|
)
|
Net loss per share:
Basic and diluted
|
$
|
(0.00
|
)
|
|
$
|
(0.14
|
)
|
|
$
|
(0.06
|
)
|
|
$
|
(0.74
|
)
|
Weighted average shares outstanding:
Basic and diluted
|
30,747
|
|
|
30,744
|
|
|
30,746
|
|
|
30,744
|
|
|
Nine months ended September 30,
|
||||||
|
2011
|
|
2010
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Loss from continuing operations
|
$
|
(794
|
)
|
|
$
|
(11,763
|
)
|
Loss from discontinued operation
|
(960
|
)
|
|
(11,039
|
)
|
||
Net loss
|
(1,754
|
)
|
|
(22,802
|
)
|
||
Adjustments to reconcile net loss to cash flows from operating activities:
|
|
|
|
||||
Depreciation and amortization
|
3,036
|
|
|
5,171
|
|
||
Allowance for doubtful accounts
|
(84
|
)
|
|
1,278
|
|
||
Inventory lower-of-cost-or-market adjustments
|
85
|
|
|
2,177
|
|
||
Stock-based compensation expense
|
151
|
|
|
490
|
|
||
Loss on asset disposals
|
57
|
|
|
144
|
|
||
Reduction of previously estimated asset disposal loss
|
(933
|
)
|
|
(3,156
|
)
|
||
Deferred income taxes, net of valuation allowances
|
452
|
|
|
372
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
||||
Trade receivables
|
7,969
|
|
|
13,528
|
|
||
Inventories
|
(3,057
|
)
|
|
3,694
|
|
||
Prepaids and other current assets
|
1,325
|
|
|
1,059
|
|
||
Income taxes
|
(1,034
|
)
|
|
12,490
|
|
||
Trade payables
|
(6,731
|
)
|
|
(18,499
|
)
|
||
Accrued liabilities, including warranty obligations
|
(1,033
|
)
|
|
(5,301
|
)
|
||
Net cash used in operating activities
|
(1,551
|
)
|
|
(9,355
|
)
|
||
Cash flows from investing activities:
|
|
|
|
||||
Proceeds from sale of discontinued operation
|
1,042
|
|
|
6,930
|
|
||
Proceeds from other asset sales
|
—
|
|
|
16
|
|
||
Purchases of software and equipment
|
(2,098
|
)
|
|
(189
|
)
|
||
Net decrease in restricted cash
|
351
|
|
|
4,439
|
|
||
Net cash (used in) provided by investing activities
|
(705
|
)
|
|
11,196
|
|
||
Cash flows from financing activities:
|
|
|
|
||||
Proceeds from long-term borrowings
|
—
|
|
|
5,000
|
|
||
Financing costs
|
(36
|
)
|
|
(353
|
)
|
||
Proceeds from exercise of stock options
|
4
|
|
|
—
|
|
||
Net cash (used in) provided by financing activities
|
(32
|
)
|
|
4,647
|
|
||
Net effect of currency exchange rate changes
|
(490
|
)
|
|
708
|
|
||
Net (decrease) increase in cash and cash equivalents
|
(2,778
|
)
|
|
7,196
|
|
||
Cash and cash equivalents, beginning of year
|
14,296
|
|
|
7,289
|
|
||
Cash and cash equivalents, end of period
|
$
|
11,518
|
|
|
$
|
14,485
|
|
Supplemental disclosure of cash flow information:
|
|
|
|
||||
Cash refunded for income taxes, net of payments
|
$
|
164
|
|
|
$
|
12,607
|
|
|
Three months ended
September 30,
|
|
Nine months ended
September 30,
|
||||||||||||
|
2011
|
|
2010
|
|
2011
|
|
2010
|
||||||||
Revenue
|
$
|
—
|
|
|
$
|
427
|
|
|
$
|
84
|
|
|
$
|
11,654
|
|
Loss before income taxes
|
$
|
(313
|
)
|
|
$
|
(2,546
|
)
|
|
$
|
(1,430
|
)
|
|
$
|
(13,934
|
)
|
Reduction of previously-estimated disposal loss
|
294
|
|
|
818
|
|
|
921
|
|
|
3,156
|
|
||||
Income tax expense
|
(354
|
)
|
|
(180
|
)
|
|
(451
|
)
|
|
(261
|
)
|
||||
Loss from discontinued operation
|
$
|
(373
|
)
|
|
$
|
(1,908
|
)
|
|
$
|
(960
|
)
|
|
$
|
(11,039
|
)
|
|
Previously Estimated Disposal Loss as of 6/30/11
|
|
Gain (Loss) on Completed Disposals
|
|
Reduction of Previously Estimated Disposal Loss
|
|
Disposal Loss Impairment as of 9/30/11
|
||||||||
Adjustments of previously completed disposal transactions
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
294
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
294
|
|
|
$
|
—
|
|
|
Previously Estimated Disposal Loss as of 12/31/10
|
|
Gain (Loss) on Completed Disposals
|
|
Reduction of Previously Estimated Disposal Loss
|
|
Disposal Loss Impairment as of 9/30/11
|
||||||||
Sales of real property
|
$
|
(666
|
)
|
|
$
|
(658
|
)
|
|
$
|
8
|
|
|
$
|
—
|
|
Adjustments of previously completed disposal transactions
|
—
|
|
|
913
|
|
|
913
|
|
|
—
|
|
||||
|
$
|
(666
|
)
|
|
$
|
255
|
|
|
$
|
921
|
|
|
$
|
—
|
|
|
Previously Estimated Disposal Loss as of 6/30/10
|
|
Gain (Loss) on Completed Disposals
|
|
Reduction of Previously Estimated Disposal Loss
|
|
Disposal Loss Impairment as of 9/30/10
|
||||||||
Sale of real property
|
$
|
(1,284
|
)
|
|
$
|
(706
|
)
|
|
$
|
578
|
|
|
|
||
Other completed disposals
|
(184
|
)
|
|
(472
|
)
|
|
(288
|
)
|
|
—
|
|
||||
Adjustments of previously completed disposal transactions
|
—
|
|
|
499
|
|
|
499
|
|
|
—
|
|
||||
Remaining assets held-for-sale as of September 30, 2010
|
(1,485
|
)
|
|
—
|
|
|
29
|
|
|
(1,456
|
)
|
||||
|
$
|
(2,953
|
)
|
|
$
|
(679
|
)
|
|
$
|
818
|
|
|
$
|
(1,456
|
)
|
|
Previously Estimated Disposal Loss as of 12/31/09
|
|
Gain (Loss) on Completed Disposals
|
|
Reduction of Previously Estimated Disposal Loss
|
|
Disposal Loss Impairment as of 9/30/10
|
||||||||
Sale of Commercial equipment manufacturing operation
|
$
|
(6,212
|
)
|
|
$
|
(4,816
|
)
|
|
$
|
1,396
|
|
|
$
|
—
|
|
Sale of real property
|
(1,268
|
)
|
|
(706
|
)
|
|
562
|
|
|
|
|||||
Other completed disposals
|
(564
|
)
|
|
(496
|
)
|
|
68
|
|
|
—
|
|
||||
Adjustments of previously completed disposal transactions
|
—
|
|
|
364
|
|
|
364
|
|
|
—
|
|
||||
Remaining assets held-for-sale as of September 30, 2010
|
(2,222
|
)
|
|
—
|
|
|
766
|
|
|
(1,456
|
)
|
||||
|
$
|
(10,266
|
)
|
|
$
|
(5,654
|
)
|
|
$
|
3,156
|
|
|
$
|
(1,456
|
)
|
|
Severance and Benefits
|
|
Facilities
Leases
|
|
Total
Liabilities
|
||||||
Balance as of December 31, 2010
|
$
|
476
|
|
|
$
|
2,160
|
|
|
$
|
2,636
|
|
Accruals
|
112
|
|
|
265
|
|
|
377
|
|
|||
Payments
|
(476
|
)
|
|
(387
|
)
|
|
(863
|
)
|
|||
Balance as of September 30, 2011
|
$
|
112
|
|
|
$
|
2,038
|
|
|
$
|
2,150
|
|
|
As of
|
||||||
|
September 30, 2011
|
|
December 31, 2010
|
||||
Finished goods
|
$
|
12,052
|
|
|
$
|
8,533
|
|
Parts and components
|
1,440
|
|
|
1,814
|
|
||
|
$
|
13,492
|
|
|
$
|
10,347
|
|
|
Estimated
Useful Life
(in years)
|
|
As of
|
||||||
|
|
September 30, 2011
|
|
December 31, 2010
|
|||||
Leasehold improvements
|
5 to 20
|
|
$
|
2,568
|
|
|
$
|
2,588
|
|
Computer equipment and software
|
2 to 5
|
|
38,046
|
|
|
38,033
|
|
||
Machinery and equipment
|
3 to 5
|
|
6,687
|
|
|
6,703
|
|
||
Furniture and fixtures
|
5
|
|
695
|
|
|
955
|
|
||
Work in progress
1
|
n/a
|
|
2,043
|
|
|
101
|
|
||
|
|
|
50,039
|
|
|
48,380
|
|
||
Accumulated depreciation
|
|
|
(45,749
|
)
|
|
(44,585
|
)
|
||
|
|
|
$
|
4,290
|
|
|
$
|
3,795
|
|
|
Estimated
Useful Life
(in years)
|
|
As of
|
||||||
|
|
September 30, 2011
|
|
December 31, 2010
|
|||||
Goodwill
|
n/a
|
|
$
|
2,837
|
|
|
$
|
2,931
|
|
Other intangible assets:
|
|
|
|
|
|
||||
Indefinite-lived trademarks
|
n/a
|
|
$
|
9,052
|
|
|
$
|
9,052
|
|
Patents
|
1 to 16
|
|
18,154
|
|
|
18,154
|
|
||
|
|
|
27,206
|
|
|
27,206
|
|
||
Accumulated amortization - patents
|
|
|
(9,977
|
)
|
|
(8,432
|
)
|
||
|
|
|
$
|
17,229
|
|
|
$
|
18,774
|
|
|
Three months ended
September 30,
|
|
Nine months ended
September 30,
|
||||||||||||
|
2011
|
|
2010
|
|
2011
|
|
2010
|
||||||||
Balance at beginning of period
|
$
|
3,358
|
|
|
$
|
6,258
|
|
|
$
|
3,935
|
|
|
$
|
8,379
|
|
Accruals
|
606
|
|
|
361
|
|
|
1,625
|
|
|
1,062
|
|
||||
Adjustments
|
(370
|
)
|
|
(525
|
)
|
|
(730
|
)
|
|
(1,245
|
)
|
||||
Payments
|
(1,422
|
)
|
|
(1,199
|
)
|
|
(2,658
|
)
|
|
(3,301
|
)
|
||||
Balance at end of period
|
$
|
2,172
|
|
|
$
|
4,895
|
|
|
$
|
2,172
|
|
|
$
|
4,895
|
|
|
Three months ended
September 30,
|
|
Nine months ended
September 30,
|
||||||||
(Number of shares in thousands)
|
2011
|
|
2010
|
|
2011
|
|
2010
|
||||
Basic weighted average shares outstanding
|
30,747
|
|
|
30,744
|
|
|
30,746
|
|
|
30,744
|
|
Dilutive potential common shares
(1)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Diluted weighted average shares outstanding
|
30,747
|
|
|
30,744
|
|
|
30,746
|
|
|
30,744
|
|
|
|
|
|
|
|
|
|
||||
(1)
Dilutive potential shares omitted due to net loss
|
5
|
|
|
2
|
|
|
25
|
|
|
21
|
|
|
Three months ended
September 30,
|
|
Nine months ended
September 30,
|
||||||||
(Number of shares in thousands)
|
2011
|
|
2010
|
|
2011
|
|
2010
|
||||
Stock options
|
1,179
|
|
|
1,240
|
|
|
1,124
|
|
|
1,238
|
|
Performance stock units
|
128
|
|
|
146
|
|
|
93
|
|
|
—
|
|
Restricted stock units
|
355
|
|
|
—
|
|
|
170
|
|
|
—
|
|
|
Three months ended
September 30,
|
|
Nine months ended
September 30,
|
||||||||||||
|
2011
|
|
2010
|
|
2011
|
|
2010
|
||||||||
Net loss
|
$
|
(92
|
)
|
|
$
|
(4,306
|
)
|
|
$
|
(1,754
|
)
|
|
$
|
(22,802
|
)
|
Foreign currency translation gain (loss) adjustments
|
(397
|
)
|
|
(620
|
)
|
|
(628
|
)
|
|
19
|
|
||||
Comprehensive loss
|
$
|
(489
|
)
|
|
$
|
(4,926
|
)
|
|
$
|
(2,382
|
)
|
|
$
|
(22,783
|
)
|
|
Three months ended
September 30,
|
|
Nine months ended
September 30,
|
||||||||||||
|
2011
|
|
2010
|
|
2011
|
|
2010
|
||||||||
Net sales:
|
|
|
|
|
|
|
|
||||||||
Direct
|
$
|
22,645
|
|
|
$
|
21,504
|
|
|
$
|
75,354
|
|
|
$
|
68,450
|
|
Retail
|
13,710
|
|
|
16,118
|
|
|
42,090
|
|
|
43,869
|
|
||||
Unallocated royalty income
|
1,047
|
|
|
852
|
|
|
2,983
|
|
|
2,441
|
|
||||
Consolidated net sales
|
$
|
37,402
|
|
|
$
|
38,474
|
|
|
$
|
120,427
|
|
|
$
|
114,760
|
|
Contribution:
|
|
|
|
|
|
|
|
||||||||
Direct
|
$
|
161
|
|
|
$
|
(2,686
|
)
|
|
$
|
1,339
|
|
|
$
|
(9,200
|
)
|
Retail
|
1,319
|
|
|
2,001
|
|
|
4,420
|
|
|
5,594
|
|
||||
Unallocated royalty income
|
1,047
|
|
|
854
|
|
|
2,983
|
|
|
2,443
|
|
||||
Consolidated contribution
|
$
|
2,527
|
|
|
$
|
169
|
|
|
$
|
8,742
|
|
|
$
|
(1,163
|
)
|
Reconciliation of consolidated contribution to income (loss) from continuing operations:
|
|
|
|
|
|
|
|
||||||||
Consolidated contribution
|
$
|
2,527
|
|
|
$
|
169
|
|
|
$
|
8,742
|
|
|
$
|
(1,163
|
)
|
Less expenses not directly related to segments:
|
|
|
|
|
|
|
|
||||||||
General and administrative
|
(3,206
|
)
|
|
(3,394
|
)
|
|
(10,321
|
)
|
|
(10,696
|
)
|
||||
Research and development
|
(34
|
)
|
|
—
|
|
|
(34
|
)
|
|
(64
|
)
|
||||
Other (expense) income
|
(176
|
)
|
|
338
|
|
|
(317
|
)
|
|
290
|
|
||||
Income tax benefit (expense)
|
1,170
|
|
|
489
|
|
|
1,136
|
|
|
(130
|
)
|
||||
Income (loss) from continuing operations
|
$
|
281
|
|
|
$
|
(2,398
|
)
|
|
$
|
(794
|
)
|
|
$
|
(11,763
|
)
|
|
Three months ended September 30,
|
|
Change
|
|||||||||||
|
2011
|
|
2010
|
|
$
|
|
%
|
|||||||
Net sales
|
$
|
37,402
|
|
|
$
|
38,474
|
|
|
$
|
(1,072
|
)
|
|
(2.8
|
)%
|
Cost of sales
|
21,605
|
|
|
21,856
|
|
|
(251
|
)
|
|
(1.1
|
)%
|
|||
Gross margin
|
15,797
|
|
|
16,618
|
|
|
(821
|
)
|
|
(4.9
|
)%
|
|||
Operating expenses:
|
|
|
|
|
|
|
|
|||||||
Selling and marketing
|
11,517
|
|
|
14,347
|
|
|
(2,830
|
)
|
|
(19.7
|
)%
|
|||
General and administrative
|
4,134
|
|
|
4,797
|
|
|
(663
|
)
|
|
(13.8
|
)%
|
|||
Research and development
|
859
|
|
|
699
|
|
|
160
|
|
|
22.9
|
%
|
|||
Total operating expenses
|
16,510
|
|
|
19,843
|
|
|
(3,333
|
)
|
|
(16.8
|
)%
|
|||
Operating loss
|
(713
|
)
|
|
(3,225
|
)
|
|
2,512
|
|
|
77.9
|
%
|
|||
Other income (expense):
|
|
|
|
|
|
|
|
|||||||
Interest income
|
5
|
|
|
4
|
|
|
1
|
|
|
25.0
|
%
|
|||
Interest expense
|
(116
|
)
|
|
(9
|
)
|
|
(107
|
)
|
|
n.m.
|
||||
Other
|
(65
|
)
|
|
343
|
|
|
(408
|
)
|
|
n.m.
|
||||
Total other income (expense)
|
(176
|
)
|
|
338
|
|
|
(514
|
)
|
|
n.m.
|
||||
Loss before income taxes
|
(889
|
)
|
|
(2,887
|
)
|
|
1,998
|
|
|
69.2
|
%
|
|||
Income tax benefit
|
(1,170
|
)
|
|
(489
|
)
|
|
(681
|
)
|
|
(139.3
|
)%
|
|||
Income (loss) from continuing operations
|
281
|
|
|
(2,398
|
)
|
|
2,679
|
|
|
n.m.
|
||||
Loss from discontinued operation, net of tax
|
(373
|
)
|
|
(1,908
|
)
|
|
1,535
|
|
|
80.5
|
%
|
|||
Net loss
|
$
|
(92
|
)
|
|
$
|
(4,306
|
)
|
|
$
|
4,214
|
|
|
97.9
|
%
|
|
Three months ended September 30,
|
|
Change
|
|||||||||||
|
2011
|
|
2010
|
|
$
|
|
%
|
|||||||
Net sales:
|
|
|
|
|
|
|
|
|||||||
Direct
|
$
|
22,645
|
|
|
$
|
21,504
|
|
|
$
|
1,141
|
|
|
5.3
|
%
|
Retail
|
13,710
|
|
|
16,118
|
|
|
(2,408
|
)
|
|
(14.9
|
)%
|
|||
Royalty income
|
1,047
|
|
|
852
|
|
|
195
|
|
|
22.9
|
%
|
|||
|
$
|
37,402
|
|
|
$
|
38,474
|
|
|
$
|
(1,072
|
)
|
|
(2.8
|
)%
|
Gross margin:
|
|
|
|
|
|
|
|
|||||||
Direct
|
$
|
11,784
|
|
|
$
|
11,839
|
|
|
$
|
(55
|
)
|
|
(0.5
|
)%
|
Retail
|
2,966
|
|
|
3,926
|
|
|
(960
|
)
|
|
(24.4
|
)%
|
|||
Royalty income
|
1,047
|
|
|
853
|
|
|
194
|
|
|
22.7
|
%
|
|||
|
$
|
15,797
|
|
|
$
|
16,618
|
|
|
$
|
(821
|
)
|
|
(4.9
|
)%
|
Gross margin percent:
|
|
|
|
|
|
|
|
|||||||
Direct
|
52.0
|
%
|
|
55.1
|
%
|
|
(310
|
)
|
basis points
|
|||||
Retail
|
21.6
|
%
|
|
24.4
|
%
|
|
(280
|
)
|
basis points
|
|
Three months ended September 30,
|
|
Change
|
|||||||||||
|
2011
|
|
2010
|
|
$
|
|
%
|
|||||||
Direct net sales:
|
|
|
|
|
|
|
|
|||||||
Cardio products
(1)
|
$
|
16,754
|
|
|
$
|
11,434
|
|
|
$
|
5,320
|
|
|
46.5
|
%
|
Strength products
(2)
|
5,891
|
|
|
10,070
|
|
|
(4,179
|
)
|
|
(41.5
|
)%
|
|||
|
22,645
|
|
|
21,504
|
|
|
1,141
|
|
|
5.3
|
%
|
|||
Retail net sales:
|
|
|
|
|
|
|
|
|||||||
Cardio products
(1)
|
9,041
|
|
|
11,236
|
|
|
(2,195
|
)
|
|
(19.5
|
)%
|
|||
Strength products
(2)
|
4,669
|
|
|
4,882
|
|
|
(213
|
)
|
|
(4.4
|
)%
|
|||
|
13,710
|
|
|
16,118
|
|
|
(2,408
|
)
|
|
(14.9
|
)%
|
|||
Royalty income
|
1,047
|
|
|
852
|
|
|
195
|
|
|
22.9
|
%
|
|||
|
$
|
37,402
|
|
|
$
|
38,474
|
|
|
$
|
(1,072
|
)
|
|
(2.8
|
)%
|
|
|
|
|
|
|
|
|
|||||||
(1)
Cardio products include: TreadClimbers, treadmills, exercise bikes and ellipticals.
|
|
|||||||||||||
(2)
Strength products include: home gyms, selectorized dumbbells, kettlebell weights, weight benches and accessories.
|
|
|
Nine months ended September 30,
|
|
Change
|
|||||||||||
|
2011
|
|
2010
|
|
$
|
|
%
|
|||||||
Net sales
|
$
|
120,427
|
|
|
$
|
114,760
|
|
|
$
|
5,667
|
|
|
4.9
|
%
|
Cost of sales
|
68,000
|
|
|
61,708
|
|
|
6,292
|
|
|
10.2
|
%
|
|||
Gross margin
|
52,427
|
|
|
53,052
|
|
|
(625
|
)
|
|
(1.2
|
)%
|
|||
Operating expenses:
|
|
|
|
|
|
|
|
|||||||
Selling and marketing
|
38,601
|
|
|
47,935
|
|
|
(9,334
|
)
|
|
(19.5
|
)%
|
|||
General and administrative
|
13,103
|
|
|
14,750
|
|
|
(1,647
|
)
|
|
(11.2
|
)%
|
|||
Research and development
|
2,336
|
|
|
2,290
|
|
|
46
|
|
|
2.0
|
%
|
|||
Total operating expenses
|
54,040
|
|
|
64,975
|
|
|
(10,935
|
)
|
|
(16.8
|
)%
|
|||
Operating loss
|
(1,613
|
)
|
|
(11,923
|
)
|
|
10,310
|
|
|
86.5
|
%
|
|||
Other income (expense):
|
|
|
|
|
|
|
|
|||||||
Interest income
|
14
|
|
|
15
|
|
|
(1
|
)
|
|
(6.7
|
)%
|
|||
Interest expense
|
(348
|
)
|
|
(9
|
)
|
|
(339
|
)
|
|
n.m.
|
||||
Other
|
17
|
|
|
284
|
|
|
(267
|
)
|
|
(94.0
|
)%
|
|||
Total other income (expense)
|
(317
|
)
|
|
290
|
|
|
(607
|
)
|
|
n.m.
|
||||
Loss before income taxes
|
(1,930
|
)
|
|
(11,633
|
)
|
|
9,703
|
|
|
83.4
|
%
|
|||
Income tax (benefit) expense
|
(1,136
|
)
|
|
130
|
|
|
(1,266
|
)
|
|
n.m.
|
||||
Loss from continuing operations
|
(794
|
)
|
|
(11,763
|
)
|
|
10,969
|
|
|
93.3
|
%
|
|||
Loss from discontinued operation, net of tax
|
(960
|
)
|
|
(11,039
|
)
|
|
10,079
|
|
|
91.3
|
%
|
|||
Net loss
|
$
|
(1,754
|
)
|
|
$
|
(22,802
|
)
|
|
$
|
21,048
|
|
|
92.3
|
%
|
|
Nine months ended September 30,
|
|
Change
|
|||||||||||
|
2011
|
|
2010
|
|
$
|
|
%
|
|||||||
Net sales:
|
|
|
|
|
|
|
|
|
||||||
Direct
|
$
|
75,354
|
|
|
$
|
68,450
|
|
|
$
|
6,904
|
|
|
10.1
|
%
|
Retail
|
42,090
|
|
|
43,869
|
|
|
(1,779
|
)
|
|
(4.1
|
)%
|
|||
Royalty income
|
2,983
|
|
|
2,441
|
|
|
542
|
|
|
22.2
|
%
|
|||
|
$
|
120,427
|
|
|
$
|
114,760
|
|
|
$
|
5,667
|
|
|
4.9
|
%
|
Gross margin:
|
|
|
|
|
|
|
|
|||||||
Direct
|
$
|
40,037
|
|
|
$
|
39,352
|
|
|
$
|
685
|
|
|
1.7
|
%
|
Retail
|
9,407
|
|
|
11,256
|
|
|
(1,849
|
)
|
|
(16.4
|
)%
|
|||
Royalty income
|
2,983
|
|
|
2,444
|
|
|
539
|
|
|
22.1
|
%
|
|||
|
$
|
52,427
|
|
|
$
|
53,052
|
|
|
$
|
(625
|
)
|
|
(1.2
|
)%
|
Gross margin percent:
|
|
|
|
|
|
|
|
|||||||
Direct
|
53.1
|
%
|
|
57.5
|
%
|
|
(440
|
)
|
basis points
|
|||||
Retail
|
22.4
|
%
|
|
25.7
|
%
|
|
(330
|
)
|
basis points
|
|
Nine months ended September 30,
|
|
Change
|
|||||||||||
|
2011
|
|
2010
|
|
$
|
|
%
|
|||||||
Direct net sales:
|
|
|
|
|
|
|
|
|||||||
Cardio products
(1)
|
$
|
52,017
|
|
|
$
|
36,879
|
|
|
$
|
15,138
|
|
|
41.0
|
%
|
Strength products
(2)
|
23,337
|
|
|
31,571
|
|
|
(8,234
|
)
|
|
(26.1
|
)%
|
|||
|
75,354
|
|
|
68,450
|
|
|
6,904
|
|
|
10.1
|
%
|
|||
Retail net sales:
|
|
|
|
|
|
|
|
|||||||
Cardio products
(1)
|
25,790
|
|
|
29,310
|
|
|
(3,520
|
)
|
|
(12
|
)%
|
|||
Strength products
(2)
|
16,300
|
|
|
14,558
|
|
|
1,742
|
|
|
12.0
|
%
|
|||
|
42,090
|
|
|
43,868
|
|
|
(1,778
|
)
|
|
(4.1
|
)%
|
|||
Royalty income
|
2,983
|
|
|
2,441
|
|
|
542
|
|
|
22.2
|
%
|
|||
|
$
|
120,427
|
|
|
$
|
114,759
|
|
|
$
|
5,668
|
|
|
4.9
|
%
|
|
|
|
|
|
|
|
|
|||||||
(1)
Cardio products include: TreadClimbers, treadmills, exercise bikes and ellipticals.
|
|
|||||||||||||
(2)
Strength products include: home gyms, selectorized dumbbells, kettlebell weights, weight benches and accessories.
|
|
Exhibit No.
|
|
Description
|
10.1
|
|
Third Amendment, executed July 20, 2011 and dated effective June 30, 2011, to the Credit Agreement by and between the Company and Bank of the West, dated as of March 8, 2010 (incorporated by reference from Exhibit 10.1 to the Company's Current Report on Form 8-K filed July 26, 2011).
|
|
|
|
10.2
|
|
Fifth Lease Modification Agreement, dated July 25, 2011, to the Office Lease by and between Nautilus, Inc. and Columbia Tech Center, L.L.C. dated June 30, 2009 (incorporated by reference from Exhibit 10.1 to the Company's Current Report on Form 8-K filed July 29, 2011).
|
|
|
|
10.3
|
|
Office Lease Agreement dated as of July 25, 2011, by and between Nautilus, Inc. and Columbia Tech Center, L.L.C. (incorporated by reference from Exhibit 10.2 to the Company's Current Report on Form 8-K filed July 29, 2011).
|
|
|
|
31.1
|
|
Certification of Principal Executive Officer pursuant to Rule 13a-14 (a) of the Securities Exchange Act of 1934, as amended.
|
|
|
|
31.2
|
|
Certification of Principal Financial Officer pursuant to Rule 13a-14 (a) of the Securities Exchange Act of 1934, as amended.
|
|
|
|
32.1
|
|
Certification of Principal Executive Officer and Principal Financial Officer pursuant to Rule 13a-14(b) of the Securities and Exchange Act of 1934, as amended, and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
101
|
|
The following financial statements from Nautilus, Inc.'s quarterly report on Form 10-Q for the quarter ended September 30, 2011, formatted in XBRL (eXtensible Business Reporting Language): (i) Condensed Consolidated Balance Sheets(unaudited), (ii) Condensed Consolidated Statements of Operations(unaudited), (iii) Condensed Consolidated Statements of Cash Flows (unaudited), and (iv) Notes to Condensed Consolidated Financial Statements (unaudited), tagged as blocks of text. Information is furnished and not filed, and is not incorporated by reference in any registration statement or prospectus for purposes of sections 11 or 12 of the Securities Act of 1933, is deemed not filed for purposes of section 18 of the Securities Exchange Act of 1934, and otherwise is not subject to liability under these sections.
|
|
N
AUTILUS
, I
NC
.
|
|
|
|
|
Date: November 9, 2011
|
By:
|
/
S
/ Michael D. Mulholland
|
|
|
Michael D. Mulholland
|
|
|
Chief Financial Officer
(Principal Financial Officer and for the Registrant)
|
1 Year Nautilus Chart |
1 Month Nautilus Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions