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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 1A.
|
|
||
Item 2.
|
|
||
Item 6.
|
|
||
|
|
As of
|
||||||
|
March 31, 2013
|
|
December 31, 2012
|
||||
ASSETS
|
|
|
|
||||
Cash and cash equivalents
|
$
|
28,680
|
|
|
$
|
23,207
|
|
Trade receivables, net of allowances of $158 and $93
|
12,257
|
|
|
21,767
|
|
||
Inventories
|
13,653
|
|
|
18,787
|
|
||
Prepaids and other current assets
|
4,254
|
|
|
5,750
|
|
||
Income taxes receivable
|
86
|
|
|
101
|
|
||
Short-term notes receivable
|
—
|
|
|
82
|
|
||
Deferred income tax assets
|
189
|
|
|
193
|
|
||
Total current assets
|
59,119
|
|
|
69,887
|
|
||
Property, plant and equipment, net of accumulated depreciation of $41,203 and $41,141
|
6,587
|
|
|
6,138
|
|
||
Goodwill
|
2,879
|
|
|
2,940
|
|
||
Other intangible assets, net
|
14,153
|
|
|
14,666
|
|
||
Other assets
|
608
|
|
|
680
|
|
||
Total assets
|
$
|
83,346
|
|
|
$
|
94,311
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
||||
Trade payables
|
$
|
17,776
|
|
|
$
|
32,753
|
|
Accrued liabilities
|
6,528
|
|
|
8,171
|
|
||
Warranty obligations, current portion
|
2,396
|
|
|
2,278
|
|
||
Deferred income tax liabilities
|
1,338
|
|
|
1,275
|
|
||
Total current liabilities
|
28,038
|
|
|
44,477
|
|
||
Warranty obligations, non-current
|
214
|
|
|
214
|
|
||
Income taxes payable, non-current
|
2,891
|
|
|
2,812
|
|
||
Deferred income tax liabilities, non-current
|
1,627
|
|
|
1,484
|
|
||
Other long-term liabilities
|
1,877
|
|
|
1,998
|
|
||
Total liabilities
|
34,647
|
|
|
50,985
|
|
||
Commitments and contingencies (Note 10)
|
|
|
|
||||
Stockholders' equity:
|
|
|
|
||||
Common stock - no par value, 75,000 shares authorized, 31,006 and 30,924 shares issued and outstanding
|
6,464
|
|
|
6,103
|
|
||
Retained earnings
|
41,757
|
|
|
36,598
|
|
||
Accumulated other comprehensive income
|
478
|
|
|
625
|
|
||
Total stockholders' equity
|
48,699
|
|
|
43,326
|
|
||
Total liabilities and stockholders' equity
|
$
|
83,346
|
|
|
$
|
94,311
|
|
|
Three months ended March 31,
|
||||||
|
2013
|
|
2012
|
||||
Net sales
|
$
|
59,214
|
|
|
$
|
51,262
|
|
Cost of sales
|
28,520
|
|
|
27,357
|
|
||
Gross profit
|
30,694
|
|
|
23,905
|
|
||
Operating expenses:
|
|
|
|
||||
Selling and marketing
|
18,626
|
|
|
16,066
|
|
||
General and administrative
|
4,947
|
|
|
4,010
|
|
||
Research and development
|
1,127
|
|
|
1,000
|
|
||
Total operating expenses
|
24,700
|
|
|
21,076
|
|
||
Operating income
|
5,994
|
|
|
2,829
|
|
||
Other income (expense):
|
|
|
|
||||
Interest income
|
1
|
|
|
6
|
|
||
Interest expense
|
(9
|
)
|
|
78
|
|
||
Other
|
(109
|
)
|
|
(2
|
)
|
||
Total other income (expense)
|
(117
|
)
|
|
82
|
|
||
Income from continuing operations before income taxes
|
5,877
|
|
|
2,911
|
|
||
Income tax provision
|
353
|
|
|
264
|
|
||
Income from continuing operations
|
5,524
|
|
|
2,647
|
|
||
Discontinued operation:
|
|
|
|
||||
Loss from discontinued operation before income taxes
|
(374
|
)
|
|
(123
|
)
|
||
Income tax expense (benefit) of discontinued operation
|
(9
|
)
|
|
2
|
|
||
Loss from discontinued operation
|
(365
|
)
|
|
(125
|
)
|
||
Net income
|
$
|
5,159
|
|
|
$
|
2,522
|
|
Income per share from continuing operations:
|
|
|
|
||||
Basic
|
$
|
0.18
|
|
|
$
|
0.09
|
|
Diluted
|
0.18
|
|
|
0.09
|
|
||
Loss per share from discontinued operation:
|
|
|
|
||||
Basic
|
$
|
(0.01
|
)
|
|
$
|
(0.01
|
)
|
Diluted
|
(0.01
|
)
|
|
(0.01
|
)
|
||
Net income per share:
|
|
|
|
||||
Basic
|
$
|
0.17
|
|
|
$
|
0.08
|
|
Diluted
|
0.17
|
|
|
0.08
|
|
||
Weighted average shares outstanding:
|
|
|
|
||||
Basic
|
30,947
|
|
|
30,748
|
|
||
Diluted
|
31,264
|
|
|
30,839
|
|
|
Three months ended March 31,
|
||||||
|
2013
|
|
2012
|
||||
Net income
|
$
|
5,159
|
|
|
$
|
2,522
|
|
Other comprehensive income (loss):
|
|
|
|
||||
Foreign currency translation, net of income tax expense (benefit) of $8 and $(8)
|
(147
|
)
|
|
179
|
|
||
Total comprehensive income
|
$
|
5,012
|
|
|
$
|
2,701
|
|
|
Three months ended March 31,
|
||||||
|
2013
|
|
2012
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Income from continuing operations
|
$
|
5,524
|
|
|
$
|
2,647
|
|
Loss from discontinued operation
|
(365
|
)
|
|
(125
|
)
|
||
Net income
|
5,159
|
|
|
2,522
|
|
||
Adjustments to reconcile net income to cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
818
|
|
|
777
|
|
||
Bad debt expense (reduction)
|
169
|
|
|
89
|
|
||
Stock-based compensation expense
|
214
|
|
|
57
|
|
||
Reduction of previously estimated asset disposal loss
|
—
|
|
|
(29
|
)
|
||
Loss on asset dispositions
|
14
|
|
|
|
|||
Deferred income taxes, net of valuation allowances
|
257
|
|
|
415
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
||||
Trade receivables
|
9,280
|
|
|
11,798
|
|
||
Inventories
|
5,130
|
|
|
(1,835
|
)
|
||
Prepaids and other current assets
|
1,498
|
|
|
1,009
|
|
||
Income taxes
|
(105
|
)
|
|
(253
|
)
|
||
Trade payables
|
(14,968
|
)
|
|
(5,129
|
)
|
||
Accrued liabilities, including warranty obligations
|
(1,431
|
)
|
|
(1,268
|
)
|
||
Net cash provided by operating activities
|
6,035
|
|
|
8,153
|
|
||
|
|
|
|
||||
Cash flows from investing activities:
|
|
|
|
||||
Proceeds from sale of assets of discontinued operation
|
96
|
|
|
109
|
|
||
Purchases of software and equipment
|
(762
|
)
|
|
(489
|
)
|
||
Net cash used in investing activities
|
(666
|
)
|
|
(380
|
)
|
||
|
|
|
|
||||
Cash flows from financing activities:
|
|
|
|
||||
Repayment of long-term borrowings
|
—
|
|
|
(5,000
|
)
|
||
Proceeds from exercise of stock options
|
147
|
|
|
89
|
|
||
Net cash provided by (used in) financing activities
|
147
|
|
|
(4,911
|
)
|
||
|
|
|
|
||||
Effect of exchange rate changes on cash and cash equivalents
|
(43
|
)
|
|
108
|
|
||
Net increase in cash and cash equivalents
|
5,473
|
|
|
2,970
|
|
||
Cash and cash equivalents, beginning of period
|
23,207
|
|
|
17,427
|
|
||
Cash and cash equivalents, end of period
|
$
|
28,680
|
|
|
$
|
20,397
|
|
Supplemental disclosure of cash flow information:
|
|
|
|
||||
Cash paid for interest
|
$
|
10
|
|
|
$
|
520
|
|
Cash paid for income taxes, net
|
109
|
|
|
41
|
|
|
Facilities
Leases
|
||
Balance as of December 31, 2012
|
$
|
1,118
|
|
Adjustments
|
—
|
|
|
Payments
|
(78
|
)
|
|
Balance as of March 31, 2013
|
$
|
1,040
|
|
|
March 31, 2013
|
|
December 31, 2012
|
||||
Finished goods
|
$
|
12,138
|
|
|
$
|
17,148
|
|
Parts and components
|
1,515
|
|
|
1,639
|
|
||
Total inventories
|
$
|
13,653
|
|
|
$
|
18,787
|
|
|
March 31, 2013
|
|
December 31, 2012
|
||||
Inventory reserves
|
$
|
1,028
|
|
|
$
|
1,011
|
|
|
Estimated
Useful Life
(in years)
|
|
As of
|
||||||
|
|
March 31, 2013
|
|
December 31, 2012
|
|||||
Leasehold improvements
|
5 to 20
|
|
$
|
2,847
|
|
|
$
|
2,863
|
|
Computer equipment
|
3 to 5
|
|
36,285
|
|
|
36,107
|
|
||
Machinery and equipment
|
3 to 5
|
|
5,373
|
|
|
5,359
|
|
||
Furniture and fixtures
|
5
|
|
676
|
|
|
870
|
|
||
Work in progress
1
|
N/A
|
|
2,609
|
|
|
2,080
|
|
||
Total cost
|
|
|
47,790
|
|
|
47,279
|
|
||
Accumulated depreciation
|
|
|
(41,203
|
)
|
|
(41,141
|
)
|
||
Total property, plant and equipment, net
|
|
|
$
|
6,587
|
|
|
$
|
6,138
|
|
Balance, December 31, 2011
|
$
|
2,873
|
|
Currency exchange rate adjustment
|
67
|
|
|
Balance, December 31, 2012
|
2,940
|
|
|
Currency exchange rate adjustment
|
(61
|
)
|
|
Balance, March 31, 2013
|
$
|
2,879
|
|
|
Estimated
Useful Life
(in years)
|
|
|
||||||
|
|
March 31, 2013
|
|
December 31, 2012
|
|||||
Other intangible assets:
|
|
|
|
|
|
||||
Indefinite-lived trademarks
|
N/A
|
|
$
|
9,052
|
|
|
$
|
9,052
|
|
Patents
|
8 to 16
|
|
18,154
|
|
|
18,154
|
|
||
|
|
|
27,206
|
|
|
27,206
|
|
||
Accumulated amortization - patents
|
|
|
(13,053
|
)
|
|
(12,540
|
)
|
||
|
|
|
$
|
14,153
|
|
|
$
|
14,666
|
|
|
Three Months Ended March 31,
|
||
|
2013
|
|
2012
|
Patent amortization
|
$513
|
|
$513
|
|
March 31, 2013
|
|
December 31, 2012
|
||||
Exit costs of discontinued operations
|
$
|
321
|
|
|
$
|
340
|
|
Payroll and related liabilities
|
2,522
|
|
|
3,327
|
|
||
Royalties
|
1,091
|
|
|
1,063
|
|
||
Legal and professional fees
|
572
|
|
|
834
|
|
||
Other
|
2,022
|
|
|
2,607
|
|
||
Total accrued liabilities
|
$
|
6,528
|
|
|
$
|
8,171
|
|
|
Three months ended March 31,
|
||||||
|
2013
|
|
2012
|
||||
Balance, beginning of period
|
$
|
2,492
|
|
|
$
|
2,017
|
|
Accruals
|
653
|
|
|
540
|
|
||
Adjustments
|
—
|
|
|
(171
|
)
|
||
Payments
|
(535
|
)
|
|
(514
|
)
|
||
Balance, end of period
|
$
|
2,610
|
|
|
$
|
1,872
|
|
|
Three months ended March 31,
|
||||
|
2013
|
|
2012
|
||
Basic weighted average shares outstanding
|
30,947
|
|
|
30,748
|
|
Dilutive potential common shares
|
317
|
|
|
91
|
|
Diluted weighted average shares outstanding
|
31,264
|
|
|
30,839
|
|
|
Three months ended March 31,
|
||||
|
2013
|
|
2012
|
||
Stock options
|
340
|
|
|
987
|
|
Performance stock units
|
125
|
|
|
108
|
|
|
Three months ended March 31,
|
||||||
|
2013
|
|
2012
|
||||
Net sales:
|
|
|
|
||||
Direct
|
$
|
42,635
|
|
|
$
|
33,734
|
|
Retail
|
15,134
|
|
|
16,639
|
|
||
Unallocated royalty income
|
1,445
|
|
|
889
|
|
||
Consolidated net sales
|
$
|
59,214
|
|
|
$
|
51,262
|
|
Contribution:
|
|
|
|
||||
Direct
|
$
|
6,708
|
|
|
$
|
3,028
|
|
Retail
|
1,960
|
|
|
2,267
|
|
||
Unallocated royalty income
|
1,445
|
|
|
889
|
|
||
Consolidated contribution
|
$
|
10,113
|
|
|
$
|
6,184
|
|
Reconciliation of consolidated contribution to income
from continuing operations:
|
|
|
|
||||
Consolidated contribution
|
$
|
10,113
|
|
|
$
|
6,184
|
|
Less expenses not directly related to segments:
|
|
|
|
||||
Operating expenses
|
(4,120
|
)
|
|
(3,355
|
)
|
||
Other income (expense), net
|
(116
|
)
|
|
82
|
|
||
Income tax expense
|
(353
|
)
|
|
(264
|
)
|
||
Income from continuing operations
|
$
|
5,524
|
|
|
$
|
2,647
|
|
|
Three months ended March 31,
|
|
Change
|
|||||||||||
|
2013
|
|
2012
|
|
$
|
|
%
|
|||||||
Net sales
|
$
|
59,214
|
|
|
$
|
51,262
|
|
|
$
|
7,952
|
|
|
15.5
|
%
|
Cost of sales
|
28,520
|
|
|
27,357
|
|
|
1,163
|
|
|
4.3
|
%
|
|||
Gross profit
|
30,694
|
|
|
23,905
|
|
|
6,789
|
|
|
28.4
|
%
|
|||
Operating expenses:
|
|
|
|
|
|
|
|
|||||||
Selling and marketing
|
18,626
|
|
|
16,066
|
|
|
2,560
|
|
|
15.9
|
%
|
|||
General and administrative
|
4,947
|
|
|
4,010
|
|
|
937
|
|
|
23.4
|
%
|
|||
Research and development
|
1,127
|
|
|
1,000
|
|
|
127
|
|
|
12.7
|
%
|
|||
Total operating expenses
|
24,700
|
|
|
21,076
|
|
|
3,624
|
|
|
17.2
|
%
|
|||
Operating income
|
5,994
|
|
|
2,829
|
|
|
3,165
|
|
|
111.9
|
%
|
|||
Other income (expense):
|
|
|
|
|
|
|
|
|||||||
Interest income
|
1
|
|
|
6
|
|
|
(5
|
)
|
|
(83.3
|
)%
|
|||
Interest expense
|
(9
|
)
|
|
78
|
|
|
(87
|
)
|
|
n.m.
|
|
|||
Other
|
(109
|
)
|
|
(2
|
)
|
|
(107
|
)
|
|
n.m.
|
|
|||
Total other income (expense), net
|
(117
|
)
|
|
82
|
|
|
(199
|
)
|
|
|
|
|||
Income from continuing operations before income taxes
|
5,877
|
|
|
2,911
|
|
|
2,966
|
|
|
101.9
|
%
|
|||
Income tax expense
|
353
|
|
|
264
|
|
|
89
|
|
|
33.7
|
%
|
|||
Income from continuing operations
|
5,524
|
|
|
2,647
|
|
|
2,877
|
|
|
108.7
|
%
|
|||
Loss from discontinued operation, net of income taxes
|
(365
|
)
|
|
(125
|
)
|
|
(240
|
)
|
|
|
||||
Net income
|
$
|
5,159
|
|
|
$
|
2,522
|
|
|
$
|
2,637
|
|
|
104.6
|
%
|
|
|
|
|
|
n.m. = not meaningful
|
|
|
Three months ended March 31,
|
|
Change
|
|||||||||||
|
2013
|
|
2012
|
|
$
|
|
%
|
|||||||
Net sales:
|
|
|
|
|
|
|
|
|||||||
Direct
|
$
|
42,635
|
|
|
$
|
33,734
|
|
|
$
|
8,901
|
|
|
26.4
|
%
|
Retail
|
15,134
|
|
|
16,639
|
|
|
(1,505
|
)
|
|
(9.0
|
)%
|
|||
Royalty income
|
1,445
|
|
|
889
|
|
|
556
|
|
|
62.5
|
%
|
|||
|
$
|
59,214
|
|
|
$
|
51,262
|
|
|
$
|
7,952
|
|
|
15.5
|
%
|
Cost of sales:
|
|
|
|
|
|
|
|
|||||||
Direct
|
$
|
17,158
|
|
|
$
|
14,670
|
|
|
$
|
2,488
|
|
|
17.0
|
%
|
Retail
|
11,362
|
|
|
12,687
|
|
|
(1,325
|
)
|
|
(10.4
|
)%
|
|||
Royalty income
|
—
|
|
|
—
|
|
|
—
|
|
|
|
||||
|
$
|
28,520
|
|
|
$
|
27,357
|
|
|
$
|
1,163
|
|
|
4.3
|
%
|
Gross profit:
|
|
|
|
|
|
|
|
|||||||
Direct
|
$
|
25,477
|
|
|
$
|
19,064
|
|
|
$
|
6,413
|
|
|
33.6
|
%
|
Retail
|
3,772
|
|
|
3,952
|
|
|
(180
|
)
|
|
(4.6
|
)%
|
|||
Royalty income
|
1,445
|
|
|
889
|
|
|
556
|
|
|
62.5
|
%
|
|||
|
$
|
30,694
|
|
|
$
|
23,905
|
|
|
$
|
6,789
|
|
|
28.4
|
%
|
Gross margin:
|
|
|
|
|
|
|
|
|||||||
Direct
|
59.8
|
%
|
|
56.5
|
%
|
|
330
|
|
basis points
|
|||||
Retail
|
24.9
|
%
|
|
23.8
|
%
|
|
110
|
|
basis points
|
Dollars in thousands
|
Three months ended March 31,
|
|
Change
|
||||
|
2013
|
|
2012
|
|
$
|
|
%
|
Selling and Marketing
|
$18,626
|
|
$16,066
|
|
$2,560
|
|
15.9%
|
As % of Net sales
|
31.5%
|
|
31.3%
|
|
|
|
|
Dollars in thousands
|
Three months ended March 31,
|
|
Change
|
||||
|
2013
|
|
2012
|
|
$
|
|
%
|
General and Administrative
|
$4,947
|
|
$4,010
|
|
$937
|
|
23.4%
|
As % of Net sales
|
8.4%
|
|
7.8%
|
|
|
|
|
Dollars in thousands
|
Three months ended March 31,
|
|
Change
|
||||
|
2013
|
|
2012
|
|
$
|
|
%
|
Research and Development
|
$1,127
|
|
$1,000
|
|
$127
|
|
12.7%
|
As % of Net sales
|
1.9%
|
|
2.0%
|
|
|
|
|
Dollars in thousands
|
Three months ended March 31,
|
|
Change
|
||||
|
2013
|
|
2012
|
|
$
|
|
%
|
Income Tax Provision
|
$353
|
|
$264
|
|
$89
|
|
33.7%
|
Period
|
|
(a)
Total Number of
Shares (or Units)
Purchased
(1)
|
(b)
Average
Price Paid
per Share (or Unit)
|
(c)
Total Number of
Shares (or Units)
Purchased as Part
of Publicly Announced Plans or Programs
|
(d)
Maximum Number
(or Approximate Dollar
Value) of Shares (or
Units) that May Yet Be Purchased Under the Plans or Programs
|
||
January 1 to January 31, 2013
|
|
2,017
|
$
|
5.41
|
|
—
|
—
|
February 1 to February 28, 2013
|
|
1,889
|
5.72
|
|
—
|
—
|
|
March 1 to March 31, 2013
|
|
11,992
|
6.62
|
|
—
|
—
|
|
Total
|
|
15,898
|
6.36
|
|
—
|
—
|
|
(1)
Consists of shares withheld from delivery upon settlement of the vesting portion of stock unit awards granted to certain of our executive officers. With respect to a restricted unit award granted to Bruce M. Cazenave, our Chief Executive Officer, we will withhold from the settlement of each monthly vesting portion of the award the number of shares sufficient to satisfy Mr. Cazenave's tax withholding obligation incident to such vesting, unless Mr. Cazenave should first elect to satisfy the tax obligation by cash payment to us. We do not have any publicly announced equity securities repurchase plans or programs.
|
Exhibit No.
|
|
Description
|
|
|
|
10.1
|
|
Severance and Employment Agreement, dated April 23, 2012, by and between Nautilus, Inc. and Robert O. Murdock (Incorporated by reference from our Current Report on Form 8-K filed March 20, 2013.)
|
|
|
|
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 three and nine months ended September 30, 2012, 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 Comprehensive Income (Loss) (unaudited), (iv) Condensed Consolidated Statements of Cash Flows (unaudited) and (v) Notes to Condensed Consolidated Financial Statements (unaudited). 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: May 9, 2013
|
By:
|
/
S
/ Linda M. Pearce
|
|
|
Linda M. Pearce
|
|
|
Chief Financial Officer
(Principal Financial Officer, Principal Accounting Officer
and for the Registrant)
|
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