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NEWSWIRE
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Nautilus reports a loss but talks positively |
By John Craig, Editor - 05.08.2008
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VANCOUVER, Wash. - Nautilus Inc. this week reported a first-quarter loss of $6.4 million, but new chief executive Edward Bramson said the company's long-term finances are much improved.
Sales for the quarter were $129.6 million, down from $137 million in the first quarter of last year.
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The commercial business recorded $16 million in sales, a 10 percent drop from first quarter of 2007. Direct sales were down 6 percent to $69 million, and retail sales fell 9 percent to $25 million.
In a conference call with analysts on Monday, Bramson said Nautilus was hurt by an $8 million loss tied to the cancellation of an agreement to buy a factory in China, and by $2.4 million in severance costs related to the March departure of his predecessor, Robert Falcone.
Bramson, whose hedge fund owns 26 percent of Nautilus' stock, said the equipment maker's sale of the Pearl iZumi apparel line, completed last month, will soon have a positive effect on the bottom line.
Also on Monday, Nautilus' board authorized the re-purchase up to $10 million of company stock, though Bramson said there were no immediate plans to buy back shares.
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