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Nautilus, Inc. Reports Strong Results For The QUARTER Quarter Revenue Increased

The following excerpt is from the company's SEC filing.

Over Prior Year to

$70.7 million

Quarter EPS from Continuing Operations Increased

to 12 cents per share

VANCOUVER, WASHINGTON, November 2, 2015 - Nautilus, Inc. (NYSE: NLS) today reported its unaudited operating results for the

quarter ended

September 30, 2015

Net sales for the

quarter of

totaled

increase

compared to

$59.1 million

in the same quarter of

. The strong growth was driven by higher sales in both the Direct and Retail segments. For the first

months of

, net sales were
< br>$226.6 million

an increase

over the same period last year. Gross margins for the

quarter improved by

basis points to

, reflecting a margin increase in the Direct segment, a favorable mix between segments, and higher royalty revenue as a percentage of total net sales. Operating income from continuing operations for the

$6.4 million

over operating income from continuing operations of

$4.3 million

reported in the same quarter of

in operating income primarily reflects higher net sales and gross margins in the Direct segment, higher royalty revenue, and improved leverage of general and administrative costs across the higher sales volumes. For the first

, operating income from continuing operations was

$27.9 million

, compared to

$15.7 million

in the same period last year,

Income from continuing operations for the

$3.9 million

per diluted share, compared to income from continuing operations of

$2.7 million

per diluted share, for the

quarter of last year. For the first

, income from continuing operations was

$17.0 million

$9.9 million

per diluted share, in the same period last year,

, the Company reported net income of

$3.7 million

per diluted share, which includes a loss from discontinued operations of

$0.1 million

. In the

$2.5 million

per diluted share, which included a

$0.2 million

loss from discontinued operations.

Bruce M. Cazenave, Chief Executive Officer, stated, “Our third quarter performance is a result of continued successful execution across all aspects of our business. Strong top line growth of 20% reflects steady momentum for the Max Trainer product line in the Direct segment, coupled with increased market penetration in a number of product categories within the Retail segment. As importantly, we delivered robust operating income growth of 49% for the quarter, resulting from the higher sales and consolidated gross margins, as well as further leverage of supply chain and general and administrative costs.”

Mr. Cazenave continued, “At our recent new product showcase event, we introduced new strength and cardio products that will launch in the coming months. We are encouraged by initial retailer and consumer response and interest in our newest products, which feature enhanced connectivity and more interactive and tailored workouts. These products re-affirm our commitment to further diversify our portfolio and to drive the business for long-term profitable growth via industry leading design and innovation.”

For further information, see “Results of Operations Information” attached hereto.

Segment Results

Net sales for the Direct segment were

$42.9 million

over the comparable period last year. Direct segment sales benefited from continued strong demand for cardio products, especially the Bowflex

product line. For the first

, net sales for the Direct segment were

$158.6 million

Operating income for the Direct segment was

$5.4 million

compared to the

. Operating income benefited from higher net sales and gross margins. Gross margin for the Direct business improved

of last year. Gross margin improvement reflected leveraging of supply chain costs and lower reserve requirements.

Net sales for the Retail segment were

$25.7...


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