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Despite First-Quarter Loss, Nautilus is Optimistic
May 9, 2008
Source: Fitness Business Pro
Several events in what has already been a busy 2008 for Nautilus Inc., factored into its first-quarter results, which the company announced Monday.
Nautilus reported a first-quarter loss, which company executives blamed on two one-time charges--an $8 million charge for canceling the purchase of the Chinese company Land America Health and Fitness and the $2.4 million in severance paid to former CEO Robert Falcone in March. The company sold its apparel business Pearl iZumi for $69.4 million at the end of April, so the sale, which put Nautilus in a $7 million net cash position, won’t count until second-quarter financials are released.
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