Nautilus, Inc. Reports Preliminary Unaudited Results for the Fourth Quarter and Full Year 2014
12 January 2015 - 11:38PM
Business Wire
Revenue Increased 23% Over Prior Year and
Operating Income from Continuing Operations Increased Approximately
40%
Pretax EPS from Continuing Operations
Expected to be in Range of $0.43 to $0.46 versus $0.32 in Prior
Year
January 12, 2015 - Nautilus, Inc. (NYSE: NLS) today announced
its preliminary, unaudited results for the fourth quarter and year
ended December 31, 2014.
Nautilus expects to report net sales of approximately $95
million for the fourth quarter of 2014, an increase of 23% compared
to the fourth quarter of 2013. For the full year 2014, net sales
are expected to approximate $274 million, an increase of 25%
compared to the full year 2013.
Pretax earnings per diluted share from continuing operations are
estimated to be in the range of $0.43 - $0.46 per share for the
fourth quarter of 2014, compared to $0.32 per share for the fourth
quarter of 2013. On a full year basis for 2014, pretax earnings per
share from continuing operations are expected to be in the range of
$0.92 - $0.95 per share versus $0.51 per share for the full year
2013.
Fully diluted earnings per share from continuing operations for
the fourth quarter of 2014 are expected to be in the range of $0.30
- $0.33 per share compared to $0.27 per share for the fourth
quarter of 2013. On a full year basis for 2014, fully diluted
earnings per share from continuing operations are expected to be in
the range of $0.61 - $0.64 per share, versus $1.53 per share in
2013. Full year 2013 earnings per share include an income tax
benefit of $1.05 per share as a result of the partial reversal of
the valuation allowance recorded against the Company’s deferred tax
assets.
The Company had cash, cash equivalents, and marketable
securities of $72 million and no debt at December 31, 2014 compared
to $41 million and no debt at December 31, 2013.
Bruce M. Cazenave, Chief Executive Officer, stated, “We are
pleased to report another quarter of strong revenue and profit
growth. These results are further affirmation that the new product
roadmap and operational initiatives we embarked on a few years ago
are effective. I am extremely proud of our dedicated employees for
their outstanding efforts in delivering these results and for their
hard work in continuing to build strong growth platforms for the
future. We look forward to sharing further details in our upcoming
earnings release and quarterly conference call.”
Nautilus plans to release its full operating results for the
fourth quarter and full year 2014 in late February 2015.
Non-GAAP Presentation
In addition to disclosing results determined in accordance with
GAAP, Nautilus discloses certain non-GAAP operating results that
exclude certain charges. In this news release, the Company has
presented pretax income per diluted share from continuing
operations which is a non-GAAP financial measure.
When presenting non-GAAP information, the Company includes a
reconciliation of the non-GAAP results to the most directly
comparable financial measure calculated and presented in accordance
with GAAP. The Company presents pretax income per diluted share
from continuing operations because management believes that the
partial reversal of valuation allowances in fiscal year 2013,
resulting in significant changes to the effective tax rate, makes
meaningful comparisons between periods difficult. Including the
non-GAAP results assists investors in assessing the Company's
operational performance relative to its competitors and its
historical financial performance. The Company presents these
non-GAAP results as a complement to results provided in accordance
with GAAP, and these results should not be regarded as a substitute
for GAAP. The Company strongly encourages you to review all of its
financial statements and publicly-filed reports in their entirety
and to not rely on any single financial measure.
For a quantitative reconciliation of our non-GAAP financial
measures to the most comparable GAAP measures, see "Reconciliation
of Non-GAAP Financial Measures; Pretax Income per Diluted Share
from Continuing Operations" in the financial tables included with
this release.
About Nautilus, Inc.
Headquartered in Vancouver, Washington, Nautilus, Inc. (NYSE:
NLS) is a global fitness products company providing innovative,
quality solutions to help people achieve a healthy lifestyle. With
a brand portfolio including Nautilus®, Bowflex®, TreadClimber®,
Schwinn®, Schwinn Fitness™ and Universal®, Nautilus markets
innovative fitness products through Direct and Retail channels.
Websites: www.nautilusinc.com and www.bowflex.com
This press release includes forward-looking statements
(statements which are not historical facts) within the meaning of
the Private Securities Litigation Reform Act of 1995, including
statements concerning: expected results of operations for the
quarter and year ended December 31, 2014; the anticipated release
of the Company’s final operating results for such periods; the
Company's prospects, resources or capabilities; current or future
financial and economic trends; and the results of operational and
product initiatives. Factors that could cause Nautilus, Inc.'s
actual results to differ materially from these forward-looking
statements include: our ability to timely acquire inventory from
sole source foreign manufacturers at acceptable costs; the
effectiveness, availability and price of media time; a decline in
consumer spending; our ability to effectively develop, market and
sell future products; our ability to protect our intellectual
property; and the introduction of competing products. Additional
assumptions, risks and uncertainties are described in detail in our
registration statements, reports and other filings with the
Securities and Exchange Commission, including the "Risk Factors"
set forth in our Annual Report on Form 10-K, as supplemented by our
quarterly reports on Form 10-Q. Such filings are available on our
website or at www.sec.gov. You are cautioned that such statements
are not guarantees of future performance and that our actual
results may differ materially from those set forth in the
forward-looking statements. We undertake no obligation to publicly
update or revise forward-looking statements to reflect subsequent
developments, events or circumstances.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
Pretax Income per Diluted Share from Continuing Operations
(unaudited):
Three Months Ended December 31, 2014
(Range)
2013 Pretax income per diluted share
from continuing operations $
0.43 - 0.46
$ 0.32 Diluted loss per share from income taxes
(0.13
) (0.05 ) Diluted income per share from continuing operations $
0.30-0.33 $ 0.27
Twelve Months Ended
December 31, 2014 (Range)
2013 Pretax income per
diluted share from continuing operations $
0.92 - 0.95
$ 0.51 Diluted income (loss) per share from income taxes
(0.31
) 1.02 Diluted income per share from continuing operations $
0.61-0.64 $ 1.53
Investor Relations Contact:ICR, LLCJohn Mills, (310)
954-1105
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