Nautilus, the consumer goods and sporting goods designer, developer, manufacturer and marketer of fitness products sold under names as Nautilus, Bow flex, Schwinn Fitness and Stairmaster, reported a wider than expected net loss for the first quarter of 2010 on charges due to restructuring, a discontinued commercial operation, and a deficient customer credit program.
- Operating loss was $1.9 million for the first quarter 2010, compared to a loss of $3.7 million for the first quarter 2009, an improvement of 47.8%. The Company's improved operating results were driven by an increase in operating income from the Company's retail segment, company-wide cost reduction initiatives, and the impact of restructuring expenses on the first quarter of 2009.
- For the first quarter of 2010, the Company's earnings before interest, taxes, depreciation, and amortization (EBITDA) were a negative $0.2 million compared to a negative $1.3 million in the same period of 2009. A reconciliation of EBITDA compared to its nearest comparable measure under generally accepted accounting principles is appended to this release.
- Net loss in the first quarter 2010 was $7.8 million, or $0.25 per share, compared to net loss of $13.8 million, or $0.45 per share, in the first quarter 2009.
Nautilus rebounded nicely from a painful restructuring process the company has been forced to endure with this being the first quarter results since emerging. With no current borrowings and cash of $12.2 million of which $4.9 million was restricted cash as reported on December 31st, 2009, Nautilus could be poised for prosperity in 2010.