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Nautilus, Inc. Announces Continued Positive Momentum In Operating Results For The Second Quarter Of 2011

Second quarter 2011 operating results for the Retail segment declined $0.5 million from the same quarter a year ago primarily due to lower sales and lower gross margin percent. Gross margin for the Retail business was 21.7% of net sales for the second quarter of 2011, a decrease of 470 basis points compared to the comparable 2010 period, reflecting increased product costs and a change in product mix.

The following table presents comparative operating results by segment for the six months ended June 30, 2011 and 2010:

Operating Income (Loss) by Segment  

Six months ended June 30,

  Change
(Unaudited and in thousands) 2011   2010 $   %
Direct business $ 1,178 $ (6,514 ) $ 7,692 n.m.
Retail business 3,101 3,593 (492 ) (13.7 )%
Unallocated corporate (5,179 ) (5,777 ) 598   10.4 %
$ (900 ) $ (8,698 ) $ 7,798   89.7 %

The following summary contains information from our unaudited condensed consolidated balance sheets as of June 30, 2011 and December 31, 2010:

  As of
(Unaudited and in thousands) June 30, 2011  

December 31,2010

Assets
Current assets:
Cash and cash equivalents $ 15,052 $ 14,296
Trade receivables, net 7,878 19,633
Inventories 12,518 10,347
Prepaids and other current assets 5,448   7,319
Total current assets 40,896 51,595
Property, plant and equipment, net 4,711 3,795
Goodwill 3,000 2,931
Other intangible assets, net 17,743 18,774
Other assets 920   1,272
$ 67,270   $ 78,367
Liabilities and Stockholders' Equity
Current liabilities:
Trade payables $ 16,041 $ 24,535
Accrued liabilities 6,161 7,045
Warranty obligations, current portion 2,950 3,539
Deferred income tax liabilities 1,187   1,160
Total current liabilities 26,339 36,279
Long-term notes payable 5,365 5,141
Warranty obligations, non-current 408 396
Income taxes payable, non-current 3,472 3,210
Deferred income tax liabilities, non-current 1,355 1,008
Other long-term liabilities 1,358 1,534
Stockholders' equity 28,973   30,799
$ 67,270   $ 78,367

Conference Call

Nautilus will host a conference call to discuss the Company's operating results for the second quarter at 4:30 p.m. EDT (1:30 p.m. PDT) on Monday, August 8, 2011. It will be broadcast live over the Internet hosted at http://www.nautilusinc.com/events and will be archived online within one hour after completion of the call. In addition, listeners may call (800) 931-1309 in North America, and international listeners may call (212) 231-2931. Participants from the Company will be Bruce M. Cazenave, Chief Executive Officer, Michael D. Mulholland, Chief Financial Officer and William B. McMahon, Senior Vice President - Consumer Business.

A telephonic playback will be available from 6:30 p.m. EDT, August 8, 2011, through 6:30 p.m. EDT, August 22, 2011. Participants can dial (800) 633-8284 in North America, and international participants can dial (402) 977-9140 to hear the playback. The passcode is 21533136 to hear the playback.

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