The Company reported a net loss of $0.1 million for the third quarter ended September 30, 2011, compared to a net loss of $4.3 million for the third quarter of 2010. Diluted net loss per share for the third quarter of 2011 was breakeven $(0.00), compared to diluted net loss per share of $(0.14) for the same quarter a year ago. Net loss for the 2011 third quarter included a loss from discontinued operation of $0.4 million, or $(0.01) per diluted share, compared to a loss of $1.9 million, or $(0.06) per diluted share for the 2010 third quarter.
For the nine months ended September 30, 2011, loss from continuing operations was $0.8 million, compared to loss from continuing operations of $11.8 million for the same period in 2010. Diluted loss per share from continuing operations for the first nine months of 2011 was $(0.03), compared to $(0.38) for the same period a year ago.
The Company reported a net loss of $1.8 million for the nine months ended September 30, 2011 compared to a net loss of $22.8 million for the same period a year ago. Diluted net loss per share for the first nine months of 2011 was $(0.06), as compared to diluted net loss per share of $(0.74) for the same period a year ago. Net loss for the first nine months of 2011 included a loss from discontinued operation of $1.0 million, or $(0.03) per diluted share, compared to a loss of $11.0 million, or $(0.36) per diluted share, for the same period in 2010.
Net sales for the Direct segment increased 5.3% for the 2011 third quarter over the comparable period last year. This sales increase was largely driven by continued strong demand for the Company's TreadClimber ® products, attributable partly to increased advertising effectiveness and higher consumer credit approval rates, which rose to 27% in the 2011 third quarter, from 21% for the same period last year. The improvement in Direct net sales, led by strong growth in TreadClimber ® products, was partially offset by a decline in net sales of strength products due to sales promotions during the third quarter 2010 and the maturing product life cycle for home gyms.Net sales in the Retail segment for the 2011 third quarter totaled $13.7 million, compared to $16.1 million for the same period last year, primarily due to a third quarter 2010 sales promotion of certain cardio products that was not repeated in the third quarter this year, as well as a shift in the timing of customer orders to the fourth quarter.
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