March 26, 2012 - Nautilus, Inc. (NYSE: NLS) announced today that it has received notification from the New York Stock Exchange (“NYSE”) that the Company has regained compliance with the NYSE’s continued listing standards. The confirmation of reinstatement is the result of the Company’s consistent performance against a business plan submitted to the NYSE and its compliance with the Exchange’s minimum market capitalization standard.
“We are pleased to receive this notification from the NYSE. The key to our business plan was to illustrate that the company could improve profitability and increase equity value by generating profitable growth, reducing overhead costs, and by introducing new products to the market. We were in line with the performance targets set forth in the business plan and our strong profitable finish to the 2011 fiscal year was further evidence that our key initiatives are delivering the results we expect,” said Bruce M. Cazenave, Chief Executive Officer.
On September 23, 2010, the Company was notified that it had fallen below the NYSE's continued listing standards relating to minimum average global equity market capitalization and total stockholders' equity, which require that either its average global market capitalization be not less than $50 million over a consecutive 30 trading-day period, or its total stockholders' equity be not less $50 million. Based on the closing price of the Company’s shares as of March 23, 2012, average global market capitalization for the last 30 trading-day period was $83 million.
In addition to the NYSE's normal monitoring procedures, the Company will be subject to a 12-month follow-up period to ensure that it remains in compliance with the NYSE's continued listing standards.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 TM and Universal ®, Nautilus markets innovative fitness products through Direct and Retail channels. Websites: www.nautilusinc.com, www.bowflex.com, www.treadclimber.com and www.corebody.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 the Company's prospects, resources, capabilities, current or future financial trends or operating results. Factors that could cause Nautilus, Inc.'s actual results to differ materially from these forward-looking statements include our ability to acquire inventory from sole source foreign manufacturers at acceptable costs, within timely delivery schedules and that meet our quality control standards, availability and price of media time consistent with our cost and audience profile parameters, a decline in consumer spending due to unfavorable economic conditions, an adverse change in the availability of credit for our customers who finance their purchases, our ability to pass along vendor raw material price increases and increased shipping costs, our ability to effectively develop, market and sell future products, our ability to protect our intellectual property, the introduction of competing products, and our ability to get foreign-sourced product through customs in a timely manner. 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 actual results or developments 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 events or circumstances.
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