Net sales in the Retail segment for the first quarter 2012 totaled $16.6 million, compared to $17.0 million in the same period last year. The decrease in sales was primarily attributed to lower sales of certain strength products to brick-and-mortar retailers, partially offset by higher sales to online retailers. Operating income for the Retail segment was $2.3 million, essentially flat compared to the same quarter a year ago. Retail gross margin was 23.8% in the first quarter of 2012, an increase of 40 basis points from the same quarter a year ago.
For further information, see "Segment Information" attached hereto.
As of March 31, 2012, cash and cash equivalents were $20.4 million, compared to $17.4 million at year end 2011. On March 30, 2012 the Company used $5.5 million of cash on hand to pre-pay all outstanding obligations under its increasing rate senior discount notes issued in 2010. Working capital was $17.2 million, compared to $19.4 million at year end 2011. Inventory as of March 31, 2012 was $13.5 million, compared to $11.6 million as of December 31, 2011. The Company believes it has adequate inventory to support current demand levels.For further information, see "Balance Sheet Information" attached hereto. Conference Call Nautilus will host a conference call to discuss the Company's operating results for the first quarter ended March 31, 2012 at 4:30 p.m. ET (1:30 p.m. PT) on Monday, May 7, 2012. The call 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 (888) 343-1302 in North America and international listeners may call (303) 223-2680. Participants from the Company will include Bruce M. Cazenave, Chief Executive Officer and William B. McMahon, Chief Operating Officer. A telephonic playback will be available from 6:30 p.m. ET, May 7, 2012, through 6:30 p.m. ET, May 21, 2012. Participants can dial (800) 633-8284 in North America and international participants can dial (402) 977-9140 to hear the playback. The passcode for the playback is 21589099.
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