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Nautilus, Inc. Reports Results For The Third Quarter 2012

Stocks in this article: NLS

Net sales for the Retail segment were $11.4 million in the third quarter 2012, compared to $13.7 million in the third quarter last year. As previously disclosed, in the first half of 2012, the Company took certain steps to stabilize declining gross margins in its Retail business. These steps included a price increase for the back half of 2012, which contributed to a 23% year-over-year increase in sales for the second quarter as some Retail customers accelerated a portion of their purchases into the second quarter compared to their typical buying patterns.

Operating income for the Retail segment was $0.8 million, compared to $1.3 million in the third quarter last year. Retail gross margin was 21.4% in the third quarter of 2012, compared to 21.6% in the same quarter of last year. Retail margins were adversely affected by less absorption of fixed costs due to the lower volumes in the quarter versus the same period last year.

For further information, see "Segment Information" attached hereto.

Balance Sheet

As of September 30, 2012, the Company had cash and cash equivalents of $15.2 million and no debt, compared to cash and cash equivalents of $17.4 million and $5.6 million of debt at year end 2011. Working capital was $17.9 million as of September 30, 2012, compared to $19.4 million at year end 2011; the decline in working capital was mainly the result of paying off the $5.6 million of debt during March of this year. Inventory as of September 30, 2012 was $16.9 million, compared to $11.6 million as of December 31, 2011 and $13.5 million same period last year. 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 third quarter ended September 30, 2012 at 4:30 p.m. ET (1:30 p.m. PT) on Monday, November 5, 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 (800) 406-5162 in North America and international listeners may call (303) 223-2690. Participants from the Company will include Bruce M. Cazenave, Chief Executive Officer, Linda Pearce, Chief Financial Officer, and William B. McMahon, Chief Operating Officer.

A telephonic playback will be available from 6:30 p.m. ET, November 5, 2012, through 6:30 p.m. ET, November 19, 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 21608608.

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