August 4, 2014 - Nautilus, Inc. (NYSE: NLS) today reported its unaudited operating results for the second quarter ended June 30, 2014.
Net sales for the second quarter of 2014 totaled $48.5 million, a 34% increase compared to $36.2 million in the same quarter of 2013. The strong growth was driven by higher sales in both the Direct and Retail segments. For the first six months of 2014, net sales were $120.5 million, an increase of 26% over the same period last year. Gross margins for the second quarter improved by 320 basis points to 51.0%, reflecting margin increases in both the Direct and Retail segments. Operating income from continuing operations for the second quarter of 2014 was $2.4 million, compared to an operating loss from continuing operations of $1.7 million reported in the same quarter of 2013. The increase in operating income reflects higher sales and gross margins in both the Direct and Retail segments combined with improved leverage of sales and marketing and general and administrative costs across higher sales volumes. For the first six months of 2014, operating income from continuing operations was $11.4 million, compared to $4.3 million in the same prior period, an increase of 167%.
Pretax income from continuing operations for the second quarter of 2014 was $2.3 million, or $0.07 per diluted share compared to a pretax loss from continuing operations of $1.6 million, or a $0.05 loss per diluted share for the second quarter of last year. For the first six months of 2014, pretax income from continuing operations was $11.3 million, or $0.36 per diluted share, compared to $4.3 million, or $0.14 per diluted share, compared to the prior year six month period.
Net income from continuing operations for the second quarter of 2014 was $1.5 million, or $0.05 per diluted share. Net income from continuing operations for the second quarter of 2013 was $32.7 million, or $1.04 per diluted share, which included a net income tax benefit of $34.3 million, or $1.09 per diluted share, due primarily to a partial reversal in the second quarter of 2013 of a valuation allowance recorded against the Company’s deferred tax assets.
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