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04.25.00
DIRECT FOCUS AUTHORIZES ADDITIONAL STOCK REPURCHASE PROGRAM
DIRECT FOCUS AUTHORIZES ADDITIONAL STOCK REPURCHASE PROGRAM
DIRECT FOCUS AUTHORIZES ADDITIONAL STOCK REPURCHASE PROGRAM
VANCOUVER, WA...April 25, 2000...Direct Focus, Inc. (Nasdaq: DFXI), a marketing company for fitness and healthy lifestyle products with a direct business model, today announced today that its Board of Directors has authorized an additional share buyback program.
The Board of Directors authorized management to repurchase up to $8 million of the Company's common stock in open-market transactions through June 30, 2000, with the terms of the purchases to be determined by management based on market condition.
In February, the Board of Directors had previously authorized management to repurchase up to $8 million of the Company's common stock in open-market transactions through April 30, 2000. During the first quarter of 2000, the Company repurchased 116,000 shares of common stock for approximately $3 million. The Company's cash and short-term investments at the end of the first quarter were $46.1 million, up from $35.7 million at the end of the fourth quarter of 1999.
"We have strong positive cash flows and growth," said Brian Cook, President and Chief Executive Officer. "We believe that stock repurchases at these levels will benefit the Company and our shareholders."
Direct Focus, Inc. is a leading marketing company for fitness and healthy lifestyle products with a sophisticated direct business model. The Company currently markets its Bowflex line of home fitness equipment and Nautilus Sleep Systems directly to consumers, using an effective combination of strong brand names, television advertising, Web sites, an extensive business intelligence database and integrated customer relationship management systems. The Company also sells its Nautilus commercial fitness equipment directly to health clubs and other institutions, and its Nautilus fitness accessories through retail athletic stores. The Company is headquartered in Vancouver, Washington, and located on the Web at www.directfocusinc.com.
This press release contains forward-looking statements relating to anticipated revenues, net income, earnings and the development of the Company's products and services, including statements regarding its Nautilus business. Factors that could affect the Company's actual results include its reliance on a limited product line, market acceptance of its existing and future products and growth management challenges. A more detailed description of certain factors that could affect actual results include, but are not limited to, those discussed in the Company's annual report on Form 10-K for the fiscal year ended December 31, 1999.
The Board of Directors authorized management to repurchase up to $8 million of the Company's common stock in open-market transactions through June 30, 2000, with the terms of the purchases to be determined by management based on market condition.
In February, the Board of Directors had previously authorized management to repurchase up to $8 million of the Company's common stock in open-market transactions through April 30, 2000. During the first quarter of 2000, the Company repurchased 116,000 shares of common stock for approximately $3 million. The Company's cash and short-term investments at the end of the first quarter were $46.1 million, up from $35.7 million at the end of the fourth quarter of 1999.
"We have strong positive cash flows and growth," said Brian Cook, President and Chief Executive Officer. "We believe that stock repurchases at these levels will benefit the Company and our shareholders."
Direct Focus, Inc. is a leading marketing company for fitness and healthy lifestyle products with a sophisticated direct business model. The Company currently markets its Bowflex line of home fitness equipment and Nautilus Sleep Systems directly to consumers, using an effective combination of strong brand names, television advertising, Web sites, an extensive business intelligence database and integrated customer relationship management systems. The Company also sells its Nautilus commercial fitness equipment directly to health clubs and other institutions, and its Nautilus fitness accessories through retail athletic stores. The Company is headquartered in Vancouver, Washington, and located on the Web at www.directfocusinc.com.
This press release contains forward-looking statements relating to anticipated revenues, net income, earnings and the development of the Company's products and services, including statements regarding its Nautilus business. Factors that could affect the Company's actual results include its reliance on a limited product line, market acceptance of its existing and future products and growth management challenges. A more detailed description of certain factors that could affect actual results include, but are not limited to, those discussed in the Company's annual report on Form 10-K for the fiscal year ended December 31, 1999.