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01.23.01
DIRECT FOCUS AUTHORIZES STOCK REPURCHASE PROGRAM
DIRECT FOCUS AUTHORIZES STOCK REPURCHASE PROGRAM
DIRECT FOCUS AUTHORIZES STOCK REPURCHASE PROGRAM
Vancouver, WA- January 23, 2001-Direct Focus, Inc. (Nasdaq: DFXI), a marketing company for fitness and healthy lifestyle products with a direct business model, announced today that its Board of Directors has authorized a share buyback program.
The Board of Directors authorized management to repurchase up to $20 million of the Company’s common stock in open-market transactions from January 25, 2001 through April 30, 2001, with the terms of the purchases to be determined by management based on market condition.
The Company's cash and short-term investments at the end of fiscal year 2000 were $77.2 million, up from $57.6 million at the end of the third quarter and from $35.7 million at the end of fiscal 1999. Despite capital expenditures of approximately $8.8 million for fiscal year 2000, Direct Focus increased its cash and short-term investments by $41.5 million or 116% from the end of fiscal 1999. "We have strong positive cash flows and growth prospects, and believe that stock repurchases at these levels will benefit the company and our shareholders," said Brian Cook, President and Chief Executive Officer.
About Direct Focus, Inc.
Direct Focus, Inc. is a marketing company for fitness and healthy lifestyle products with a 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 television advertising, 800-call centers and Web sites. The Company also sells its Nautilus commercial fitness equipment directly to health clubs and other institutions, and its Nautilus consumer fitness products through retail athletic stores. The Company is headquartered in Vancouver, Washington. Direct Focus is 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 $20 million of the Company’s common stock in open-market transactions from January 25, 2001 through April 30, 2001, with the terms of the purchases to be determined by management based on market condition.
The Company's cash and short-term investments at the end of fiscal year 2000 were $77.2 million, up from $57.6 million at the end of the third quarter and from $35.7 million at the end of fiscal 1999. Despite capital expenditures of approximately $8.8 million for fiscal year 2000, Direct Focus increased its cash and short-term investments by $41.5 million or 116% from the end of fiscal 1999. "We have strong positive cash flows and growth prospects, and believe that stock repurchases at these levels will benefit the company and our shareholders," said Brian Cook, President and Chief Executive Officer.
About Direct Focus, Inc.
Direct Focus, Inc. is a marketing company for fitness and healthy lifestyle products with a 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 television advertising, 800-call centers and Web sites. The Company also sells its Nautilus commercial fitness equipment directly to health clubs and other institutions, and its Nautilus consumer fitness products through retail athletic stores. The Company is headquartered in Vancouver, Washington. Direct Focus is 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.