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09.20.01
DIRECT FOCUS EXTENDS STOCK REPURCHASE PROGRAM
DIRECT FOCUS EXTENDS STOCK REPURCHASE PROGRAM
DIRECT FOCUS EXTENDS STOCK REPURCHASE PROGRAM
Vancouver, WA – September 20, 2001-Direct Focus, Inc. (Nasdaq: DFXI), a leading marketing company for fitness and healthy lifestyle products, announced today that its Board of Directors has extended management’s authority to repurchase up to $20 million of the Company’s common stock in open-market transactions until October 31, 2001.
The Company has already repurchased approximately $12.7 million of its common stock since the beginning of the repurchase program on January 26, 2001. The terms of the stock repurchases will be determined by management based on market conditions.
The Company's cash and short-term investments as of June 30, 2001 were $94.7 million, up from $70.7 million at the end of 2000 and from $35.7 million at the end of 1999. After the completion of its recently announced acquisition of Schwinn Fitness for approximately $65 million and the effects of any stock repurchase, the Company expects its cash and short-term investments to be approximately $35 million at the end of the third quarter of 2001.
"Given our strong positive cash flows and growth prospects, we have been actively exercising our stock repurchase program this week," said Brian Cook, President and Chief Executive Officer. “We continue to believe our stock is undervalued and that stock repurchases will benefit the company and our shareholders.”
About Direct Focus, Inc.
Direct Focus is a marketing company for fitness and healthy lifestyle products with direct, retail, and commercial sales channels worldwide. 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 sells its Schwinn Fitness products, under the Schwinn and Trimline brand names, and its Nautilus consumer fitness products through retail athletic stores. In addition, Direct Focus sells its Nautilus commercial fitness equipment directly to health clubs and other institutions. 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 sales and the development of Direct Focus' products and services, including statements regarding its Nautilus and Schwinn businesses. Factors that could affect Direct Focus' actual results include its reliance on a limited product line, fluctuations in advertising rates, market acceptance of its existing and future products, growth management challenges, and general economic conditions. A more detailed description of certain factors that could affect actual results include, but are not limited to, those discussed in Direct Focus' annual report on Form 10-K for the fiscal year ended December 31, 2000.
The Company has already repurchased approximately $12.7 million of its common stock since the beginning of the repurchase program on January 26, 2001. The terms of the stock repurchases will be determined by management based on market conditions.
The Company's cash and short-term investments as of June 30, 2001 were $94.7 million, up from $70.7 million at the end of 2000 and from $35.7 million at the end of 1999. After the completion of its recently announced acquisition of Schwinn Fitness for approximately $65 million and the effects of any stock repurchase, the Company expects its cash and short-term investments to be approximately $35 million at the end of the third quarter of 2001.
"Given our strong positive cash flows and growth prospects, we have been actively exercising our stock repurchase program this week," said Brian Cook, President and Chief Executive Officer. “We continue to believe our stock is undervalued and that stock repurchases will benefit the company and our shareholders.”
About Direct Focus, Inc.
Direct Focus is a marketing company for fitness and healthy lifestyle products with direct, retail, and commercial sales channels worldwide. 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 sells its Schwinn Fitness products, under the Schwinn and Trimline brand names, and its Nautilus consumer fitness products through retail athletic stores. In addition, Direct Focus sells its Nautilus commercial fitness equipment directly to health clubs and other institutions. 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 sales and the development of Direct Focus' products and services, including statements regarding its Nautilus and Schwinn businesses. Factors that could affect Direct Focus' actual results include its reliance on a limited product line, fluctuations in advertising rates, market acceptance of its existing and future products, growth management challenges, and general economic conditions. A more detailed description of certain factors that could affect actual results include, but are not limited to, those discussed in Direct Focus' annual report on Form 10-K for the fiscal year ended December 31, 2000.