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02.24.00
DIRECT FOCUS, INC. AUTHORIZES STOCK REPURCHASE PROGRAM
DIRECT FOCUS, INC. AUTHORIZES STOCK REPURCHASE PROGRAM
DIRECT FOCUS, INC. AUTHORIZES STOCK REPURCHASE PROGRAM
Vancouver, WA-February 24, 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 a 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 April 30, 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 the fourth quarter was approximately $35 million, up from $18 million art the end of the fourth quarter of 1998.
"We believe that Direct Focus' stock is undervalued," said Brian Cook, President and Chief Executive Officer. "We have strong positive cash flows and growth prospects, and believe that stock repurchases at these levels will benefit the company and our shareholders.
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 fitness accessories through retail athletic stores. The Company is headquartered in Vancouver, Washington. Direct Focus, Inc. 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, growth management challenges and difficulties integrating the company's Nautilus operations. A more detailed description of certain factors that could affect actual results include, but are not limited to, those discussed in the company's registration statement on Form S-1 in the section entitled "Risk Factors."
The Board of Directors authorized management to repurchase up to $8 million of the Company's common stock in open-market transactions through April 30, 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 the fourth quarter was approximately $35 million, up from $18 million art the end of the fourth quarter of 1998.
"We believe that Direct Focus' stock is undervalued," said Brian Cook, President and Chief Executive Officer. "We have strong positive cash flows and growth prospects, and believe that stock repurchases at these levels will benefit the company and our shareholders.
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 fitness accessories through retail athletic stores. The Company is headquartered in Vancouver, Washington. Direct Focus, Inc. 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, growth management challenges and difficulties integrating the company's Nautilus operations. A more detailed description of certain factors that could affect actual results include, but are not limited to, those discussed in the company's registration statement on Form S-1 in the section entitled "Risk Factors."