VANCOUVER, Wash.--(BUSINESS WIRE)--Mar. 5, 2018--
Nautilus, Inc. (NYSE:NLS) today announced that its Board of Directors
approved an additional $15 million share repurchase program, bringing
the total authorization under existing programs to $30 million. The
Company has completed approximately $3.0 million in total share
repurchases under the $15 million program announced in May 2017. The
balance of $12.0 million under that program may be repurchased from time
to time through April 25, 2019. Shares may be repurchased under the new
$15 million program from time to time through February 21, 2020.
Repurchases under the Company’s programs may be made in open market
transactions at prevailing prices, in privately negotiated transactions,
or by other means in accordance with federal securities laws. The
timing, number and value of shares repurchased under the programs will
depend on a number of factors, including the market price of Nautilus'
common stock, general market and economic conditions, assessment of
alternate uses of cash and applicable legal requirements. The Company
previously completed $25 million of repurchases under share repurchase
programs announced in November 2014 and May 2016.
Bruce Cazenave, Chief Executive Officer, commented, “Nautilus is
committed to delivering long-term value for our shareholders by
utilizing our strong cash flow and healthy balance sheet to enhance
value in multiple ways. Investment in growth-oriented initiatives, both
organic and through acquisitions, remain our top priorities in terms of
capital deployment. We also recognize that the Company’s operating cash
flow provides the flexibility to enhance shareholder value by
opportunistically repurchasing shares when market conditions are
favorable.”
Share repurchases will be funded from existing cash balances and
repurchased shares will be retired and returned to unissued authorized
shares. The share repurchase program does not obligate the company to
repurchase any dollar amount or number of shares of its common stock and
the program may be extended, modified, suspended or discontinued at any
time.
About Nautilus, Inc.
Headquartered in Vancouver, Washington, Nautilus, Inc. (NYSE:NLS) is a
global fitness solutions company that believes everyone deserves a fit
and healthy life. With a brand portfolio including Bowflex®,
Nautilus®, Octane Fitness®, Schwinn®
and Universal®, Nautilus, Inc. develops innovative products
to support healthy living through direct and retail channels as well as
in commercial channels with Octane Fitness® products.
This press release includes forward-looking statements (statements which
are not historical facts) within the meaning of the Private Securities
Litigation Reform Act of 1995, including among other things, statements
regarding the value of shares repurchased through our share repurchase
program, the duration of such program and our ability to continue
investing in our business initiatives. Actual results could differ
materially from those projected in the forward-looking statements as a
result of certain risk factors, including but not limited to: (i)
fluctuations and volatility in our stock price; (ii) the impact of
macroeconomic conditions on customer demand for our products; (iii)
changes in our financial condition; (iv) changes in business
opportunities and priorities that could cause us to consider alternative
uses of cash; (v) fluctuations in the level of cash that we have
available for stock repurchases; and (vi) covenant obligations imposed
by our existing or future financing agreements. These forward-looking
statements are based on current expectations and are subject to
uncertainties and changes in condition, significance, value and effect
as well as other risks detailed in documents filed with the Securities
and Exchange Commission, including our most recent reports on Form 10-K
and Form 10-Q and current reports on Form 8-K that we may file from time
to time, which could cause actual results to vary from expectations.
Nautilus assumes no obligation to, and does not currently intend to,
update any such forward-looking statements after the date of this
release.
View source version on businesswire.com: http://www.businesswire.com/news/home/20180305005983/en/
Source: Nautilus, Inc.
Investor Relations:
ICR, LLC
John Mills, 646-277-1254