Nautilus, Inc. Increases Share Repurchase Program by $15 Million
March 05 2018 - 4:05PM
Business Wire
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.
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version on businesswire.com: http://www.businesswire.com/news/home/20180305005983/en/
Investor Relations:ICR, LLCJohn Mills, 646-277-1254
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