Nautilus Announces Workforce Reductions to Lower Expenses
VANCOUVER, Wash., Sep 12, 2003 (BUSINESS WIRE) --
The Nautilus Group, Inc. (NYSE: NLS), a leading marketer, developer, and manufacturer of branded health and fitness products, announced today a reduction in its workforce to lower expenses in response to the current business environment.
For the third quarter of 2003, the company expects to record a restructuring charge of approximately $200,000. When fully implemented, this workforce reduction is expected to produce approximately $4 million in annual pre-tax cost savings, which equates to approximately 8% of current labor costs. This savings is being achieved through attrition, headcount reduction of employees, and the elimination of contract workers.
Gregg Hammann, President and Chief Executive Officer stated: "While the company enjoys a very strong financial position, we continually review the performance of our business segments, facilities and products. We believe today's action is a necessary response to the current business environment and will enhance long-term value for our shareholders."
Mr. Hammann continued, "While we currently face a challenging business environment, we are clearly focused on our long-term corporate growth opportunities. We believe our recent initiatives combined with our portfolio of leading health and fitness brands, strong balance sheet, and superior customer service will continue to position our company as a leader in health and fitness products for years to come."
Oh boy-you would have to have been living under a rock not to know their "line." Afterall, we are bombarded with their crappy commercials every two seconds-oops maybe folks have been turning over to PBS to avoid them, that would account for a drop in their sales-there are a finite amount of pretensile aircraft cable pulling doodads in the world and not that many people wishing to yank on them.