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Nautilus Inc. Message Board

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  • astral_tsar astral_tsar Mar 3, 2006 4:48 PM Flag

    One Analyst Downgrade ...

    I can go along with some of that.

    But stock repurchasing has been negligible (in fact mildly negative as they issued new shares).

    Going by reported financials, the three big extra cash expenditures for 2005 were:
    1. 74 million ... the PearlIzumi acquisition
    2. 47 million ... increased inventories
    3. 20 million ... increased PP&E (perhaps that HQ construction)
    TOTAL: 141 million

    About 100 million of that came from cash on hand at y/e 2004.
    (They began the year with about 105 million in cash and ended with about 8 million.
    http://www.sec.gov/Archives/edgar/data/1078207/000119312506019763/dex99.htm
    )

    The other 40 million they borrowed.

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    • Some quibbling re that last post:
      Only 69 million of the PearlIzumi cost was cash. The other 5 million was debt assumed by Nautilus. Since I was tracing where Nautilus' new debt seems to come from, the effect is the same.

      Also I'd like to believe that Nautilus earned some free cash flow during 2005. That appears to have been taken up in working capital however: receivables were up 20 million at y/e 2005 w/r/t y/e 2004. (That ~ 20% increase in receivables is in line with the increase in revenues, so I don't see that item as a red flag.)

 
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