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Nautilus Inc. Message Board

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  • astral_tsar astral_tsar Feb 6, 2004 8:49 PM Flag

    Value Investing

    Oh, crap. To many options. Here:

    Year Rptd Inc Approx Value of Issued Options
    2003 .. 60M ... 5M
    2002 .. 40M .. 15M
    2001 .. 30M .. 30M

    Estimated Income Net of Issued Options:
    2003 55M
    2002 25M
    2001 -
    Mean: 23M
    Shares outstanding: 42M
    Trailing-three-year average EPS less value of options issued: $0.55

    And even so, lots of consultants are very unhappy (quitting), so the adjusted EPS is at best representative of future compensation costs.

    So the $14 share price isn't necessarily a great bargain. Those reported earnings were achieved via huge option compensation costs not reported in the financials. (Legal but a bad deal for the corporation.)

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