I agree on the valuations, I didn't even hold out for $20. (Though $10 not $9 was the summer 2003 low market price.) But there never was any need for a "turnaround." Nautilus has been very profitable all along.
If management has the guts to focus on building direct sales ("direct focus" as it were) at the expense of retail, I might end up kicking myself for bailing under $17. They have to deal with Icon first I imagine.
They mentioned that they might have to hold back on new partners should they get multiple orders due to production constraints. Sears was mentioned specifically... but they noted that they have 3 or 4 potential large customers, and if orders would come in simultaneously, that they wouldn't be able to supply them all.