VANCOUVER, Wash.--(BUSINESS WIRE)--Sept. 12, 2003--The Nautilus Group, Inc. (NYSE: NLS - News), 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."