Nautilus, Inc. Appoints New Chief Financial Officer
February 21 2014 - 3:00PM
Business Wire
February 21, 2014 - Nautilus, Inc. (NYSE: NLS) announced today
that Sid Nayar has been appointed as the Company’s Chief Financial
Officer following an extensive national search. Mr. Nayar joined
Nautilus on February 10, 2014 and his appointment as Chief
Financial Officer will become effective following the filing of the
Company’s Annual Report on Form 10-K for the year ended December
31, 2013.
Mr. Nayar will oversee all financial, accounting, and investor
relations activities for the Company. He brings over 25 years of
financial management experience to the position.
Mr. Nayar joins Nautilus from Congoleum Corporation, a
manufacturer of residential and commercial flooring products that
was publicly traded from 1995 until completion of a private
restructuring in 2010. Mr. Nayar joined Congoleum in 1986 and held
increasingly senior accounting and finance positions, including
Senior Vice President, Finance and Chief Financial Officer since
1999. During his time at Congoleum, Mr. Nayar was engaged in all
aspects of financial management and reporting. His tenure included
the company’s growth and expansion, IPO and eventual restructuring
as a private company. Mr. Nayar received a BSc in economics from
the London School of Economics, and an MBA in finance from Rutgers
University.
Bruce M. Cazenave, Chief Executive Officer, stated, “We are
excited to have Sid join our management team and are confident that
his strong financial background and depth of experience over his
long tenure at Congoleum will provide significant contributions to
our company as we continue to execute on our key strategic
initiatives.”
Mr. Nayar commented, “Nautilus has a strong brand heritage, a
commitment to product innovation, and recent execution against its
strategic plan has created a strong foundation for continued
profitable growth. I look forward to contributing as a member of
Nautilus’ management team as we continue the focus on driving
improvements in both revenue and margins while seeking to
capitalize on exciting opportunities for future growth.”
About Nautilus, Inc.
Headquartered in Vancouver, Washington, Nautilus, Inc. (NYSE:
NLS) is a global fitness products company providing innovative,
quality solutions to help people achieve a healthy lifestyle. With
a brand portfolio including Nautilus®, Bowflex®, TreadClimber®,
Schwinn®, Schwinn Fitness™ and Universal®, Nautilus markets
innovative fitness products through Direct and Retail channels.
Websites: www.nautilusinc.com and www.bowflex.com
This press release includes forward-looking statements
(statements which are not historical facts) within the meaning of
the Private Securities Litigation Reform Act of 1995, including
statements concerning: the Company’s prospects, resources or
capabilities; current or future financial and economic trends;
future operating results and future growth in revenues and profits.
Factors that could cause Nautilus, Inc.’s actual results to differ
materially from these forward-looking statements include our
ability to timely acquire inventory that meets our quality control
standards from sole source foreign manufacturers at acceptable
costs, the effectiveness, availability and price of media time
consistent with our cost and audience profile parameters, greater
than anticipated costs associated with launch of new products, a
decline in consumer spending due to unfavorable economic
conditions, softness in the retail marketplace, an adverse change
in the availability of credit for our customers who finance their
purchases, our ability to pass along vendor raw material price
increases and increased shipping costs, our ability to effectively
develop, market and sell future products, our ability to protect
our intellectual property, the introduction of competing products,
and our ability to get foreign-sourced product through customs in a
timely manner. Additional assumptions, risks and uncertainties are
described in detail in our registration statements, reports and
other filings with the Securities and Exchange Commission,
including the “Risk Factors” set forth in our Annual Report on Form
10-K, as supplemented by our quarterly reports on Form 10-Q. Such
filings are available on our website or at www.sec.gov. You are
cautioned that such statements are not guarantees of future
performance and that our actual results may differ materially from
those set forth in the forward-looking statements. We undertake no
obligation to publicly update or revise forward-looking statements
to reflect subsequent developments, events or circumstances.
Investor Relations Contact:John Mills, ICR, LLCTelephone: (310)
954-1105
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