Nautilus, Inc. Appoints New Chief Financial Officer
VANCOUVER, WASHINGTON--(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.
“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 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.