Nautilus and Sherborne continue to compete for shareholder support
In their continuing game of tug-o-war for shareholder attention, Sherborne Investors LP filed a turnaround plan with the SEC as it continued to vie for control of Nautilus (NYSE: NLS), which retaliated with a lengthy letter to shareholders about the investment company's shortcomings.
In its filing, Sherborne also pledged to replace Nautilus' new CEO Robert Falcone and return the fitness-equipment maker to its direct marketing roots. It also listed its successes at various troubled companies -- all U.K. based -- including 4imprint, Elements and Spirent Communications.
In response, Nautilus sent a letter (click here to read it) from director Ronald P. Badie to shareholders, noting the business problems of Sherborne managing director Edward Bramson. The letter detailed how after Bramson took over Redwood City, Calif.-based, Ampex Corp., a maker of high performance recording systems, the company's revenues declined from $461 million in 1989 to $36 million last year. Bramson resigned as chairman and CEO in February, and the company is now at risk of filing for bankruptcy.
Nautilus shareholders are schedule to vote on the plan Dec. 18.
Health Fitness to delay Q3 '07 filing
Health Fitness Corp. (OTC BB: HFIT.OB), a provider of integrated employee health solutions, said it is delaying the filing of its Form 10-Q for the third quarter of 2007 in order to restate problems with a deemed dividend.
The company's audit committee has determined that a deemed dividend of $1.5 million to preferred shareholders should have been reflected in its financial statements by recording a reduction to net earnings applicable to common shareholders. It is a one-time non-cash adjustment arising from the automatic conversion of the company's Series B Preferred stock to common stock on March 10, 2006.
It said the restatement will not result in any change to total net earnings or to total stockholders' equity and will not affect the company's statements of operations for the three and nine months ended Sept. 30, 2007.
Nike increases dividend 24 percent
The board directors for Nike (NYSE: NKE) approved a quarterly cash dividend of $0.23 per share. The dividend is a 24 percent increase over the previous payment of 18.5 cents per share. The company said the increased dividend will be paid Jan. 2, 2008, to shareholders of record as of Dec. 10, 2007.
Foot Locker declares quarterly dividend
Foot Locker (NYSE: FL) declared a regular quarterly dividend of 12.5 cents per share.
It said the dividend is payable Feb. 1, 2008, to shareholders of record as of Jan. 18, 2008.
Costco offers quarterly cash dividend
Costco Wholesale's (Nasdaq: COST) board of directors has declared a quarterly cash dividend on the company's common stock. The dividend of 14.5 cents per share is payable Dec. 14, 2007, to shareholders of record at the close of business on Nov. 30, 2007.
For more information about any public company on this page or its financial reports, as well as to view stock prices updated every 15 minutes, visit the SNEWS® Stock Market Updates. Click on: www.snewsnet.com/cgi-bin/snews/stock_report.html.