Fitness financials: Nautilus sells debt, plus Forzani

Nautilus raised $5 million from a debt sale to Sherborne Investors, its largest shareholder, and Forzani Goup narrowed its second-quarter loss and increased sales, though it said weak consumer confidence was holding back business at its retail stores.
Author:
Publish date:

Nautilus sells debt

Nautilus (NYSE: NLS) raised $5 million from a debt sale to Sherborne Investors, its largest shareholder, according to a filing with the SEC.

The company said it would use the funds for working capital and general corporate purposes.

Sherborne is controlled by Nautilus Chairman and CEO Edward Bramson and board member Craig McKibben.

Forzani Group narrows loss as sales rise

Despite a sales gain and a narrower loss in the second quarter, Forzani Group (FGL.TO) said weak consumer confidence was holding back business at its retail stores. Among its retail banners in Canada are Sport Chek, Atmosphere and The Fitness Source

For the 13 weeks ended Aug. 1, the company reported a loss of CDN $1.8 million (USD $1.73 million), or CDN 0.06 a share (USD $0.05), compared with a year-ago loss of CDN $4.4 million (USD $4.24 million), or 0.14 per share (USD $0.13).

Retail sales for the period rose 5.5 percent to $228.3 million (USD $220.3 million), while total sales rose 6.5 percent at $315.8 million (USD $304.7 million). Same-store sales rose 4.4 percent.

During the quarter, Forzani Group said it incurred expenses as it continued to rebrand its Coast Mountain Sports stores under the Atmosphere banner. It also opened 11 new GNC outlets and eight new Nevada Golf specialists within its Sport Chek stores.

(Conversion of Canadian dollars into U.S. dollars is for information only, is not necessarily relative to earnings, and is based on the currency rate as of Sept. 7.)

--Compiled by Wendy Geister

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.

Related