Nautilus 2000 Annual Report Download - page 34

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The following table presents information about the Company's two operating segments (in thousands):
DirectProducts Commercialand
RetailProducts
Total
Year Ended December 31, 2000
Revenues from external customers $ 198,107 $ 25,820 $ 223,927
Interest income 3,630 2 3,632
Depreciation and amortization expense 2,068 806 2,874
Income tax expense 22,883 530 23,413
Segment net income 40,684 942 41,626
Segment assets 95,815 21,311 117,126
Additions to property, plant and equipment 8,237 525 8,762
Year Ended December 31, 1999
Revenues from external customers $ 113,004 $ 20,075 $ 133,079
Interest income 1,002 2 1,004
Depreciation and amortization expense 565 411 1,183
Income tax expense 11,084 618 11,495
Segment net income 19,715 628 20,343
Segment assets 47,753 19,557 67,310
Additions to property, plant and equipment 1,379 550 1,929
Year Ended December 31, 1998
Revenues from external customers $ 63,171 — $ 63,171
Interest income 527 — 527
Depreciation and amortization expense 302 — 302
Income tax expense 6,708 — 6,708
Segment net income 12,485 — 12,485
Segment assets 24,373 — 24,373
Additions to property, plant and equipment 1,739 — 1,739
3.PUBLIC OFFERING
On May5, 1999, the Company completed its initial U.S. public offering of common stock listed on the Nasdaq exchange. The initial offering
consisted of 2,250,000 total shares at $9.11 per share, of which 1,856,250 shares were offered by the Company, with an additional 393,750
shares offered by selling shareholders. On June10, 1999, the underwriting group exercised a 337,500-share over-allotment. Total net proceeds
realized by Direct Focus,Inc. from the offerings were $17.9million. The Company was listed on the Toronto Stock Exchange from January1993
to May1999.
4.ACQUISITION OF NAUTILUS
Effective January4, 1999, the Company acquired substantially all of the net assets of Nautilus International,Inc. ("Nautilus"). Nautilus was a
manufacturer and distributor of commercial fitness equipment and, to a limited extent, retail fitness equipment and accessories. The acquisition
was accounted for under the purchase method of accounting and, accordingly, the assets acquired, liabilities assumed, and results of operations
have been included in the accompanying financial statements since the date of acquisition. The Company paid approximately $16.7million,
including acquisition costs of approximately $500,000, for the assets and intellectual property of Nautilus and assumed $1.8million of current
liabilities.
33
2002. EDGAR Online, Inc.