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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2002
Commission file number: 000-25867
THE NAUTILUS GROUP, INC.
(Exact name of Registrant as specified in its charter)
WASHINGTON 94-3002667
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification
No.)
1400 NE 136TH AVENUE
VANCOUVER, WASHINGTON 98684
(Address of principal executive offices, including zip code)
(360) 694-7722
(Issuer's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act: NONE
Securities registered pursuant to Section 12(g) of the Act:
COMMON STOCK, WITHOUT PAR VALUE
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days. Yes [X] No [ ]
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be
contained, to the best of Registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form
10-K, or any amendment to this Form 10-K. [ ]
Indicate by check mark whether the Registrant is an accelerated filer (as defined in Rule 12b-2 of the Securities Exchange Act of 1934). Yes [
X ] No [ ]
The aggregate market value of the voting stock held by non-affiliates, computed by reference to the last sales price ($30.60) as reported on the
New York Stock Exchange, as of the last business day of the Registrant's most recently completed second fiscal quarter (June 28, 2002) was
$955,486,958.
The number of shares outstanding of the Registrant's Common Stock as of March 1, 2003 was 32,528,850 shares.
DOCUMENTS INCORPORATED BY REFERENCE
The Registrant has incorporated by reference into Part III of this Form 10-K portions of its Proxy Statement for its 2003 Annual Meeting of
Stockholders.
2003. EDGAR Online, Inc.

Table of contents

  • Page 1
    SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2002 Commission file number: 000-25867 THE NAUTILUS GROUP, INC. (Exact name of Registrant as specified in ...

  • Page 2
    ... of Operations 25 Item 7A. Quantitative and Qualitative Disclosures About Market Risk 37 Item 8. Consolidated Financial Statements and Supplementary Data 37 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 59 PART III Item 10. Directors and Executive...

  • Page 3
    ...OF MEDIA TIME AND FLUCTUATING ADVERTISING RATES; o A DECLINE IN CONSUMER SPENDING DUE TO UNFAVORABLE ECONOMIC CONDITIONS; o EXPIRATION OF IMPORTANT PATENTS; o OUR RELIANCE ON A LIMITED PRODUCT LINE; o OUR ABILITY TO EFFECTIVELY DEVELOP, MARKET AND SELL FUTURE PRODUCTS; o GROWTH MANAGEMENT CHALLENGES...

  • Page 4
    ... our product line and expanding our presence internationally. We now offer a comprehensive line of cardiovascular and weight resistance products in the retail and commercial fitness industry. Our retail and commercial product lines include home gyms, free weight equipment, treadmills, indoor cycling...

  • Page 5
    .... The names Nautilus(R), Bowflex(R), Power Rod(R), TreadClimber(TM), Schwinn(R) (fitness products), StairMaster(R) and Trimline(R) are trademarks of the Company. The consolidated financial statements of the Company include The Nautilus Group, Inc. and its wholly owned subsidiaries (collectively the...

  • Page 6
    ..., Bowflex, Schwinn, StairMaster, and Trimline equipment both domestically and internationally. Since 1990, the fitness equipment industry has more than doubled in size and has been the most successful category of sporting goods for years. Interest in exercising with fitness equipment is supported by...

  • Page 7
    ... compound annual growth rate of 10.2% since 1990. In contrast, the SGMA reports that commercial sales of fitness equipment to health clubs and other exercise facilities were estimated to be $0.7 billion in 2002. Consumer interest in health clubs has benefited the market for home fitness equipment as...

  • Page 8
    ...marketing videos for our Bowflex and Nautilus Sleep Systems product lines. We expect to use spot commercials and, where appropriate, infomercials to market other consumer products that we determine are appropriate for the direct-marketing channel. When we market a new product, we test and refine our...

  • Page 9
    ... customer testimonials, online videos, and detailed product information. In 2002, we operated two direct marketing-oriented web sites: (1) www.bowflex.com that focuses on our Bowflex line of home exercise equipment and (2) www.nautilussleepsystems.com that focuses on our Nautilus Sleep Systems...

  • Page 10
    .... We operate our own customer service call center in Vancouver, Washington, that operates 18 to 23 hours per day and receives and processes all infomercial-generated and customer service-related inquiries regarding our Bowflex and Nautilus Sleep Systems products. We have developed a skill-based call...

  • Page 11
    ... of strength-building exercises. Sales from our Bowflex product line accounted for 61% of our aggregate net sales in 2002, down from 74% and 83% in 2001 and 2000, respectively, as we continued our strategies of diversification into the commercial and retail markets and the introduction of new direct...

  • Page 12
    ... over time, causing a sleep system to eventually mirror the worn box spring. The majority of our Nautilus Sleep Systems customers order a complete sleep system, which includes both a mattress and a foundation. TREADCLIMBER In March 2003, we introduced a new line of cardiovascular fitness equipment...

  • Page 13
    ... to health clubs, large hotels, assisted living facilities and the government. Additionally, as we continue to broaden our product line with products like Nautilus Nitro and commercial strength equipment, our direct sales force will target new market segments and, if successful, broaden our customer...

  • Page 14
    ... powerful fitness system available. In order to meet these objectives we have established relationships with key press to develop and communicate our competitive advantages. TRADE SHOWS: There are several national and regional industry trade shows, such as the IHRSA (International Health, Racquet...

  • Page 15
    ... commercial products from our Nautilus, Schwinn, and StairMaster brands. This enables us to sell "package deals" to international fitness clubs, which may prefer to buy from one supplier that can offer the broadest array of products at a competitive price. By building our portfolio of brand names...

  • Page 16
    ... help club owners better serve their customers. This free weight equipment can be coupled with the Nautilus selectorized equipment circuit to give facility managers a complete strength gym. SCHWINN INDOOR CYCLING EQUIPMENT. Indoor cycling is one of the most popular class training programs in fitness...

  • Page 17
    ... ellipticals come equipped with a foot motion that allows a natural articulation of the foot, which matches the user's natural stride. At the same time, it provides a complete body workout with upper body handles as well. All of the models include touch heart rate sensors. NAUTILUS EXERCISE BIKES...

  • Page 18
    ... at the Health and Fitness Business show in Denver, Colorado. The new retail products branded under our Nautilus name include treadmills, stationary bicycles, an elliptical motion trainer, home strength equipment, and heart rate monitors. We also introduced new products under our Schwinn brand name...

  • Page 19
    ... are price, quality, brand name recognition, product innovation and customer service. We compete directly with a large number of companies that manufacture, market and distribute home fitness equipment. Our principal direct competitors include ICON Health & Fitness (through its Powerflex, Crossbow...

  • Page 20
    ... Service (UPS) to deliver our Bowflex and our Nautilus Sleep Systems products. We distribute our retail equipment and accessories and retail and commercial fitness equipment from our Illinois and Oklahoma facilities using various commercial truck lines. We distribute commercial strength fitness...

  • Page 21
    ... to the Company strategy and has identified the patents on the Bowflex Power Rod resistance technology and TreadClimber as the most significant to our business. Although our Bowflex trademark is protected as long as we continuously use the trademark, the main U.S. patent on our Bowflex Power Rod...

  • Page 22
    .../Retail Direct Primary Function(s Corporate headquarters, call center, warehouse, production, and distribution Research and development Warehouse and distribution Commercial equipment manufacturing Engineering, prototyping, customer service, and administrative Showroom Commercial equipment sales...

  • Page 23
    In December 2002, the Company filed suit against Icon Health and Fitness, Inc. in the Federal District Court, Western District of Washington alleging infringement by Icon of the Company's Bowflex patents. The Company seeks injunctive relief, unquantified treble damages and its fees and costs. ITEM ...

  • Page 24
    ... of Schwinn Fitness and StairMaster, see Note 3 of the Notes to Consolidated Financial Statements. In Thousands (except per share amounts) STATEMENT OF OPERATIONS DATA Net sales Cost of sales Gross profit Operating expenses: Selling and marketing General and administrative Royalties Litigation...

  • Page 25
    ... experience with each product. A warranty reserve is established for new products based on historical experience with similar products, adjusted for any technological advances in manufacturing or materials used. Thorough testing of new products in the development stage helps to identify and...

  • Page 26
    ... and fair values to perform the annual impairment analysis. The useful lives assigned by management to the Nautilus, Schwinn, and StairMaster trademarks and Schwinn Fitness goodwill are indefinite, 20 years, indefinite, and indefinite, respectively. Any major change in the useful lives and/or the...

  • Page 27
    ...commercial/retail segment. In August of 2002, we expanded our product lines with the introduction of 16 new retail products. The new retail products branded under our Nautilus name include treadmills, stationary bicycles, an elliptical motion trainer, home strength equipment, and heart rate monitors...

  • Page 28
    ... expansion of our direct marketing campaign for Bowflex products and Nautilus Sleep Systems, higher advertising costs in the second half of 2002 due to increased demand for advertising time, and the acquisitions of Schwinn Fitness and StairMaster. Advertising costs for our direct marketing segment...

  • Page 29
    ... the commercial and retail market segments. In 2001, we capitalized on favorable advertising costs and availability to increase the consumer awareness of our Bowflex and Nautilus Sleep System product lines. Meanwhile, we continued to expand our market share in the commercial/retail products segment...

  • Page 30
    ...a result of our planned product diversification efforts leading to a higher proportion of commercial/retail product sales. We also benefited from the increased availability of advertising time and the reduction of advertising rates due to the dramatic reduction of dot.com media spending, the effects...

  • Page 31
    ... and the related notes. These operating results are not necessarily indicative of the results of any future period. Due to recent acquisitions within our commercial/retail segment, we expect heightened seasonality in our business. We expect sales in the second quarter to be weakest while the...

  • Page 32
    ...advertising rates to remain higher than we experienced in the first half of 2002 and as we expand the direct marketing campaigns for our Nautilus Sleep Systems and our newly introduced TreadClimber. Commercial/retail segment inventories increased in anticipation of increased sales, especially of new...

  • Page 33
    ... U.S. PATENT ON OUR BOWFLEX POWER ROD RESISTANCE TECHNOLOGY ON APRIL 27, 2004. Although our Bowflex trademark is protected as long as we continuously use the trademark, the main U.S. patent on our Bowflex Power Rod resistance technology, a key component of our Bowflex products, expires on April 27...

  • Page 34
    ...PROPERLY MANAGE GROWTH MAY ADVERSELY AFFECT OUR FINANCIAL PERFORMANCE. We have grown significantly in recent years, with an increase in net sales from $9.2 million in 1996 to $584.6 million in 2002. Our organic growth has been complemented by acquisitions of Nautilus in January 1999, Schwinn Fitness...

  • Page 35
    ... order to increase our sales. Consumers may be less likely to purchase our products if the consumer finance market were to deteriorate so that financing is less available or less convenient to our customers. In addition, we currently utilize the services of a single top tier consumer finance company...

  • Page 36
    .... SFAS No. 144 establishes a single accounting model for long-lived assets to be disposed of by sale and expands on the guidance provided by SFAS No. 121 with respect to cash flow estimations. SFAS No. 144 was effective for the Company's fiscal year beginning January 1, 2002. The adoption of SFAS No...

  • Page 37
    ...-term changes in related interest rates would not have a material impact on the Company's financial position, results of operations, or cash flows. ITEM 8. CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA Index to Consolidated Financial Statements Independent Auditors' Report 38 Consolidated...

  • Page 38
    INDEPENDENT AUDITORS' REPORT Board of Directors and Stockholders of The Nautilus Group, Inc. We have audited the accompanying consolidated balance sheets of The Nautilus Group, Inc. and subsidiaries as of December 31, 2002 and 2001, and the related consolidated statements of income, stockholders' ...

  • Page 39
    ... GROUP, INC. CONSOLIDATED BALANCE SHEETS DECEMBER 31, 2002 AND 2001 (In Thousands, Except Share Data) ASSETS 2002 2001 CURRENT ASSETS: Cash and cash equivalents $ 31,719 $ 35,639 Short-term investments, at amortized cost 17,578 16,070 Trade receivables (less allowance for doubtful accounts...

  • Page 40
    THE NAUTILUS GROUP, INC. CONSOLIDATED STATEMENTS OF INCOME YEARS ENDED DECEMBER 31, 2002, 2001 AND 2000 (In Thousands, Except Share and Per Share Data) 2002 2001 2000 NET SALES $ 584,650 $ 363,862 $ 223,927 COST OF SALES Gross profit OPERATING EXPENSES: Selling and marketing General and ...

  • Page 41
    THE NAUTILUS GROUP, INC. CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY AND COMPREHENSIVE INCOME YEARS ENDED DECEMBER 31, 2002, 2001 AND 2000 (In Thousands, Except Share Data) Accumulated Common Stock Other Retained Comprehensive Shares Amount Earnings Income (Loss) Total BALANCES, JANUARY 1, ...

  • Page 42
    ... provided by operating activities 100,560 66,877 52,785 CASH FLOWS FROM INVESTING ACTIVITIES: Additions to property, plant and equipment (31,542) (5,716) (8,762) Proceeds from sale of property, plant and equipment 31 3 97 Decrease (increase) in other assets 7 42 (13) Acquisition cost of StairMaster...

  • Page 43
    THE NAUTILUS GROUP, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS YEARS ENDED DECEMBER 31, 2002, 2001 AND 2000 (In Thousands) 2002 2001 2000 NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS $ (3,920) $ (41,542) $ 41,477 CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR CASH AND CASH EQUIVALENTS, END ...

  • Page 44
    ... and commercial fitness equipment products include a full line of cardiovascular and weight resistance products such as home gyms, free weight equipment, treadmills, stationary bikes, steppers and ellipticals. The Company's healthy lifestyle products also include a line of advanced sleep systems and...

  • Page 45
    ...goodwill recorded as part of this acquisition but to annually test it for impairment. The Company adopted SFAS No. 142 effective January 1, 2002 with respect to the Nautilus and StairMaster trademarks. REVENUE RECOGNITION - Revenue from product sales is recognized in accordance with Staff Accounting...

  • Page 46
    ... the Company's products range from two years to limited lifetime on the Bowflex lines of fitness products and twenty years on Nautilus Sleep Systems, on a prorated basis. The commercial and retail line of fitness products include a lifetime warranty on the frame and structural parts, a four month to...

  • Page 47
    ... work has been performed. Research and development expense was $4,485, $2,229, and $1,186 for 2002, 2001 and 2000, respectively. ADVERTISING - The Company expenses advertising costs as incurred except for commercial advertising production costs, which are expensed at the time the first commercial...

  • Page 48
    ... accounted for using the purchase method of accounting, and broadens the criteria for recording intangible assets apart from goodwill. SFAS No. 142 requires that purchased goodwill and certain indefinite-lived intangibles no longer be amortized but instead be tested for impairment at least annually...

  • Page 49
    ... and operations that are not direct marketed to consumers. Products in this segment include Nautilus, Schwinn, and StairMaster commercial and retail fitness equipment and accessories. Accounting policies used by the segments are the same as those disclosed in Note 1. -49- 2003. EDGAR Online, Inc...

  • Page 50
    ... District of Washington that was completed on January 17, 2002. The acquired assets include property, plant and equipment used to manufacture, assemble, distribute, and sell fitness equipment, including steppers, stepmills, treadmills and exercise bicycles. The purchase price for StairMaster was...

  • Page 51
    ... trademark, acquired as part of the Schwinn Fitness acquisition, has anticipated use and cash flows of approximately 20 years. The Company will amortize the trademark using the straight-line method over this period. The Company will evaluate the remaining useful life of the trademark each reporting...

  • Page 52
    ...and 2001 was prepared as if the transactions involving the acquisitions of StairMaster and Schwinn Fitness had occurred at January 1, 2001: Year Ended December 31 2002 Net sales 498,690 Net income 41,879 Basic earnings per share 1.19 Diluted earnings per share 1.16 $ 590,929 98,111 2.84 2.79 $ 2001...

  • Page 53
    Estimated Useful Life (in years) Land Buildings and improvements Computer equipment Production equipment Furniture and fixtures Automobiles Total property, plant and equipment Accumulated depreciation (6,805) Property, plant and equipment, net N/A 31.5 2-5 5 5 7 $ 2002 3,395 21,912 26,252 13,647 1,...

  • Page 54
    ...finite useful lives are evaluated annually to determine whether events or circumstances warrant changes in the estimated useful lives of such assets. Goodwill associated with the Schwinn Fitness acquisition is reported within the commercial/retail segment. The change in goodwill of $130 for the year...

  • Page 55
    Amortization of intangible assets for the year ended December 31, 2002 was $362. The estimated amortization expense for the next five years is $362 each year. Such estimated amortization will change -53- 2003. EDGAR Online, Inc.

  • Page 56
    ... uses predominantly ranging from, but not limited to, warehousing and distribution, product development, administration, and product sales. The Company also has operating leases for certain equipment mainly consisting of product delivery trucks used in our commercial fitness equipment business...

  • Page 57
    ...options to the Company's officers, directors and employees and incentive stock options to the Company's employees. The plan was amended in June 2000 so the Company may grant options for up to 7,958,118 shares of common stock. At December 31, 2002, 2,142,121 shares are -54- 2003. EDGAR Online, Inc.

  • Page 58
    ... under the plan. The plan is administered by the Company's Board of Directors which determines the terms and conditions of the various grants awarded under these plans. Stock options granted generally have an exercise price equal to the closing market price of the Company's stock on the day before...

  • Page 59
    ...years ended December 31, 2002: 2002 Current: Federal 22,536 State 733 -------Total current 23,269 -------Deferred: Federal 145 State --------Total deferred 145 -------Total... of the statutory income tax rate with the Company's effective income tax rate is as follows: 2003. EDGAR Online, Inc.

  • Page 60
    2002 Federal % State Other Total % 35.0 % 1.2 (0.2) ---36.0 % ==== 2001 35.0 % 1.9 (0.4) ---36.5 % ==== 2000 35.0 1.1 (0.1) ---36.0 ==== -56- 2003. EDGAR Online, Inc.

  • Page 61
    ... REPURCHASE PROGRAM Two times during fiscal 2002, the Board of Directors authorized the purchase of The Nautilus Group, Inc. common stock in open-market transactions. In June 2002, the Board of Directors authorized the expenditure of up to $20,000 to purchase shares of the Company's common stock...

  • Page 62
    ... Company filed suit against Icon Health and Fitness, Inc. in the Federal District Court, Western District of Washington alleging infringement by Icon of the Company's Bowflex patents. The Company seeks injunctive relief, unquantified treble damages and its fees and costs. 16. EMPLOYEE BENEFIT PLAN...

  • Page 63
    ... reports it files with the SEC within the required time periods. INTERNAL CONTROLS The Company maintains a system of internal controls designed to provide reasonable assurance that: transactions are executed in accordance with management's general or specific authorization; transactions are recorded...

  • Page 64
    ... by reference to Exhibit 2.1 of the company's Form 8-K, as filed with the Commission on February 8, 2002. 2.3 Amendment to the Asset Purchase Agreement by and between Direct Focus and StairMaster Sports/Medical Products, Inc., dated February 7, 2002 - Incorporated by reference to Exhibit 2.2 of...

  • Page 65
    ...2001. 10.8 Revolving Credit Agreement, with Addendum, dated June 27, 2002, by and between The Nautilus Group, Inc. and U.S. Bank National Association - Incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the three months ended June 30, 2002, as filed with the...

  • Page 66
    ... to Section 906 of the Sarbanes-Oxley Act of 2002. 99.2 Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (B) REPORTS ON FORM 8-K No reports on Form 8-K were filed during the fourth quarter of 2002. -62- 2003. EDGAR Online, Inc.

  • Page 67
    ...the undersigned, thereunto duly authorized. Date: March 26, 2003 THE NAUTILUS GROUP, INC. By: /s/ Brian R. Cook Brian R. Cook, Chief Executive Officer Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of...

  • Page 68
    ... C. Rowland Hanson Frederick T. Hull Paul F. Little James M. Weber Title ----Chairman and Chief Executive Officer Executive Officer) Chief Financial Office and Secretary Financial and Accounting Officer) Director Director Director Director Director Director * By: /s/ Rod W. Rice March 26...

  • Page 69
    ... of registrant's board of directors (or persons performing the equivalent function): a) All significant deficiencies in the design or operation of internal controls which could adversely affect the registrant's ability to record, process, summarize and report financial data and have identified...

  • Page 70
    ... of registrant's board of directors (or persons performing the equivalent function): a) All significant deficiencies in the design or operation of internal controls which could adversely affect the registrant's ability to record, process, summarize and report financial data and have identified...

  • Page 71
    ... Washington limited liability company Nautilus/Schwinn Fitness Group, Inc., a Colorado corporation DF Hebb Industries, Inc., a Texas corporation StairMaster Health & Fitness Products, Inc., a Washington corporation The Nautilus Health & Fitness Group International Holdings, S.A., a Swiss corporation...

  • Page 72
    ... Registration Statement Nos. 333-79643 and 333-46936 of The Nautilus Group, Inc. on Form S-8 of our report dated January 21, 2003 appearing in this Annual Report on Form 10-K of The Nautilus Group, Inc. for the year ended December 31, 2002. DELOITTE & TOUCHE LLP Portland, Oregon March 26, 2003 2003...

  • Page 73
    ...and agent, for him and his name, place and stead, in any and all capacities, to sign the Form 10-K of The Nautilus Group, Inc., a Washington corporation, for the fiscal year ended December 31, 2002, and any amendments or supplements thereto, and to file this Power of Attorney and the Form 10-K, with...

  • Page 74
    ...and agent, for him and his name, place and stead, in any and all capacities, to sign the Form 10-K of The Nautilus Group, Inc., a Washington corporation, for the fiscal year ended December 31, 2002, and any amendments or supplements thereto, and to file this Power of Attorney and the Form 10-K, with...

  • Page 75
    ...and agent, for him and his name, place and stead, in any and all capacities, to sign the Form 10-K of The Nautilus Group, Inc., a Washington corporation, for the fiscal year ended December 31, 2002, and any amendments or supplements thereto, and to file this Power of Attorney and the Form 10-K, with...

  • Page 76
    ...and agent, for him and his name, place and stead, in any and all capacities, to sign the Form 10-K of The Nautilus Group, Inc., a Washington corporation, for the fiscal year ended December 31, 2002, and any amendments or supplements thereto, and to file this Power of Attorney and the Form 10-K, with...

  • Page 77
    ...and agent, for him and his name, place and stead, in any and all capacities, to sign the Form 10-K of The Nautilus Group, Inc., a Washington corporation, for the fiscal year ended December 31, 2002, and any amendments or supplements thereto, and to file this Power of Attorney and the Form 10-K, with...

  • Page 78
    ...and agent, for him and his name, place and stead, in any and all capacities, to sign the Form 10-K of The Nautilus Group, Inc., a Washington corporation, for the fiscal year ended December 31, 2002, and any amendments or supplements thereto, and to file this Power of Attorney and the Form 10-K, with...

  • Page 79
    ...States Code), the undersigned officer of The Nautilus Group, Inc., a Washington corporation (the "Company"), does hereby certify that: To my knowledge, the Annual Report on Form 10-K for the year ended December 31, 2002 (the "Form 10-K") of the Company fully complies with the requirements of Section...

  • Page 80
    ...Nautilus Group, Inc., a Washington corporation (the "Company"), does hereby certify that: To my knowledge, the Annual Report on Form 10-K for the year ended December 31, 2002 (the "Form 10-K") of the Company... 906 has been provided to the Company and will be retained by the Company and furnished to ...

  • Page 81
    End of Filing 2003. EDGAR Online, Inc.