Nautilus 2009 Annual Report Download - page 28

Table of Contents
COMPARISON OF THE YEARS ENDED DECEMBER 31, 2009 AND 2008
The tables below set forth selected financial information derived from our consolidated financial statements. The discussion that follows should
be read in conjunction with our consolidated financial statements and the related notes. All comparisons to prior year results are in reference to
continuing operations only in each period, unless otherwise indicated.
24
Year Ended December 31,
Change
% Change
(In thousands)
2009
2008
Net sales
$
189,260
$
283,712
$
(94,452
)
-
33.3
%
Cost of sales
92,745
147,930
(55,185
)
-
37.3
%
Gross profit
96,515
135,782
(39,267
)
-
28.9
%
Operating expenses:
Selling and marketing
75,827
107,613
(31,786
)
-
29.5
%
General and administrative
24,616
35,353
(10,737
)
-
30.4
%
Research and development
5,222
6,615
(1,393
)
-
21.1
%
Restructuring
14,151
13,938
213
1.5
%
Intangible asset impairments
5,904
—
5,904
n/a
Goodwill impairment
—
29,755
(29,755
)
n/a
Total operating expenses
125,720
193,274
(67,554
)
-
35.0
%
Operating loss
(29,205
)
(57,492
)
28,287
49.2
%
Other income (expense):
Interest income
77
229
(152
)
-
66.4
%
Interest expense
(168
)
(1,753
)
1,585
90.4
%
Other income (expense), net
(194
)
501
(695
)
-
138.7
%
Total other expense
(285
)
(1,023
)
738
72.1
%
Loss before income taxes
(29,490
)
(58,515
)
29,025
49.6
%
Income tax benefit
(10,880
)
(5,918
)
(4,962
)
-
83.8
%
Loss from continuing operations
(18,610
)
(52,597
)
33,987
64.6
%
Loss from discontinued operations, net of tax
(34,687
)
(37,991
)
3,304
8.7
%
Net loss
$
(53,297
)
$
(90,588
)
$
37,291
41.2
%
Year Ended December 31,
Change
% Change
(In thousands)
2009
2008
Net sales:
Direct business
$
123,045
$
185,704
$
(62,659
)
-
33.7
%
Retail business
63,597
94,498
(30,901
)
-
32.7
%
Corporate (royalty income)
2,618
3,510
(892
)
-
25.4
%
Total net sales
$
189,260
$
283,712
$
(94,452
)
-
33.3
%
Gross profit:
Direct business
$
75,541
$
111,505
$
(35,964
)
-
32.3
%
Retail business
19,310
23,163
(3,853
)
-
16.6
%
Corporate
1,664
1,114
550
49.4
%
Total gross profit
$
96,515
$
135,782
$
(39,267
)
-
28.9
%
Gross profit margin (% of net sales):
Direct business
61.4
%
60.0
%
1.4
Retail business
30.4
%
24.5
%
5.9
Total gross profit margin
51.0
%
47.9
%
3.1