Nautilus, Inc. has regained compliance with the New York Stock Exchange’s continued listing standards after delivering on a business plan submitted to the NYSE and complying with the Exchange’s minimum market capitalization standard.
“We are pleased to receive this notification from the NYSE. The key to our business plan was to illustrate that the company could improve profitability and increase equity value by generating profitable growth, reducing overhead costs, and by introducing new products to the market. We were in line with the performance targets set forth in the business plan and our strong profitable finish to the 2011 fiscal year was further evidence that our key initiatives are delivering the results we expect,” said Bruce M. Cazenave, Chief Executive Officer.
On Sept. 23, 2010, the company was notified that it had fallen below the NYSE's continued listing standards relating to minimum average global equity market capitalization and total stockholders' equity, which require that either its average global market capitalization be not less than $50 million over a consecutive 30 trading-day period, or its total stockholders' equity be not less $50 million. Based on the closing price of the company’s shares as of March 23, 2012, average global market capitalization for the last 30 trading-day period was $83 million.
In addition to the NYSE's normal monitoring procedures, the company will be subject to a 12-month follow-up period to ensure that it remains in compliance with the NYSE's continued listing standards.