Nautilus Group Inc. saw its share price drop 16.0% as the company warned that 2003 earnings will fall and revenue will be flat.
Fourth quarter 2002 earnings per share are forecasted at a range of 66 cents to 69 cents on net sales of $150 million to $155 million, compared with the First Call average of 71 cents. For full year 2002, NLS projected EPS of $2.76 to $2.79 on net sales of $579 million to $584 million.
The company expects 2003 revenue in the $580 million to $600 million range with $2.50 to $2.60 EPS, well below the current First Call estimate of $2.90.
The company plans to introduce a new product through its direct marketing channel during the second quarter of 2003.
