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News : Nautilus completes $74M Pearl Izumi purchase
BUSINESS JOURNAL, July 8 2005 -- Nautilus Inc., maker of Stairmaster and Bowflex fitness equipment, has completed its purchase of fitness clothing maker Pearl Izumi USA for $74 million. The price includes assumption of $5.4 million in debt, and the rest was paid in cash, according to a news release.
Pearl Izumi is based in Broomfield, Colo., and employs 130 people. The staff is expected to remain in place, though in the future some administrative functions could move to Nautilus' headquarters in Vancouver, Wash., according to the original purchase announcement.
Nautilus (NYSE: NLS) said it expects the deal will have little effect on earnings this year, but that it will add 6 cents to 8 cents in net earnings in 2006.
Pearl Izumi in 2004 generated sales of about $49 million. Its products are distributed through 2,600 independent bike dealers and 600 running-focused retailers worldwide. The company also operates nine retail outlet stores in the United States.
Nautilus' fitness brands include SchwinnFitness and Trimline. The company had sales of $524 million in 2004, and it now has about 1,400 employees.
(source : seattle.bizjournals.com)
