Fitness financials: Nautilus completes sale of Pearl Izumi to Shimano, plus Winmark
Nautilus completed its sale of Pearl Izumi to Shimano, and Winmark released its Q1 earnings.
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Nautilus completes sale of Pearl Izumi to Shimano
Nautilus (NYSE: NLS) said it has completed the sale of Pearl Izumi to Shimano American Corp. for $65.3 million in cash plus $4.1 million in assumed debt. Proceeds from the deal, first announced in February, will be used to repay debt and to fund future working capital needs, the company added.
Winmark releases Q1 earnings
Winmark Corp. (Nasdaq: WINA), franchise parent of Play It Again Sports, said its first-quarter net income went up to $937,300, or $0.17 per share diluted, compared to $629,800, or $0.11 per share diluted, in the first quarter of 2007.
Revenue for the quarter was $8.8 million compared to $7.6 million in the same time period the year before.
“The results of the first quarter were favorable due to the consistent performance of our franchise business and the continued growth of our leasing portfolio. We are satisfied with the quarter, but are cautious about the remainder of the year,” Winmark Chairman and CEO John Morgan said in a statement.
As of March 29, Winmark had 858 franchises in operation under various brands, including Play It Again Sports. An additional 53 retail franchises have been awarded but are not open. In addition, the company had loans and leases equal to $47.2 million.
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