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Nautilus Cuts Staff in Face of Tough Business Climate

VANCOUVER, WA — The Nautilus Group Inc. has announced a reduction in its workforce in order to lower its expenses in response to the current business environment.

For the third quarter of 2003, the company expects to record a restructuring charge of approximately $200,000. When the charge is fully implemented, this workforce reduction is expected to produce approximately $4 million in annual pre-tax cost savings, which equates to approximately 8 percent of the company's current labor costs. This savings is being achieved through attrition, headcount reduction of employees, and the elimination of contract workers, the company said.

“While the company enjoys a strong financial position, we continually review the performance of our business segments, facilities and products. We believe [this] action is a necessary response to the current business environment and will enhance the long-term value for our shareholders,” Gregg Hammann, president and CEO, stated.

“While we currently face a challenging business environment, we are clearly focused on our long-term corporate growth opportunities. We believe our recent initiatives combined with our portfolio of leading health and fitness brands, strong balance sheet, and superior customer service will continue to position our company as a leader in health and fitness products for years to come.”

In additional news, the Nautilus Group's line of branded fitness products will be available in's new Sporting Goods store.

“We're thrilled to be working with leading merchants to provide our customers with a vast sporting goods selection in one convenient destination,” said Stuart Haas, senior category manager for Sporting Goods. “Our new Sporting Goods store gives our customers the opportunity to shop for a wide range of sporting goods merchandise — from archery to paintball to skateboarding and everything in-between — with all the easy-to-use features and great prices they have come to expect at”

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