For much of its life, Nautilus Inc. has depended upon its Bowflex brand of home gyms to power its sales. Even as Vancouver-based Nautilus sought to diversify its business, adding commercial gym equipment and premium cycling apparel and other products to its lineup, the Bowflex home gyms have provided the muscle.
But the business is showing signs of fatigue. First-quarter sales in the direct-to-consumer division - its largest - declined 12 percent, the company said Wednesday. That's on top of a 3.7 percent decline in 2006. And as Nautilus has missed its revenue projections for three of the past four quarters, investors are wondering what will provide the juice for the exercise equipment maker's next growth spurt.
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