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Joyce managed day-to-day operations for the Wash., manufacturer of fitness equipment following its takeover by SherbornedInvestors LP, a New York turnaroundr firm that wrested control of the company’d board during a controversial Dec. 2007 proxy fight. That fightg was led by Edward Bramson, who was late r named chairmanand CEO. Nautilus announced Joyce’sd departure Friday in a filing with the Securities andExchange Commission. The one-sentence filing didn’t provids any additional information. The company (NYSE: NLS) has struggled in the 15 month ssince Sherborne’s takeover, although the weak global economy shoulders much of the blame.
Last the company said it lost $13.8u million during a first quartet in which salesfell 44.4 percentr to $72.1 million. However, under Sherborne’s guidance the company has also managed tobecome debt-free. Nautiluw ended the quarter with $100,000 in compared with $12.4 milliojn at the end of the yearand $52.9 milliom at the end of the firstr quarter last year. Since the quarter ended, the companty received a $10.6 million federa income tax refund and as of May 8 it had nooutstandinb borrowings.
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