Bowflex (BFXXQ) 8-K Nautilus First Quarter Net Income Grows by 46 Percent

Exhibit 99.1

FOR IMMEDIATE RELEASE

CONTACTS:	Nautilus, Inc.	Integrated Corporate Relations, Inc.
	Ron Arp	John Mills
	(360)418-6169	(310)395-2215 or (203)222-9013

NAUTILUS FIRST QUARTER NET INCOME GROWS BY 46 PERCENT

Company Raises Annual Revenue and Earnings Guidance Range

VANCOUVER, Wash. – (April 27, 2005) – Nautilus, Inc. (NYSE: NLS), a leading marketer, developer, and manufacturer of branded health and fitness products, today announced results for the first quarter ended March 31, 2005, which included net income growth of 46 percent and sales growth of 19 percent from the same period a year ago.

First-quarter net sales were $156.4 million compared to $130.9 million for the corresponding period last year, up 20 percent. Net income for the quarter was $9.4 million, or $0.28 per diluted share, up from $6.4 million, or $0.19 per share. Included in net income for the first quarter 2005 is a one-time charge of $950,000 for a settlement with the Consumer Product Safety Commission.

The Company finished the quarter with cash and short term investments of $123.3 million, up from $104.6 million at year end. The Company has no debt.

“This quarter’s results are consistent with our consumer-based business strategy to drive growth while investing in our future,” said Gregg Hammann, Chairman and Chief Executive Officer. “It also reflects our progress in becoming the global leader in fitness, as our diversified portfolio of brands and products are presented in more places where people shop and exercise.”

“Although we are early in our plan to expand our domestic and international presence, we are the only company in our category positioned across all channels and with a complete line of branded fitness products. Our fast pace of innovation is bringing new fitness tools to consumers, increasing awareness and demand for the benefits of fitness. All of our marketing now incorporates educational elements on fitness to help grow the overall fitness industry.”

For the second quarter of 2005, the Company estimates that earnings will grow by approximately 50 percent to $0.09 to $0.10 per diluted share, and net sales will grow 25 percent to approximately $125 to $130 million compared with the second quarter last year. The Company raised its full year 2005 earnings estimate to $1.17 to $1.19 on net sales growth of more than 15 percent. Because of the seasonal nature of fitness equipment sales, the Company expects more than two-thirds of its earnings to occur in the second half of the year.

The Company will host a conference call at 5:00 p.m. EDT (2:00 p.m. PDT) April 27, 2005 to discuss first quarter 2005 financial results. It will be broadcast live over the Internet hosted athttp://events.nautilus.com under “Investor Relations/Events Calendar” and will be archived online within one hour after completion of the call. In addition, listeners may call (800) 847-8127 from anywhere in North America, and (212) 346-6577 from outside North America. Participants will

include: Gregg Hammann, Chairman and Chief Executive Officer; Bill Meadowcroft, Chief Financial Officer; and Tim Hawkins, Chief Customer Officer and Chief Marketing Officer. A telephonic playback will be available from 7:30 p.m. PDT April 27 through 7:30 p.m. May 7, 2005. North American callers can dial (800) 633-8284 and other international callers can dial (402) 977-9140 to hear the playback. The passcode is 21243232#.

About Nautilus, Inc.

Headquartered in Vancouver, Wash.,Nautilus, Inc. (NYSE:NLS) helps people achieve a fit and healthy lifestyle through proper exercise, rest and nutrition. With a brand portfolio that includes Nautilus^®, Bowflex^®, Schwinn^®Fitness, StairMaster^® and Trimline^®, Nautilus manufactures and markets a complete line of innovative health and fitness products through direct, commercial, retail, specialty and international channels. The Company was formed in 1986 and had sales of $524 million in 2004. It has 1,200 employees and operations in Washington, Colorado, Oklahoma, Texas, Illinois, Virginia, Switzerland, Germany, United Kingdom, Italy, China, and other locations around the world. More information is atwww.nautilus.com.

This press release includes forward-looking statements. Factors that could cause Nautilus, Inc. actual results to differ materially from these forward-looking statements include availability of media time and fluctuating advertising rates, a decline in consumer spending due to unfavorable economic conditions, its ability to effectively develop, market, and sell future products, its ability to get foreign-sourced product through customs in a timely manner, its ability to effectively identify and negotiate any future strategic acquisitions, its ability to protect its intellectual property, introduction of lower-priced competing products, unpredictable events and circumstances relating to international operations including its use of foreign manufacturers, government regulatory action, and general economic conditions. Please refer to our reports and filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K and quarterly reports on Form 10-Q, for a further discussion of these risks and uncertainties. We also caution you not to place undue reliance on forward-looking statements, which speak only as of the date they are made. We undertake no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date they were made or to reflect the occurrence of unanticipated events.

NAUTILUS, INC.

Consolidated Balance Sheets

(In Thousands)

(Unaudited)

	March 31, 2005			December 31, 2004
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	41,360		$	19,266
Short-term investments		81,966			85,319
Trade receivables, net		70,866			95,593
Inventories		54,876			49,104
Prepaid expenses and other current assets		7,561			9,427
Short-term notes receivable		2,606			2,503
Current deferred tax assets		4,678			4,661
Total current assets		263,913			265,873
PROPERTY, PLANT AND EQUIPMENT, net		45,717			46,350
GOODWILL		29,755			29,755
OTHER ASSETS, net		18,058			17,663
TOTAL ASSETS	$	357,443		$	359,641
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Trade payables	$	48,428		$	57,861
Accrued liabilities		25,938			24,685
Income taxes payable		15,063			10,803
Royalty payable to stockholders		—			18
Customer deposits		2,785			2,957
Total current liabilities		92,214			96,324
OTHER NONCURRENT LIABILITIES		200			200
NONCURRENT DEFERRED TAX LIABILITY		6,880			11,081
STOCKHOLDERS’ EQUITY:
Common stock		11,193			10,682
Unearned compensation		(1,119	)		(1,204	)
Retained earnings		244,585			238,474
Accumulated other comprehensive income		3,490			4,084
Total stockholders’ equity		258,149			252,036
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	357,443		$	359,641

NAUTILUS, INC.

Consolidated Statements of Operations

(In Thousands, Except Share and Per Share Data)

(Unaudited)

	Three months ended March 31,							% of Sales
	2005		% of Sales		2004
NET SALES	$	156,388			$	130,896
COST OF SALES		79,615	50.9	%		74,040		56.6	%
Gross profit		76,773	49.1	%		56,856		43.4	%
OPERATING EXPENSES:
Selling and marketing		44,922	28.8	%		35,742		27.3	%
General and administrative		13,436	8.6	%		7,215		5.5	%
Research and development		2,803	1.8	%		1,811		1.4	%
Related-party royalties		—	0.0	%		1,566		1.2	%
Third-party royalties		1,474	0.9	%		703		0.5	%
Total operating expenses		62,635	40.1	%		47,037		35.9	%
OPERATING INCOME		14,138	9.0	%		9,819		7.5	%
OTHER INCOME:
Interest income		517	0.4	%		246		0.2	%
Other - net		51	0.0	%		(7	)	0.0	%
Total other income, net		568	0.4	%		239		0.2	%
INCOME BEFORE INCOME TAXES		14,706	9.4	%		10,058		7.7	%
INCOME TAX EXPENSE		5,277	3.4	%		3,621		2.8	%
NET INCOME	$	9,429	6.0	%	$	6,437		4.9	%
BASIC EARNINGS PER SHARE	$	0.28			$	0.20
DILUTED EARNINGS PER SHARE	$	0.28			$	0.19
Weighted average shares outstanding:
Basic shares outstanding		33,168,120				32,611,928
Diluted shares outstanding		34,038,636				33,260,364

NAUTILUS, INC.

Consolidated Statements of Cash Flows

(In Thousands)

(Unaudited)

	Three months ended March 31,
	2005			2004
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	9,429		$	6,437
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		3,528			3,122
Amortization of unearned compensation		85			85
Loss on sale of property, plant and equipment		1			1
Tax benefit of exercise of nonqualified options		49			76
Deferred income taxes		(4,223	)		(223	)
Changes in current assets and liabilities		13,293			13,437
Net cash provided by operating activities		22,162			22,935
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to property, plant and equipment		(2,811	)		(445	)
Proceeds from sale of property, plant and equipment		2,969			—
Net increase in other assets		(499	)		1
Purchases of short-term-term investments		(26,902	)		(32,352	)
Proceeds from maturities of short-term investments		30,255			13,500
Net (increase) decrease in notes receivable		(103	)		80
Net cash provided by (used in) investing activities		2,909			(19,216	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash dividends paid on common stock		(3,318	)		(3,260	)
Proceeds from exercise of stock options		462			217
Net cash used in financing activities		(2,856	)		(3,043	)
Effect of Foreign Currency Exchange Rate Changes		(121	)		(93	)
NET INCREASE IN CASH AND CASH EQUIVALENTS		22,094			583
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD		19,266			21,352
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	41,360		$	21,935