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Joyce managed day-to-day operations for the Wash., manufacturer of fitness equipment following its takeoverf by SherborneInvestors LP, a New York turnaround firm that wrestedr control of the company’s board durintg a controversial Dec. 2007 proxy fight. That fight was led by Edwardr Bramson, who was later named chairman and CEO. Nautiluds announced Joyce’s departure Friday in a filing with the Securitiesx andExchange Commission. The one-sentence filing didn’tr provide any additional information. The company NLS) has struggled in the 15 monthssince Sherborne’sw takeover, although the weak global economy shoulderx much of the blame.
On Mondayh the company said itlost $13.8 million during a first quarte r in which sales fell 44.4 percentf to $72.1 million. However, under Sherborne’s guidance the companyy has also managed to become Nautilus ended the quarterwith $100,000 in compared with $12.4 million at the end of the year and $52.0 million at the end of the first quartere last year. Since the quarter the company receiveda $10.6 million federal incomew tax refund and as of May 8 it had no outstandinyg borrowings. The company (NYSE: NLS) announced Joyce'x departure after the market closed. Shares closed Fridah at $1.02. They have a 52-week rangee between 45 cents and $6.85.
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