-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, FpGIQbd49LUaYhYXe4XcDL8WbZR8Nfd1zCCuHDchHG2m9j95jJ7co5jqhinuuE7P 73whrnvwjP1tS3qs0acVpA== 0000894579-06-000212.txt : 20060510 0000894579-06-000212.hdr.sgml : 20060510 20060510172225 ACCESSION NUMBER: 0000894579-06-000212 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20060510 DATE AS OF CHANGE: 20060510 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: NAUTILUS, INC. CENTRAL INDEX KEY: 0001078207 STANDARD INDUSTRIAL CLASSIFICATION: [3949] IRS NUMBER: 943002667 STATE OF INCORPORATION: WA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-57867 FILM NUMBER: 06827445 BUSINESS ADDRESS: STREET 1: 16400 SE NAUTILUS DRIVE CITY: VANCOUVER STATE: WA ZIP: 98683 BUSINESS PHONE: 3606947722 MAIL ADDRESS: STREET 1: 16400 SE NAUTILUS DRIVE CITY: VANCOUVER STATE: WA ZIP: 98683 FORMER COMPANY: FORMER CONFORMED NAME: NAUTILUS GROUP INC DATE OF NAME CHANGE: 20020523 FORMER COMPANY: FORMER CONFORMED NAME: DIRECT FOCUS INC DATE OF NAME CHANGE: 19990202 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: TIMON PHILIP C CENTRAL INDEX KEY: 0001080175 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 920 EAST BALTMORE PIKE CITY: KENNETT SQUARE STATE: PA ZIP: 19348 BUSINESS PHONE: 302-472-8000 MAIL ADDRESS: STREET 1: 1105 NORTH MARKET STREET STREET 2: 15TH FLOOR CITY: WILMINGTON STATE: DE ZIP: 19801 SC 13D/A 1 ec33917913da.txt SCHEDULE 13D/A - NAUTILUS, INC. - ------------------------------- ------------------------------- CUSIP No. 63910B102 Page 1 of 6 pages - ------------------------------- ------------------------------- OMB APPROVAL OMB Number: 3235-0145 Expires: February 28, 2006 Estimated average burden hours per response. . . 15 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D Under the Securities Exchange Act of 1934 Amendment No. 2 Nautilus, Inc. ---------------- (Name of Issuer) Common Stock, no par value -------------------------- (Title of Class of Securities) 63910B102 --------- (CUSIP Number) Direct any Notices and Communications to: ----------------------------------------- George J. Mazin, Esq. Dechert LLP 30 Rockefeller Plaza New York, NY 10112 May 8, 2006 ------------ (Date of Event which Requires Filing of this Statement) If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of ss.ss. 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. [ ] The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act. Page 1 of 6 Pages
- ------------------------------- ------------------------------- CUSIP No. 63910B102 Page 2 of 6 pages - ------------------------------- ------------------------------- --------- ------------------------------------------------------------------------------------------------------ NAME OF REPORTING PERSON 1 SS. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON PHILIP TIMON --------- ------------------------------------------------------------------------------------------------------ CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP Not Applicable 2 --------- ------------------------------------------------------------------------------------------------------ SEC USE ONLY 3 --------- ------------------------------------------------------------------------------------------------------ 4 SOURCE OF FUNDS WC --------- ------------------------------------------------------------------------------------------------------ 5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) [ ] --------- ------------------------------------------------------------------------------------------------------ CITIZENSHIP OR PLACE OF ORGANIZATION 6 UNITED STATES OF AMERICA ----------------------- --------- ------------------------------------------------------------------------------ SOLE VOTING POWER 7 NUMBER OF 2,185,829* SHARES --------- ------------------------------------------------------------------------------ BENEFICIALLY OWNED SHARED VOTING POWER BY EACH 8 REPORTING PERSON 0 WITH --------- ------------------------------------------------------------------------------ SOLE DISPOSITIVE POWER 9 0 --------- ------------------------------------------------------------------------------ SHARED DISPOSITIVE POWER 10 2,185,829* ----------- ---------------------------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,185,829* ----------- ---------------------------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ] ----------- ---------------------------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 6.66% ----------- ---------------------------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON IN ----------- ----------------------------------------------------------------------------------------------------
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* Endowment Capital, L.P., and Long Drive, L.P., each a Delaware limited partnership (collectively, the "Limited Partnerships"), own in the aggregate 2,185,829 shares of the common stock, no par value per share (the "Shares") of Nautilus, Inc., a Washington corporation (the "Company"). Endowment Capital Group, LLC, a Delaware limited liability company, is the sole general partner of each of the Limited Partnerships. Mr. Philip Timon is the sole managing member of Endowment Capital Group, LLC. As a result, Mr. Timon possesses the sole power to vote and the sole power to direct the disposition of the Shares held by the Limited Partnerships. Thus, as of May 9, 2006, for the purposes of Reg. Section 240.13d-3, Mr. Timon is deemed to beneficially own 2,185,829 Shares, or approximately 6.66% of the Shares deemed issued and outstanding as of that date. Mr. Timon's interest in the Shares is limited to his pecuniary interest, if any, in the Limited Partnerships. ITEM 1. Security and Issuer (a). Name of Issuer: NAUTILUS, INC. (b). Address of Issuer's Principal Executive Offices: 1400 NE 136th Avenue Vancouver, Washington 98684 (c). Title of Class of Securities: Common Stock, no par value (d). CUSIP Number: 63910B102 ITEM 2. Identity and Background This Statement is being filed by Mr. Philip Timon, whose business address is 1105 North Market Street, 15th Floor, Wilmington, DE 19801, who serves as the managing member of Endowment Capital Group, LLC, which is the sole general partner of the Limited Partnerships, and in such capacity is principally responsible for the management of the affairs of the Limited Partnerships. The Limited Partnerships are each engaged in the investment in personal property of all kinds including but not limited to capital stock, depository receipts, investment companies, subscriptions, warrants, bonds, notes, debentures, options and other securities and instruments of various kind and nature. Mr. Timon has never been convicted in a criminal proceeding (excluding traffic violations and similar misdemeanors), nor has he been a party to any civil proceeding commenced before a judicial or administrative body of competent jurisdiction as a result of which he was or is now subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws. Mr. Timon is a United States citizen.
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ITEM 3. Source and Amount of Funds or Other Consideration. The Limited Partnerships have invested an aggregate amount of $34,787,061.08 (exclusive of brokerage commissions) in the Shares of the Company reported hereunder. Some of these funds were invested directly in the Shares of the Company, and some were invested in securities convertible into, exercisable or exchangeable for Shares. The sources of the funds used to purchase the Shares of the Company held by the Limited Partnerships and the securities convertible into, exercisable or exchangeable for Shares by the Limited Partnerships are the working capital of the Limited Partnerships. ITEM 4. Purpose of Transaction. The Limited Partnerships acquired and continue to hold the Shares as a long-term investment. Mr. Timon utilizes a fundamental, research-driven process to identify companies as being fundamentally undervalued and possessing the potential for high growth. In implementing this process, Mr. Timon identified the Company as an entity satisfying his rigorous investment criteria. ITEM 5. Interest in Securities of the Issuer. Based upon the information set forth in the Company's Annual Report on Form 10-K as filed with the Securities and Exchange Commission on March 16, 2006, there were 32,800,986 Shares issued and outstanding as of March 1, 2006. As of May 9, 2006, the Limited Partnerships own in the aggregate 2,185,829 Shares. Mr. Timon possesses the sole power to vote and the sole power to direct the disposition of the Shares held by the Limited Partnerships. Thus, as of May 9, 2006, for purposes of Reg. Section 240.13d-3, Mr. Timon is deemed to beneficially own 2,185,829 Shares, or approximately 6.66% of the Shares deemed issued and outstanding as of that date. Mr. Timon's interest in the Shares is limited to his pecuniary interest, if any, in the Limited Partnerships. The following table details the transactions during the sixty days prior to May 9, 2006 in Shares, or securities convertible into, exercisable or exchangeable for Shares, by Mr. Timon or any other person or entity controlled by him or any person or entity for which he possesses voting or investment control over the securities thereof (each of which were effected in an ordinary brokerage transaction):
- ------------------- ---------------- ------------- ---------------------- ------------------- ---------------------- Date Transaction Symbol Description # of Shares or Price per Share or Units Unit ($) - ------------------- ---------------- ------------- ---------------------- ------------------- ---------------------- - ------------------- ---------------- ------------- ---------------------- ------------------- ---------------------- 3/8/2006 BY NLS NAUTILUS INC 10,000 $15.0500 - ------------------- ---------------- ------------- ---------------------- ------------------- ---------------------- - ------------------- ---------------- ------------- ---------------------- ------------------- ---------------------- 3/9/2006 BY NLS NAUTILUS INC 20,300 $14.9416 - ------------------- ---------------- ------------- ---------------------- ------------------- ---------------------- - ------------------- ---------------- ------------- ---------------------- ------------------- ---------------------- 3/9/2006 BY NLS NAUTILUS INC 30,000 $14.9157 - ------------------- ---------------- ------------- ---------------------- ------------------- ---------------------- - ------------------- ---------------- ------------- ---------------------- ------------------- ---------------------- 3/9/2006 BY NLS NAUTILUS INC 42,000 $15.0500 - ------------------- ---------------- ------------- ---------------------- ------------------- ---------------------- - ------------------- ---------------- ------------- ---------------------- ------------------- ---------------------- Put NAUTILUS INC Jul 3/9/2006 CS NLS+SV 12.50 2,000 $0.6750 - ------------------- ---------------- ------------- ---------------------- ------------------- ---------------------- - ------------------- ---------------- ------------- ---------------------- ------------------- ----------------------
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3/10/2006 BY NLS NAUTILUS INC 21,300 $14.9035 - ------------------- ---------------- ------------- ---------------------- ------------------- ---------------------- - ------------------- ---------------- ------------- ---------------------- ------------------- ---------------------- 3/10/2006 BY NLS NAUTILUS INC 11,500 $14.7523 - ------------------- ---------------- ------------- ---------------------- ------------------- ---------------------- - ------------------- ---------------- ------------- ---------------------- ------------------- ---------------------- 3/10/2006 BY NLS NAUTILUS INC 47,250 $14.8000 - ------------------- ---------------- ------------- ---------------------- ------------------- ---------------------- - ------------------- ---------------- ------------- ---------------------- ------------------- ---------------------- 3/10/2006 BY NLS NAUTILUS INC 14,900 $14.8957 - ------------------- ---------------- ------------- ---------------------- ------------------- ---------------------- - ------------------- ---------------- ------------- ---------------------- ------------------- ---------------------- 3/10/2006 DI NLS NAUTILUS INC - - ------------------- ---------------- ------------- ---------------------- ------------------- ---------------------- - ------------------- ---------------- ------------- ---------------------- ------------------- ---------------------- 3/13/2006 BY NLS NAUTILUS INC 38,100 $15.1365 - ------------------- ---------------- ------------- ---------------------- ------------------- ---------------------- - ------------------- ---------------- ------------- ---------------------- ------------------- ---------------------- 3/13/2006 BY NLS NAUTILUS INC 35,000 $15.0944 - ------------------- ---------------- ------------- ---------------------- ------------------- ---------------------- - ------------------- ---------------- ------------- ---------------------- ------------------- ---------------------- 3/14/2006 BY NLS NAUTILUS INC 40,000 $14.6932 - ------------------- ---------------- ------------- ---------------------- ------------------- ---------------------- - ------------------- ---------------- ------------- ---------------------- ------------------- ---------------------- 3/14/2006 BY NLS NAUTILUS INC 200 $14.5750 - ------------------- ---------------- ------------- ---------------------- ------------------- ---------------------- - ------------------- ---------------- ------------- ---------------------- ------------------- ---------------------- 3/15/2006 BY NLS NAUTILUS INC 5,000 $14.8500 - ------------------- ---------------- ------------- ---------------------- ------------------- ---------------------- - ------------------- ---------------- ------------- ---------------------- ------------------- ---------------------- 3/21/2006 BY NLS NAUTILUS INC 5,000 $15.0344 - ------------------- ---------------- ------------- ---------------------- ------------------- ---------------------- - ------------------- ---------------- ------------- ---------------------- ------------------- ---------------------- 3/21/2006 BY NLS NAUTILUS INC 25,000 $15.1000 - ------------------- ---------------- ------------- ---------------------- ------------------- ---------------------- - ------------------- ---------------- ------------- ---------------------- ------------------- ---------------------- Put NAUTILUS INC Jan 3/21/2006 CS OND+MV 12.50 1,000 $1.2000 - ------------------- ---------------- ------------- ---------------------- ------------------- ---------------------- - ------------------- ---------------- ------------- ---------------------- ------------------- ---------------------- 3/22/2006 BY NLS NAUTILUS INC 900 $14.9000 - ------------------- ---------------- ------------- ---------------------- ------------------- ---------------------- - ------------------- ---------------- ------------- ---------------------- ------------------- ---------------------- 3/23/2006 BY NLS NAUTILUS INC 19,100 $14.9632 - ------------------- ---------------- ------------- ---------------------- ------------------- ---------------------- - ------------------- ---------------- ------------- ---------------------- ------------------- ---------------------- 3/29/2006 BY NLS NAUTILUS INC 12,000 $14.8008 - ------------------- ---------------- ------------- ---------------------- ------------------- ---------------------- - ------------------- ---------------- ------------- ---------------------- ------------------- ---------------------- Put NAUTILUS INC Jan 4/3/2006 CS OND+MV 12.50 1,000 $1.1417 - ------------------- ---------------- ------------- ---------------------- ------------------- ---------------------- - ------------------- ---------------- ------------- ---------------------- ------------------- ---------------------- 4/4/2006 SL NLS NAUTILUS INC 30,000 $15.5375 - ------------------- ---------------- ------------- ---------------------- ------------------- ---------------------- - ------------------- ---------------- ------------- ---------------------- ------------------- ---------------------- 4/4/2006 SL NLS NAUTILUS INC 2,200 $15.7055 - ------------------- ---------------- ------------- ---------------------- ------------------- ---------------------- - ------------------- ---------------- ------------- ---------------------- ------------------- ---------------------- 4/5/2006 SL NLS NAUTILUS INC 25,000 $16.7104 - ------------------- ---------------- ------------- ---------------------- ------------------- ---------------------- - ------------------- ---------------- ------------- ---------------------- ------------------- ---------------------- 4/6/2006 SL NLS NAUTILUS INC 9,000 $16.8208 - ------------------- ---------------- ------------- ---------------------- ------------------- ---------------------- - ------------------- ---------------- ------------- ---------------------- ------------------- ---------------------- Put NAUTILUS INC Jan $ 4/13/2006 CS OND+MV 12.50 3,000 $0.7932 - ------------------- ---------------- ------------- ---------------------- ------------------- ---------------------- - ------------------- ---------------- ------------- ---------------------- ------------------- ---------------------- 5/3/2006 SL NLS NAUTILUS INC 3,000 $17.4140 - ------------------- ---------------- ------------- ---------------------- ------------------- ---------------------- - ------------------- ---------------- ------------- ---------------------- ------------------- ---------------------- 5/4/2006 SL NLS NAUTILUS INC 30,700 $18.5380 - ------------------- ---------------- ------------- ---------------------- ------------------- ---------------------- - ------------------- ---------------- ------------- ---------------------- ------------------- ---------------------- 5/4/2006 SL NLS NAUTILUS INC 10,000 $18.5350 - ------------------- ---------------- ------------- ---------------------- ------------------- ---------------------- - ------------------- ---------------- ------------- ---------------------- ------------------- ---------------------- 5/8/2006 SL NLS NAUTILUS INC 35,000 $18.4616 - ------------------- ---------------- ------------- ---------------------- ------------------- ---------------------- - ------------------- ---------------- ------------- ---------------------- ------------------- ---------------------- 5/8/2006 SL NLS NAUTILUS INC 101,800 $18.5456 - ------------------- ---------------- ------------- ---------------------- ------------------- ---------------------- - ------------------- ---------------- ------------- ---------------------- ------------------- ---------------------- 5/8/2006 SL NLS NAUTILUS INC 174,000 $18.4950 - ------------------- ---------------- ------------- ---------------------- ------------------- ---------------------- - ------------------- ---------------- ------------- ---------------------- ------------------- ---------------------- 5/9/2006 SL NLS NAUTILUS INC 10,500 $18.0939 - ------------------- ---------------- ------------- ---------------------- ------------------- ---------------------- - ------------------- ---------------- ------------- ---------------------- ------------------- ---------------------- 5/9/2006 SL NLS NAUTILUS INC 63,100 $18.2018 - ------------------- ---------------- ------------- ---------------------- ------------------- ----------------------
ITEM 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer None SIGNATURE After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
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PHILIP TIMON Date: May 10, 2006 By /S/ Philip Timon Philip Timon, in his capacity as sole managing member of Endowment Capital Group, LLC, the sole general partner of Endowment Capital, L.P. and Long Drive, L.P. -----END PRIVACY-ENHANCED MESSAGE-----