Friday June 11, 8:01 am Eastern Time
Company Press Release
Over-Allotment Exercise Adds $2.8 Million to Direct Focus, Inc. Public Offering Proceeds
VANCOUVER, Wash.--(BUSINESS WIRE)--June 11, 1999--Direct Focus, Inc. (Nasdaq:DFXI - news) will receive an additional $2.8 million in proceeds from its public offering of common stock with the sale of the 150,000-share over-allotment.
The underwriting group, managed by D.A. Davidson and First Security Van Kasper, exercised the additional shares on June 10. In the public offering on May 5, Direct Focus sold 825,000 shares and selling shareholders an additional 175,000 at $20.50 per share with net proceeds to the company of $15.1 million.
The total net proceeds to Direct Focus of $17.9 million from the offering will be used primarily for additional working capital, capital equipment purchases and other general corporate purposes. With the exercise of the over-allotment, Direct Focus now has 10.5 million common shares outstanding.
Direct Focus currently markets three lines of products -- Bowflex home fitness equipment, Nautilus fitness equipment and Nautilus sleep systems -- directly to customers via advertising on television, printed media and the Internet.
www.directfocusinc.com
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Contact:
Direct Focus, Inc.
Rod Rice, 800/371-3363 |
