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Fitness equipment recalled; company's stock drops.
One recent CPSC recall created an immediate financial problem for the manufacturer. The company involved reportedly lost an estimated $80 million when customers and investors reacted to the news story.
A Vancouver, Washington-based company, The Nautilus Group, Inc., had
joined with CPSC in announcing a recall of its Bowflex Power Pro strength machine Jan. 29. (5) The fitness machines had a defect that posed a risk of injury to the user. According to CPSC, while being used in the incline position, the backboard bench can collapse and break. In addition, the "lat tower" can rotate forward and fall, possibly injuring the user. Nautilus received at least 70 reports of the backboard benches breaking and 18 reports of the "lat tower" falling.
The machines sold originally for between $1,200 and $1,600.
A report in The Columbian newspaper, of Clark County, Washington, Jan. 30, indicated that confusion caused by CPSC's use of the word "recall" to describe the action resulted in the company's stock price dipping from $15.83 on one day to $13.37 the next. Greg Hammann, the company's CEO, said that the stock price ...
- CPSC, The Nautilus Group Announce Recall to Repair Bowflex Power Pro and...
- Press release article from: PR Newswire November 16, 2004 700+ words
...following recalled products, see CPSC's Web site at http://www.cpsc.gov/.) (Logo: http...USCSCLOGO ) Name of product: Bowflex Power Pro and Bowflex Ultimate Fitness...recalled fitness machines are the Bowflex Power Pro with and without a "Lat...
- CPSC, The Nautilus Group announce recall to repair Bowflex Power Pro and...
- Press release article from: M2 Presswire November 17, 2004 700+ words
...PRODUCT SAFETY COMMISSION: CPSC, The Nautilus Group announce recall to repair Bowflex Power Pro and Ultimate Fitness...instructed. Name of product: Bowflex Power Pro and Bowflex Ultimate...fitness machines are the Bowflex Power Pro with and without...
- CPSC, Nautilus Direct announce recall of Bowflex Power Pro Fitness Machines.
- Press release article from: M2 Presswire January 30, 2004 700+ words
M2 PRESSWIRE-30 January 2004-US CPSC: CPSC, Nautilus Direct announce recall of Bowflex Power Pro Fitness Machines(C)1994-2004 M2...S. Consumer Product Safety Commission (CPSC), Nautilus Direct (doing business as Bowflex...
- CPSC, Nautilus Direct Announce Recall of Bowflex Power Pro Fitness Machines.
- Press release article from: PR Newswire January 29, 2004 700+ words
...Product Safety Commission (CPSC), Nautilus Direct (doing...USCSCLOGO ) Nautilus Direct and CPSC have received at least 70 reports...recalled fitness machines are the Bowflex Power Pro XL, XTL and XTLU systems...Hotline: (888) 424-3020 CPSC Recall Hotline: (800) 638...
- Nautilus Believes in the Quality and Durability of Product-Doubles Warranty on...
- News wire article from: Canadian Corporate News February 5, 2004 700+ words
...five-year warranty period on its line of popular Bowflex Power Pro(R) resistance exercise equipment to a full...confident in the quality and durability of our Bowflex Power Pro product line that we are extending the warranty...
- Nautilus Believes in the Quality and Durability of Product - Doubles Warranty...
- Press release article from: Business Wire February 4, 2004 700+ words
...five-year warranty period on its line of popular Bowflex Power Pro(R) resistance exercise equipment to a full...confident in the quality and durability of our Bowflex Power Pro product line that we are extending the warranty...
- CPSC testing finds no asbestos fibers in children's chalk.
- Press release article from: M2 Presswire October 4, 2000 700+ words
M2 PRESSWIRE-4 October 2000-US CPSC: CPSC testing finds no asbestos fibers in children's chalk (C...fibers that may appear like asbestos in children's chalk. CPSC tested chalk from five manufacturers that represent the majority...
- CPSC Invites Public Comments on Voluntary Standards Activities and Research...
- Press release article from: PR Newswire October 18, 2004 700+ words
...Consumer Product Safety Commission (CPSC) today launched two pilot programs to...standards positions and research reports. CPSC published a notice in today's Federal...staff and contractor research reports. CPSC wants to open staff activities for public...