------------------------------- -------------------------------
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 13G
Under the Securities Exchange Act of 1934
Nautilus, Inc.
----------------
(Name of Issuer)
Common Stock
--------------------------
(Title of Class of Securities)
63910B102
---------
(CUSIP Number)
May 9, 2006
------------
(Date of Event which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
[ ] Rule 13d-1(b)
[x] Rule 13d-1(c)
[ ] Rule 13d-1(d)
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.
THIS SCHEDULE 13G REPLACES THE SCHEDULE 13D/A FILED ON MAY 10, 2006 BY PHILIP
TIMON ("THE 13D"). THIS SCHEDULE 13G IS BEING FILED TO REPLACE THE 13D BECAUSE
PHILIP TIMON NO LONGER INTENDS TO CHANGE OR INFLUENCE CONTROL OF NAUTILUS, INC.
("THE ISSUER") AND THEREFORE MAY FILE A 13G WITH RESPECT TO HIS OWNERSHIP OF
STOCK OF THE ISSUER UNDER RULE 13D-1(C) OF THE ACT.
------------------------------- -------------------------------
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
--------- ------------------------------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
4
UNITED STATES OF AMERICA
----------------------- --------- ------------------------------------------------------------------------------
SOLE VOTING POWER
5
NUMBER OF 2,185,829*
SHARES --------- ------------------------------------------------------------------------------
BENEFICIALLY OWNED SHARED VOTING POWER
BY EACH 6
REPORTING PERSON 0
WITH --------- ------------------------------------------------------------------------------
SOLE DISPOSITIVE POWER
7
2,185,829*
--------- ------------------------------------------------------------------------------
SHARED DISPOSITIVE POWER
8
0
----------- ----------------------------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
----------- ----------------------------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ]
----------- ----------------------------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
6.66%
----------- ----------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
----------- ----------------------------------------------------------------------------------------------------
------------------------------- -------------------------------
CUSIP No. 63910B102 Page 3 of 6 pages
------------------------------- -------------------------------
* 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
ITEM 2. (a) Name of Person Filing: Mr. Philip Timon.
(b) Address of Principal Business Office: c/o Endowment Capital
Group, LLC, 1105 N. Market Street, 15th Floor, Wilmington, DE
19801.
(c) Citizenship: United States.
(d). Title of Class of Securities: Common Stock
(e). CUSIP Number: 63910B102
ITEM 3. If this Statement is Filed Pursuant to Rules 13d-1(b) or
13d-2(b) or (c), Check Whether the Person Filing is a:
Not Applicable
------------------------------- -------------------------------
CUSIP No. 63910B102 Page 4 of 6 pages
------------------------------- -------------------------------
ITEM 4. Ownership.
(a). Amount beneficially owned (as of May 9, 2006) 2,185,829*
(b). Percentage of class (as of May 9, 2006): 6.66%*
(c). Number of shares as to which such person has:
(i) Sole power to vote or to direct the vote: 2,185,829*
(ii) Shared power to vote or to direct the vote: 0
(iii) Sole power to dispose or to direct the disposition of: 2,185,829*
(iv) Shared power to dispose or to direct the disposition of:0
* 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 (the "Shares") of
Nautilus, Inc., a Washington corporation (the "Company"). Endowment
Capital Group, LLC ("Endowment Capital") 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. 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 5. Ownership of Five Percent or Less of a Class: [ ]
ITEM 6. Ownership of More than Five Percent on Behalf of Another Person:
Not Applicable.
ITEM 7. Identification and Classification of Subsidiaries which Acquired the
Security Being Reported on by the Parent Holding Company:
Not Applicable.
------------------------------- -------------------------------
CUSIP No. 63910B102 Page 5 of 6 pages
------------------------------- -------------------------------
ITEM 8. Identification and Classification of Members of the Group:
Not Applicable
ITEM 9. Notice of Dissolution of Group:
Not Applicable.
ITEM 10. Certification:
By signing below, I certify that, to the best of my knowledge and belief,
the securities referred to above were not acquired and are not held for the
purpose of or with the effect of changing or influencing the control of the
issuer of the securities and were not acquired and are not held in connection
with or as a participant in any transaction having that purpose or effect.
------------------------------- -------------------------------
CUSIP No. 63910B102 Page 6 of 6 pages
------------------------------- -------------------------------
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.
PHILIP TIMON
Date: May 10, 2006 By /S/ Philip
Timon, in his capacity as sole
managing member of Endowment
Capital Group, LLC, the sole
general partner of each of
Endowment Capital, L.P. and Long
Drive, L.P.