Natuzzi reports flat 4Q sales
By Joan Gunin -- Furniture Today, March 10, 2002
SANTERAMO IN COLLE, Italy — Upholstery manufacturer Natuzzi said fourth-quarter sales of $176.7 million were essentially unchanged from the same quarter in 2000.
Net income was down 13.2% to $16.7 million.
Natuzzi said the flat sales were the result of severe weather in Italy in December — which forced the temporary closure of several factories — as well as a strengthening of the euro against other major currencies, and a tough comparison with a strong fourth quarter in 2000.
Sales for the full year rose 14.2% over 2000 to $703.8 million, while net income declined 4.4% to $67.7 million.
Net cash flow from operations in 2001 totaled $69.7 million, down 1.7% from $70.7 million in the previous year.
"Despite worsening raw material prices and weak market conditions, we were able to meet our net profit margin goal for the year, demonstrating our ability to compete in a market that is becoming increasingly price competitive," said Pasquale Natuzzi, chairman and chief executive officer. "Further, we are encouraged by recent sales trends, with orders growing at a double-digit rate compared to last year."
Total seat units sold in the fourth quarter were up 2.4% worldwide. In the Americas, unit volume rose 10.5%. For the full year, unit sales worldwide increased 11.6% to 2.9 million, and unit sales to the Americas rose 12%.
In dollars, sales to the Americas came to $81.2 million in the fourth quarter, up 2.4% from a year earlier. For the year, sales of $319.1 million were up 11.8%.
"For 2002," Natuzzi added, "we expect to outperform the upholstery market with continued double-digit unit volume growth. Our net profit margin is expected to be in the region of 8% to 9%, though, as a result of higher income taxes and initial investments in advertising to support the launch of the brands."
| Quarter ended 12/31 | 2001 | 2000 | Change | |
|---|---|---|---|---|
| Sales | 382,319 | 381,736 | 0.2% | |
| Operating income | 38,626 | 58,993 | (34.5%) | |
| Net income(b) | 36,072 | 41,581 | (13.2%) | |
| Earnings per share(c) | $0.31 | $0.33 | (6.1%) | |
| Year ended 12/31 | 2001 | 2000 | Change | |
| Sales | 1,522,194 | 1,333,084 | 14.2% | |
| Operating income | 189,295 | 245,001 | (22.7%) | |
| Net income(d) | 146,490 | 153,265 | (4.4%) | |
| Earnings per share(c) | $1.23 | $1.28 | (3.9%) | |
| (a) In millions of Italian lire, except for earnings per share, which are in U.S. dollars. (b) Includes an ITL 60 million net foreign exchange gain and an ITL 134 million minority interest gain in the 2001 quarter and an ITL 5.3 billion net foreign exchange loss and an ITL 46 million minority interest loss in the 2000 quarter. (c) Converted at the rate of U.S. $1=ITL 2,163.16 for the 2001 quarter, U.S. $1=2,228.9 for the 2000 quarter, U.S. $1=ITL 2,162.95 for the 2001 year and U.S. $1=ITL 2,097.4 for the 2000 year. (d) Includes net foreign exchange losses of ITL 12 billion in the 2001 year and ITL 54.7 billion in the 2000 year. The 2001 year also includes an ITL 38 million minority interest gain and the 2000 year also includes an ITL 90 million minority interest loss. | ||||
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