Natuzzi sales rise 3%, net loss cut in half
By Larry Thomas -- Furniture Today, April 6, 2009
SANTERAMO IN COLLE — SANTERAMO IN COLLE, Italy — Leather upholstery major Natuzzi cut its fourth-quarter net loss in half as sales rose nearly 3%.
The company said its biggest sales gains came in the Americas, a division that includes the U.S. market. Sales there were 14.9% ahead of the fourth quarter of 2007.
Worldwide sales for the quarter ended Dec. 31 were 182.1 million euros, up from 176.9 million euros for the fourth quarter of 2007.
The most recent quarter's net loss of 19.8 million euros or 36 euro cents per share compares with a loss of 39.6 million euros or 72 cents per share in the same quarter in 2007.
For all of 2008, worldwide sales rose 5% to 666 million euros. Sales in the Americas totaled 208.6 million euros, also a jump of 5% over 2007.
Last year's net loss came to 62 million euros or 1.13 euros per share. That compares with a loss of 63 million euros, or 1.14 euros per share, in 2007.
“We are pleased to have met our fourth quarter and full-year expectations despite the adverse economic conditions,” said Pasquale Natuzzi, chairman and CEO.
“We remain on track with our previously announced three-year business plan approved by our board of directors.”
In March, Pasquale Natuzzi returned to the CEO post following the resignation of Aldo Uva after less than nine months on the job.
Natuzzi (a)
Earnings per share are fully diluted, and all figures in parentheses are losses or declines.
| Quarter ended 12/31 | 2008 | 2007 | Change |
| (a) In euros. (b) Includes net foreign exchange losses of 11.1 million euros in the 2008 year and 7.1 million euros in the 2007 year. |
|||
| Sales | 182,100,000 | 176,900,000 | 2.9% |
| Operating income | (5,500,000) | (21,000,000) | — |
| Net income (b) | (19,800,000) | (39,600,000) | — |
| Earnings per share | (0.36) | (0.72) | — |
| Year ended 12/31 | 2008 | 2007 | Change |
| Sales | 666,000,000 | 634,400,000 | 5.0% |
| Operating income | (35,000,000) | (49,100,000) | — |
| Net income (b) | (61,900,000) | (62,600,000) | — |
| Earnings per share | (1.13) | (1.14) | — |
