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Natuzzi revises 2005 earnings

By Furniture Today Staff -- Furniture Today, April 16, 2006

Santeramo in Colle, Italy — Natuzzi has issued revised financial statements that reduce its loss in 2005's fourth quarter and year by 2.1 million euros, or about $2.6 million.

The company said its board made the adjustment after learning from authorities in Brazil that Natuzzi would benefit from a corporate tax reduction in that country, where it operates a subsidiary, Italsofa Bahia.

With the revision, the company said it had a net loss of 0.7 million euros, or about $800,000, in the fourth quarter and 14.6 million euros, or about $18.2 million, in the year. Net sales were unchanged at 173 million euros ($226.6 million) for the quarter and 669.9 million euros ($834 million) for the year.

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