Natuzzi sales grow 1.3% in 4Q, but loss widens
By Furniture Today Staff -- Furniture Today, April 8, 2007
Santeramo In Colle, Italy — Upholstery major Natuzzi said fourth quarter sales were 1.3% above the previous year's fourth quarter, but the company's net loss widened to 5.1 million euros.
Sales for all of 2006, however, were 9.8% above 2005 and the company recorded a profit of 12.3 million euros, reversing a 14.6 million-euro loss in 2005.
"We are pleased with the positive net sales performance reported year over year, return to profit and strong cash flow from operations achieved in 2006," said Ernesto Greco, CEO. "The business scenario, unfortunately, has been and continues to be very soft due to the very aggressive pricing competition and unfavorable exchange rates."
Net sales for the fourth quarter totaled 193.1 million euros, or approximately $249 million. In the fourth quarter of 2005, sales were 190.6 million euros, or about $226.6 million. The quarterly net loss came to approximately $6.6 million, compared with a loss of 700,000 euros, or about $800,000, in the fourth quarter of 2005.
For the full year, sales totaled 735.5 million euros or about $924.2 million. In 2005, net sales were 669.9 million euros, the equivalent of about $834 million.
Sales in the Americas in the fourth quarter were down 9.9% from the same period a year earlier, to 58.5 million euros. In dollars, however, sales were down only 1.2% to $75.4 million. The weakening value of the dollar against the European currency hurt the euro performance.
For the year, sales in the Americas rose 1.5% to 245.4 million euros. In dollars, sales were up 6.2% to $319.7 million.
| Natuzzi(a) | |||
|---|---|---|---|
| Earnings per share are fully diluted, and all figures in parentheses are losses or declines. | |||
| Quarter ended 12/31 | 2006 | 2005 | Change |
| (a) In euros. |
|||
| Sales | 193,100,000 | 190,600,000 | 1.3% |
| Operating income | (3,400,000) | (5,400,000) | — |
| Net income | (5,100,000) | (700,000) | — |
| Earnings per share | (0.09) | (0.01) | — |
| Year ended 12/31 | 2006 | 2005 | Change |
| Sales | 735,500,000 | 669,900,000 | 9.8% |
| Operating income | 16,500,000 | (14,700,000) | — |
| Net income | 12,300,000 | (14,600,000) | — |
| Earnings per share | 0.22 | (0.27) | — |
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