Natuzzi trims quarterly loss as global sales dip 16.5%
By Furniture Today Staff -- Furniture Today, March 29, 2010
SANTERAMO IN COLLE, Italy —
Natuzzi’s worldwide sales were down 16.5% in the fourth quarter, including a 29.9% dip in its American business, but the company sharply reduced its loss compared with the same period a year ago.
The upholstery manufacturer reported sales of 152.1 million euros, equivalent to $224.5 million, in the quarter. Sales in the Americas were 43.9 million euros ($64.8 million).
Natuzzi’s net loss of 2.5 million euros ($3.8 million) for the period was far smaller than the 20 million euro ($29.3 million) loss it posted in 2008’s final quarter. The company said it had positive operating income of 2.1 million euros, compared with a 5.5 million-euro operating loss a year earlier.
“We are very pleased with the Natuzzi Group positive trend in the key economic margins ... during 2009,” said Pasquale Natuzzi, chairman and CEO. “Such result, achieved despite decreasing sales as a consequence of the ongoing global crisis, is mainly due to the deep restructuring process started in 2009 and still in progress.”
He added, “We are aware that strong work must be done to get a positive (earnings before interest and taxes) in 2010, considering also the uncertainties of the current economic environment. Bringing the group back to profitability is an ambitious but a reachable goal toward which the whole management is fully committed.”
For the full year, sales of 515.4 million euros ($718.8 million) were down 22.8% from 2008. Sales in the Americas amounted to 139.9 million euros ($195.1 million), a 32.9% decline from the previous year.
The company posted a net loss for the year of 17.7 million euros ($24.7 million), an improvement from the loss of 61.9 million euros ($86.3 million) in 2008.
Natuzzi (a)
Earnings per share are fully diluted, and all figures in parentheses are losses or declines.
| Quarter ended 12/31 | 2009 | 2008 | Change |
| (a) In euros. (b) Includes foreign exchange gains of 1.1 million euros in the 2009 quarter and 6.9 million euros in the 2009 year, and foreign exchange losses of 2.9 million euros in the 2008 quarter and 11.1 million euros in the 2008 year. |
|||
| Sales | 152,100,000 | 182,100,000 | (16.5%) |
| Operating income | 2,100,000 | (5,500,000) | |
| Net income (b) | (2,500,000) | (19,800,000) | |
| Earnings per share | (0.05) | (0.36) | |
| Year ended 12/31 | 2009 | 2008 | Change |
| Sales | 515,400,000 | 666,000,000 | (22.6%) |
| Operating income | (10,500,000) | (35,000,000) | |
| Net income (b) | (17,700,000) | (61,900,000) | |
| Earnings per share | (0.32) | (1.13) | |
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