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Natuzzi cites shipping, materials cost hikes in reporting $7.1M loss

Worldwide sales in 3Q slip 2.8% despite gain in Americas
SANTERAMO IN COLLE, Italy — Leather upholstery major Natuzzi reported a third-quarter net loss of $7.1 million as sales slipped 2.8%.

The loss, which equals 1 cent per share, was larger than the $1.2 million loss in last year's third quarter. The company said the most recent quarter's loss was due largely to significant increases in shipping costs and raw materials prices, mainly in leather.

The loss was recorded despite a stellar top-line performance in North and South America, where sales were 41.4% ahead of last year's third quarter.

Worldwide sales for the quarter were the equivalent of $148.7 million, compared with $152.9 million in the same quarter last year. For the first nine months of the year, worldwide sales totaled $509 million, which was 6.5% ahead of the first nine months of 2009.

Sales in North and South America were 32.7% ahead of the first nine months of last year.

The nine-month net loss totaled $12.6 million or 2 cents per share. That compares with a net loss of $20 million or 4 cents per share in the same period last year.

Natuzzi's stock trades on the New York Stock Exchange, and the company reports key financial figures in euros and U.S. dollars.


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