Natuzzi reverses net loss in second quarter
Larry Thomas -- Furniture Today, September 26, 2011
SANTERAMO IN COLLE, Italy — Leather upholstery major Natuzzi reversed a net loss in the second quarter despite a double-digit drop in worldwide sales.
The company, which reports key financial figures in U.S. dollars, reported net income of $13.8 million, or 3 cents per share, for the quarter ended June 30. That compares with a loss of $4 million, or 1 cent per share, in the same quarter last year.
Sales totaled $174.8 million, a drop of 16.4% from $209 million in last year's second quarter.
Sales in North America tumbled 25.9%, while sales in Europe, Natuzzi's largest market, were off 19.4%.
The company said the North American decline was due largely to the relocation of a factory in China, which resulted in production delays. Those issues have been resolved since the end of the quarter, and faster deliveries have resumed.
For the first half of 2011, net income $9.3 million, or 2 cents per share. That reversed a loss of $5.8 million, or 1 cent per share, in the first half of 2010.
First-half sales fell 10.8% to $340.5 million.
North American were 25% below the first half of 2010, while sales in Europe were off 9.3%.
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