Natuzzi Posts 2Q Profit Despite Sales Decline
Furniture Today Staff -- Furniture Today, October 12, 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 sales were 25% below the first half of 2010, while sales in Europe were off 9.3%.
Natuzzi (a) | |||
Earnings per share are fully diluted, and all figures in parentheses are losses or declines. | |||
Quarter ended 6/30 | 2011 | 2010 | Change |
Sales | 121,400,000 | 145,200,000 | (16.4%) |
Operating income | (2,900,000) | 5,600,000 | - |
Net income | 9,600,000 | (2,800,000) | - |
Earnings per share | 0.18 | (0.05) | - |
6 months ended 6/30 | 2011 | 2010 | Change |
Sales | 242,400,000 | 271,700,000 | (10.8%) |
Operating income | (3,000,000) | 8,900,000 | - |
Net income | 6,600,000 | (4,100,000) | - |
Earnings per share | 0.12 | (0.07) | - |
(a) In euros | |||
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Natuzzi reverses net loss in second quarter
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