Natuzzi 3rd Quarter Loss Narrows
November 24, 2009
Natuzzi (NYSE: NTZ) reported a net loss of 900,000 euro for the third quarter ended Sept. 30, compared to a loss of 16.2 million euro during the same period last year.
Sales for the quarter were 118.3 million euro, a 16.8 percent decrease compared to 142.3 million euro during the third quarter of 2008.
Upholstery net sales were 102.9 million euro, or 87 percent of total net sales, compared to 125.1 million euro during the same quarter last year. The contribution to upholstery net sales by geographic area was as follows: Europe 54.5 percent; Americas 32.6 percent and rest of the world 12.9 percent.
"Third quarter results represent the second consecutive quarter during which we achieved positive operating income, despite the unfavorable economic environment," said Pasquale Natuzzi, chairman and CEO. "The restructuring and rationalization process continue to benefit our results. During this time we set up various initiatives and processes such as product standardization and innovation, improvement of the raw material procurement and reduction in lead times.
"I am confident that all of these activities will continue to generate positive results," he said.
For the first nine months of 2009, net sales were 363.2 million euro, a decrease of 24.9 percent as compared to 483.9 million euro in the first nine months of 2008. Upholstery sales were 316.7 million euro, a decrease of 25.8 percent compared to 426.6 million euro in the first nine months of 2008.
For the nine-month period, the company reported a loss of 15.2 million euro, compared to a loss of 42.1 million euro during the same period of 2008.
Sales for the quarter were 118.3 million euro, a 16.8 percent decrease compared to 142.3 million euro during the third quarter of 2008.
Upholstery net sales were 102.9 million euro, or 87 percent of total net sales, compared to 125.1 million euro during the same quarter last year. The contribution to upholstery net sales by geographic area was as follows: Europe 54.5 percent; Americas 32.6 percent and rest of the world 12.9 percent.
"Third quarter results represent the second consecutive quarter during which we achieved positive operating income, despite the unfavorable economic environment," said Pasquale Natuzzi, chairman and CEO. "The restructuring and rationalization process continue to benefit our results. During this time we set up various initiatives and processes such as product standardization and innovation, improvement of the raw material procurement and reduction in lead times.
"I am confident that all of these activities will continue to generate positive results," he said.
For the first nine months of 2009, net sales were 363.2 million euro, a decrease of 24.9 percent as compared to 483.9 million euro in the first nine months of 2008. Upholstery sales were 316.7 million euro, a decrease of 25.8 percent compared to 426.6 million euro in the first nine months of 2008.
For the nine-month period, the company reported a loss of 15.2 million euro, compared to a loss of 42.1 million euro during the same period of 2008.
