Natuzzi Reports Year-End Loss

March 29, 2006  by in UnCategorized   

By Home Furnishings Business in on March 2006 Leather producer Natuzzi reported a loss of $20.8 million for the year ended Dec. 31 compared to net income of $22.9 million the previous year.

For the fourth quarter, the company reported a loss of $3.3 million, compared to a $12.1 million loss during the same quarter last year.

Sales for the quarter were $226.6 million, a decrease from $251.5 million during the same period last year. In the Americas, the company's sales were $77.2 million, and increase over $70.4 million in the 2004 quarter.

"In 2006, we will continue to be focused on the initiatives that should make our operations more efficient and profitable," said Pasquale Natuzzi, chairman and chief executive officer. "At the same time, we have to take into consideration that the industry and currency scenario for 2006 appears to be characterized by the same uncertainties experienced last year."