PESARO, ITALY – Woodworking machinery manufacturer Biesse SpA announced financial results for the fourth quarter of fiscal 2007, ended Dec. 31, 2007. Net revenue reached $191.1 million, down 2% from the fourth quarter of 2006, and net profit was $15.6 million, down 10.5% from the prior year period. For the 2007 fiscal year, net revenue reached $686.8 million, which is up 17.5% from 2006. Net profit was $57.0 million, an increase of 20.1% from 2006.
The net financial position of the company as of Dec. 31, 2007 was positive for $1.6 million, down $19.1 million from the same period in 2006, which reflects acquisition costs and a dividend paid in December 2007. The company’s board of directors has also approved a three-year industrial plan. Based on 2007’s results and given the major industrial projects in which Biesse plans to invest in the near future, the board approved estimates for revenues and profitability for the three-year period from 2008 to 2010.
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