GranitiFiandre Income Off, Expands in Crossville

Castellarano, Italy, Nov. 14, 2008--GranitiFiandre reported net income of 1.6 million euros for the third quarter, compared to 2.4 million a year ago.

Sales fell from 55.3 million euros to 54.1 million.

The company reported year to date net income of 5.7 million Euros, down 42% from 10 million euros last year.

Nine month revenues were 164.5 million euros, compared to 176.1 million last year.

The company said that in the quarter it began to "further penetrate the alternative sector to marble," and is pursuing large format tiles for high end architectural walls and floors, a higher margin business.

It has also begun the installation of a third production line at its Crossville, Tenn. plant.

The company said that energy costs for the year are up over 11% and for the quarter were up over 25%.

For the quarter, sales were up in Europe 19% but down in every other market.