Securities and Exchange Commission
Washington, D.C. 20549


Form 6-K


Report of Foreign Issuer
Pursuant To Rule 13a-16 Or 15d-16
Of The
Securities Exchange Act of 1934


For the month of November, 2009

Commission File Number 1-11854



NATUZZI S.p.A.

(Translation of registrant’s name into English)


Via Iazzitiello 47
70029 Santeramo, Italy

(Address of principal office)


Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:  
Form 20-F ⊠ Form 40-F ⃞

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes ⃞ No ⊠

If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):


Natuzzi S.p.A Reports Third Quarter and First Nine Months 2009 Financial Results

SANTERAMO, Italy--(BUSINESS WIRE)--November 23, 2009--The Board of directors of Natuzzi S.p.A. (NYSE:NTZ) (“Natuzzi” or “the Company”), a world leading manufacturer of leather-upholstered furniture, today announced the financial results for the third quarter and first nine months of 2009.

Third Quarter 2009 Summary:

Third Quarter Results

Natuzzi Group net sales during the third quarter of 2009 totaled €118.3 million and decreased by 16.8% as compared to the same quarter of last year. This decrease in sales was primarily due to the world-wide economic recession that had a negative impact on the consumer sector. Upholstery net sales were €102.9 million or 87.0% of total net sales, compared to €125.1 million or 87.9% of total net sales in the third quarter of 2008. The contribution to upholstery net sales by geographic area was as follows: Europe 54.5%; Americas 32.6% and rest of the world 12.9%.

Gross profit totaled €47.5 million or 40.1% of net sales versus 25.8% in the same period of 2008. The significant improvement was the result of internal restructuring processes and a reduction in raw materials costs.

Pasquale Natuzzi, Chairman and CEO, commented: “Third quarter results represent the second consecutive quarter during which we achieved positive operating income, despite the unfavorable economic environment. 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”.

Mr. Natuzzi concluded, “I am confident that all of these activities will continue to generate positive results.”

Nine months Results 2009

For the first nine months of 2009, net sales were €363.2 million, a decrease of 24.9% as compared to €483.9 million in the first nine months of 2008. Upholstery sales were €316.7 million (a decrease of 25.8%) as compared to €426.6 million in the first nine months of 2008. The contribution of nine months upholstery net sales by geographic area was as follows: Europe 59.2%; Americas 30.3% and rest of the world 10.5%.

In the first nine months of 2009 the Group reported a gross profit of €126.3 million or 34.8% on total net sales versus 26.6% in the same period of 2008. Operating loss was €12.6 million as compared to a loss of € 29.5 million for the same period of 2008.

Net Group result for the first nine months 2009 shows a loss of €15.2 million as compared to a loss of €42.1 million in the same period of 2008.

Balance Sheet Highlights

The Natuzzi Group ended the third quarter of 2009 with cash of €70,4 million. The increase of €23.1 million in net cash as compared to December, 31 2008 was mainly due to a reduction in working capital. Long term debt totaled €6.0 million. Shareholder’s equity was €326.4 million at the end of the third quarter.

The Company will host a conference call on Tuesday, November 24, 2009 at 10:00 a.m. Eastern Time to discuss third quarter and nine months 2009 financial results. A live web cast of the conference call will be available online at http://www.natuzzi.com/ under the Investor Relations section. A replay will be made available for a period of 30 days following the live call at 888-203-1112 in North America and 719-457-0820 International; Pin Number 4291259.

About Natuzzi

Founded in 1959 by Pasquale Natuzzi, Natuzzi S.p.A. designs and manufactures a broad collection of residential upholstered furniture. With 2008 consolidated revenues of EUR 666,0 million on, Natuzzi is Italy's largest furniture manufacturer. The Natuzzi group exports its innovative high-quality sofas and armchairs to 123 markets on five continents under two brands, Natuzzi and Italsofa.

Cutting-edge design, superior Italian craftsmanship, and advanced, vertically integrated manufacturing operations underpin the Company's market leadership.

Natuzzi S.p.A. has been listed on the New York Stock Exchange since May 1993. The Company is ISO 9001 and 14001 certified.

Forward looking statement

Statements in this press release other than statements of historical fact are “forward-looking statements”. Forward–looking statements are based on management’s current expectations and beliefs and therefore you should not place undue reliance on them. These statements are subject to a number of risks and uncertainties, including risks that may not be subject to the Group’s control, that could cause actual results to differ materially from those contained in any forward-looking statement. These risks include, but are not limited to, fluctuations in exchange rates, economic and weather factors affecting consumer spending, competitive and regulatory environment, as well as other political, economical and technological factors, and other risks identified from time to time in the Group’s filings with the Securities and Exchange Commission, particularly in the Group’s annual report on Form 20-F. Forward looking statements speak as of the date they were made, and the Group undertakes no obligation to update publicly any of them in light of new information or future events.

Tables follow:

Natuzzi S.p.A. and Subsidiaries

Unaudited Consolidated Profit & Loss
for the quarter ended on September 30, 2009 on the basis of Italian GAAP
(expressed in millions Euro except for share data)
                   
Three months ended on   Change   Percent of Sales
  30 September 09   30 September 08  

%

 

  30 September 09   30 September 08
   
Upholstery net sales 102.9 125.1 -17.7 % 87.0 % 87.9 %
Other sales 15.4     17.2     -10.4 %   13.0 %   12.1 %
Total Net Sales 118.3     142.3     -16.8 %   100.0 %   100.0 %
 
Purchases (47.9 ) (71.7 ) -33.2 % -40.5 % -50.4 %
Labor (17.5 ) (21.7 ) -19.1 % -14.8 % -15.2 %
Third-party manufacturers (0.8 ) (2.0 ) -59.6 % -0.7 % -1.4 %
Manufacturing costs (9.7 ) (12.6 ) -23.5 % -8.2 % -8.9 %
Net Inventoris 5.1     2.4     110.2 %   4.3 %   1.7 %
Cost of Sales (70.9 )   (105.6 )   -32.9 %   -59.9 %   -74.2 %
                   
Gross Profit 47.5     36.7     29.5 %   40.1 %   25.8 %
 
Selling Expenses (33.6 ) (36.7 ) -8.6 % -28.4 % -25.8 %
G&A Expenses (11.1 ) (12.2 ) -9.3 % -9.3 % -8.6 %
                   
Operating Income/(Loss) 2.8     (12.3 )   123.1 %   2.4 %   -8.6 %
 
Other Income/(Cost), Net (0.9 ) (4.2 ) -77.9 % -0.8 % -2.9 %
                   
Earning before Income Taxes 1.9     (16.4 )   111.7 %   1.6 %   -11.5 %
 
Current taxes (2.7 ) 0.1 -2814.4 % -2.3 % 0.1 %
                   
Net result (0.8 )   (16.3 )   95.1 %   -0.7 %   -11.5 %
 
Minority interest 0.1 (0.1 ) -243.4 %
                   
Net Group Result (0.9 )   (16.2 )   94.2 %   -0.8 %   -11.4 %
                   
Net Group Result per Share (0.02 )   (0.30 )            
 
Outstanding Shares 54,824,277 54,824,277
                   
Key Figures in U.S. dollars Three months ended on Change

Percent of Sales

(millions) 30 September 09   30 September 08  

%

  30 September 09   30 September 08
 
Total Net Sales 169.4 203.6 -16.8 % 100.0 % 100.0 %
Gross Profit 67.9 52.5 29.5 % 40.1 % 25.8 %
Operating Income (Loss) 4.1 (17.5 ) 123.1 % 2.4 % -8.6 %
Net Group Result (1.4 ) (23.2 ) 94.2 % -0.8 % -11.4 %
Net Group Result per Share (0.0 ) (0.4 )
 
Average exchange rate (U.S.$ per €) 1.4311
UPHOLSTERY NET SALES BREAKDOWN
         
Geographic breakdown

Net sales million euro

Net sales seats
                               
3 months ended on 3 months ended on
                               
  30 September 09  

30 September 08

  Change %   30 September 09   30 September 08  

Change %

 
Americas 33.6 32.6% 51.0 40.8% -34.2% 197,506 43.3% 326,795 52.9% -39.6%
Natuzzi 17.4 16.9% 22.9 18.3% -24.0% 82,768 18.1% 115,139 18.6% -28.1%
Italsofa 16.1 15.7% 28.1 22.5% -42.5% 114,737 25.2% 211,655 34.3% -45.8%
 
Europe 56.1 54.5% 60.1 48.1% -6.8% 204,695 44.9% 227,741 36.9% -10.1%
Natuzzi 34.0 33.0% 33.5 26.7% 1.6% 91,073 20.0% 83,888 13.6% 8.6%
Italsofa 22.1 21.4% 26.7 21.3% -17.4% 113,622 24.9% 143,853 23.3% -21.0%
 
Rest of the world 13.3 12.9% 13.9 11.1% -4.2% 53,861 11.8% 62,848 10.2% -14.3%
Natuzzi 8.2 7.9% 8.2 6.5% -0.1% 20,522 4.5% 22,619 3.7% -9.3%
Italsofa 5.2 5.0% 5.7 4.6% -10.0% 33,339 7.3% 40,230 6.5% -17.1%
                               
Total 102.9 100.0% 125.1 100.0% -17.7% 456,061 100.0% 617,384 100.0% -26.1%
                               
 
Brands breakdown

Net sales million euro

Net sales seats

                               
3 months ended on 3 months ended on
                               
  30 September 09   30 September 08   Change %   30 September 09   30 September 08   Change %
 
Natuzzi 59.6 57.9% 64.5 51.6% -7.7% 194,363 42.6% 221,646 35.9% -12.3%
 
Italsofa 43.4 42.1% 60.5 48.4% -28.4% 261,698 57.4% 395,738 64.1% -33.9%
                               
Total 102.9 100.0% 125.1 100.0% -17.7% 456,061 100.0% 617,384 100.0% -26.1%
Natuzzi S.p.A. and Subsidiaries
Unaudited Consolidated Profit & Loss
for the quarter ended on September 30, 2009 on the basis of Italian GAAP
(expressed in millions Euro except for share data)
                 
Nine months ended on Change   Percent of Sales
  30 September 09  

30 September 08

%   30 September 09   30 September 08
   
Upholstery net sales 316.7 426.6 -25.8% 87.2% 88.2%
Other sales 46.5   57.2 -18.7%   12.8%   11.8%
Total Net Sales 363.2   483.9 -24.9%   100.0%   100.0%
 
Purchases (141.7) (227.6) -37.7% -39.0% -47.0%
Labor (57.7) (77.0) -25.0% -15.9% -15.9%
Third-party manufacturers (2.7) (6.9) -61.0% -0.7% -1.4%
Manufacturing costs (28.7) (39.8) -27.8% -7.9% -8.2%
Net Inventoris (6.1)   (3.7) 64.2%   -1.7%   -0.8%
Cost of Sales (236.9)   (355.0) -33.3%   -65.2%   -73.4%
                 
Gross Profit 126.3   128.9 -2.0%   34.8%   26.6%
 
Selling Expenses (104.9) (123.4) -15.1% -28.9% -25.5%
G&A Expenses (34.1) (35.0) -2.5% -9.4% -7.2%
                 
Operating Income/(Loss) (12.6)   (29.5) 57.2%   -3.5%   -6.1%
 
Other Income/(Cost), Net 4.3 (10.5) -140.7% 1.2% -2.2%
                 
Earning before Income Taxes (8.3)   (40.1) 79.2%   -2.3%   -8.3%
 
Current taxes (6.6) (2.3) 186.0% -1.8% -0.5%
                 
Net result (14.9)   (42.4) 64.9%   -4.1%   -8.8%
 
Minority interest 0.3 (0.3) -219.5%
                 
Net Group Result (15.2)   (42.1) 63.9%   -4.2%   -8.7%
                 
Net Group Result per Share (0.28) (0.77)          
 
Outstanding Shares 54,824,277 54,824,277
                 
Key Figures in U.S. dollars Three months ended on Change Percent of Sales
(millions) 30 September 09   30 September 08 %   30 September 09   30 September 08
 
Total Net Sales 496.3 661.2 -24.9% 100.0% 100.0%
Gross Profit 172.6 176.1 -2.0% 34.8% 26.6%
Operating Income (Loss) (17.3) (40.3) 57.2% -3.5% -6.1%
Net Group Result (20.7) (57.5) 63.9% -4.2% -8.7%
Net Group Result per Share (0.4) (1.0)
 
Average exchange rate (U.S.$ per €) 1.3664
UPHOLSTERY NET SALES BREAKDOWN
         
Geographic breakdown
Net sales million euro Net sales seats
                               
9 months ended on 9 months ended on
                               
  30 September 09   30 September 08   Change %   30 September 09   30 September 08   Change %
 
Americas 95.97 30.3% 145.9 34.2% -34.2% 539,578 39.8% 920,085 46.2% -41.4%
Natuzzi 49.34 15.6% 77.9 18.3% -36.7% 228,469 16.8% 401,666 20.2% -43.1%
Italsofa 46.63 14.7% 68.0 15.9% -31.4% 311,109 22.9% 518,419 26.1% -40.0%
 
Europe 187.41 59.2% 239.9 56.2% -21.9% 678,913 50.1% 896,174 45.0% -24.2%
Natuzzi 111.16 35.1% 141.7 33.2% -21.6% 286,458 21.1% 366,188 18.4% -21.8%
Italsofa 76.25 24.1% 98.1 23.0% -22.3% 392,456 28.9% 529,986 26.6% -25.9%
 
Rest of the world 33.32 10.5% 40.9 9.6% -18.5% 137,871 10.2% 173,343 8.7% -20.5%
Natuzzi 19.76 6.2% 25.7 6.0% -23.2% 50,723 3.7% 72,728 3.7% -30.3%
Italsofa 13.56 4.3% 15.1 3.5% -10.5% 87,148 6.4% 100,616 5.1% -13.4%
                               
Total 316.70 100.0% 426.6 100.0% -25.8% 1,356,363 100.0% 1,989,602 100.0% -31.8%
                               
 

Brands breakdown

Net sales million euro

 

Net sales seats
                               
9 months ended on 9 months ended on
                               
  30 September 09   30 September 08   Change %   30 September 09   30 September 08   Change %
 
Natuzzi 180.3 56.9% 245.4 57.5% -26.5% 565,650 41.7% 840,581 42.2% -32.7%
 
Italsofa 136.4 43.1% 181.2 42.5% -24.7% 790,713 58.3% 1,149,021 57.8% -31.2%
                               
Total 316.7 100.0% 426.6 100.0% -25.8% 1,356,362 100.0% 1,989,602 100.0% -31.8%

Natuzzi S.p.A. and Subsidiaries

Unaudited Consolidated Balance Sheets
(Expressed in millions of euro)
 
ASSETS 30 September 09   31 Dec 08
 
Current assets:
Cash and cash equivalents 70.4 47.3
Marketable debt securities 0.0 0.0
Trade receivables, net 93.9 122.8
Other receivables 49.8 46.2
Inventories 82.6 92.0
Unrealized foreign exchange gains 0.0 4.7
Prepaid expenses and accrued income 1.2 1.3
Deferred income taxes 2.4 4.2
       
Total current assets 300.4   318.5
 
Non current assets:
Net property, plant and equipment 196.4 211.8
Other assets 12.8 13.3
Deferred income taxes 0.2   0.2
Total current assets 209.3   225.3
 
TOTAL ASSETS 509.7   543.8
 
LIABILITIES AND SHAREHOLDERS' EQUITY      
 
Current liabilities:
Short-term borrowings 8.3 9.7
Current portion of long-term debt 1.1 0.5
Accounts payable-trade 58.3 68.6
Accounts payable-other 28.9 29.2
Unrealized foreign exchange losses 1.3 9.2
Accounts payable-shareholders for dividends 0.0 0.6
Income taxes 2.0 1.8
Salaries, wages and related liabilities 17.3 16.8
       
Total current liabilities 117.2   136.3
 
Long-term liabilities:
Employees' leaving entitlement 30.2 31.7
Long-term debt 6.0 3.3
Deferred income for capital grants 11.3 12.1
Other liabilities 16.8 14.4
       
Total current liabilities 64.4   61.4
       
Minority interest 1.7   0.8
 
Shareholders' equity:
Share capital 54.9 54.9
Reserves 42.8 42.3
Additional paid-in capital 8.3 8.3
Retained earnings 220.5 239.8
       
Total shareholders' equity 326.4   345.2
 
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 509.7   543.8
 
Natuzzi S.p.A. and Subsidiaries

 

Unaudited Consolidated Statements of Cash Flows

 
(Expressed in million of euro)
30 September 09   31 Dec 08
Cash flows from operating activities:
Net earnings (loss) (15.2 ) (61.9 )

 

Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 20.7 30.5
Employees' leaving entitlement (1.5 ) (1.7 )
Deferred income taxes 1.8 (3.1 )
Minority interest 0.3 (0.4 )
(Gain) loss on disposal of assets (0.2 ) 2.1
Unrealized foreign exchange losses and gains (3.2 ) 5.4
Impairment of long lived assets - 5.3
Deferred income for capital grants (0.7 ) (1.0 )
 
Change in assets and liabilities:
Receivables, net 28.8 (5.1 )
Inventories 9.4 15.3
Prepaid expenses and accrued income 0.1 0.6
Other assets (3.6 ) 1.7
Accounts payable (10.3 ) (20.7 )
Income taxes 0.2 0.2
Salaries, wages and related liabilities 0.5 (0.7 )
Other liabilities (1.3 ) 0.4
 
Total adjustments 41.1   28.9  
 
Net cash provided by operating activities 26.0     (33.1 )
 
Cash flows from investing activities:
Property, plant and equipment:
Additions (6.2 ) (15.2 )
Disposals 0.1 0.2
Government grants received 1.9 1.4
Marketable debt securities:
Proceeds from sales - -
Purchase of business, net of cash acquired - -
Disposal of business -   1.1  
 
Net cash used in investing activities (4.2 )   (12.5 )
 
Cash flows from financing activities:
Long-term debt:
Proceeds 3.9 2.0
Repayments (0.5 ) (0.7 )
Short-term borrowings (1.4 ) 2.1
Capital injection - 0.5
Dividends paid to minority interests -   -  
 
Net cash used in financing activities 2.0   4.0  
 
Effect of translation adjustments on cash (0.6 ) 1.4  
 
Increase (decrease) in cash and cash equivalents 23.1 (40.2 )
 
Cash and cash equivalents, beginning of the year 47.3   87.5  
 
Cash and cash equivalents, end of the year 70.4     47.3  

CONTACT:
Natuzzi
Investor Relations
Silvia Di Rosa, +39 335 78 64 209
sdirosa@natuzzi.com
or
Natuzzi
Media Relations
Paola Peretti, +39 334 63 09 967
pperetti@natuzzi.com

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

NATUZZI S.p.A.

(Registrant)
 

Date:

November 23, 2009

By:

/s/ Pasquale Natuzzi

Pasquale Natuzzi