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 October, 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 Announces Second Quarter and First Six Months 2009 Financial Results

MILAN--(BUSINESS WIRE)--September 29, 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 financial results for the second quarter and first six months of 2009.

Second Quarter 2009 Summary:

Second Quarter Results

Natuzzi Group net sales during the second quarter of 2009 decreased by 20,8% to €133,6 million as compared to the same quarter last year. The decline was primarily due to the general downturn of the international economy that has had a deep impact on the consumer sector mainly in USA. Second quarter sales improved by 20,1% over the first quarter net sales 2009 of €111,3 million. Upholstery net sales were € 116,9 million or 87,5% of total net sales, compared to €147,9 million or 87,6% of total net sales in the second quarter of 2008. The contribution to upholstery net sales by geographic area was as follows: Europe for 61,8%; Americas 28,2% and rest of the world 10,0%.

Cost of goods sold totaled € 83,2 million or 62,2% of net sales for the second quarter 2009 as compared to € 120,6 million or 71,4% of net sales in 2008. This important reduction in COGS was due to the restructuring of internal processes that began at the end of 2008.

Operating income in the second quarter 2009 was €1,1 million, rising 121,5% as compared to an operating loss of € 5,1 million in the same period of 2008.

Net group result for the second quarter 2009 was a loss of € 3,9 million as compared to a loss of € 2,4 million for the same period of 2008.

Pasquale Natuzzi, Chairman and CEO, commented: “We are very pleased to have met a break even in term of 3 months Operating Income, despite the net sales decrease due to the adverse economic environment. The hard work of restructuring and rationalization process has brought its first positive result.

During these first 6 months of the year we put in place many initiatives that will help the company to be profitable again including:

Mr. Natuzzi continued, “My goal is to lead the Company into a process that will strengthen our organization credibility and set the stage of competitiveness for sustained long term growth. We are increasing our orders flow and so we are confident for the year end target of breakeven in terms of EBIT. Last we have an extremely skilled and committed management team that is focused and dedicated to achieve our goal of 15% operating margin in 2011.”

Six months Results 2009

For the first six months 2009, net sales were €244,9 million, a decrease of 28,3% as compared to €341,6 million in the first six months of 2008. Upholstery sales were € 213,8 million or 87,3% of net sales, as compared to €301,6 million or 88,3% of total net sales in the first six months 2008. The contribution of six months upholstery net sales by geographic area was as follows: Europe for 61,4%; Americas 29,2% and rest of the world 9,4%.

The Group reported a gross profit of €78,9 M for the first six months of 2009 down 14,5% over the same period of 2008. In the first six months 2009 operating loss was €15,5 million down 10,4% as compared to a loss of € 17,3 million in 2008.

Net Group result for the first six months 2009 was a loss of € 14,3 million down to 46,0% as compared to a loss of € 26,5 million for the same period of 2008.

Balance Sheet Highlights

The Natuzzi Group ended the first six months of 2009 with cash of €72,9 million. The increase of € 25,6 million of net cash respect 31 December 2008 was mainly due to a reduction in working capital. Long term debt was € 6,3 million. Total Inventory declined 16% to €77,0 million as compare to €92,0 million of 31 December 2008. Shareholder’s equity was €329,3 million.

The Company will host a conference call on Tuesday, September 29, 2009 at 10:00 a.m. Eastern Time to discuss second and six 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 online approximately 2 hours for a period of 30 days following the live call at 888- 203-1112 in North America and 719-457-0820 International; Pin Number 8965545.

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.

Natuzzi S.p.A. and Subsidiaries
Unaudited Consolidated Profit & Loss
for the quarter ended on June 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 June 09   30 June 08   %   30 June 09   30 June 08
   
Upholstery net sales 116.9 147.9 -21.0% 87.5% 87.6%
Other sales   16.7   20.9   -19.9%   12.5%   12.4%
Total Net Sales   133.6   168.8   -20.8%   100.0%   100.0%
 
Purchases (46.9) (74.3) -36.9% -35.1% -44.0%
Labor (20.2) (26.4) -23.4% -15.1% -15.6%
Third-party manufacturers (0.6) (4.7) -87.4% -0.4% -2.8%
Manufacturing costs (7.7) (10.8) -28.9% -5.7% -6.4%
Net Inventories   (7.8)   (4.4)   77.7%   -5.9%   -2.6%
Cost of Sales   (83.2)   (120.6)   -31.0%   -62.2%   -71.4%
                     
Gross Profit   50.5   48.2   4.7%   37.8%   28.6%
 
Selling Expenses (37.2) (41.8) -11.0% -27.9% -24.8%
G&A Expenses (12.2) (11.5) 5.7% -9.1% -6.8%
                     
Operating Income/(Loss)   1.1   (5.1)   121.5%   0.8%   -3.0%
 
Other Income/(Cost), Net (2.6) 4.0 -164.9% -1.9% 2.4%
                     
Earnings before Income Taxes   (1.5)   (1.1)   -36.5%   -1.1%   -0.7%
 
Current taxes (2.3) (1.4) 63.4% -1.7% -0.8%
                     
Net result   (3.8)   (2.5)   -51.5%   -2.8%   -1.5%
 
Minority interest 0.1 (0.1) -244.5%
                     
Net Group Result   (3.9)   (2.4)   -63.9%   -2.9%   -1.4%
                     
Net Group Result per Share   (0.07)   (0.04)            
 
Outstanding Shares 54,824,277 54,824,277
                     
Key Figures in U.S. dollars Three months ended on Change Percent of Sales
(millions)   30 June 09   30 June 08   %   30 June 09   30 June 08
 
Total Net Sales 182.1 230.1 -20.8% 100.0% 100.0%
Gross Profit 68.8 65.7 4.7% 37.8% 28.6%
Operating Income (Loss) 1.5 (7.0) 121.5% 0.8% -3.0%
Net Group Result (5.4) (3.3) -63.9% -2.9% -1.4%
Net Group Result per Share (0.1) (0.1)
 
Average exchange rate (U.S.$ per €) 1.3630

 

                   
 
UPHOLSTERY NET SALES BREAKDOWN
                     
Geographic breakdown
Net sales million euro Net sales seats
 
3 months ended on 3 months ended on
 
    30 June 09   30 June 08   Change %     30 June 09   30 June 08   Change %
 
Americas 33.0 28.2% 45.3 30.6% -27.1% 182,270 37.4% 285,409 43.7% -36.1%
Natuzzi 17.2 14.7% 28.5 19.2% -39.5% 77,009 15.8% 151,333 23.2% -49.1%
Italsofa 15.8 13.5% 16.8 11.4% -6.1% 105,261 21.6% 134,077 20.5% -21.5%
 
Europe 72.2 61.8% 89.9 60.8% -19.6% 257,153 52.7% 315,810 48.3% -18.6%
Natuzzi 43.8 37.5% 57.3 38.7% -23.6% 111,771 22.9% 139,792 21.4% -20.0%
Italsofa 28.5 24.4% 32.6 22.1% -12.7% 145,382 29.8% 176,018 26.9% -17.4%
 
Rest of the world 11.6 10.0% 12.7 8.6% -8.5% 48,094 9.9% 52,374 8.0% -8.2%
Natuzzi 6.6 5.7% 8.1 5.5% -18.2% 16,934 3.5% 22,925 3.5% -26.1%
Italsofa 5.0 4.3% 4.6 3.1% 8.5% 31,160 6.4% 29,449 4.5% 5.8%
 
Total 116.9 100.0% 147.9 100.0% -21.0% 487,516 100.0% 653,593 100.0% -25.4%
 
 
Brands breakdown
Net sales million euro Net sales seats
 
3 months ended on 3 months ended on
 
    30 June 09   30 June 08   Change %     30 June 09   30 June 08   Change %
 
Natuzzi 67.6 57.9% 93.8 63.5% -27.9% 205,714 42.2% 314,050 48.0% -34.5%
 
Italsofa 49.3 42.1% 54.0 36.5% -8.8% 281,802 57.8% 339,543 52.0% -17.0%
 
Total 116.9 100.0% 147.9 100.0% -21.0% 487,516 100.0% 653,593 100.0% -25.4%
 
 
Natuzzi S.p.A. and Subsidiaries
Unaudited Consolidated Profit & Loss
for the quarter ended on June 30, 2009 on the basis of Italian GAAP
(expressed in millions Euro except for share data)
 
  Six months ended on   Change   Percent of Sales
    30 June 09   30 June 08   %   30 June 09   30 June 08
   
Upholstery net sales 213.8 301.6 -29.1% 87.3% 88.3%
Other sales   31.1   40.0   -22.3%   12.7%   11.7%
Total Net Sales   244.9   341.6   -28.3%   100.0%   100.0%
 
Purchases (89.9) (155.9) -42.3% -36.7% -45.6%
Labor (40.2) (55.3) -27.4% -16.4% -16.2%
Third-party manufacturers (4.1) (9.6) -57.2% -1.7% -2.8%
Manufacturing costs (16.8) (22.4) -25.1% -6.9% -6.6%
Net Inventories   (15.0)   (6.1)   144.7%   -6.1%   -1.8%
Cost of Sales   (166.0)   (249.4)   -33.4%   -67.8%   -73.0%
                     
Gross Profit   78.9   92.2   -14.5%   32.2%   27.0%
 
Selling Expenses (71.3) (86.7) -17.8% -29.1% -25.4%
G&A Expenses (23.0) (22.8) 1.1% -9.4% -6.7%
                     
Operating Income/(Loss)   (15.5)   (17.3)   10.4%   -6.3%   -5.1%
 
Other Income/(Cost), Net (*) 5.2 (6.4) -181.8% 2.1% -1.9%
                     
Earnings before Income Taxes   (10.2)   (23.6)   56.7%   -4.2%   -6.9%
 
Current taxes (3.8) (3.0) 29.2% -1.6% -0.9%
                     
Net result   (14.1)   (26.6)   47.1%   -5.7%   -7.8%
 
Minority interest 0.2 (0.2) -246.4%
                     
Net Group Result   (14.3)   (26.5)   46.0%   -5.8%   -7.7%
                     
Net Group Result per Share   (0.26)   (0.48)            
 
Outstanding Shares 54,824,277 54,824,277
                     
Key Figures in U.S. dollars Six months ended on Change Percent of Sales
(millions)   30 June 09   30 June 08   %   30 June 09   30 June 08
 
Total Net Sales 326.9 456.0 -28.3% 100.0% 100.0%
Gross Profit 105.3 123.1 -14.5% 32.2% 27.0%
Operating Income (Loss) (20.6) (23.0) 10.4% -6.3% -5.1%
Net Group Result (19.1) (35.3) 46.0% -5.8% -7.7%
Net Group Result per Share (0.3) (0.6)
 
Average exchange rate (U.S.$ per €) 1.3349
                     

 

UPHOLSTERY NET SALES BREAKDOWN
                     
Geographic breakdown
Net sales million euro Net sales seats
 
6 months ended on 6 months ended on
 
    30 June 09   30 June 08   Change %     30 June 09   30 June 08   Change %
 
Americas 62.4 29.2% 94.9 31.5% -34.2% 342,073 38.0% 593,291 43.2% -42.3%
Natuzzi 31.9 14.9% 55.0 18.2% -42.0% 145,701 16.2% 286,527 20.9% -49.1%
Italsofa 30.5 14.3% 39.9 13.2% -23.6% 196,372 21.8% 306,764 22.4% -36.0%
 
Europe 131.4 61.4% 179.7 59.6% -26.9% 474,219 52.7% 668,433 48.7% -29.1%
Natuzzi 77.2 36.1% 108.3 35.9% -28.7% 195,385 21.7% 282,299 20.6% -30.8%
Italsofa 54.2 25.4% 71.4 23.7% -24.1% 278,834 31.0% 386,134 28.1% -27.8%
 
Rest of the world 20.0 9.4% 27.0 8.9% -25.8% 84,010 9.3% 110,495 8.1% -24.0%
Natuzzi 11.6 5.4% 17.5 5.8% -33.9% 30,201 3.4% 50,109 3.7% -39.7%
Italsofa 8.4 3.9% 9.4 3.1% -10.8% 53,809 6.0% 60,386 4.4% -10.9%
 
Total 213.8 100.0% 301.6 100.0% -29.1% 900,302 100.0% 1,372,218 100.0% -34.4%
 
 
Brands breakdown
Net sales million euro Net sales seats
 
6 months ended on 6 months ended on
 
    30 June 09   30 June 08   Change %     30 June 09   30 June 08   Change %
 
Natuzzi 120.7 56.5% 180.9 60.0% -33.3% 371,287 41.2% 618,935 45.1% -40.0%
 
Italsofa 93.1 43.5% 120.7 40.0% -22.9% 529,015 58.8% 753,284 54.9% -29.8%
                                           
Total 213.8 100.0% 301.6 100.0% -29.1% 900,301 100.0% 1,372,218 100.0% -34.4%
                                           
 
Natuzzi S.p.A. and Subsidiaries
Unaudited Consolidated Balance Sheets
(Expressed in millions of euro)
   
ASSETS   30 June 09   31 Dec 08
 
Current assets:
Cash and cash equivalents 72.9 47.3
Marketable debt securities 0.0 0.0
Trade receivables, net 101.4 122.8
Other receivables 44.9 46.2
Inventories 77.0 92.0
Unrealized foreign exchange gains 0.1 4.7
Prepaid expenses and accrued income 1.1 1.3
Deferred income taxes 3.0 4.2
         
Total current assets   300.3   318.5
 
Non current assets:
Net property, plant and equipment 201.7 211.8
Other assets 12.7 13.3
Deferred income taxes   0.2   0.2
Total current assets   214.6   225.3
 
TOTAL ASSETS   514.9   543.8
 
LIABILITIES AND SHAREHOLDERS' EQUITY    
 
Current liabilities:
Short-term borrowings 7.7 9.7
Current portion of long-term debt 1.1 0.5
Accounts payable-trade 59.6 68.6
Accounts payable-other 27.9 29.2
Unrealized foreign exchange losses 2.7 9.2
Accounts payable-shareholders for dividends 0.0 0.6
Income taxes 1.7 1.8
Salaries, wages and related liabilities 18.2 16.8
         
Total current liabilities   119.0   136.3
 
Long-term liabilities:
Employees' leaving entitlement 30.7 31.7
Long-term debt 6.3 3.3
Deferred income for capital grants 11.6 12.1
Other liabilities 16.4 14.4
         
Total current liabilities   65.1   61.4
         
Minority interest   1.6   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 223.4 239.8
         
Total shareholders' equity   329.3   345.2
 
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY   514.9   543.8
 
Natuzzi S.p.A. and Subsidiaries
Unaudited Consolidated Statements of Cash Flows
   
(Expressed in million of euro)
 
30 June 09   31 Dec 08
Cash flows from operating activities:
Net earnings (loss) (14.3 ) (61.9 )
 
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 14.0 30.5
Employees' leaving entitlement (0.9 ) (1.7 )
Deferred income taxes 1.2 (3.1 )
Minority interest 0.2 (0.4 )
(Gain) loss on disposal of assets (0.2 ) 2.1
Unrealized foreign exchange losses and gains (1.8 ) 5.4
Impairment of long lived assets - 5.3
Deferred income for capital grants (0.5 ) (1.0 )
 
Change in assets and liabilities:
Receivables, net 21.4 (5.1 )
Inventories 15.0 15.3
Prepaid expenses and accrued income 0.2 0.6
Other assets 1.3 1.7
Accounts payable (9.0 ) (20.7 )
Income taxes (0.1 ) 0.2
Salaries, wages and related liabilities 1.4 (0.7 )
Other liabilities (2.1 ) 0.4
 
Total adjustments 40.1   28.9  
 
Net cash provided by operating activities   25.8     (33.1 )
 
Cash flows from investing activities:
Property, plant and equipment:
Additions (3.7 ) (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   (1.8 )   (12.5 )
 
Cash flows from financing activities:
Long-term debt:
Proceeds 3.9 2.0
Repayments (0.3 ) (0.7 )
Short-term borrowings (2.0 ) 2.1
Capital injection - 0.5
Dividends paid to minority interests -   -  
 
Net cash used in financing activities 1.7   4.0  
 
Effect of translation adjustments on cash   1.4  
 
Increase (decrease) in cash and cash equivalents 25.6 (40.2 )
 
Cash and cash equivalents, beginning of the year 47.3   87.5  
 
Cash and cash equivalents, end of the year   72.9     47.3  

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

October 2, 2009

By:

/s/ Pasquale Natuzzi

Pasquale Natuzzi