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 September 27, 2010

  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):

Exhibit 99.1

Natuzzi S.p.A. Announces Second Quarter and First Six Months 2010 Financial Results

SANTERAMO IN COLLE, Bari, Italy--(BUSINESS WIRE)--September 27, 2010--The Board of Directors of Natuzzi S.p.A. (NYSE:NTZ), Italy’s largest furniture manufacturer and world’s leading manufacturer of leather-upholstered furniture, today announced its financial results for the second quarter and first six months of 2010.

SECOND QUARTER 2010 SUMMARY:

Second Quarter Results 2010

Total Net Sales (including raw materials and semi-finished products sold to third parties) were €145.2 million, an increase of 8.7% as compared to corresponding period of 2009.

Upholstery net sales were €130.9 million, up 12.0% as compared to the same period of 2009.

The contribution to upholstery net sales by geographic area was as follows: Europe (excluding Italy) 40.1%, Americas 37.4%, Italy 10.0% and Rest of the World 12.5%.

The major commercial performances came from North America (+38%), Asia-Oceania (+42%) and Great Britain (+49%).

Industrial margin was €54.6 million, showing an increase of 8.1% versus the same quarter of 2009. The increase of volumes sold and the major internal efficiencies enabled the group to offset the consequences of significant increases in raw material costs, in particular leather.

Transportation costs were negatively influenced by a significant increase in freight fares.

At the same time, an increase in terms of sales commissions was recorded due to the better performance in terms of sales in those geographical areas operated by some sales agents who are compensated through commissions on turnover

In order to reduce the impact generated by the above mentioned increases, the Group has implemented a further containment plan to its cost structure.

The EBITDA of the Group recorded an improvement to €8.2 million as compared to €7.9 over the corresponding period of 2009.

Operating income also improved to €2.2 million with respect to €1.1 million recorded at the corresponding period of 2009.

Net Group Result shows a loss of €2.8 million recovering from the loss of €3.9 million recorded in the same period of last year despite the effects of a higher tax burden.

First Six Months Results 2010

Total net sales for the first six months of 2010 were €271.7 million up 10.9% as compared to the same period of 2009.

Upholstery net sales were €242.2 million, an increase of 13.3% with respect to the same period of 2009.

The contribution to upholstery net sales by geographic area was as follows: Europe (excluding Italy) 41.2%, Americas 35.1%, Italy 11.8% and Rest of the World 11.9%.

Industrial margin considerably improved to 38.0% on net sales compared to 32.2% thanks to some intense activities initiated in 2009 aimed at obtaining an industrial rationalization.

EBITDA recorded a profit of €15.0 million versus a loss of €1.5 million in the same period of 2009.

Operating income was €2.7 million as compared to a loss of €15.4 million reported in the first six months of 2009.

Net Group Result recorded a loss of €4.1 million, an appreciable improvement as compared to the €14.2 million loss reported in the same period of last year despite the increase of extraordinary costs tax burden.

Net Financial Position as of June 30, 2010 remains positive at €49.0 million although it decreased compared to December 31, 2009 mainly due to some major investments in working capital as a consequence of the increase in volumes of sales.

Pasquale Natuzzi, Chairman and Chief Executive Officer of Natuzzi S.p.A., commented: “Having recorded an operating income for the fifth consecutive quarter, despite a general situation which continues to be very uncertain, is a confirmation of the effectiveness of the work done so far.

Net sales for the first six months of the year went up compared to 2009 although the market recovery seems to be slower and below than originally expected. The strong financial position confirms the solidity of the Group and its ability to invest in strategic projects. Our focus remains on product and process innovation, cost reduction in all areas of business management, with the objective of improving the quality of our offer and service, recovering competitiveness, returning to profitability and maintaining the leadership in the field”.

The Company will host a conference call on Tuesday September 28, 2010 at 10:00 a.m. Eastern Time to discuss second quarter and first half 2010 financial results. To participate, dial toll-free 1-877-591-4959 and dial international 1-719-325-4863. A live web cast of the conference call will be available online at http://www.natuzzi.com/ under the Investor Relations section.

A replay of the call will be available shortly after the completion of the conference call through October 28, 2010. To access the telephone replay, participants should dial 1-877-870-5176 for domestic calls and 1-858-384-5517 for international calls. The access code for the replay is: 2145933

About Natuzzi

Founded in 1959 by Pasquale Natuzzi, Natuzzi S.p.A. designs and manufactures a broad collection of residential upholstered furniture. With consolidated revenues of EUR 515.4 million in 2009, Natuzzi is Italy's largest furniture manufacturer. Natuzzi Group exports its innovative high-quality sofas and armchairs to 130 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

 
Natuzzi S.p.A. and Subsidiaries
Unaudited Consolidated Profit & Loss for the quarter ended on June 30, 2010 on the basis of Italian GAAP
(expressed in millions Euro except for share data)
 
  Three months ended on   Change   Percent of Sales
    30-Jun-10   30-Jun-09   %   30-Jun-10   30-Jun-09
   
Upholstery net sales 130.9 116.9 12.0% 90.2% 87.5%
Other sales   14.3   16.7   -14.4%   9.8%   12.5%
Total Net Sales   145.2   133.6   8.7%   100.0%   100.0%
 
Consumption (*) (58.9) (54.6) 7.9% -40.6% -40.9%
Labor (20.6) (20.2) 2.0% -14.2% -15.1%
Third-party manufacturers (0.7) (0.6) 16.7% -0.5% -0.4%
Industrial Costs (10.4) (7.7) 35.1% -7.2% -5.8%
of which Depreciation, Amortization   (2.9)   (3.5)            
Cost of Sales   (90.6)   (83.1)   9.0%   -62.4%   -62.2%
                     
Industrial Margin   54.6   50.5   8.1%   37.6%   37.8%
 
Selling Expenses (41.0) (37.2) 10.2% -28.2% -27.8%
of which Transportation (13.5) (10.7) 26.2%
of which Advertising (6.4) (8.9) -28.1%
of which Depreciation, Amortization (2.0) (2.2)
G&A Expenses (11.4) (12.2) -6.6% -7.9% -9.1%
of which Depreciation, Amortization (1.1) (1.1)
                     
EBITDA   8.2   7.9   3.8%   5.6%   5.9%
                     
Operating Income/(Loss) (EBIT)   2.2   1.1   100.0%   1.5%   0.8%
 
Interest Income/(Costs), Net (0.3) (0.3)
Foreign Exchange, Net 1.2 (0.6)
Other Income/(Cost), Net (2.6) (1.7)
                     
Earning before Income Taxes   0.5   (1.5)       0.3%   -1.1%
 
Current taxes (3.2) (2.3) -2.2% -1.7%
                     
Net result   (2.7)   (3.8)   28.9%   -1.9%   -2.8%
 
Minority interest 0.1 0.1
                     
Net Group Result   (2.8)   (3.9)   28.2%   -1.9%   -2.9%
                     
Net Group Result per Share   (0.05)   (0.07)            
 
                     
Key Figures in U.S. dollars   Three months ended on   Change   Percent of Sales
(millions)   30-Jun-10   30-Jun-09   %   30-Jun-10   30-Jun-09
 
Total Net Sales 184.9 170.1 8.7% 100.0% 100.0%
Gross Profit 69.5 64.3 8.1% 37.6% 37.8%
Operating Income (Loss) 2.8 1.4 100.0% 1.5% 0.8%
Net Group Result (3.6) (5.0) 28.2% -1.9% -2.9%
Net Group Result per Share (0.1) (0.1)
 
Average exchange rate (U.S.$ per €) 1.2734
                     
 
(*) Purchases plus beginning stock minus final stock

 

             
UPHOLSTERY NET SALES BREAKDOWN
     
Geographic breakdown
Net sales million euro Net sales seats
 
three months ended on three months ended on
 
    30-Jun-10       30-Jun-09       Change %   30-Jun-10       30-Jun-09       Change %
 
Americas 48.9 37.4% 33.0 28.2% 48.2% 259,429 47.5% 182,269 37.4% 42.3%
Natuzzi 3.2 2.5% 4.1 3.5% -22.0% 8,234 1.5% 11,226 2.3% -26.7%
All brands (*) 45.7 34.9% 28.9 24.7% 58.1% 251,195 46.0% 171,043 35.1% 46.9%
 
Europe 52.5 40.1% 58.2 49.8% -9.8% 186,053 34.0% 213,498 43.8% -12.9%
Natuzzi 26.5 20.2% 31.0 26.5% -14.5% 53,882 9.9% 74,554 15.3% -27.7%
All brands (*) 26.0 19.9% 27.2 23.3% -4.4% 132,171 24.1% 138,944 28.5% -4.9%
 
Italy (Natuzzi) 13.1 10.0% 14.1 12.1% -7.1% 40,462 7.4% 43,655 9.0% -7.3%
 
Rest of the world 16.4 12.5% 11.6 9.9% 41.4% 60,505 11.1% 48,094 9.9% 25.8%
Natuzzi 8.9 6.8% 6.6 5.6% 34.8% 20,790 3.8% 16,934 9.0% 22.8%
All brands (*) 7.5 5.7% 5.0 4.3% 50.0% 39,715 7.3% 31,160 6.4% 27.5%
                                         
Total 130.9 100.0% 116.9 100.0% 12.0% 546,449 100.0% 487,516 100.0% 12.1%
 
 
Brands breakdown
Net sales million euro Net sales seats
 
three months ended on three months ended on
 
    30-Jun-10       30-Jun-09       Change %   30-Jun-10       30-Jun-09       Change %
 
Natuzzi 51.7 39.5% 55.8 47.7% -7.3% 123,368 22.6% 146,369 30.0% -15.7%
 
All brands (*) 79.2 60.5% 61.1 52.3% 29.6% 423,081 77.4% 341,147 70.0% 24.0%
                                         
Total 130.9 100.0% 116.9 100.0% 12.0% 546,449 100.0% 487,516 100.0% 12.1%
                                         
 
(*) Italsofa, Natuzzi Editions, Editions and unbranded
 
 
Natuzzi S.p.A. and Subsidiaries
Unaudited Consolidated Profit & Loss for six months ended on June 30, 2010 on the basis of Italian GAAP
(expressed in millions Euro except for share data)
 
  Six months ended on   Change   Percent of Sales
    30-Jun-10   30-Jun-09   %   30-Jun-10   30-Jun-09
   
Upholstery net sales 242.2 213.8 13.3% 89.1% 87.3%
Other sales   29.5   31.1   -5.1%   10.9%   12.7%
Total Net Sales   271.7   244.9   10.9%   100.0%   100.0%
 
Consumption (*) (105.8) (105.0) 0.8% -38.9% -42.9%
Labor (40.2) (40.1) 0.2% -14.8% -16.4%
Third-party manufacturers (1.6) (1.9) -15.8% -0.6% -0.8%
Industrial Costs (20.8) (19.0) 9.6% -7.7% -7.8%
of which Depreciation, Amortization   (6.0)   (7.4)            
Cost of Sales   (168.4)   (166.0)   1.5%   -62.0%   -67.8%
                     
Industrial Margin   103.3   78.9   30.9%   38.0%   32.2%
 
Selling Expenses (78.7) (71.3) 10.4% -29.0% -29.1%
of which Transportation (25.1) (19.7)
of which Advertising (12.7) (14.6)
of which Depreciation, Amortization (4.1) (4.4)
G&A Expenses (21.8) (23.0) -5.2% -8.0% -9.4%
of which Depreciation, Amortization (2.2) (2.1)
                     
EBITDA   15.0   (1.5)   1102.0%   5.5%   -0.6%
                     
Operating Income/(Loss) (EBIT)   2.7   (15.4)   117.7%   1.0%   -6.3%
 
Interest Income/(Costs), Net (0.6) (0.6)
Foreign Exchange, Net 2.0 5.7
Other Income/(Cost), Net (2.3) 0.1
                     
Earning before Income Taxes   1.8   (10.2)   117.9%   0.7%   -4.2%
 
Current taxes (5.8) (3.8) -2.1% -1.6%
                     
Net result   (4.0)   (14.0)   71.7%   -1.5%   -5.7%
 
Minority interest 0.1 0.2
                     
Net Group Result   (4.1)   (14.2)   71.4%   -1.5%   -5.8%
                     
Net Group Result per Share   (0.07)   (0.26)            
 
 
Key Figures in U.S. dollars Six months ended on Change Percent of Sales
(millions)   30-Jun-10   30-Jun-09   %   30-Jun-10   30-Jun-09
 
Total Net Sales 360.9 325.3 10.9% 100.0% 100.0%
Gross Profit 137.2 104.8 30.9% 38.0% 32.2%
Operating Income (Loss) 3.6 (20.5) -117.7% 1.0% -6.3%
Net Group Result (5.4) (18.9) 71.4% -1.5% -5.8%
Net Group Result per Share (0.1) (0.3)
 
Average exchange rate (U.S.$ per €) 1.3283
                     
 
(*) Purchases plus beginning stock minus final stock
 
             
UPHOLSTERY NET SALES BREAKDOWN
     
Geographic breakdown
Net sales million euro Net sales seats
 
six months ended on six months ended on
 
    30-Jun-10       30-Jun-09       Change %   30-Jun-10       30-Jun-09       Change %
 
Americas 84.9 35.1% 62.4 29.2% 36.1% 457,123 45.1% 342,073 38.0% 33.6%
Natuzzi 7.6 3.1% 7.8 3.6% -2.6% 19,781 2.0% 22,343 2.5% -11.5%
All brands (*) 77.3 31.9% 54.6 25.5% 41.6% 437,342 43.2% 319,730 35.5% 36.8%
 
Europe 99.7 41.2% 105.0 49.1% -5.0% 360,810 35.6% 393,457 43.7% -8.3%
Natuzzi 51.1 21.1% 53.5 25.0% -4.5% 113,986 11.3% 128,684 14.3% -11.4%
All brands (*) 48.6 20.1% 51.5 24.1% -5.6% 246,824 24.4% 264,773 29.4% -6.8%
 
Italy (Natuzzi) 28.7 11.8% 26.4 12.3% 8.7% 86,956 8.6% 80,762 9.0% 7.7%
 
Rest of the world 28.9 11.9% 20.0 9.4% 44.5% 107,873 10.7% 84,010 9.3% 28.4%
Natuzzi 16.7 6.9% 11.6 5.4% 44.0% 39,183 3.9% 30,201 9.0% -51.5%
All brands (*) 12.2 5.0% 8.4 3.9% 45.2% 68,690 6.8% 53,809 6.0% 27.7%
                                         
Total 242.2 100.0% 213.8 100.0% 13.3% 1,012,762 100.0% 900,302 100.0% 12.5%
 
 
Brands breakdown
Net sales million euro Net sales seats
 
six months ended on six months ended on
 
    30-Jun-10       30-Jun-09       Change %   30-Jun-10       30-Jun-09       Change %
 
Natuzzi 104.1 43.0% 99.3 46.4% 4.8% 259,906 25.7% 261,990 29.1% -0.8%
 
All brands (*) 138.1 57.0% 114.5 53.6% 20.6% 752,856 74.3% 638,312 70.9% 17.9%
 
Total 242.2 100.0% 213.8 100.0% 13.3% 1,012,762 100.0% 900,302 100.0% 12.5%
                                         
 
(*) Italsofa, Natuzzi Editions, Editions and unbranded
 
 
Natuzzi S.p.A. and Subsidiaries
Unaudited Consolidated Balance Sheets as at June 30, 2010 on the basis of Italian GAAP
(Expressed in millions of euro)
   
ASSETS   30 June 10   31 Dec 09
 
Current assets:
Cash and cash equivalents 58.9 66.3
Marketable debt securities 0.0 0.0
Trade receivables, net 102.6 97.1
Other receivables 58.1 54.5
Inventories 87.6 81.6
Unrealized foreign exchange gains 0.1 0.3
Prepaid expenses and accrued income 1.2 1.4
Deferred income taxes 0.7 0.7
         
Total current assets   309.2   301.9
 
Non current assets:
Net property, plant and equipment 194.3 193.9
Other assets 11.0 12.9
         
Total non current assets   205.3   206.8
 
TOTAL ASSETS   514.5   508.7
 
LIABILITIES AND SHAREHOLDERS' EQUITY        
 
Current liabilities:
Short-term borrowings 3.3 0.8
Current portion of long-term debt 1.3 1.1
Accounts payable-trade 58.9 66.5
Accounts payable-other 29.2 29.3
Unrealized foreign exchange losses 2.8 0.4
Accounts payable-shareholders for dividends 0.0 0.0
Income taxes 4.0 3.7
Salaries, wages and related liabilities 14.6 15.0
         
Total current liabilities   114.1   116.8
 
Long-term liabilities:
Employees' leaving entitlement 28.9 29.6
Long-term debt 5.3 5.9
Deferred income for capital grants 10.6 11.2
Other liabilities 18.8 18.2
         
Total long-term liabilities   63.6   64.9
         
Minority interest   2.3   1.9
 
Shareholders' equity:
Share capital 54.9 54.9
Reserves 12.0 12.0
Additional paid-in capital 9.3 9.3
Retained earnings 258.3 248.9
         
Total shareholders' equity   334.5   325.1
 
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY   514.5   508.7
 
 
Natuzzi S.p.A. and Subsidiaries
Consolidated Statements of Cash Flows
(Expressed in million of euro)
  30 June 10   31 Dec 09  
Cash flows from operating activities:    
Net earnings (loss) (4.1 ) (17.7 )
 
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 12.2 26.8
Employees' leaving entitlement (0.7 ) (2.1 )
Deferred income taxes (0.0 ) 3.7
Minority interest 0.1 0.4
(Gain) loss on disposal of assets (0.1 ) (0.1 )
Unrealized foreign exchange losses and gains 2.7 (4.4 )
Impairment of long lived assets - -
Deferred income for capital grants (0.4 ) (1.0 )
Non monetary operating costs 13.8 23.3
 
Change in assets and liabilities:
Receivables, net (5.6 ) 25.7
Inventories (6.0 ) 10.4
Prepaid expenses and accrued income 0.2 (0.2 )
Other assets (3.5 ) (8.2 )
Accounts payable (7.6 ) (2.1 )
Income taxes 0.3 1.9
Salaries, wages and related liabilities (0.4 ) (4.3 )
Other liabilities 1.0 3.2
 
Net working capital (21.6 ) 26.4  
 
Net cash provided by operating activities   (11.9 )   32.0    
 
Cash flows from investing activities:
Property, plant and equipment:
Additions (3.1 ) (9.2 )
Disposals 0.1 0.2
Government grants received 1.9
Marketable debt securities: - -
 
Net cash used in investing activities   (3.0 )   (7.1 )  
 
Cash flows from financing activities:
Long-term debt:
Proceeds 0.6 3.9
Repayments (0.9 ) (0.7 )
Short-term borrowings 2.5 (8.9 )
Capital injection - -
Dividends paid to minority interests -   -  
 
Net cash used in financing activities 2.2   (5.7 )
 
Effect of translation adjustments on cash 5.3   (0.2 )
 
Increase (decrease) in cash and cash equivalents (7.4 ) 19.0
 
Cash and cash equivalents, beginning of the year 66.3   47.3  
 
Cash and cash equivalents, end of the year   58.9     66.3    
 

CONTACT:
Natuzzi Investor Relations
Silvia Di Rosa, +39 335 78 64 209 (cell)
sdirosa@natuzzi.com
or
Natuzzi Corporate Communication
Giacomo Ventolone, +39 335 7276939 (cell)
gventolone@natuzzi.com
or
Vito Basile (Ufficio Stampa), + 39 080 8820676
vbasile@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: September 27, 2010

 

 

 

By:

/s/ Pasquale Natuzzi

Pasquale Natuzzi