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, 2014

  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):

Third Quarter 2014 Consolidated Financial Results

NATUZZI:SIGNS OF IMPROVEMENT

SANTERAMO IN COLLE, Italy--(BUSINESS WIRE)--November 28, 2014--The Board of Directors of Natuzzi S.p.A. (NYSE:NTZ) (“Natuzzi” or the “Company”) has approved its consolidated financial results for third quarter 2014.

After the meeting of the Board of Directors, the Chief Executive Officer, Pasquale Natuzzi, commented:

“Third quarter financial results highlight the first benefits from those measures announced and implemented during the course of the year: both order flow and turnover increased compared to the same period of the prior year.

The brand and distribution strategy upon which we have built our business plan confirms its validity. Among the factors that have contributed to this result we highlight:

The industrial efficiency recovery measures announced in recent quarters and aimed at solving production delays in China and Italy that affected our turnover during the prior two quarters have started to generate the expected benefits. Third quarter turnover was €111.7 million, up 8.2% compared to the same period of 2013. This increase in turnover is meaningful in relative terms if we consider its progression over each of the first three quarters of the year compared to each of the first three quarters of 2013: – 11,2% in the first quarter; -1,2% in the second quarter; and + 8,2%% in the third quarter.

The gradual improvement in productivity within our manufacturing plants over the last few months has positively affected our gross margin, which increased from 25.8% in the second quarter of 2014 to 27.9% in the third quarter of 2014 (a 2.1% improvement), notwithstanding an increase in raw materials.

Furthermore, fixed selling, general and administrative costs fell by 12.2% compared to the third quarter of 2013, both in absolute terms (a €2.8 million reduction), and as a percentage of net sales (a 4.2% reduction on net sales), decreasing from 22.5% of net sales in the third quarter of 2013 to 18.2% of net sales in the third quarter of 2014, which decrease was attributable, in part, to the introduction of rationalization measures designed to optimize our commercial structure.

The actions implemented thus far have allowed Natuzzi to reduce its quarterly operating loss by 10.9% and improve its quarterly EBITDA by 18.9%, as compared to the third quarter of 2013.

We intend to continue implementing our “lean-enterprise” program, designed to improve efficiencies, reduce costs and generate higher operating cash flow.

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Mr. Antonio Cavallera has been appointed Chief HR, IT and Organization Officer of the Natuzzi Group. Antonio holds a degree in Law and has been with the Company since 2006 within the Human Resources department managing the HR Dos Retail, Training & Change program, and HR Commercial activities. In October 2012, Antonio took on the role of Chief Planning, Organization and Corporate Communications Officer, directly reporting to the CEO, and became a member of the Senior Executive Team.

Mr. Umberto Bedini has resigned as Chief Operations Officer of the Natuzzi Group, for personal reasons. The Chief Executive Officer of the Group takes on this responsibility ad interim.

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The Company will host a conference call on Monday December 1, 2014 at 10:00 a.m. U.S. Eastern Time (4.00 p.m. Italian time, or 3.00 p.m. UK time) to discuss financial results.

The dial-in phone numbers for the live conference call are 1-888-359-3624 (toll-free) for persons calling from the U.S. or Canada, and 1-719-785-1753 for those calling from other countries.

A live web cast of the conference call will be available on line at http://www.natuzzi.com/ under the “Investor Relations” section.

A replay of the call will be available shortly after the end of the conference call starting from December 1, 2014 (from 1:00 pm US Eastern time), to January 1, 2015. To access the replay of the conference call, interested persons need to dial 1-877-870-5176 (toll-free) for calls from U.S. and Canada, and 1-858-384-5517 for calls from other countries. The access code for the replay is: 2152906.

CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS

Certain statements set forth in this press release constitute forward-looking statements within the meaning of the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements involve risks and uncertainties that could cause Natuzzi’s actual results to differ materially from those stated or implied by such forward-looking statements. More information about the potential factors that could affect the Company’s business and financial results is included in Natuzzi’s filings with the Securities and Exchange Commission, including the Company’s Annual Report on Form 20-F for the year ended December 31, 2013. Natuzzi undertakes no obligation to update any of the forward-looking statements after the date of this press release.

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About Natuzzi S.p.A.

Founded in 1959 by Pasquale Natuzzi, Natuzzi S.p.A. designs, manufactures and sells a broad collection of couches, armchairs, home furniture and home accessories. With consolidated revenues of €449.1 million in 2013, Natuzzi is Italy’s largest furniture house and the player with the greatest global reach in its sector, with eight manufacturing plants, twelve commercial offices and more than 1,200 points of sale worldwide. Ethics and social responsibility, innovation, industrial know-how and integrated management of its value chain represent the points of strength that have made the Natuzzi Group a market leader and established Natuzzi as the most recognized furniture brand in the world among consumers of luxury goods. Natuzzi S.p.A. has been listed on the New York Stock Exchange since May 1993. The Company is ISO 9001 and 14001 certified.

 
Natuzzi S.p.A. and Subsidiaries
Unaudited Consolidated Profit & Loss for the third quarter 2014 & 2013 on the basis of Italian GAAP
(expressed in millions Euro, except per share amounts)
 
Three months ended on   Change     Percentage of Sales
  30-Sep-14   30-Sep-13   %       30-Sep-14   30-Sep-13
   
Upholstery net sales 100.1 92.5 8.2 % 89.6 % 89.6 %
Other sales 11.6     10.7     8.3 %     10.4 %   10.4 %
Total Net Sales 111.7     103.3     8.2 %     100.0 %   100.0 %
 
Consumption (*) (52.6 ) (48.1 ) 9.5 % -47.1 % -46.5 %
Labor (20.4 ) (17.4 ) 17.0 % -18.3 % -16.9 %
Industrial Costs (7.5 ) (7.2 ) 4.5 % -6.7 % -7.0 %
of which: Depreciation, Amortization (2.9 )   (2.5 )   17.5 %     -2.6 %   -2.4 %
Cost of Sales (80.6 )   (72.7 )   10.8 %     -72.1 %   -70.4 %
                     
Industrial Margin 31.1     30.6     1.9 %     27.9 %   29.6 %
 
Selling Expenses (18.6 ) (16.2 ) 15.2 % -16.7 % -15.6 %
Transportation (12.5 ) (10.7 ) 16.4 % -11.2 % -10.4 %
Commissions (2.2 ) (1.6 ) 36.9 % -2.0 % -1.6 %
Advertising (3.9 ) (3.8 ) 2.4 % -3.5 % -3.7 %
 
Other Selling and G&A (20.4 ) (23.2 ) -12.2 % -18.2 % -22.5 %
of which: Depreciation, Amortization (1.2 )   (1.8 )   -30.4 %     -1.1 %   -1.7 %
EBITDA (3.7 )   (4.5 )   -18.9 %     -3.3 %   -4.4 %
                     
EBIT (7.8 )   (8.8 )   -10.9 %     -7.0 %   -8.5 %
 
Interest Income/(Costs), Net (0.5 ) (0.2 )
Foreign Exchange, Net (1.5 ) (0.4 )
Other Income/(Cost), Net 0.9     (8.9 )              
Earning before Income Taxes (9.0 )   (18.3 )         -8.1 %   -17.8 %
 
Current taxes (0.4 ) (0.4 ) -0.4 % -0.4 %
                     
Net Result (9.4 )   (18.7 )         -8.4 %   -18.1 %
 
Minority interest (0.0 ) 0.0
                     
Net Group Result (9.4 )   (18.7 )         -8.4 %   -18.1 %
                     
Net Group Result per Share (0.17 )   (0.34 )              
 
                     
Key Figures in U.S. dollars Three months ended on Change Percentage of Sales
(millions) 30-Sep-14   30-Sep-13   %       30-Sep-14   30-Sep-13
 
Total Net Sales 148.0 136.8 8.2 % 100.0 % 100.0 %
Industrial Margin 41.3 40.5 1.9 % 27.9 % 29.6 %
EBIT (10.4 ) (11.7 ) -7.0 % -8.5 %
Net Group Result (12.5 ) (24.8 ) -8.4 % -18.1 %
Net Group Result per Share (0.23 ) (0.45 )
 
Average exchange rate (U.S.$ per 1€) 1.3253
                     
 
(*) Purchases plus beginning stock minus final stock and leather processing
 
 
UPHOLSTERY NET SALES BREAKDOWN
GEOGRAPHIC BREAKDOWN
  NET SALES (in €, million)     NET SALES (in seats sold)  
Three months ended on Three months ended on
   
AREA 30-Sep-14 %   30-Sep-13 %   delta 30-Sep-14 %   30-Sep-13 %   delta
Americas 43.4 43.4 % 38.6 41.7 % 12.4 % 207,517 52.4 % 192,939 48.8 % 7.6 %
Natuzzi 26.0 26.0 % 23.3 25.2 % 11.6 % 100,202 25.3 % 95,764 24.2 % 4.6 %
Private label 17.4 17.3 % 15.3 16.5 % 13.7 % 107,316 27.1 % 97,175 24.6 % 10.4 %
 
EMEA 42.1 42.1 % 40.1 43.4 % 4.8 % 143,703 36.3 % 154,514 39.1 % -7.0 %
Natuzzi 34.1 34.1 % 28.3 30.6 % 20.3 % 96,495 24.3 % 80,771 20.4 % 19.5 %
Private label 8.0 8.0 % 11.8 12.8 % -32.3 % 47,208 11.9 % 73,743 18.6 % -36.0 %
 
Asia-Pacific 14.6 14.6 % 13.8 14.9 % 6.0 % 45,161 11.4 % 47,991 12.1 % -5.9 %
Natuzzi 14.2 14.2 % 12.6 13.6 % 12.6 % 42,627 10.8 % 40,103 10.1 % 6.3 %
Private label 0.4 0.4 % 1.1 1.2 % -67.3 % 2,534 0.6 % 7,888 2.0 % -67.9 %
                     
TOTAL 100.1 100.0 % 92.5 100.0 % 8.2 % 396,381 100.0 % 395,443 100.0 % 0.2 %
 
 
BREAKDOWN BY BRAND
NET SALES (in €, million) NET SALES (in seats sold)
Three months ended on Three months ended on
 
BRAND 30-Sep-14 %   30-Sep-13 %   delta 30-Sep-14 %   30-Sep-13 %   delta
Natuzzi 74.3 74.3 % 64.3 69.5 % 15.6 % 239,324 60.4 % 216,638 54.8 % 10.5 %
Private label 25.7 25.7 % 28.2 30.5 % -8.8 % 157,057 39.6 % 178,805 45.2 % -12.2 %
TOTAL 100.1 100.0 % 92.5 100.0 % 8.2 % 396,381 100.0 % 395,443 100.0 % 0.2 %
 
The "Natuzzi" brand includes the Group's three lines of product: Natuzzi Italia, Natuzzi Editions and Natuzi Re-Vive
 
 
Natuzzi S.p.A. and Subsidiaries
Unaudited Consolidated Profit & Loss for the first nine months 2014 & 2013 on the basis of Italian GAAP
(expressed in millions Euro, except per share amounts)
 
  Nine months ended on Change   Percentage of Sales
    30-Sep-14 30-Sep-13 %     30-Sep-14 30-Sep-13
 
Upholstery net sales 288.3 294.2 -2.0 % 89.3 % 89.7 %
Other sales   34.5   33.8   2.0 %   10.7 % 10.3 %
Total Net Sales   322.8   328.1   -1.6 %   100.0 % 100.0 %
 
Consumption (*) (149.2 ) (152.1 ) -1.9 % -46.2 % -46.3 %
Labor (64.4 ) (58.8 ) 9.5 % -20.0 % -17.9 %
Industrial Costs (20.9 ) (21.0 ) -0.4 % -6.5 % -6.4 %
of which: Depreciation, Amortization   (7.4 ) (7.1 ) 3.8 %   -2.3 % -2.2 %
Cost of Sales   (234.5 ) (231.8 ) 1.1 %   -72.7 % -70.7 %
               
Industrial Margin   88.3   96.2   -8.3 %   27.3 % 29.3 %
 
Selling Expenses (51.1 ) (49.4 ) 3.5 % -15.8 % -15.1 %
Transportation (33.7 ) (33.4 ) 1.0 % -10.4 % -10.2 %
Commissions (6.7 ) (6.4 ) 4.4 % -2.1 % -1.9 %
Advertising (10.8 ) (9.7 ) 11.5 % -3.3 % -2.9 %
 
Other Selling and G&A (65.4 ) (69.8 ) -6.4 % -20.3 % -21.3 %
of which: Depreciation, Amortization   (3.2 ) (5.2 ) -37.1 %   -1.0 % -1.6 %
EBITDA   (17.6 ) (10.8 )     -5.5 % -3.3 %
               
EBIT   (28.3 ) (23.1 )     -8.8 % -7.0 %
 
Interest Income/(Costs), Net (1.0 ) (0.3 )
Foreign Exchange, Net (0.4 ) (1.6 )
Other Income/(Cost), Net   (3.0 ) (10.2 )        
Earning before Income Taxes   (32.7 ) (35.2 )     -10.1 % -10.7 %
 
Current taxes (1.2 ) (3.4 ) -0.4 % -1.0 %
               
Net Result   (33.9 ) (38.7 )     -10.5 % -11.8 %
 
Minority interest (0.0 ) (0.2 )
               
Net Group Result   (33.9 ) (38.9 )     -10.5 % -11.8 %
               
Net Group Result per Share   (0.62 ) (0.71 )        
 
               
Key Figures in U.S. dollars Nine months ended on Change Percentage of Sales
(millions)   30-Sep-14 30-Sep-13 %     30-Sep-14 30-Sep-13
 
Total Net Sales 437.5 444.7 -1.6 % 100.0 % 100.0 %
Industrial Margin 119.6 130.4 -8.3 % 27.3 % 29.3 %
EBIT (38.3 ) (31.3 ) -8.8 % -7.0 %
Net Group Result (46.0 ) (52.7 ) -10.5 % -11.8 %
Net Group Result per Share (0.84 ) (0.96 )
 
Average exchange rate (U.S.$ per 1€) 1.3555
               
 
(*) Purchases plus beginning stock minus final stock and leather processing
 
 
UPHOLSTERY NET SALES BREAKDOWN
GEOGRAPHIC BREAKDOWN
  NET SALES (in €, million)     NET SALES (in seats sold)  
Nine months ended on Nine months ended on
   
AREA 30-Sep-14 %   30-Sep-13 %   delta 30-Sep-14 %   30-Sep-13 %   delta
Americas 116.4 40.4 % 123.1 41.8 % -5.4 % 576,076 48.9 % 608,753 49.0 % -5.4 %
Natuzzi 69.1 24.0 % 75.8 25.8 % -8.7 % 273,703 23.3 % 318,306 25.6 % -14.0 %
Private label 47.3 16.4 % 47.3 16.1 % -0.1 % 302,373 25.7 % 290,447 23.4 % 4.1 %
 
EMEA 134.6 46.7 % 135.3 46.0 % -0.5 % 474,302 40.3 % 507,095 40.8 % -6.5 %
Natuzzi 108.0 37.5 % 102.5 34.8 % 5.3 % 308,387 26.2 % 304,837 24.5 % 1.2 %
Private label 26.7 9.2 % 32.8 11.2 % -18.8 % 165,915 14.1 % 202,259 16.3 % -18.0 %
 
Asia-Pacific 37.2 12.9 % 35.8 12.2 % 3.9 % 126,691 10.8 % 126,014 10.1 % 0.5 %
Natuzzi 35.5 12.3 % 32.5 11.1 % 9.3 % 114,420 9.7 % 102,781 8.3 % 11.3 %
Private label

1.7

0.6 % 3.3 1.1 % -49.3 % 12,271 1.0 % 23,233 1.9 % -47.2 %
                     
TOTAL 288.3 100.0 % 294.2 100.0 % -2.0 % 1,177,069 100.0 % 1,241,862 100.0 % -5.2 %
 
 
BREAKDOWN BY BRAND
NET SALES (in €, million) NET SALES (in seats sold)
Nine months ended on Nine months ended on
 
BRAND 30-Sep-14 %   30-Sep-13 %   delta 30-Sep-14 %   30-Sep-13 %   delta
Natuzzi 212.7 73.8 % 210.8 71.6 % 0.9 % 696,510 59.2 % 725,923 58.5 % -4.1 %
Private label 75.6 26.2 % 83.4 28.4 % -9.4 % 480,559 40.8 % 515,939 41.5 % -6.9 %
TOTAL 288.3 100.0 % 294.2 100.0 % -2.0 % 1,177,069 100.0 % 1,241,862 100.0 % -5.2 %
 
The "Natuzzi" brand includes the Group's three lines of product: Natuzzi Italia, Natuzzi Editions and Natuzi Re-Vive
 
 
Natuzzi S.p.A. and Subsidiaries
Unaudited Consolidated Balance Sheets on the basis of Italian GAAP
(Expressed in millions of Euro)
ASSETS 30-Sep-14   31-Dec-13
 
Current assets:
Cash and cash equivalents 33.4 61.0
Marketable debt securities 0.0 0.0
Trade receivables, net 91.4 78.9
Other receivables 28.9 48.5
Inventories 94.4 79.0
Unrealized foreign exchange gains 0.0 0.6
Prepaid expenses and accrued income 1.4 1.9
Deferred income taxes 0.4   0.3
Total current assets 249.9   270.2
 
Non-current assets:
Net property, plant and equipment 133.8 143.6
Other assets 7.6   8.1
Total non-current assets 141.4   151.7
 
TOTAL ASSETS 391.3   421.9
 
LIABILITIES AND SHAREHOLDERS' EQUITY      
 
Current liabilities:
Short-term borrowings 23.3 25.0
Current portion of long-term debt 3.4 3.3
Accounts payable-trade 60.5 67.4
Accounts payable-other 26.8 25.8
Unrealized foreign exchange losses 0.5 0.2
Income taxes 1.0 7.1
Deferred income taxes 1.0 1.0
Salaries, wages and related liabilities 15.6   8.3
Total current liabilities 132.0   138.2
 
Long-term liabilities:
Employees' leaving entitlement 23.9 24.8
Long-term debt 6.5 4.2
Deferred income for capital grants 8.3 8.6
Other liabilities 33.4   34.4
Total long-term liabilities 72.1   72.1
       
Minority interest 2.9   2.7
 
Shareholders' equity:
Share capital 54.9 54.9
Reserves 42.8 42.8
Additional paid-in capital 8.4 8.4
Retained earnings 78.2   102.8
Total shareholders' equity 184.3   208.9
 
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 391.3   421.9
 
 
Natuzzi S.p.A. and Subsidiaries
Consolidated Statements of Cash Flows Nine months ended on
(Expressed in million of Euro) 30-Sep-14   30-Sep-13
Cash flows from operating activities:  
Net earnings (loss) (33.9) (38.9)
 
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 10.7 12.3
Impairment of long lived assets 2.0 -
Deferred income taxes (0.1) (0.5)
Minority interest 0.0 0.2
(Gain) loss on disposal of assets 0.1 (0.1)
Unrealized foreign exchange losses (gains) 0.9 0.8
Extraordinary items, net 1.8 11.4
Deferred income for capital grants (0.3)   (0.3)
Non monetary operating items 15.0   23.8
 
Change in assets and liabilities:
Receivables, net (12.8) 10.0
Inventories (15.4) (1.3)
Prepaid expenses and accrued income 0.6 0.4
Accounts payable (6.3) (8.8)
Income taxes (6.2) 1.6
Salaries, wages and related liabilities 7.2 2.7
Other assets/liabilities, net 21.6 3.9
Employees' leaving entitlement -   -
Net working capital (11.2)   8.6
       
Net cash generated/(used) by operating activities (30.1)   (6.5)
 
Cash flows from investing/restructuring activities:
Property, plant and equipment:
Additions (6.8) (6.0)
Disposals 6.9 0.1
Goverment grants received 0.5 -
One time termination benefits (2.1) -
Lay-off/Rent penalty dos closure (0.8)   -
Net cash generated/(used) by investing/restructuring activities (2.4)   (5.8)
 
Cash flows from financing activities:
Long-term debt:
Proceeds 5.0 -
Repayments (2.6) (2.9)
Short-term borrowings (1.7) 1.6
Dividends paid to minority interests -   (0.2)
Net cash generated/(used) by financing activities 0.7   (1.5)
       
Effect of translation adjustments on cash 4.3   (0.4)
       
Increase (decrease) in cash and cash equivalents (27.6)   (14.2)
       
Cash and cash equivalents, beginning of the year 61.0   77.7
       
Cash and cash equivalents, end of the period 33.4   63.5
 

CONTACT:
NATUZZI
INVESTOR RELATIONS
Piero Direnzo, +39.080.8820.812
pdirenzo@natuzzi.com
or
CORPORATE COMMUNICATION
Vito Basile, +39.080.8820.676
(Press Office)
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:

NOVEMBER 28, 2014

By:

/s/ Pasquale Natuzzi

Pasquale Natuzzi