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 May 28, 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. Reports First Quarter 2010 Financial Results

SANTERAMO IN COLLE, Bari, Italy--(BUSINESS WIRE)--May 28, 2010--Today the Board of Directors of Natuzzi S.p.A. (NYSE:NTZ) announced the first quarter 2010 financial results.

Total Net Sales for the first quarter 2010 were €126.4 million with an improvement of 13.6%. Upholstery Net Sales were €111.3 million with an increase of 14.9% compared to the same period of 2009. The contribution by Geographic area was the following: Europe (excluding Italy) 42.4%, Americas 32.3%, Italy 14.1% and Rest of the World 11.2%.

The significant improvement of the Industrial Margin is fundamentally due to a better product-mix sold, and to a constant cost control activity, as well as to a positive euro/dollars exchange rate that affected positively the cost of raw material purchases.

Transportation costs were negatively influenced by a significant increase of the freight fares recorded in some transportation routes since January 2010. All the other SG&A costs slightly improved as compared to the first quarter of 2009.

As a result of these figures, the Company highlights an Operating Income of €0.5 million versus an Operating Loss of €16.6 million in the first quarter of 2009 with a remarkable improvement with respect to the same period of the previous year.

Net Group Result shows a reduced loss of €1.3 million, with respect to a loss of €10.4 million recorded in the same period of 2009, mainly due to some improving actions obtained at a production efficiency level.

Net Financial Position as of March 31, 2010 remains strongly positive for €54.9 million notwithstanding the decrease compared to December 31, 2009.

Pasquale Natuzzi, Chairman and Chief Executive Officer of Natuzzi SpA., commented: “In the first quarter of 2010 we finally recorded a net sales improvement. However, the economic crisis and the worsening market conditions are not yet over and the Group order flows for the first months of 2010 with respect to the last months of 2009 confirm a slow down as compared to the previous positive trend, even if with diversified trends among the various brands and geographic areas. We promptly reacted, from a price point of view, introducing in the Natuzzi Brand new “entry price” products that could stimulate consumer demand coherently with the brand positioning. The Italsofa and Editions brands are confirming the success achieved during the Koln, Milan and High Point fairs and the enormous potential of this new offer .

Along with these commercial initiatives, we have in progress an internal restructuring plan that aims at simplifying the management of company activities, at achieving further cost reductions and innovation in order to improve the quality of products and customer service.

We are confident that the strength of our brands and business model, based on integration between production and distribution, could help us face the adverse market situation. Furthermore, thanks to the perseverance, enthusiasm, ethic values, and commitment of all people working within our Group, we will be able to achieve our goals in terms of service, quality, competitiveness and profitability”.

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 certified.

Tables follows

Natuzzi S.p.A. and Subsidiaries
Unaudited Consolidated Profit & Loss for the quarter ended on March 31, 2010 on the basis of Italian GAAP
(expressed in millions Euro except for share data)
                     
Three months ended on Change Percent of Sales
  31-mars-10 31-mars-09 % 31-mars-10 31-mars-09
 
Upholstery net sales 111.3 96.9 14.9% 88.1% 87.1%
Other sales 15.1 14.4 4.9% 11.9% 12.9%
Total Net Sales 126.4 111.3 13.6% 100.0% 100.0%
 
Purchases (54.8) (43.1) 27.1% -43.4% -38.7%
Labor (19.6) (19.9) -1.5% -15.5% -17.9%
Third-party manufacturers (0.9) (1.1) -18.2% -0.7% -1.0%
Manufacturing costs (10.4) (11.6) -10.3% -8.2% -10.4%
Net Inventoris 8.0 (7.2) -211.1% 6.3% -6.5%
Cost of Sales (77.7) (82.9) -6.3% -61.5% -74.5%
           
Industrial Margin 48.7 28.4 71.5% 38.5% 25.5%
 
Selling Expenses (37.8) (34.1) 10.9% -29.9% -30.6%
of which Transportation (11.6) (9.1)
of which Advertising (6.3) (5.7)
G&A Expenses (10.4) (10.9) -4.6% -8.2% -9.8%
           
Operating Income/(Loss) 0.5 (16.6) 103.0% 0.4% -14.9%
 
Interest Income/(Costs), Net (0.4) (0.2) 100.0% -0.3% -0.2%
Foreign Exchange, Net 0.9 6.2 -85.5% 0.7% 5.6%
Other Income/(Cost), Net 0.3 1.8 -83.3% 0.2% 1.6%
           
Earning before Income Taxes 1.3 (8.8) 114.8% 1.0% -7.9%
 
Current taxes (2.6) (1.5) -2.1% -1.3%
           
Net result (1.3) (10.3) 87.4% -1.0% -9.3%
 
Minority interest 0.0 0.1
           
Net Group Result (1.3) (10.4) 87.4% -1.0% -9.3%
           
Net Group Result per Share (0.02) (0.19)      
 
Outstanding Shares 54,824,277 54,824,277
           
Key Figures in U.S. dollars Three months ended on Change Percent of Sales
(millions) 31-mars-10 31-mars-09 % 31-mars-10 31-mars-09
 
Total Net Sales 174.9 154.0 13.6% 100.0% 100.0%
Gross Profit 67.4 39.3 71.5% 38.5% 25.5%
Operating Income (Loss) 0.7 (23.0) -103.0% 0.4% -14.9%
Net Group Result (1.8) (14.4) 87.4% -1.0% -9.3%
Net Group Result per Share (0.0) (0.3)
 
Average exchange rate (U.S.$ per €) 1.3837
UPHOLSTERY NET SALES BREAKDOWN
                   
Geographic breakdown
Net sales million euro Net sales seats
                     
3 months ended on 3 months ended on
                     
  31-mars-10   31-mars-09   Change % 31-mars-10   31-mars-09   Change %
 
Americas 36.0 32.3% 29.4 30.3% 22.4% 197,694 42.4% 159,803 38.7% 23.7%
Natuzzi 4.4 4.0% 4.0 4.1% 10.0% 11,547 2.5% 11,116 2.7% 3.9%
Italsofa 31.6 28.3% 25.4 26.2% 24.4% 186,147 39.9% 148,687 36.0% 25.2%
 
Europe 47.2 42.4% 46.8 48.3% 0.9% 174,757 37.5% 179,958 43.6% -2.9%
Natuzzi 24.7 22.2% 22.5 23.2% 9.8% 60,103 12.9% 54,130 13.1% 11.0%
Italsofa 22.5 20.2% 24.3 25.1% -7.4% 114,654 24.6% 125,828 30.5% -8.9%
 
Italy (Natuzzi) 15.6 14.1% 12.3 12.7% 26.8% 46,494 10.0% 37,107 9.0% 25.3%
 
Rest of the world 12.5 11.2% 8.4 8.7% 48.8% 47,368 10.1% 35,917 8.7% 31.9%
Natuzzi 7.8 7.0% 5.0 5.2% 56.0% 18,393 3.9% 13,268 9.0% 38.6%
Italsofa 4.7 4.2% 3.4 3.5% 38.2% 28,975 6.2% 22,649 5.5% 27.9%
                     
Total 111.3 100.0% 96.9 100.0% 14.9% 466,313 100.0% 412,785 100.0% 13.0%
                     
 
Brands breakdown
Net sales million euro Net sales seats
                     
3 months ended on 3 months ended on
                     
  31-mars-10   31-mars-09   Change % 31-mars-10   31-mars-09   Change %
 
Natuzzi 52.5 47.2% 43.8 45.2% 19.9% 136,537 29.3% 115,621 28.0% 18.1%
 
Italsofa 58.8 52.8% 53.1 54.8% 10.7% 329,776 70.7% 297,164 72.0% 11.0%
                     
Total 111.3 100.0% 96.9 100.0% 14.9% 466,313 100.0% 412,785 100.0% 13.0%
Natuzzi S.p.A. and Subsidiaries
Consolidated Balance Sheets
(Expressed in millions of euro)
   
ASSETS 31-mars-10   31 Dec 09
 
Current assets:
Cash and cash equivalents 64.2 66.3
Marketable debt securities 0.0 0.0
Trade receivables, net 92.9 97.1
Other receivables 56.2 54.4
Inventories 89.5 81.6
Unrealized foreign exchange gains 0.5 0.3
Prepaid expenses and accrued income 1.2 1.4
Deferred income taxes 0.7 0.7
       
Total current assets 305.2   301.8
 
Non current assets:
Net property, plant and equipment 193.6 193.8
Other assets 11.8 12.7
       
Total current assets 205.4   206.5
 
TOTAL ASSETS 510.6   508.3
 
LIABILITIES AND SHAREHOLDERS' EQUITY      
 
Current liabilities:
Short-term borrowings 2.2 0.8
Current portion of long-term debt 1.3 1.1
Accounts payable-trade 60.8 66.5
Accounts payable-other 29.8 29.3
Unrealized foreign exchange losses 1.4 0.4
Accounts payable-shareholders for dividends 0.0 0.0
Income taxes 5.2 3.7
Salaries, wages and related liabilities 14.1 12.5
       
Total current liabilities 114.8   114.3
 
Long-term liabilities:
Employees' leaving entitlement 29.3 29.6
Long-term debt 5.8 5.9
Deferred income for capital grants 10.8 11.2
Other liabilities 18.3 20.4
       
Total long-term liabilities 64.2   67.1
       
Minority interest 2.0   1.9
 
Shareholders' equity:
Share capital 54.9 54.9
Reserves 42.8 42.8
Additional paid-in capital 8.3 8.3
Retained earnings 223.6 219.0
       
Total shareholders' equity 329.6   325.0
 
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 510.6   508.3
Natuzzi S.p.A. and Subsidiaries
Consolidated Statements of Cash Flows
   
(Expressed in million of euro)
31-mars-10   31 Dec 09
Cash flows from operating activities:
Net earnings (loss) (1.3) (17.7)
 
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 6.3 26.8
Employees' leaving entitlement (0.3) (2.1)
Deferred income taxes (0.0) 3.7
Minority interest 0.1 0.4
(Gain) loss on disposal of assets (0.0) (0.1)
Unrealized foreign exchange losses and gains 0.8 (4.4)
Deferred income for capital grants (0.2) (1.0)
Non monetary operating costs 6.6 23.3
 
Change in assets and liabilities:
Receivables, net 4.2 25.7
Inventories (8.0) 10.4
Prepaid expenses and accrued income 0.3 (0.2)
Other assets (1.6) (8.2)
Accounts payable (5.7) (2.1)
Income taxes 1.4 1.9
Salaries, wages and related liabilities (0.9) (1.8)
Other liabilities 0.2 2.5
 
Net working capital (10.1) 28.2
 
Net cash provided by operating activities (4.8)   33.8
 
Cash flows from investing activities:
Property, plant and equipment:
Additions (1.0) (9.1)
Disposals 0.0 0.2
Government grants received
Net cash used in investing activities (1.0)   (8.9)
 
Cash flows from financing activities:
Long-term debt:
Proceeds 0.6 3.9
Repayments (0.4) (0.7)
Short-term borrowings 1.4 (8.9)
 
Net cash used in financing activities 1.6 (5.7)
 
Effect of translation adjustments on cash 2.1 (0.2)
 
Increase (decrease) in cash and cash equivalents (2.1) 19.0
 
Cash and cash equivalents, beginning of the year 66.3 47.3
 
Cash and cash equivalents, end of the year 64.2   66.3

CONTACT:
Natuzzi Investor Relations
Silvia Di Rosa cell +39 335 78 64 209
sdirosa@natuzzi.com
or
Natuzzi Corporate Communication
Cell.: +39 335 7276939 Giacomo Ventolone
gventolone@natuzzi.com
or
Tel.: + 39 080 8820676 Vito Basile (Ufficio Stampa)
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: May 28, 2010

 

 

 

By:

/s/ Pasquale Natuzzi

Pasquale Natuzzi