During 2010, net revenue was $774 million, up 0.6% compared with 2009. Europe contributed nearly 50% of the sales in 2010, while the U.S. and other world markets accounted for the remaining. In terms of growth rates, the performance of the rest of the world and the U.S. was strong, while Europe lagged.
For full-year 2010, EBITDA improved to $35.5 million from $24.2 million in 2009. EBIT for 2010 was a positive $600,000, compared to a negative EBIT of $15.8 million for full year 2009.On the improving financials, Pasquale Natuzzi, the company's CEO, said: "Despite steady total sales in 2010, we finally reached a positive operating result after three years of negative EBIT. We believe these results are below our growth potential, that we expect to reach in the following years considering the investments made in factories requalification, development and awareness of the brands, as well as in the expansion of foreign commercial branches to improve our market presence." The stock is trading at five times its estimated 2011 earnings and analysts expect 49% upside over the next one year.