The Board of Directors of Natuzzi S.p.A. (NYSE: NTZ) (“Natuzzi” or “the Company”), a leading company in the furnishings industry, today approved its consolidated financial results for the third quarter and first nine months ended September 30, 2012.
THIRD QUARTER 2012 HIGHLIGHTS
- Total Net Sales at €111.7 million, from €114.4 million reported for third quarter 2011;
- Industrial Margin at 35.3% on total net sales, improving from 29.6% reported in last year’s comparable period;
- Negative EBIT of €2.3 million, from a negative EBIT of €9.0 million reported for the third quarter of 2011.
FIRST NINE MONTHS 2012 HIGHLIGHTS
- Total Net Sales at €342.3 million, 4.1% down from €356.8 million reported for the first nine months of last year;
- Industrial Margin at 33.6% on total net sales, from 32.8% reported one year ago;
- Negative EBIT of €10.3 million, as compared to a negative EBIT of €17.0 million reported for the first nine months of last year;
- Positive Net Financial Position at €40.1 million as of September 30, 2012, as compared to €55.3 million as of December 31, 2011.
THIRD QUARTER 2012 FINANCIAL RESULTSDuring the quarter ended September 30, 2012, total net sales (including raw materials and semi-finished products sold to third parties) amounted to €111.7 million, down 2.4% from €114.4 million reported in third quarter 2011. Total upholstery net sales during the third quarter of 2012 were €97.5 million, decreasing 2.2% from €99.7 million in prior year comparable period. Net sales of Natuzzi Italia branded products were at €29.5 million, down by 13.7% compared to last year’s third quarter, whereas sales of “Other Brands” increased by 3.8% at €68.0 million. The breakdown by geographic allocation of total upholstery net sales was the following:
|3 quarter 2012||3 quarter 2011|
|Europe (ex Italy)||32.9%||34.4%|
|Rest of the World||16.2%||15.8%|