This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
$1 buys you full access to ALL of TheStreet's Subscription Services! Learn More

Natuzzi S.p.A. Third Quarter And First Nine Months 2012 Financial Results

Stocks in this article: NTZ

Other Selling, General & Administrative expenses decreased both in Euro terms (at €71.4 million for the first nine months of 2012, decreasing by €7.2 million from €78.6 million reported one year ago), and as percentage on total net sales (at 20.8% down from 22.0% reported one year ago).

For the first nine months of 2012, the Group reported a positive EBITDA equal to €2.6 million (versus a negative EBITDA of €2.1 million in prior year comparable period) and a negative EBIT equal to 10.3 million from a negative EBIT of €17.0 million reported one year ago.

For the first nine months of 2012 the Group reported Net Losses of €14.0 million.

BALANCE SHEET

The Group’s Net Financial Position as of September 30, 2012 was positive and equal to €40.1 million.

-----------------------------------------------------------

Pasquale Natuzzi, Chairman and CEO of the Natuzzi Group commented: “ Also during the third quarter the world economy continued to grow at a modest pace, being affected not only by the slowdown in advanced economies but also in the emerging ones.

The Group performance during the quarter, consequently, turned out to be affected both by the persisting poor trend in sales from Europe, suffering from the effects of fiscal consolidation policies still in force in some Countries, and by the expanding of the global slow-down to other markets that are important for us.

We are not fully pleased with the quarterly operating result. However, the improving trend in EBIT as compared with one year ago gives us reasons for looking to the future with confidence. In fact, the efficiency recovery measures we’ve been implementing, together with a rigorous overhead cost-controlling plan, continue to give encouraging results and represent a clear indication we are on the right path towards the Group’s profitability.

The difficult global scenario of the last few years has inexorably changed the way of making business, especially for global players as we are. We see, in fact, that consumers’ preferences are changing, favouring mainly medium-low end products, and that the geographical distribution of the demand has been witnessing an increase in the weight of emerging markets. Our manufacturing and distributive organization, placed in different continents in a well-balanced way, is able to meet the consumers’ needs, wherever they are, both in terms of products, and price-points.

We are well aware of the issues characterizing these hard times in particular. Still, we are cautiously confident that the commercial actions undertaken to consolidate the positive sales trend in the Americas and recover market shares in Europe, the efficiency recovery measures at Group level, and the strengthening plan of the distributive network especially in emerging markets such Brazil, Russia, India and China, will allow us to better tackle the current challenges arising from the markets.

------------------------------------------------------

The Company will host a conference call on Monday November 19, 2012 at 10:00 a.m. U.S. Eastern time (4.00 p.m. Italian time or 3.00 p.m. UK time) to discuss third quarter 2012 financial results.

4 of 6

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,827.75 +12.81 0.07%
S&P 500 2,072.83 +5.80 0.28%
NASDAQ 4,787.3170 +29.0650 0.61%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs