The Annual General Shareholders’ Meeting of Natuzzi S.p.A. Held on May 5, 2009: Approved Year 2008 Financial Statements; Ap...
May 05 2009 - 8:53AM
Business Wire
Natuzzi S.p.A. (NYSE: NTZ) (�Natuzzi� or �the Company�), today
announced that the Annual Shareholders' Meeting, held on May 5,
2009, approved the Company�s financial statements for the year
ended on December 31, 2008.
As previously announced on March 30, 2009, Natuzzi reported net
consolidated sales of EUR 666,0 million for 2008, up by 5% over the
previous year; an operating loss of � 35,0 million compared to a
loss of � 49,1 million in 2007, and net consolidated losses of EUR
61,9 million, versus net losses of EUR 62,6 million in 2007.
The Ordinary Shareholders Meeting also appointed Mr. Giacomo
Santucci as an independent member of the Board of Directors.
Mr Santucci, received an MBA from Bocconi Milan and a degree in
Economics from Brussel University. He has also served in many
important roles in the Fashion Industry with Gucci, Prada and
Ferragamo and currently run his own consultancy firm.
We remind that the current Board of eight members shall remain
in office until the approval of 2010 financial statements.
The Ordinary Shareholders Meeting approved a share buyback
program as proposed today by the Board of Directors and will be
executed within 18 months from this General Shareholders Meeting
authorization.
The buyback program will be for a maximum of 2 million Natuzzi
ordinary shares, to be purchased within a price range of minimum
$1.4 and maximum according to Rule 10b-18 of the Securities
Exchange Act with reference to the Market Price and in case of
purchase �out of the market� a maximum of 5% in excess of the
Market Price.
The share buyback program is aimed at covering a stock grant
plan for top management linked to the achievement of the 2009-2011
Business Plan targets and supporting the share price of Natuzzi
ADR�s listed on NYSE.
Pasquale Natuzzi, Chairman and CEO, commented: �We are satisfied
to have met our fourth quarter and full year expectations despite
the adverse economic environment. We achieved an increase in sales
and significant reduction in our cost of goods sold in 2008. We
reduced our operating loss to �35,0 million from �49,1 million in
2007 and we will continue with our cost reduction plan. We have an
extremely skilled and committed management team that remain
dedicated to achieving the company�s goals.
We are very pleased to have Mr Santucci, with his high
professional skills and know how, joining our Board of Directors as
independent member.
Moreover, the Buy back program will create the base of shares to
cover the �stock grant plan� that is a further positive sign of the
Board through the managers activity� and at the same time we are
confident that it could help the Natuzzi stocks value.
ABOUT NATUZZI S.P.A.
Founded in 1959 by Pasquale Natuzzi, Natuzzi S.p.A. designs and
manufactures a broad collection of leather-upholstered residential
furniture. Italy�s largest furniture manufacturer, Natuzzi is the
global leader in the leather segment, exporting its innovative,
high-quality sofas and armchairs to 123 markets on 5
continents.
Since 1990, Natuzzi has sold its furnishings in Italy through
the popular Divani & Divani by Natuzzi chain of 123 stores, and
1 Natuzzi Store. Outside Italy, the Company sells to various
furniture retailers, as well as through 158 licensed Divani &
Divani by Natuzzi and Natuzzi Stores. Natuzzi S.p.A. was listed on
the New York Stock Exchange on May 13, 1993. The Company is ISO
9001 ad 14001 certified.
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