Natuzzi S.p.A. Postpones Dates for the 2022 Fourth Quarter and Full-Year Financial Information and Conference Call

Rhea-AI Summary

Natuzzi S.p.A (NYSE: NTZ) has announced a postponement of its 2022 fourth quarter and full-year financial results, initially set for April 5 and 6, 2023. This delay is due to the need for additional procedures to ensure accurate financial reporting by its joint venture in China, where Natuzzi holds a 49% stake. The Company anticipates that these procedures will be completed in the first half of April 2023. An updated schedule for the earnings release and conference call will be provided once available.

Positive

• Natuzzi is taking steps to ensure accurate financial reporting by its joint venture in China.

Negative

• Postponement of financial results may lead to investor uncertainty.
• Delay in reporting could affect market perception and stock performance.

SANTERAMO IN COLLE, Bari, Italy--(BUSINESS WIRE)-- Natuzzi S.p.A. (NYSE: NTZ) (“Natuzzi” or the “Company”) announced today that the Company is postponing its release of the Company’s 2022 fourth quarter and full-year financial results and conference call, originally scheduled for April 5, 2023 and April 6, 2023, respectively.

The Company’s joint venture in China, in which Natuzzi retains a 49% interest and which is accounted for in the Company’s consolidated financial statements using the equity method, needs to carry out certain additional procedures to ensure the accuracy of its reporting of financial information for 2022 and, therefore, has not yet completed its preparation of the full-year ended December 31, 2022 financial results. The board of directors of the Company will wait for such procedures to be substantially completed before approving and releasing the Company’s 2022 fourth quarter and full-year financial results.

The Company expects that such procedures will be substantially completed within the first half of April 2023. The Company will announce the updated dates for its earnings release and conference call as soon as they are available.

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About Natuzzi S.p.A.

Founded in 1959 by Pasquale Natuzzi, Natuzzi S.p.A. is one of the most renowned brands in the production and distribution of design and luxury furniture. With a global retail network of 703 mono-brand stores and 508 galleries as of December 31, 2022, Natuzzi distributes its collections worldwide. Natuzzi products embed the finest spirit of Italian design and the unique craftmanship details of the “Made in Italy”, where a predominant part of its production takes place. Natuzzi has been listed on the New York Stock Exchange since May 13, 1993. Always committed to social responsibility and environmental sustainability, Natuzzi S.p.A. is ISO 9001 and 14001 certified (Quality and Environment), ISO 45001 certified (Safety on the Workplace) and FSC® Chain of Custody, CoC (FSC-C131540).

View source version on businesswire.com: https://www.businesswire.com/news/home/20230405005465/en/

Natuzzi Investor Relations

Piero Direnzo | tel. +39 080-8820-812 | pdirenzo@natuzzi.com

Source: Natuzzi S.p.A.

FAQ

Why did Natuzzi postpone its financial results release for 2022?

Natuzzi postponed its financial results to ensure the accuracy of financial reporting by its joint venture in China.

When is Natuzzi expected to release its 2022 financial results?

Natuzzi expects to complete the necessary procedures for its financial results within the first half of April 2023.

What is the stock symbol for Natuzzi?

Natuzzi is listed under the stock symbol NTZ on the New York Stock Exchange.

What percentage of the joint venture in China does Natuzzi own?

Natuzzi holds a 49% interest in its joint venture in China.