Navarre Reports Strong Fiscal Third Quarter 2013 Results
MINNEAPOLIS, Feb. 4, 2013 (GLOBE NEWSWIRE) -- Navarre Corp. (Nasdaq:NAVR) ("Navarre"), a vertically integrated, multi-channel platform of e-commerce services and distribution solutions for retailers and manufacturers, reported financial results for its fiscal third quarter ended December 31, 2012.
Fiscal Q3 2013 Highlights vs. Year-Ago Quarter
- Consolidated net sales from ongoing business increased 19% to $178.3 million;
- Net sales in the e-commerce sales channel increased 72% to $48.3 million;
- Net sales from the distribution of consumer electronics and accessories (CE&A) increased 45% to $47.4 million;
- Net sales from retail distribution in Canada increased 31% to $33.6 million;
- Net income was $10,000 or $0.00 per share, compared to a net loss of $29.1 million or $(0.79) per share;
- Adjusted EBITDA increased 32% to $5.4 million; and
- Completed the acquisition of SpeedFC, significantly expanding e-commerce service capabilities and adding more than 30 major customers.
Fiscal Q3 2013 ResultsConsolidated net sales from ongoing business in the fiscal third quarter of 2013 increased 19% to $178.3 million from $150.0 million in the year-ago quarter. The increase was approximately split evenly between Navarre's retail distribution segment and the e-commerce and fulfillment services segment, which includes the results of SpeedFC from November 20, 2012 through December 31, 2012. Including $3.5 million from the discontinued home video retail distribution business in the year-ago quarter, consolidated net sales in the fiscal third quarter of 2013 increased 16%. Net sales in the distribution segment from ongoing business during the third quarter increased 6% to $156.9 million from $147.8 million in the year-ago quarter, primarily attributed to the company's key organic growth initiatives. Net sales in the e-commerce and fulfillment services segment increased significantly in the third quarter to $21.4 million from $2.2 million in the year ago quarter, primarily due to net sales contributed by the newly acquired SpeedFC and strong sales from Navarre's 3PL customers.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- 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 + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV