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Navarre Reports Strong Fiscal Third Quarter 2013 Results

Stocks in this article: NAVR

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 Results

Consolidated 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.

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