Correcting repeated financial information and spelling of Billy Montana (sted Billie).MINNEAPOLIS--(BUSINESS WIRE)--May 10, 1995--Navarre Corp. (Nasdaq: NAVR) today reported a 387 percent increase in net income to $1,607,000, or $.51 per share, on record net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight of $119,498,000 for the fiscal year ended March 31, 1995 compared to net income of $330,000, or $.14 per share, on net sales of $68,913,000 for fiscal 1994. For the fourth quarter ended March 31, 1995, Navarre Navarre (nəvär`), Span. Navarra (nävä`rä), province (1990 pop. 527,318), N Spain, bordering on France, between the W Pyrenees and the Ebro River. Pamplona is the capital. reported net income of $58,000, or $.02 per share, on net sales of $28,596,000 compared to a net loss of $445,000, or $.15 per share, on net sales of $15,417,000 for the same three-month period in 1994. Eric ERIC Educational Research Information Clearinghouse ERIC Educational Resources Information Center ERIC ERISA Industry Committee ERIC Epidemiologic Research and Information Center (Durham, NC) Paulson, Navarre chairman and chief executive officer, attributed the solid gains in 1995 net sales and net income to several factors, including strong holiday season sales in all product categories, improved gross margins resulting in part from increased sales of proprietary products, and productivity and capacity improvements resulting from the consolidation of the company's warehouses and offices in a new, highly automated au·to·mate v. au·to·mat·ed, au·to·mat·ing, au·to·mates v.tr. 1. To convert to automatic operation: automate a factory. 2. facility. "Our gross margin for fiscal 1995 improved to 12.9 percent from 12.0 percent in 1994," said Paulson. "The improvement reflects not only the sharp increase in our 1995 sales volume, but also our continued emphasis on higher margin exclusive distribution arrangements with artists and software publishers. "A number of artists that we distribute exclusively had very strong releases during the year, including John Tesh John Frank Tesh (born July 9, 1952) is an American pianist and composer of new age and contemporary Christian music. He is also a nationally syndicated radio host, and has previously served as a sportscaster, news anchor and reporter. , Kitaro, Stevie B Stevie B (real name Steven Bernard Hill) is a singer, songwriter and record producer of Cuban descent that was highly influential in the Latin freestyle and Miami dance music scene of the late 1980s. and Billy Montana," said Paulson. "In addition, the rapid growth in the installed base of personal computers equipped with CD-ROM drives CD-ROM drives, which today typically means a CD-RW drive that is a combo CD-ROM, CD-R and CD-RW drive, come in a variety of speeds. The original drive (1x) transferred data at 150KB per second. spurred a sharp increase in sales of CD-ROM CD-ROM: see compact disc. CD-ROM in full compact disc read-only memory Type of computer storage medium that is read optically (e.g., by a laser). software. Our new multimedia publishing subsidiary, Digital Entertainment, achieved its first year objectives, as well, and the launch of its second product, `Virtual Cop,' an interactive, cinematic serial on CD-ROM, is now under way." "Overall, fiscal 1995 was characterized char·ac·ter·ize tr.v. character·ized, character·iz·ing, character·iz·es 1. To describe the qualities or peculiarities of: characterized the warden as ruthless. 2. by smart buying and better inventory management, aided by the improved systems and facilities we have in place at our new headquarters," said Paulson. Navarre Corp. is a leading distributor of music, computer software and interactive CD-ROM products. -0-
Navarre Corporation
(Nasdaq: NAVR)
Summarized Financial Data
(In thousands except per share data)
Year Ended March 31 % Change
1995 1994
------ ------
Net Sales $119,498 $ 68,913 73%
Gross Margin $ 15,452 $ 8,288 86% Gross Margin % 12.9% 12.0% n/a Operating Income $ 3,461 $ 1,158 199% Net Income $ 1,607 $ 330 387% Earnings Per Common Share $ .51 $ .14 264% Weighted Average 3,144 2,290 Shares Outstanding
Three Months Ended March 31 % Change
1995 1994
------ ------
Net Sales $ 28,596 $ 15,417 85%
Gross Margin $ 3,441 $ 1,362 153% Gross Margin % 12.0% 8.8% n/a Operating Income (Loss) $ 298 $ (683) n/a Net Income (Loss) $ 58 $ (445) n/a Earnings (Loss) Per $ .02 $ (.15) n/a Common Share Weighted Average Shares Outstanding 3,147 2,974 CONTACT: Navarre Corp., Minneapolis Eric Paulson, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. or Chuck Cheney, CFO See Chief Financial Officer. , 612/535-8333 |
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