Navarre Corp. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended June 30, 2012; Reaffirms Earnings Guidance for the Fiscal Year 2013
July 01, 2012 at 01:30 am IST
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Navarre Corp. reported unaudited consolidated earnings results for the first quarter ended June 30, 2012. For the quarter, the company's net sales were decreased 12% to $91.3 million from $104.0 million in the year-ago quarter. The decrease was primarily due to the company's previously announced transition away from the home video product category, which contributed minor net sales of $37,000 in the fiscal first quarter of 2013 compared to $10.3 million in the year-ago quarter. Consolidated net sales in the first quarter of fiscal 2013 would have only decreased 3% without the impact of the company's transition away from the home video product category. Loss from operations was $494,000 against $595,000 a year ago. Loss before income tax was $830,000 against $963,000 a year ago. Net loss was improved to $571,000 or $0.02 per basic and diluted share, compared to a net loss of $627,000 or $0.02 per basic and diluted share in the year-ago quarter. Adjusted EBITDA (a non-GAAP term) was increased 23% to $543,000 compared to $440,000 in the first quarter of fiscal year 2012. Net cash used in operating activities was $7,492,000 against $3,228,000 a year ago.
The company's guidance for fiscal 2013 issued on May 22, 2012 remains on track, with net sales expected to be between $460.0 million and $480.0 million, and adjusted EBITDA expected to be between $9.0 and $11.0 million.
Speed Commerce, Inc. is a single-source provider of omnichannel customer experience solutions and technology for ecommerce retailers and manufacturers. The Company specializes in ecommerce order fulfillment and contact center operations, assisting ecommerce retailers. Its cloud-based fulfillment platform for order and inventory management features integration with ecommerce platforms, and automatic order importing from online marketplaces, including Amazon, Magento, and Shopify. The Company offers a range of solutions, such as e-commerce customer service, fulfillment and warehousing, and client services. Its e-commerce customer services include inbound and outbound telephone support services, order processing, upselling, and cross-selling, email inquiries, outbound marketing campaigns, database scrubbing, and market research. Its fulfillment and warehousing solutions include receiving, picking and packing, shipping, inventory management, returns management, and cross-docking.
Navarre Corp. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended June 30, 2012; Reaffirms Earnings Guidance for the Fiscal Year 2013