Distributor shows growth in Q4, fiscal year.
Navarre enjoyed explosive profit and sales growth in its fiscal fourth quarter. The Minneapolis-based distributor earned $3.3 million, or 12 cents per diluted share, on sales of $142.6 million during the period, which ended March 31.
In the corresponding period in the previous year, Navarre posted net income of $442,000, or 2 cents per share, on sales of $83.6 million.
The company says sales growth was achieved across all of its major product lines: computer software, videogames, music and movies.
"The restructuring of our company has allowed us to increase our focus on growing the high-margin publishing segment of our business while we continue to focus on aggressive organic growth in our core distribution business," says Navarre chairman/CEO Eric Paulson. The fourth quarter and fiscal 2004 were record years for the company, Paulson says.
For the year, Navarre posted $9 million in net income, or 37 cents per diluted share, on sales of $475.2 million. The previous fiscal year, it had net income of $4.3 million, or 20 cents per diluted share, on sales of $359.4 million. The sales gain is 32%; net income increased 106%.
Since Navarre announced its results last week, its stock has increased 15.5% to $12.86.