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  • tomthonton3 tomthonton3 Feb 28, 2006 8:12 PM Flag

    Numbers--04, 05, 06--B/S; Net Worth

    These numbers are available to one and all under the Financials section at Yahoo.

    Long Term Debt: Year Ending 05, 04, 03 showed 237,000, 0, 268,000. 12.31.05. $113,000,000.

    Goodwill/Intangible Assets: Year Ending 05, 04, 03 showed $18 mil, $17 mil, $7 mil. 12.31.05. $121,000,000.

    Stockholder Equity: Year Ending 05, 04, 03 showed $62 mil, $ 45 mil, $ 25 mil. 12.31.05. $87,000,000.

    Common Stock New investments from outsiders: Year Ending 05, 04, 03 showed $ 14 mil, $ 18 mil. 03 doesn't show.


    1. Almost all growth in Stockholder equity came from outside shareholder new investments; virtually none from inside.

    2. Stockholder Equity (including new outside investments) less Goodwill and intangible assets for Year Ending 05, 04, 03 showed:
    $+59 mil, $+38 mil, $+22 mill. 12.31.05. $-34 mil! An enormous decline in just 9 months.

    3. Further deduct Long Term debt and Year Ending 05, 04, 03 showed virtually the same numbers: $+59 mil, $+38 mil, $+22 mil. 12.31.05. $-144 mil NEGATIVE! Stunning.

    In the last four quarters, Navarre has lost money in 3 out of 4. In the last 20+ years, Navarre has lost money in 3 out of 5 years.

    Why would anyone believe in the Hoover turn, prosperity is right around the corner, on any factual basis that is?

    Now as to This Quarter:

    1. Navarre lost $9.7 mil last year in this quarter.

    2. Navarre has $2.4 mil more interest to pay this year than last, if you consider Dec Q 05 to be the same for March Q 05 in interest (interest rates are up; some hedging happened, 10% of debt paid down--pretty much a wash).

    3. That starts the "baseline" at $12.4 mil loss. That is a big hole to climb out of.

    Don't yell; be logical. Til then, Tom

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    • Well, TT, I was responding to the following statement of RFB's:

      "Restatement, delisting, loan covenant issues, write-offs, all trivial? You have proven my point thanks. You are in a state of denial." RFB is a recurrent basher who (we apparently agree upon) is raising trivial issues and trying to make something out of nothing.

      As to your point..., first, the "growth" has not all been related to funimation. Second, in acquisition arena, escrows are set up all the time for post closing adjustments--it ensures that purchase price reflects the value received. Has funimation underperformed so far? Apparently, but the company is optimistic about its performance this spring, and G_Bowen has given many reasons to believe in managements assessment. Third, regardless of the source of growth, revenue is growing and, excluding the one time events which you now admit are trivial, the net income justifies a far greater valuation than NAVR is now seeing in the market. Again, IMHO, the shorts are in denial if they don't see the run coming.

    • Just don't expect a press release saying BCI just got the rights to Ozzie and Harriet real cheap and plans to release at the dollar store.

      For BCI a name like He-Man is like Sony getting the rights to Spider Man from Marvel for 10 years. As is IMHO Funimation getting the rights to Afro Samurai starring Samuel L Jackson.

      Think shares outstanding/Market Capitalization...then think scale.


    • Tommy,

      Two things about your last post.

      1. You often compare Navarre as competing with the big boys like Microsoft, Disney, Time Warner, etc...Navarre doesn't compete here. How many shares outstanding do the other companies have? If Navarre were to eventually land one major release like Shrek what do you think that would do to EPS...I don't plan on that, but that is why I was so excited 6 months ago about He Man. Navarre does not need a Shrek to generate significant earnings per share.

      2 You say you really like the dollar DVD, (note I believe there is room for a variety in entertainment media when you think a billion people), then you should like Navarre. Following is a quote from te last 10K.

      "BCI is a developer, licensor, packager and marketer of entertainment video and audio products. Since 1988, BCI has sought to redefine the standards and concepts in the budget DVD category. We believe that BCI was among one of the first vendors to introduce five-pack, ten-pack and 20-pack DVDs to the marketplace. We also believe that BCI was also one of the first to introduce �dollar� DVDs to the �dollar store� marketplace. "


    • Thank you.

      The distortions are about the financial issues raised by me.

      The ostriche complex seems to be a booming industry on this board. If someone doesn't like something they yell, "lies and distortions" and pick at points either minor or not mentioned.

      First rule in reading a point is eliminate any that including yelling, swearing, and the like, because they "protest too much" and think too little.

      The issues with Navarre are business ones. They went from a sleeply relatively solid distributor to a high wire act in 2001 buying third tier niche publishers.

      They are now in 4 businesses, not one, competing with the likes of Microsoft, Intuit, and Topics in software; Disney, Pixar, Time Warner, Viacom, etc., in DVDs; and being attacked from "below" in all markets by the fast growing $1 music (Ipod, etc.), $ 1 software (Simply Media/PC Treasures), and DVDs (tons of folks) retail market.

      Several board members have said "$1 products are junk" and worse names. That used to be said about McDonalds hamburgers, Japanese cars, Canon copiers, and various other simpler cheaper products in the past. Companies that didn't respond got whacked at best and liquidated at worst.

      See Clayton Christensen's Innovator's Dilemma about how simpler and cheaper has transformed so many markets, from PCs and calculators, to dollar chains and the web itself.

    • As said previously, the restatement was only a symptom of the problem. In itself not important.

      The growth you keep referring to was purchased at great cost of over $110 mil in debt. The repayments were from higher levels and, more recently, from the failure of Fun to meet its objectives--and so a major giveback was made to Navarre from Escrow monies, not good news at all.

      They lost money in 3 out of 4 quarters last year, and 3 out of 5 years over 23.

      Their "big" purchase has been an admitted disappointment. That is the issue.

    • Check your one decade chart at Yahoo financial.

      This was their last big decline until and through this period.

      Then they started their big ascent to $20 before reality set in. The ascent started with claims of "transformation" through publishing.

      After the sizzle drove the stock up, the financial facts, risks, and continued losses, drove the stock back down in its recent decline 80% to slightly less than $ 4 now.

    • well said ! Some folks need to get a grip here."one cannot continue to wish upon a star"Elect Tomthonton3 to the NAVR board,then we will all become longs and watch the shorts cover.what say ye?

    • And distortions.

    • I beleive you have mentioned both as grounds to not buy NAVR stock. Your memory is BAD pal.

    • Then again I may have you mixed up with other posters who have tried to list minor events as significant issues. In that case I should take you post at face value since it is accurate.

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