Navarre Corporation Files Amended Form 10-Q for Second Quarter Fiscal Year 2006
November 21 2005 - 5:55PM
PR Newswire (US)
Navarre Also Files Amendments to Fiscal 2005 Form 10-K and Fiscal
2006 First Quarter Form 10-Q MINNEAPOLIS, Nov. 21
/PRNewswire-FirstCall/ -- Navarre Corporation (NASDAQ:NAVRE), a
publisher and distributor of a broad range of home entertainment
and multimedia software products, announced today that it has filed
all requisite amendments to its Form 10-K for the fiscal year ended
March 31, 2005 and to its Form 10-Q's for the first and second
quarters of fiscal 2006. The amendments reflect the Company's
restatement as of and for the years ending March 31, 2005 and 2004,
for the period ending March 31, 2003, and unaudited quarterly
financial data for the periods ending June 30, 2004, September 30,
2004, December 31, 2004 and June 30, 2005. The amended Form 10-Q
for the second quarter ended September 30, 2005 includes the
independent registered public accounting firm's review and the
officers' certifications. The Company intends to advise Nasdaq of
these filings and to request that the previously announced
delisting letter be withdrawn as the Company believes that it now
complies with all requirements for continued listing. The Company
intends to make an announcement upon the receipt of the response
from Nasdaq. About Navarre Corporation Navarre Corporation
(NASDAQ:NAVRE) is a publisher and distributor of a broad range of
home entertainment and multimedia products, including PC software,
CD audio, DVD and VHS video, video games and accessories. Since its
founding in 1983, the company has established distribution
relationships with customers across a wide spectrum of retail
channels which includes mass merchants, discount, wholesale club,
office and music superstores, military and e-tailers nationwide.
The company currently provides its products to over 18,000 retail
and distribution center locations throughout the United States and
Canada. Navarre has recently expanded its business to include the
licensing and publishing of home entertainment and multimedia
content, primarily through the acquisitions of Encore Software,
Inc., BCI Eclipse Company, LLC, FUNimation Productions, Ltd. and
The FUNimation Store, Ltd. For more information, please visit the
company's web site at http://www.navarre.com/ . Safe Harbor The
statements in this press release that are not strictly historical
are "forward-looking" statements within the meaning of Section 27A
of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934 and are intended to be covered by the safe
harbors created by these sections. The forward-looking statements
are subject to risks and uncertainties and the actual results that
the Company achieves may differ materially from these
forward-looking statements due to such risks and uncertainties,
including, but not limited to: potential restatements related to
the Company's review of application of FIN 46(R) to third party
entities or relationships the Company's revenues being derived from
a small group of customers; the Company's dependence on significant
vendors; the Company's dependence upon software developers and
manufacturers and popularity of their products; the Company's
ability to maintain and grow its exclusive distribution business
through agreements with music labels; the Company's dependence upon
a key employee and its Founder, namely, Eric H. Paulson, Chairman
of the Board, President and Chief Executive Officer; the Company's
ability to attract and retain qualified management personnel;
uncertain growth in the publishing segment; the acquisition
strategy of the Company, including the successful integration of
FUNimation, could disrupt other business segments and/or
management; the seasonality and variability in the Company's
business and that decreased sales during peak season could
adversely affect its results of operations; the Company's ability
to meet its significant working capital requirements related to
distributing products; the Company's ability to avoid excessive
inventory return and obsolescence losses; the potential for
inventory values to decline; the Company's credit exposure due to
reseller arrangements or negative trends which could cause credit
loss; the Company's ability to adequately and timely adjust cost
structure for decreased demand; the Company's ability to compete
effectively in distribution and publishing, which are highly
competitive industries; the Company's dependence on third- party
shipping of its product; the Company's dependence on information
systems; technological developments, particularly in the electronic
downloading arena which could adversely impact sales, margins and
results of operations; increased counterfeiting or piracy which
could negatively affect demand for the Company's products; the
Company may not be able to protect its intellectual property;
interruption of the Company's business or catastrophic loss at a
facility which could curtail or shutdown its business; the
potential for future terrorist activities to disrupt operations or
harm assets; significant Company stock volatility; the exercise of
outstanding warrants and options adversely affecting stock price;
the Company's anti-takeover provisions, its ability to issue
preferred stock and its staggered board may discourage take-over
attempts beneficial to shareholders; because the Company does not
intend to pay dividends, stock appreciation may yield the only
return on an investment in Company stock; and the Company's
directors may not be personally liable for certain actions which
may discourage shareholder suits against them. Other than the
initial risk stated above, a detailed statement of risks and
uncertainties is contained in the Company's reports to the
Securities and Exchange Commission, including in particular the
Company's Form 10-K and Form 10-K/A for the year ended March 31,
2005. Investors and shareholders are urged to read this document
carefully. The Company can offer no assurances that any
projections, assumptions or forecasts made or discussed in this
release NAVARRE CORPORATION FILES AMENDED FORM 10-Q FOR SECOND
QUARTER FISCAL YEAR 2006, dated November 21, 2005, will be met, and
investors should understand the risks of investing solely due to
such projections. The Company undertakes no obligation to revise
any forward- looking statements in order to reflect events or
circumstances that may arise after the date of this press release.
Investors and shareholders may obtain free copies of the public
filings through the website maintained by the SEC at
http://www.sec.gov/ or at one of the SEC's other public reference
rooms in Washington D.C., New York, New York or Chicago, Illinois.
Please call the SEC at 1-800-SEC-0330 for further information with
respect to the SEC's public reference rooms. DATASOURCE: Navarre
Corporation CONTACT: Haug Scharnowski, Vice President Corporate
Relations of Navarre Corporation, +1-763-535-8333, or Web site:
http://www.navarre.com/
Copyright
Navarre (NASDAQ:NAVRE)
Historical Stock Chart
From Sep 2024 to Oct 2024
Navarre (NASDAQ:NAVRE)
Historical Stock Chart
From Oct 2023 to Oct 2024