Key Developments: Navarre Corp (NAVR.W)
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23 May 2013
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Latest Key Developments (Source: Significant Developments)
SPS Commerce Inc And Navarre Corporation Partner To Deliver Supply Chain Solutions For Logistics
SPS Commerce Inc and Navarre Corporation announced a vertically integrated, multi-channel platform of e-commerce services and distribution solutions for retailers and manufacturers, unveiled a new supply chain service for the retail industry. The offering allows suppliers to rapidly send retail compliant shipping notices and other order fulfillment documents to meet their customer's electronic trading requirements. Full Article
Navarre Corp Reaffirms FY 2013, 2014 Guidance
Navarre Corp reaffirmed its guidance and expects net sales between $480 million and $500 million and adjusted EBITDA between $9.0 and $11.0 million for fiscal 2013.. For fiscal 2014, it expects net sales between $530 and $560 million, and adjusted EBITDA of between $17 million and $21 million. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $484 million for fiscal 2013; revenue of $553 million for fiscal 2014. Full Article
Navarre Corp Completes Acquisition Of SpeedFC
Navarre Corp announced that it has completed the acquisition of SpeedFC, Inc., a provider of e-commerce services to retailers and manufacturers. Navarre acquired SpeedFC for $50 million, comprised of $25 million in cash and 17.1 million shares of its common stock. Navarre has also committed up to an additional $5 million in cash and 6.3 million shares of its common stock, contingent upon SpeedFC's adjusted EBITDA for the 12 months ending December 31, 2012. A majority of the contingent purchase price is expected to be earned. Navarre's current revolving credit facility with Wells Fargo Capital Finance was amended to fund the cash portion of the purchase price. Full Article
Navarre Corp Raises FY 2013 Revenue Guidance; Reaffirms FY 2013 EBITDA Guidance; Issues FY 2014 Guidance; Revenue Guidance Below Analysts' Estimates
Navarre Corp announced that for fiscal 2013, it expects net sales to be between $480 and $500 million, with adjusted EBITDA continuing to be between $9 million and $11 million. For fiscal 2014, it expects net sales to be between $530 and $560 million, and adjusted EBITDA to be between $17 million and $21 million. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $490 million for fiscal 2013; revenue of $573 million for fiscal 2014. Full Article
Navarre Corp Reaffirms FY 2013 Guidance
Navarre Corporation announced that 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. Full Article
Navarre Corp To Acquire E-Commerce Service Provider SpeedFC
Navarre Corp announced that it has entered into a definitive agreement to acquire SpeedFC, Inc. (SPEED), a provider of e-commerce services to online retailers and manufacturers, for $50 million in cash and stock. With this acquisition, Navarre looks to expand its opportunities in the e-commerce marketplace. According to analyst estimates, between 2011 and 2016, U.S. e-commerce sales are expected to increase more than 80% to $335 billion. By 2025, e-commerce should account for more than 15% of the U.S. consumption of core retail goods, compared to 7.6% in 2011, with media and consumer electronics continuing to be key growth drivers. The $50 million in total consideration will be comprised of 17.1 million shares of NAVR common stock and $25 million in cash. Navarre has committed up to an additional $10 million in cash and 3.3 million shares of its common stock, conditional upon SPEED's achievement of an adjusted EBITDA target for the 12 months ending December 31, 2012. A majority of the contingent purchase price appears likely to be earned. The cash portion of the transaction is anticipated to be funded through a new second lien debt facility of up to $35 million. This transaction is expected to close in November 2012, and is subject to a number of contingencies, including approval by Navarre's shareholders. Full Article
Navarre Corporation Reaffirms FY 2013 Guidance
Navarre Corporation announced that 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. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $468.8 million and EBITDA of $9.0 million for fiscal 2013. Full Article
Navarre Corporation Appoints Diane D. Lapp As Chief Financial Officer
Navarre Corporation announced that it has appointed Diane D. Lapp as its Chief Financial Officer (CFO), effective immediately. Lapp, 47, has been with Navarre since 2003. She has been serving as Interim Chief Financial Officer (CFO) since October 2011 and was previously Vice President of Finance since May 2005. Full Article
Navarre Corporation Issues FY 2013 Guidance In Line With Analysts' Estimates
Navarre Corporation announced that for fiscal 2013, it expects net sales are anticipated to be between $460.0 million and $480.0 million and adjusted pro forma EBITDA is expected to be between $9.0 and $11.0 million. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $465 million and EBITDA of $10.5 million for fiscal 2013. Full Article
Navarre Corporation Raises FY 2012 Revenue Guidance; Reaffirms FY 2012 EBITDA Guidance
Navarre Corporation updated fiscal 2012 guidance and expects revenue to be between $460.0-$480.0 million and adjusted pro forma EBITDA to be between $7.0 and $9.0 million. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $442 million for fiscal 2012. Full Article
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