In its report Navarre noted that "cash flow from discontinued operations (FUNimation) contributed strongly to the company’s year-over-year debt reduction," and went on to add, "the company has not yet received an adequate offer in connection with its efforts to sell FUNimation Entertainment. Although this sales process continues, if the company does not receive an adequate offer in the fourth quarter, it anticipates that these efforts will be halted."
If No Adequate Offer in the Next Three Months
Posted by ICv2 on January 31, 2011 @ 6:55 pm CT
The sale of FUNimation could be off if no buyer is found soon. The Minneapolis-based Navarre Corporation has reported its financial results for the third quarter of its fiscal 2011 year. For the quarter Navarre once again broke out the performance of its FUNimation anime publishing division, which it is currently trying to sell. Navarre reported net income of $1.8 million from its discontinued operations (FUNimation), which was nearly double the income earned by discontinued operations in the third quarter in the previous year.
In its report Navarre noted that "cash flow from discontinued operations (FUNimation) contributed strongly to the company’s year-over-year debt reduction," and went on to add, "the company has not yet received an adequate offer in connection with its efforts to sell FUNimation Entertainment. Although this sales process continues, if the company does not receive an adequate offer in the fourth quarter, it anticipates that these efforts will be halted."
In its report Navarre noted that "cash flow from discontinued operations (FUNimation) contributed strongly to the company’s year-over-year debt reduction," and went on to add, "the company has not yet received an adequate offer in connection with its efforts to sell FUNimation Entertainment. Although this sales process continues, if the company does not receive an adequate offer in the fourth quarter, it anticipates that these efforts will be halted."
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