By : Erik Gruenwedel | Posted: 29 Oct 2009
egruenwedel@questex.com

Spurred by the success of its anime FUNimation Entertainment unit and the winding down of involvement in money-losing DVD distributor BCI, Navarre Corp. Oct. 29 reported second-quarter (ended Sept. 30) profit of $2.3 million compared to a loss of $44.5 million during the prior-year period.

Net sales topped $122 million, compared to sales of $170 million last year, due to the closure of consumer electronics retailer Circuit City.

“The continued macroeconomic difficulties faced by consumers and the closure of Circuit City impacted sales versus the prior year's second quarter,” said CEO Cary Deacon. “However, our strategy to refocus on more productive revenue sources is clearly paying off as we are seeing strong levels of profitability and a $25.7 million debt reduction versus the same time last year.”
 

---