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Anime sales save NavarreFUNimation sales boost parent company's stock prices
Anime sales help boost Navarre Corporation's stock prices, despite a fall-out from the collapse of Tower Records.
(Source: www.icv2.com) The Minnesota-based company can thank FUNimation's sales for boosting its stock prices. Navarre, FUNimation's parent company, reported a 9.5% net increase in sales for their most recent quarter (which ended September 30th, 2006). The news boosted Navarre's stock price by 6%. Even the news that Navarre had to lower its 2007 net profit forecast by $1 million (due to Tower Records' filing for bankruptcy) didn't dampen traders' enthusiasm for the company's stock. Eric Paulson, Navarre's CEO and Chairman, specifically cited "improvements in the performance of FUNimation" as a reason for the company's successful quarter. Anime publishing revenue grew by 9.1% over the time period, with popular animes like Dragon Ball Z Movie 13: Wrath of the Dragon and the Full Metal Alchemist Movie: Conqueror of Shambala (both distributed by FUNimation) leading the charge. FUNimation's performance even managed to compensate for the faltering profits in Navarre's other subsidiaries, such as publishing, software and non-anime DVDs. Those groups reported that sales were down from this time last year.
The copyright of the article Anime sales save Navarre in Animated Films is owned by Dominic von Riedemann. Permission to republish Anime sales save Navarre in print or online must be granted by the author in writing.
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