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To: Lane Hall-Witt who wrote (5486)	1/26/1999 5:33:00 PM
From: Jan A. Van Hummel	Read Replies (1) \| Respond to of 27722

Don't know how to read the following press-release. Guess it is only on paper and not materially significant. Navarre <NAVR.O> restates Q1/Q2, sees losses in Q4 MINNEAPOLIS, Jan 26 (Reuters) - Navarre Corp. said on Tuesday it will restate its first and second quarter results to reflect an issuance of convertible preferred stock with attached warrants, adding to its net loss by almost five dollars per share in the first quarter in 1998. The Internet E-commerce company said that as result of the restated earnings, loss applicable to common shareholders for the first quarter, ended June 30, 1998, increased by $4.89 per share and for the six-months period, ended September 30, by $3.79. Navarre said the preferred stock, issued in May 1998, had beneficial conversion features that must be recognized as dividends paid to preferred stockholders. Results are restated to reflect to the payout, it said. The company said revenues, expenses, net loss, total assets and total shareholders' equity are not affected by the restatement. During its third quarter, ended December 31, Navarre said it started significant upgrades in its operations, including the doubling of its returns processing capabilities, which will be completed by March 31. Through the processing upgrade, the company expects to eliminate all bank debt by March 31. Charles Cheney, chief financial officer and executive vice president, said in a release, "although the new process will have a negative effect on net sales and profits during the company's fiscal fourth quarter, we expect it to significantly improve inventory and cash utilization as well as future earnings." Nararre today reported a third quarter net loss of $4.0 million, or a loss of $0.26 per share, on revenues of $74.6 million, compared with a profit of $579,000, or $0.08 per share, on revenues of $69.4 million in the year-ago period. 15:50 01-26-99