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To: country bob who wrote (10326)	3/5/1999 6:26:00 AM
From: katmando	Respond to of 27722

Agreed. The lights went dim in my 1,000 unit Condo Bldg while I print the S-1. Frigging Lawyers / Invest Bkrs.

To: country bob who wrote (10326)	3/5/1999 6:55:00 AM
From: Scott Kleinhans	Read Replies (2) \| Respond to of 27722

This may be worth a call to NAVR/IR to see if they are still on track to have the return processing down to three days from 20 days by mid March. This is from the vcall transcript with the CEO on January 26, 1999. See the last statement made by Chaney "by March 31st." vcall.com <snip> Anybody have any questions for us on the numbers? Okay. Also during the quarter, from an operating standpoint, we instituted a new processing of returns, which automated and improved our returns processing system. That returns processing system will allow this company to bring unprocessed returns down to three days. Our goal by fiscal year end is that we will be able to process a return within three days of receiving that return. That really improves the asset utilization of the company. And I will turn it over to Chuck Cheney, our Executive Vice-President and Chief Financial Officer to talk about that a little bit. Charles Cheney: Yeah, we're on a project here now, as Eric said, to get our unprocessed returns down to three-day turn around. It should have tremendous positive impact on the company's profitability in the future. We believe strongly that by year-end our bank debt will be down to zero. Our bank debt at this time last year was 39 million for comparative purposes. We think that it will make the company way more productive. We think we can cut our headcount down sizably because of the increased productivity of this project we're working on. Eric Paulson: We think that that will improve the overall cash utilization of the company, and we believe long term that that improves the profitability of Navarre. </snip> . . . <snip> Eric Paulson: Yes, sir. Terry (Stuart): What is it now? Eric Paulson: Chuck, what's the latest number? Charles Cheney: Right now we have about 20 days, Terry. So we will be down by middle of February down to less than 10 days and by middle of March down to the three days. Terry (Stuart): So on the average, how much capital- how much will that save you in terms of investment? Charles Cheney: We've been able to take our bank debt down by about 25 million from what we have done right now. Terry (Stuart): Is that just due to this? Charles Cheney: Just due to this project. Terry (Stuart): Wow. Eric Paulson: I think it's interesting to note that most distribution companies at this time of year that are taking in after-Christmas returns have significant unprocessed returns. And I think that it's important to note that we're down in that 20-day range. And I would probably compare that to anyone in the industry that you can find. Terry (Stuart): So what did you say, you were taking your bank debt down from? Charles Cheney: Bank debt by the end of this month will be at about 12 million from 45 million. Terry (Stuart): Okay. Charles Cheney: So it'll be cash positive, we anticipate, by March 31st. </snip> Scott