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Technology Stocks : Audio and Radio on the Internet- NAVR -- Ignore unavailable to you. Want to Upgrade?

To: cazz who wrote (11072)	3/11/1999 8:18:00 AM
From: Rajiv	Read Replies (2) \| Respond to of 27722

Historical Pricing data for NAVR.. Source - edreyfus.com DATE CLOSING PRICE OPEN HIGH LOW VOLUME -------- ------------- -------- -------- -------- ----------- 3/10/99 13 13 5/16 13 5/16 12 1/2 707,200 3/09/99 13 7/16 14 7/16 14 1/2 13 3/8 1,065,700 3/08/99 13 3/4 12 3/8 14 11 1/2 2,222,600 3/05/99 12 1/4 13 13/16 13 15/16 12 1/4 1,564,400 3/04/99 13 7/16 14 3/4 14 3/4 13 1/8 1,957,400 3/03/99 15 1/8 16 11/16 18 1/8 14 3/4 4,974,600 3/02/99 14 13/16 15 5/8 15 3/4 14 3/4 591,000 3/01/99 15 11/16 16 1/16 16 3/16 15 1/4 542,100 2/26/99 16 15 1/2 16 1/8 14 15/16 698,600 2/25/99 15 1/8 15 1/16 15 1/2 14 3/4 624,700 2/24/99 14 3/4 15 13/16 16 1/4 14 3/4 678,700 2/23/99 15 3/4 16 1/8 16 5/8 15 1,429,000 2/22/99 15 5/8 14 5/8 16 1/8 14 1/2 9,659 2/19/99 14 3/8 13 5/8 14 3/4 13 9/16 790,200 2/18/99 13 5/8 13 5/16 14 1/16 12 5/8 1,260,400 2/17/99 13 14 1/8 14 1/2 13 15,084 2/16/99 14 3/4 15 13/16 16 1/16 14 1/2 777,800 2/12/99 15 9/16 15 11/16 15 11/16 15 1/8 544,800 2/11/99 15 13/16 15 9/16 16 1/4 15 1,080,700 2/10/99 14 15/16 15 1/8 16 1/4 14 1,945,300 2/09/99 15 3/8 16 13/16 17 1/4 15 1/4 3,043,100 2/08/99 18 20 20 1/4 16 7/16 2,435,000 2/05/99 19 11/16 20 1/4 21 1/4 19 1/4 4,165,000 2/04/99 19 1/16 19 3/4 21 15/16 19 5,599,300 2/03/99 20 17 20 16 13/16 3,292,000 2/02/99 16 3/4 16 5/8 16 13/16 16 1/4 818,500 2/01/99 16 5/8 17 5/16 17 5/16 16 1/2 771,900 1/29/99 16 7/8 17 17 3/16 16 1/4 1,740,500 1/28/99 16 5/16 15 5/16 16 9/16 15 1/4 1,396,200 1/27/99 15 15 3/4 16 15 988,800 1/26/99 15 3/8 15 5/8 17 3/4 14 1/8 4,208,400 1/25/99 15 15/16 17 1/16 17 1/4 15 7/8 1,325,800 1/22/99 16 7/16 14 7/16 17 1/4 14 1/16 2,579,100 1/21/99 15 1/8 15 15 3/4 14 1/2 1,945,300 1/20/99 15 3/4 17 1/2 17 11/16 15 1/4 2,388,600 1/19/99 17 9/16 18 3/4 18 7/8 16 3/4 2,434,100 1/15/99 17 15/16 17 7/8 18 5/8 17 3/4 3,473,300 1/14/99 17 1/2 17 7/8 17 15/16 16 1/8 3,783,200 1/13/99 15 1/4 12 7/8 16 5/8 11 4,644,600 1/12/99 16 13/16 19 5/8 20 14 6,568,100 1/11/99 18 3/4 14 13/16 19 1/4 14 1/4 13,971,200 1/08/99 13 11/16 12 15 5/16 11 15/16 8,893,600 1/07/99 11 3/8 10 1/8 11 3/8 10 1/8 1,459,700 1/06/99 10 3/4 10 7/8 11 10 1/4 1,164,300 1/05/99 10 11/16 11 1/8 11 5/16 10 5/8 672,800 1/04/99 10 7/8 10 11 1/8 10 1,420,200 12/31/98 10 1/16 10 3/16 10 1/4 9 11/16 1,115,700 12/30/98 10 3/16 10 7/16 11 1/8 10 1/8 1,781,900 12/29/98 10 5/8 11 7/16 11 7/16 10 3/8 1,121,600 12/28/98 11 3/16 12 12 11/16 10 9/16 2,130,800 12/24/98 11 9/16 11 1/4 12 3/8 10 3/4 2,828,800 12/23/98 10 7/8 9 5/8 11 13/16 9 1/2 6,071,300 12/22/98 9 7/16 9 7/8 10 1/8 9 1/4 1,034,900 12/21/98 9 15/16 9 15/16 10 5/8 9 11/16 2,054,400 12/18/98 9 5/8 9 1/4 10 3/4 8 13/16 3,855,000 12/17/98 8 31/32 9 1/16 9 3/8 8 7/8 691,100 12/16/98 9 7/32 9 3/8 9 3/4 8 13/16 1,777,200 12/15/98 9 1/16 9 1/4 10 9 1,204,000 12/14/98 8 3/4 8 3/4 9 1/4 8 3/4 975,700 12/11/98 9 1/2 8 13/16 10 3/16 8 1/4 2,281,400 12/10/98 9 9 1/2 9 1/2 8 1/2 3,005,200 12/09/98 9 3/4 12 1/8 12 5/8 9 5/8 10,442,300 12/08/98 11 1/8 12 7/8 14 10 9/16 12,435,500 12/07/98 13 3/8 8 7/8 13 3/8 8 1/2 13,397,700 12/04/98 7 7/8 7 3/8 8 3/4 7 3/8 3,213,700 12/03/98 7 1/4 8 3/4 9 3/8 6 11/16 6,529,700 12/02/98 9 1/2 12 1/2 13 5/8 9 1/2 7,753,700 12/01/98 13 5/8 13 15/16 16 3/4 12 10,585,900 11/30/98 15 26 3/4 27 12 30,525,900 11/27/98 12 3/16 8 5/8 12 1/4 8 21,424,300 11/25/98 5 7/8 5 1/8 6 1/2 5 1/32 2,130,500 11/24/98 5 1/16 5 7/32 5 1/2 5 638,100 11/23/98 5 3/8 5 5/16 5 1/2 5 3/16 575,300 11/20/98 5 1/4 5 3/32 5 1/2 4 29/32 1,431,700 11/19/98 4 13/16 4 3/4 5 1/8 4 5/8 477,000 11/18/98 4 5/8 4 23/32 5 1/4 4 7/16 867,600 11/17/98 4 11/16 4 7/8 4 15/16 4 13/32 449,500 11/16/98 4 3/4 4 9/16 5 1/8 4 3/8 695,500 11/13/98 4 5/16 4 1/16 5 7/16 3 5/8 1,910,800 11/12/98 4 5/32 4 7/16 4 9/16 4 1/16 284,200 11/11/98 4 7/16 4 15/32 4 13/16 4 1/8 1,860,400 11/10/98 4 7/32 4 3/8 4 5/8 4 1,699,100 11/09/98 3 15/16 3 1/4 3 15/16 3 676,100 11/06/98 3 1/8 3 5/16 3 3/8 3 1/16 111,200 11/05/98 3 5/16 3 9/32 3 7/16 3 227,700 11/04/98 3 5/16 4 4 1/32 3 1/4 578,000 11/03/98 3 23/32 2 7/8 3 7/8 2 7/8 1,141,500 11/02/98 2 7/8 2 3/4 2 31/32 2 21/32 258,600

To: cazz who wrote (11072)	3/11/1999 11:04:00 AM
From: Rajiv	Read Replies (1) \| Respond to of 27722

Re : "debt-free" at the end of March. Link to NAVR's 10-Q for quarter ending 12/31/98 - edgar-online.com Link to Netradio's S-1 edgar-online.com The 10-Q is a consolidated statement and includes the NetRadio component. To get a better picture of NAVR's core business, we need to back out the NetRadio's financials from the 10-Q Note that NetRadio has no external debt. The debt in NAVR's 10-Q is NAVR's In the 10-Q, look at the cash flow statement. (for a period of 9 months). Its operating activities generated a -ve cash flow of 26.9 million. On an historical basis, NAVR has never been cash flow +ve on an operating basis. For this period, it managed to stay afloat because of the cash provided by the financing activities (28.3 million). The convertible debt financing was done last year and most of the warrants have been exercised. There will be very little incremental generation of cash from financing activities. This would mean that any incremental -ve cash flows on an operating basis will be almost directly translated to the balance sheet. NetRadio's component of the -ve cash flow (on an operating basis) is 2.7 million (this is for 12 months). If we deduct this from NAVR's consolidated cash flow statement, I am estimating that NAVR's core business is burning cash at the rate of 8 million/quarter. What is my point in talking about stuff like cash-flow ? A statement has been attributed to NAVR's management that NAVR will be debt-free by the end of March. I did not listen to the Conference Call - so I am not sure what was exactly said. My FA does not indicate that it will be debt-free. I am willing to go on record (you can bookmark this post and get back to me after the next 10-K is filed) that NAVR will definitely not be debt-free anytime in the near future. Did NAVR's management lie? I don't think so. I believe they probably meant NAVR will be free of convertible debt/convertible preferred stock. [Note - as I have pointed out before, I did not listen to the Conference call and am guessing to what they exactly meant] "debt-free" and "free from convertible debt" are entirely different. What is my point? Nothing, besides that the "debt-free by end of March" is probably invalid. Regards. Rajiv