Forum - View topicNEWS: Navarre in the Red due to Music Land
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v1cious
 Posts: 6202 Location: Houston, TX |
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well this can't be good. how bad is this gonna effect Funimation?
Last edited by v1cious on Fri Feb 10, 2006 2:27 pm; edited 1 time in total |
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Pyoko
Posts: 56 |
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"Funimation is currently performing below expectations."
Wow, that's a real surprise considering all the buzz and how big they've become in the last couple of years. |
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ACDragonMaster
 Posts: 405 |
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So it sounds like it might be less an issue of Funi doing poorly, exactly, and more an issue that one of the major chains of stores selling anime closed down, thus messing with distribution.
Also if I recall Navarre basically does all the distribution of Funi's stuff now, since they have a wider reach for that sort of thing, I suppose it'd take a little time for that to make a difference, though. |
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xstylus
 Posts: 263 |
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It's not. Funimation is lucky enough to be able to shine it off because of the resources of their Navarre parent. Good thing they had the merger, I guess. It's ADV and Geneon that one should worry about. Word on the grapevine is that it hurt ADV especially bad. |
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jmays
ANN Associate Editor
 Posts: 1390 Location: St. Louis, MO |
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No grapevine needed. Just check out the numbers. |
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xstylus
Posts: 263 |
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Yep, that's not pretty. There's not a doubt in my mind that some companies WILL be shutting down because of this. You'll notice that Bandai isn't on that list. Apparently they must've smelled a rotting corpse and pulled out just in time. |
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Tempest
 I Run this place.ANN Publisher  Posts: 10420 Location: Do not message me for support. |
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Well, in several cases the numbers are worse. Media Blasters says they are owed $2.2 million (a 22% increase) and Funimation said $12.8 million (a 91% increase). So ADV could easilly be owed much more than the $2.3 million listed. Or perhaps only a few dollars more... |
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Joe Mello
 Posts: 2258 Location: Online Terminal |
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Well, unfortunately, there's not much Navarre can do about it. However, for some reason I feel this isn't going to be as harmful as the numbers look.
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lantis
Posts: 23 |
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Funimation had net sales in the fiscal 3rd quarter (that is Oct-Dec. 2005 for them) of $8.8 million according to Navarre's 10-Q report. That means that there 12.8 million dollar write off from Musicland was approximately a quarter and a half of total sales.
That shows some very bad accounts receivable controls. If the annual sales are 35.8 million and let's say Musicland controls 25% of anime sales in the U.S., that would give about 9 million. 12.8 million dollars would be approximately 5 quarters of Musicland sales that were not paid for. Time to get a new CFO. Doug |
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ACDragonMaster
Posts: 405 |
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Could be. There were plenty of Bandai-released series amongst the stuff the local MediaPlay was getting rid of when it closed...
Well, not much they can do about it at the present, though they (and the other companies) can hope to get some of that owed money back later. The bigger point though I think is that Navarre can absorb the loss for now, which puts Funi in a much better position than the other small anime companies who can't and thus need to get that money. |
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HitokiriShadow
 Posts: 6251 |
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I had no idea things were this bad. I think FUNI will come out alright, but this could be really bad for ADV and smaller distributors. Bandai will probably be okay because it's a branch of a much larger Japanese corporation. The U.S. branch may take a large hit, but it should survive because of the Japanese base.
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GATSU
Posts: 15305 |
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This is why mergers don't work.
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HitokiriShadow
Posts: 6251 |
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What? This problem has nothing to do with the merger. If anything, this merger is helping (if not saving) Funi. |
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TheVileOne
Posts: 272 Location: Texas |
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I hope this doesn't affect Funimation Films.
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GATSU
Posts: 15305 |
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Hitokiri: Next you're gonna say Time Warner was helped by EhOhHell.
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