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Navarre: No 'Adequate' Offer for Sale of Funimation (Updated)

Navarre Corporation, the Minneapolis-based parent company of the North American anime distributor Funimation, released its financial results for the third quarter of fiscal year 2011 on Monday. The financial results cover the three months which ended on December 31.

The report states that Navarre "has not yet received an adequate offer" in its efforts to sell Funimation. Although its efforts continue, the company anticipates halting the process in the event that no adequate offer is made in the fourth quarter, which ends on March 31.

As Navarre had announced in previous quarters, Funimation is now listed as "discontinued operations" — a financial term for a segment of a company that has been separated from the rest of the company, or has been approved for separation. Despite the connotations of the term, Funimation continues to operate as normal. Navarre is now reporting Funimation's financial information separately from the rest of Navarre's holdings while it is finding a possible new owner for Funimation.

Navarre's "discontinued operations" showed a net income of US$1.8 million. In the third quarter of 2010, one year prior, discontinued operations showed a net income of US$928,000; in the first quarter of 2011, the segment had an income of US$895,000, and in the second quarter, it had a net income of US$1.68 million.

Thanks to DerektheRed for the tip.

Update: The figures for Navarre's "discontinued operations" are for net income as opposed to gross income.