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Original Source: FD (FAIR DISCLOSURE) WIRE
OPERATOR: Good day, ladies and gentlemen and welcome to the fourth-quarter and fiscal year 2008 Navarre Corporation earnings conference call. My name is Lacey and I will be your coordinator for today. At this time, all participants are in a listen-only mode. We will be facilitating a question-and-answer session towards the end of this conference. (OPERATOR INSTRUCTIONS). As a reminder, this conference is being recorded for replay purposes. I would now like to turn the presentation over to your host for today's call, Mr. Ryan Urness, General Counsel.
RYAN URNESS, GENERAL COUNSEL, NAVARRE CORPORATION: Thank you, Lacey and good morning, everyone. Welcome to Navarre's fiscal year 2008 earnings call for the period ending March 31, 2008. Before we begin, I would like to remind everyone that a replay of the webcast can be found on our website at www.navarre.com in the investors section. Shortly after the call, we will post a replay of this conference call on the website.
The following constitute the Safe Harbor statement under the Private Securities Litigation Reform Act of 1995. Except for historical information contained herein, these remarks contain forward-looking statements that involve risks and uncertainties, which could cause our actual results to differ materially from those described in the forward-looking statements.
These risks include, but are not limited to, general business conditions and the risks detailed in our public filings. The Company does not undertake any obligation to update forward-looking statements. As to any non-GAAP financial measures discussed, we refer listeners to the discussion and financial tables, including a reconciliation between GAAP and non-GAAP financial measures included in our press release dated June 11, 2008.
With that, I would now like to introduce Cary L. Deacon, Chief Executive Officer of Navarre Corporation.
CARY L. DEACON, CEO, NAVARRE CORPORATION: Thank you, Ryan. Good morning, ladies and gentlemen. Also joining me this morning is Reid Porter, Executive Vice President and Chief Financial Officer and Brian Burke, our Chief Operating Officer.
During the call, we will be providing a review of our fiscal 2008 fourth-quarter and fiscal year 2008 financial results. We will start off with Reid providing a detailed overview of our financial results. Following his review, I will discuss our overall performance and as well discuss our guidance for fiscal year 2009. After our prepared remarks, we will open up the call for any analyst questions. Reid, over to you.
REID PORTER, EVP & CFO, NAVARRE CORPORATION: Thank you, Cary. I will start by providing a financial overview of the fourth quarter followed by a review of the full fiscal year 2008. Fourth-quarter net sales were $160 million, an increase of a little more than 1% from last year's fourth-quarter sales of $158 million.
Distribution segment net sales for the fourth quarter increased by 4% to $148.5 million. The increase was …