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Advant-e Corporation Announces Third Quarter 2004 Results
Company Reports 21% Increase in Revenue over 2003; Fifth consecutive profitable
quarter
DAYTON, Ohio, Oct. 28 /PRNewswire-FirstCall/ -- Advant-e Corporation
(OTC:AVEE) (BULLETIN BOARD: AVEE) , a provider of Internet-based
business-to-business electronic commerce services, today announced financial
and operating results for the quarter ending September 30, 2004.
For the third quarter of 2004 the Company reported revenues of $920,038, a 21%
increase over revenues of $759,865 in the third quarter of 2003. The increase
in revenue was the result of continued growth and market acceptance of the
Company's internet-based electronic commerce subscription services.
Net income for the quarter was $120,628, or $.02 per share, compared to
$108,142, or $.02 per share for the same period in 2003. The third quarter of
2004 marks the fifth consecutive profitable quarter for Advant-e Corporation.
For the nine months ending September 30, 2004 the Company reported revenues of
$2,610,655, a 23% increase over revenues of $2,124,351 in the same period in
2003. Net income for the period in 2004 was $342,212, or $.05 per share,
compared to $32,339, or $.01 per share in the 2003 period.
Jason K. Wadzinski, President and CEO of Advant-e, stated, "I am pleased to
report that we have achieved 22% pre-tax profitability and record revenues in
the third quarter of 2004. Financially, we are stronger than we have ever been
due to the fact that we are debt free and are adding to our cash balance. Our
efforts to expand our solutions outside of the retail supply chain market are
beginning to gain traction. I believe that our recurring revenue model, the
exceptional value proposition we offer our targeted customers, and the recent
promotion of Mike Bevis to President of Edict Systems will lead to continued
growth for our company."
About Advant-e Corporation
Advant-e, via its wholly owned and sole operating subsidiary Edict Systems,
Inc., is a provider of Business-to-Business electronic commerce software and
Internet-based applications specializing in Electronic Data Interchange (EDI)
and XML-based solutions for recurring transactions. Advant-e specializes in
horizontal transaction services via EnterpriseEC(R), an Internet-based
Electronic Business Transaction Network, and within specific vertical
industries via web-based "vortals" including http://www.groceryec.com/ ,
http://www.retailec.com/ , http://www.cpgsupplier.com/ ,
http://www.logisticsec.com/ , and http://www.mfgec.com/ .
In addition to Internet and web-based e-commerce solutions, Edict Systems also
provides e-commerce integration and bar coding applications via its
FORMULA_ONE(R) translation software and Bar Code Label Modules. Additional
information about Advant-e Corporation can be found at http://www.advant-e.com/
and http://www.edictsystems.com/ or by contacting investor relations at (937)
429-4288. The company's email is .
ADVANT-E CORPORATION AND SUBSIDIARY
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2004 2003 2004 2003
Revenue $920,038 759,865 2,610,655 2,124,351
Cost of revenue 309,224 268,342 913,705 877,506
Gross margin 610,814 491,523 1,696,950 1,246,845
Marketing, general and
administrative expenses 408,186 322,893 1,122,158 1,055,711
Operating income 202,628 168,630 574,792 191,134
Interest - 33,003 2,180 139,365
Income before taxes 202,628 135,627 572,612 51,769
Income taxes 82,000 27,485 230,400 19,430
Net income $120,628 108,142 342,212 32,339
Basic earnings per common share $0.02 0.02 0.05 0.01
Diluted earnings per common share $0.02 0.02 0.05 0.01
Weighted average common shares
outstanding 6,244,917 5,661,002 6,244,917 5,661,002
Weighted average common shares
outstanding, assuming dilution 6,634,107 5,908,532 6, 628,571 5,745,797
ADVANT-E CORPORATION AND SUBSIDIARY
CONSOLIDATED CONDENSED BALANCE SHEETS (Unaudited)
September 30, December 31,
2004 2003
Assets
Current Assets
Cash and cash equivalents $698,556 216,448
Accounts receivable, net 245,310 215,895
Prepaid expenses and deposit 23,026 16,187
Deferred income taxes 57,000 266,400
Total current assets 1,023,892 714,930
Software development costs, net 347,439 481,678
Property and equipment, net 282,646 168,687
Total assets $1,653,977 $1,365,295
Liabilities and Shareholders' Equity
Current liabilities
Accounts payable $32,396 72,172
Accrued salaries and other expenses 130,588 71,867
Deferred revenue 107,760 90,931
Notes payable - 94,965
Total current liabilities 270,744 329,935
Long-term liabilities
Deferred income taxes 177,000 156,000
Total liabilities 447,744 485,935
Shareholders' equity
Common stock, $.001 par value; 20,000,000
shares authorized; 6,244,917 outstanding 6,245 6,245
Paid-in capital 1,476,088 1,491,427
Accumulated deficit (276,100) (618,312)
Total shareholders' equity 1,206,233 879,360
Total liabilities and
shareholders' equity $1,653,977 1,365,295
ADVANT-E CORPORATION AND SUBSIDIARY
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Unaudited)
Nine Months Ended
September 30,
2004 2003
Cash flows from operating activities
Net income $342,212 32,339
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation 57,238 36,660
Amortization of software development costs 250,828 214,942
Deferred income taxes 230,400 19,430
Amortization of note discount resulting
from valuation of warrants and beneficial
conversion features - 45,379
Increase (decrease) in cash arising from
changes in assets and liabilities:
Accounts receivable (29,415) (37,200)
Prepaid expenses (6,839) 26,455
Accounts payable (39,776) (98,357)
Accrued salaries, interest and
other expenses 58,721 (164)
Deferred revenue 16,829 20,343
Net cash provided by operating activities 880,198 259,827
Cash flows from investing activities
Purchases of equipment (171,197) (28,181)
Software development costs (116,589) (110,757)
Net cash used in investing activities (287,786) (138,938)
Cash flows from financing activities
Payments on notes (94,965) (35,373)
Payments of direct costs of securities
registration (15,339) -
Net cash used in financing activities (110,304) (35,373)
Net increase in cash and cash equivalents 482,108 85,516
Cash and cash equivalents, beginning of period 216,448 98,740
Cash and cash equivalents, end of period $698,556 184,256
Supplemental disclosures of cash flow information
Interest paid $3,014 137,804
DATASOURCE: Advant-e Corporation
CONTACT: Investor Relations of Advant-e Corporation, +1-937-429-4288, or
Web site: http://www.advant-e.com/