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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Marketing Alliance Inc (PK) | USOTC:MAAL | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.75 | 1.70 | 1.73 | 0.00 | 12:55:21 |
Add two tables after last graph of release: "Consolidated Statement of Operations" and "Consolidated Selected Balance Sheet Items"
The corrected release reads:
THE MARKETING ALLIANCE ANNOUNCES FINANCIAL RESULTS FOR ITS FISCAL 2012 SECOND QUARTER AND SIX MONTHS ENDED SEPTEMBER 30, 2011
FY 2012 Second Quarter Financial Highlights
The Marketing Alliance, Inc. (OTC: MAAL) (“TMA”), a provider of services and distributor of products to independent insurance agencies throughout the United States, today announced financial results for its fiscal 2012 second quarter and six months ended September 30, 2011.
Timothy M. Klusas, TMA’s President, provided the following statement, “We are pleased with the Company’s revenue growth during the quarter and the closing of our acquisition of JDC Construction, Inc. The effects of seasonality and timing on our Company were prominent this quarter. First, our growth in the insurance distribution business caused expenses to accelerate in payments to our distributors. We are proud to reward our distributors for their successes; however, because our arrangements with carriers are usually based on annual schedules, we may not see revenues related to these expenses in the same period we pay our distributors. Second, the new business formed from assets we acquired from JDC undertakes most of its agricultural work in the period between harvesting crops and the onset of winter, and then between the times the ground thaws until crops are planted. The remaining time, such as the period in this quarter, has historically been spent on maintenance activities in preparation for work when crops are not in the field and / or general construction work. Finally, during this period, the equity portion of our investment portfolio performed poorly during an adverse time for equities.”
Klusas continued, “Once again I want to compliment our cadre of distributors for our increase in revenue and their success in a challenging macroeconomic environment. We continued to add to our infrastructure with a long-term view and were excited to see our distributors respond as affirmation of our strategy. We are also excited to see the new business from JDC perform in their busy season in the fall.”
Fiscal 2012 Second Quarter Financial Review
Fiscal 2011 Six Months Financial Review
Balance Sheet Information
TMA’s balance sheet at September 30, 2011, reflected cash and cash equivalents of $4.5 million, working capital of $7.2 million, and shareholders’ equity of $9.2 million; compared to $3.7 million, $6.6 million, and $7.4 million, respectively, at September 30, 2010.
About The Marketing Alliance, Inc.
Headquartered in St. Louis, MO, TMA is one of the largest organizations providing support to independent insurance brokerage agencies, with a goal of providing members value-added services on a more efficient basis than they can achieve individually.
Investor information can be accessed through the shareholder section of TMA’s website at http://www.themarketingalliance.com/si_who.cfm.
Forward Looking Statement
Investors are cautioned that forward-looking statements involve risks and uncertainties that may affect TMA's business and prospects. Any forward-looking statements contained in this press release represent our estimates only as of the date hereof, or as of such earlier dates as are indicated, and should not be relied upon as representing our estimates as of any subsequent date. These statements involve a number of risks and uncertainties, including, but not limited to, general changes in economic conditions. While we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so.
Consolidated Statement of Operations Quarter Ended Year to Date 6 Months Ended 9/30/11 9/30/10 9/30/11 9/30/10 Commission revenue $ 5,399,240 $ 4,795,842 $ 11,206,737 $ 9,781,117 Construction revenue 555,858 - 555,858 - Revenues $ 5,955,098 $ 4,795,842 $ 11,762,595 $ 9,781,117 Distributor Related Expenses Bonus & commissions 3,837,871 2,980,546 7,554,620 5,846,451 Benefits & processing 616,344 636,809 1,172,957 1,252,161 Total 4,454,215 3,617,355 8,727,577 7,098,612 Cost of Construction Direct and Indirect costs of construction 442,704 - 442,704 - Net Operating Revenue 1,058,179 1,178,487 $ 2,592,314 2,682,505 % of Revenue 18 % 25 % 22 % 27 % Operating Expenses 1,054,860 846,340 1,972,963 1,597,778 Operating Income 3,319 332,147 619,351 1,084,727 % of Revenue 0 % 7 % 5 % 11 % Other Income (Expense) Other 50,748 15,550 65,748 10,503 Investment income, [net] (587,442 ) 391,982 (639,270 ) 117,524 Interest expense (15,493 ) (5,991 ) (17,470 ) (9,938 ) Income Before Provision for Income Tax (548,868 ) 733,688 28,359 1,202,816 Provision for income taxes (183,890 ) 244,000 10,327 450,239 Net Income $ (364,978 ) $ 489,688 $ 18,032 $ 752,577 Average Shares Outstanding 2,062,799 1,901,578 1,982,629 1,901,578 Operating Income per Share* $ 0.00 $ 0.16 $ 0.30 $ 0.52 Net Income per Share* $ (0.17 ) $ 0.23 $ 0.01 $ 0.36Note: * - Operating EPS and Net EPS stated after giving effect to the 10% stock dividend for shareholders of record as of June 15, 2011 and paid July 15, 2011 for all periods. Shares outstanding increased to 2,091,736 from 1,901,578 with this stock dividend.
Consolidated Selected Balance Sheet Items As of Assets 9/30/11 9/30/10 Current Assets Cash & Equivalents $ 4,510,331 $ 3,653,655 Receivables 5,866,475 4,968,754 Investments 3,270,382 3,040,325 Inventory 249,641 - Other 565,921 353,975 Total Current Assets 14,462,750 12,016,709 Property and Equipment, net 1,751,643 183,105 Other Non Current Assets 775,909 598,213 Total Assets $ 16,990,302 $ 12,798,027 Liabilities & Stockholders' Equity Total Current Liabilities $ 7,261,445 $ 5,378,325 Long Term Liabilities Promissory Note 540,000 - Total Liabilities $ 7,801,445 $ 5,378,325 Stockholders' Equity $ 9,188,857 $ 7,419,702 Liabilities & Stockholders' Equity $ 16,990,302 $ 12,798,027Note - The asset purchases of JDC Construction were initiated in July, 2011, and are expected to be completed in April, 2012. For accounting purposes the entire asset purchase was treated as if it had occurred in July, 2011 to properly reflect assets and liabilities that have been acquired as of July, 2011 or expected to be acquired in April, 2012.
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