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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-0.01 | -0.57% | 1.74 | 1.73 | 1.80 | 1.75 | 1.73 | 1.73 | 3,002 | 18:46:22 |
The Marketing Alliance, Inc. (Pink Sheets: 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 2010 first quarter ended June 30, 2009.
Timothy M. Klusas, TMA’s President, stated, “We were pleased with our results given the difficult economic climate during the period. We were fortunate to have many seasoned distributors in our network who adeptly managed through a challenging time. Despite an overall decrease in revenue, our distributors utilized more of our products and services during this time, which led to an increase in profitability. For example, we have seen a greater number of our distributors utilizing TMA’s Business Center for a majority of their business processes, including application processing and other routine administrative tasks. As a result, these agencies could allocate personnel and time towards attaining new customers and growing their businesses.”
Mr. Klusas continued, “Our bottom line was also positively affected by realized and unrealized gains on investments during the period. As we have noted in previous quarters, the majority of our investment portfolio is currently invested in US Treasuries and money market accounts and we continue to regularly monitor the equity portion of our portfolio. We believe the breadth of our network and a stable capital base is especially attractive in establishing new and cultivating existing relationships with independent agencies.”
During the quarter, the Board of Directors appointed William G. Steele, Jr., CPA, of Manchester, NH, to the Board of Directors to complete the term left vacant by the passing of Jim Stewart. Mr. Klusas added, “Bill brings considerable business planning and taxation experience to our Board. We feel very fortunate to have someone of his caliber and talent contributing his advice and counsel as a Board member.”
Fiscal 2010 First Quarter Financial Review
Balance Sheet Information
TMA’s balance sheet at June 30, 2009 reflected cash and cash equivalents of $3.7 million, working capital of $4.9 million, and shareholders’ equity of $5.3 million, versus $3.7 million, $4.8 million, and $4.8 million, respectively, at March 31, 2009. The Company holds no long-term debt.
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. TMA stock is quoted in the “pink sheets” (www.pinksheets.com) under the symbol “MAAL”.
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 6/30/09 6/30/08 Revenues $ 5,031,292 $ 5,224,822 Distributor Related Expenses Bonus & commissions 3,174,874 3,385,713 Benefits & processing 619,525 691,048 Total 3,794,399 4,076,761 Net Operating Revenue 1,236,893 1,148,061 Operating Expenses 699,355 763,130 Operating Income 537,538 384,931 Other Income (Expense) Interest & dividend income [net] 29,481 20,635 Realized & unrealized gains [losses] on investments (net) 296,950 (31,145 ) Interest expense (4,636 ) (3,027 ) Income Before Provision for Income Tax 859,333 371,394 Provision for income taxes (347,000 ) (147,000 ) Net Income $ 512,333 $ 224,394 Average Shares Outstanding 1,917,724 1,945,703 Operating Income per Share $ 0.28 $ 0.20 Net Income per Share $ 0.27 $ 0.12 Consolidated Selected Balance Sheet Items As of Assets 6/30/09 3/31/09 Current Assets Cash & Equivalents $ 3,677,927 $ 3,692,773 Receivables 5,465,755 5,890,665 Investments 2,046,602 1,599,412 Other 473,548 562,721 Total Current Assets 11,663,832 11,745,571 Other Non Current Assets 410,075 235,626 Total Assets $ 12,073,907 $ 11,981,197 Liabilities & Stockholders' Equity Total Current Liabilities $ 6,794,047 $ 7,213,667 Total Liabilities 6,794,047 7,213,667 Stockholders' Equity 5,279,860 4,767,530 Liabilities & Stockholders' Equity $ 12,073,907 $ 11,981,197
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