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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-0.065 | -4.56% | 1.36 | 1.27 | 1.50 | 1.39 | 1.36 | 1.39 | 801 | 21:12:07 |
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 fourth quarter and the year ended March 31, 2010.
Timothy M. Klusas, TMA’s President, stated, “The volatile business conditions for financial companies last year presented many challenges for our Company and our customers. In response, we prioritized flexibility to alleviate rapidly changing market conditions. This led TMA to add and implement new supplier (carrier) relationships. While we made progress in building these new carrier relationships, we concentrated on keeping our distributors informed of changes in our existing carriers. We feel that this effort adds value for our distributors and more stability for them to grow their business with these carriers.”
Mr. Klusas continued, “Besides keeping our customers informed, we are focused on helping them grow profitably. As economic conditions improved over the last fiscal year, we initiated many efforts to help them expand their business, one of which is through new carrier relationships.”
Company Appoints New Director
Subsequent to the end of the quarter and fiscal year, TMA also announced the appointment of David S. Lenaburg, FSA, MAAA, to the Company’s Board of Directors. Mr. Lenaburg retired earlier this year as President and Chief Executive Officer of the Legal & General America companies: Banner Life Insurance Company and its subsidiary, William Penn Life Insurance Company of New York.
Mr. Klusas stated, "We are very pleased to welcome David to our Board of Directors and expect his expertise and experience will be invaluable additions. We have admired his leadership and ability to execute at a very-high level while at the Legal & General America companies, and now we can rely on his advice to help guide our Company’s direction. We are very excited to welcome him to our Board of Directors.”
Financial Highlights
Balance Sheet Information
TMA’s balance sheet at March 31, 2010 reflected cash and cash equivalents of $3.8 million, working capital of $6.2 million, and shareholders’ equity of $6.7 million; compared to $3.7 million, $4.5 million, and $4.8 million, respectively, at March 31, 2009.
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 Year to Date 3 Months Ended 12 Months Ended 3/31/10 3/31/09 3/31/10 3/31/09 Revenues $ 4,828,716 $ 5,796,771 $ 19,640,944 $ 22,694,490 Distributor Related Expenses Bonus & commissions 1,785,126 2,718,345 11,444,157 14,453,962 Benefits & processing 749,175 634,446 2,619,484 2,632,263Total
2,534,301 3,352,791 14,063,641 17,086,225 Net Operating Revenue 2,294,415 2,443,980 5,577,303 5,608,265 Operating Expenses 603,710 811,549 2,767,406 2,866,881Operating Income
1,690,705 1,632,431 2,809,897 2,741,384 Other Income (Expense) Interest & dividend income (net) 21,312 21,750 101,416 96,259 Realized & unrealized gains (losses) on investments (net) 157,030 (45,434 ) 747,765 (821,657 ) Other Income [expense] (31,053 ) 53,375 (31,053 ) 53,375 Interest expense (5,278 ) (1,259 ) (28,086 ) (7,199 ) Income (Loss) Before Provision for Income Tax 1,832,716 1,660,863 3,599,939 2,062,162 Provision for income taxes (349,075 ) (429,558 ) (1,067,075 ) (856,558 ) Net Income 1,483,641 $ 1,231,305 $ 2,532,864 $ 1,205,604 Average Shares Outstanding 1,908,754 1,931,713 1,909,6511,931,713 Operating Income per Share $ 0.89 $ 0.85 $ 1.47
$ 1.42 Net Income per Share $ 0.78 $ 0.64 $ 1.33
$ 0.62 Consolidated Selected Balance Sheet Items As of Assets 3/31/10 3/31/09 Current Assets Cash & Equivalents $ 3,802,842 $ 3,692,773 Receivables 5,548,948 5,964,149 Investments 2,414,856 1,599,412 Other 513,531 562,721 Total Current Assets 12,280,177 11,819,055 Other Non Current Assets 503,893 235,626 Total Assets $ 12,784,070 $ 12,054,681 Liabilities & Stockholders' Equity Total Current Liabilities $ 6,117,031 $ 7,287,151 Total Liabilities 6,117,031 7,287,151 Stockholders' Equity 6,667,039 4,767,530 Liabilities & Stockholders' Equity $ 12,784,070 $ 12,054,681
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