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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 |
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 fourth quarter and year ended March 31, 2012.
Timothy M. Klusas, TMA’s President, stated, “We feel that the 2012 fiscal year was a significant one for TMA’s customers and shareholders, marked by double-digit percentage increases in revenues, operating income, and Operating EBITDA excluding investments. Net Income was off in part due to less investment income than last year. We continued to pursue a capital-efficient distribution model for our insurance distribution business whose results are due to helping independent insurance agencies become more successful and providing this group of entrepreneurs more ways and tools to grow their businesses. This year we also took a step forward in our plan to deploy additional capital in operating businesses when we acquired the assets of an earth moving and excavating business in July of 2011. I would like to highlight a few key points:
Mr. Klusas concluded, “We continue to seek appropriate means to grow our top-line, operate more efficiently, and deploy our capital for the benefits of the shareholders and customers. This includes working with our insurance distribution business to add more products to our network and expanding the services that we offer to our member agencies. The more effectively we can grow this network, the more we can take advantage of the economies-of-scale that we have developed over the past six years. We have also been pleased with the progress being made in the excavating business, which we acquired using free cash flow. While still a relatively small portion of TMA’s revenue, we feel the business has the potential to expand. While we remain cautious, we are continuing to pursue potential avenues for growth, but only consistent with our plan to add value for our shareholders.”
Fiscal 2012 Financial Review*
* Copies of The Marketing Alliance’s audited financial statements are available upon request (see contact information below)
Fiscal 2012 Fourth Quarter Financial Review
Five-year History
FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 Revenues $ 16,592,849 $ 22,694,490 $ 19,640,944 $ 21,535,235 $ 26,603,867 Operating Income 2,063,810 2,741,384 2,809,897 4,119,136 4,558,349 Net Income 522,440 1,205,604 2,532,864 3,150,323 2,955,198 Operating EPS 0.99 1.31 1.34 1.97 2.18 Net EPS 0.25 0.58 1.21 1.51 1.41About 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’s common stock is quoted on the OTC Markets (http://www.otcmarkets.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 3/31/12 3/31/11 3/31/12 3/31/11 Revenues Commission revenue $ 6,443,369 $ 5,575,055 $ 24,406,945 $ 21,535,235 Construction revenue 572,031 - 2,196,922 - Total Revenues 7,015,400 5,575,055 26,603,867 21,535,235 Distributor Related Expenses Bonus & commissions 2,825,965 1,887,643 14,360,581 11,828,909 Benefits & processing 316,862 656,103 1,778,570 2,226,876 Depreciation 5,506 9,114 28,062 31,656 3,148,333 2,552,860 16,167,213 14,087,441 Costs of construction: Direct and indirect cost of construction 329,038 - 1,596,198 - Depreciation 86,074 226,130 - 415,112 - 1,822,328 - Total Cost of Revenue 3,703,501 2,552,860 17,989,541 14,087,441 Net Operating Revenue 3,311,899 3,022,195 8,614,326 7,447,794 Operating Expenses 1,178,789 914,563 4,055,977 3,328,658 Operating Income 2,133,110 2,107,632 4,558,349 4,119,136 Other Income (Expense) Investment income, net 506,914 58,487 149,624 569,944 Interest expense (13,917) (6,233) (45,992) (19,912) Income Before Provision for Income Tax 2,626,107 2,159,886 4,661,981 4,669,168 Provision for income taxes (968,778) (589,916) (1,706,783) (1,518,845) Net Income 1,657,329 1,569,970 $ 2,955,198 $ 3,150,323 Average Shares Outstanding 2,091,736 2,091,736 2,091,736 2,091,736 Operating Income per Share $ 1.02 $ 1.01 $ 2.18 $ 1.97 Net Income per Share $ 0.79 $ 0.75 $ 1.41 $ 1.51
Note: * - Operating EPS and Net EPS stated after giving effect to the 10% stock split for shareholders of record as of June 15, 2011 and paid July 15, 2011 for all periods. Shares outstanding increased to 2,091,736 as of March 31, 2012, from 1,901,578 with this stock split and have been retroactively adjusted to account for the split.
Consolidated Selected Balance Sheet Items
As of Assets 3/31/12 3/31/11 Current Assets Cash & Equivalents $ 4,785,736 $ 3,982,330 Investments 3,943,369 3,498,229 Receivables 7,470,958 6,160,868 Other 582,645 446,277 Total Current Assets 16,782,708 14,087,704 Property and Equipment, Net 1,654,862 160,074
Other Non Current Assets
671,499 558,464 Total Assets $ 19,109,069 $ 14,806,242 Liabilities & Stockholders' Equity Total Current Liabilities $ 5,869,105 $ 5,601,617 Long Term Liabilities1,908,800
33,800 Total Liabilities 7,777,905 5,635,417 Stockholders' Equity 11,331,164 9,170,825 Liabilities & Stockholders' Equity $ 19,109,069 $ 14,806,242Note – Operating EBITDA (excluding investments)
FY 2012 Operating EBITDA (excluding investments) was determined by adding FY 2012 Operating Income of 4,558,349 and Depreciation and Amortization Expense of 344,939 for a sum of 4,903,288.
FY 2011 Operating EBITDA (excluding investments) was determined by adding FY 2011 Operating Income of 4,119,136 and Depreciation and Amortization Expense of 96,592 for a sum of 4,215,728.
The Company uses Operating EBITDA as a measure of operating performance. However, Operating EBITDA is not a recognized measurement under U.S. generally accepted accounting principles, or GAAP, and when analyzing its operating performance, investors should use Operating EBITDA in addition to, and not as an alternative for, income as determined in accordance with GAAP. Because not all companies use identical calculations, its presentation of Operating EBITDA may not be comparable to similarly titled measures of other companies and is therefore limited as a comparative measure. Furthermore, as an analytical tool, Operating EBITDA has additional limitations, including that (a) it is not intended to be a measure of free cash flow, as it does not consider certain cash requirements such as tax payments; (b) it does not reflect changes in, or cash requirements for, its working capital needs; and (c) although depreciation and amortization are non-cash charges, the assets being depreciated and amortized often will have to be replaced in the future, and Operating EBITDA does not reflect any cash requirements for such replacements, or future requirements for capital expenditures or contractual commitments. To compensate for these limitations, the Company evaluates its profitability by considering the economic effect of the excluded expense items independently as well as in connection with its analysis of cash flows from operations and through the use of other financial measures.
The Company believes Operating EBITDA is useful to an investor in evaluating its operating performance because it is widely used to measure a company’s operating performance without regard to certain non-cash or unrealized expenses (such as depreciation and amortization) and expenses that are not reflective of its core operating results over time. The Company believes Operating EBITDA presents a meaningful measure of corporate performance exclusive of its capital structure, the method by which assets were acquired and non-cash charges, and provides additional useful information to measure performance on a consistent basis, particularly with respect to changes in performance from period to period.
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