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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”), today announced financial results for its fiscal 2013 first quarter ended June 30, 2012.
Timothy M. Klusas, TMA’s President, stated, “We are pleased with our results for the quarter given the difficult operating environment marked by historically-low interest rates. While low interest rates helped our organization secure debt at appealingly low cost, low interest rates can also be problematic for the performance of the insurance products that our organization distributes. Some of these effects include less consumer demand for interest rate-sensitive annuities in a low-interest rate environment and guarantees in life insurance products that become more expensive to the consumer (some carriers discontinued products during the quarter). In our insurance distribution business, we continue to develop and seek new initiatives for our distributors to grow their businesses despite these challenges. During the quarter, we also benefitted in our excavation business from the seasonally busy spring season of tiling and terracing before crops were planted. Subsequent to the end of the quarter, we completed the acquisition of two children’s party and entertainment facilities based in St. Louis.”
Fiscal 2013 First Quarter Financial Review*
* Copies of The Marketing Alliance’s quarterly reviewed financial statements and annually audited financial statements are available upon request (see contact information below)
Balance Sheet Highlights
TMA’s balance sheet at June 30, 2012 reflected cash and cash equivalents of $5.3 million, working capital of $11.0 million, and shareholders’ equity of $11.6 million; compared to $4.8 million, $10.9 million, and $11.3 million, respectively, at March 31, 2012.
About The Marketing Alliance, Inc.
Headquartered in St. Louis, MO, TMA operates three business segments. TMA provides 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. The Company also owns an earth moving and excavating business and two children’s play and party facilities. Investor information can be accessed through the shareholder section of TMA’s website at: http://www.themarketingalliance.com/shareholder-information.
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. These forward-looking statements are sometimes identified by the use of terms and phrases such as “believe,” “should,” “expect,” “project,” “estimate,” “will,” “can,” “may,” or similar expressions elsewhere in this document. Our results of operations and financial condition may differ materially from those in the forward-looking statements. Such statements are based on management’s current views and assumptions, and involve risks and uncertainties that could affect expected results. 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 3 Months Ended 6/30/2012 6/30/2011 Revenues Commission revenue $ 5,819,062 $ 5,807,497 Construction revenue 1,013,788 - Total Revenues 6,832,850 5,807,497 Distributor Related Expenses Bonus & commissions 3,881,884 3,716,749 Benefits & processing 599,311 547,770 Depreciation 3,674 8,843 4,484,869 4,273,362 Costs of construction: Direct and indirect cost of construction 418,528 - Depreciation 90,162 - 508,690 - Total Cost of Revenue 4,993,559 4,273,362 Net Operating Revenue 1,839,291 1,534,135 Operating Expenses 1,245,983 903,087 Operating Income 593,308 631,048 Other Income (Expense) Investment income, net (168,474 ) (51,812 ) Interest expense (26,408 ) (1,993 ) Income Before Provision for Income Tax 398,426 577,243 Provision for income taxes (145,012 ) (194,217 ) Net Income 253,414 383,026 Average Shares Outstanding 2,510,083 2,510,083 Operating Income per Share $ 0.24 $ 0.25 Net Income per Share $ 0.10 $ 0.15
Note: * - Operating EPS and Net EPS stated after giving effect to the 20% stock split for shareholders of record as of September 15, 2012 and paid October 15, 2012 for all periods. Shares outstanding increased to 2,510,083 from 2,091,736 with this stock split and have been retroactively adjusted to account for this split. Operating EPS and Net EPS have also been stated and 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 were increased to 2,091,736 from 1,901,578 with this stock split and at the time of the split were retroactively adjusted to account for this split.
Consolidated Selected Balance Sheet Items As of Assets 6/30/12 3/31/12 Current Assets Cash & Equivalents $ 5,258,871 $ 4,785,736 Investments 3,821,593 3,943,369 Receivables 7,381,187 7,470,958 Other 450,260 582,645 Total Current Assets 16,911,911 16,782,708 Property and Equipment, Net 1,630,295 1,654,862
Other Non Current Assets
769,495 671,499 Total Assets $ 19,311,701 $ 19,109,069 Liabilities & Stockholders' Equity Total Current Liabilities $ 5,961,523 $ 5,869,105 Long Term Liabilities1,765,600
1,908,800
Total Liabilities 7,727,123 7,777,905 Stockholders' Equity 11,584,578 11,331,164 Liabilities & Stockholders' Equity $ 19,311,701 $ 19,109,069
Note – Operating EBITDA (excluding investments)
Q1FY 2013 Operating EBITDA (excluding investments) was determined by adding Q1FY 2013 Operating Income of $593,308 and Depreciation and Amortization Expense of $118,520 for a sum of $711,828.
Q1FY 2012 Operating EBITDA (excluding investments) was determined by adding Q1FY 2012 Operating Income of $631,048 and Depreciation and Amortization Expense of $21,405 for a sum of $652,453.
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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