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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 second quarter ended September 30, 2012.
Timothy M. Klusas, TMA’s President, stated, “We are very pleased with our results for the quarter. We saw double-digit percentage increases in revenue, with notable growth in our net income and operating EBITDA over the prior year. During the quarter our Board of Directors declared a 6:5 stock split (20%), where new shares were distributed on October 15, 2012, to shareholders of record as of the close of business on September 15, 2012. As a result of the 20% stock split, the outstanding shares of the Company's common stock increased by approximately 418,347 shares, from 2,091,736 shares outstanding to approximately 2,510,083 shares. During the quarter we also completed the acquisition of two family entertainment facilities located in Illinois and Missouri and included approximately two weeks of operations in our quarterly results and the completed transaction on our balance sheet. Finally, subsequent to the end of the quarter, our Board of Directors announced a $0.38 per share dividend payable December 26, 2012, to shareholders of record as of December 7, 2012. I would now like to mention some of the highlights from each of the Company’s operations during the quarter:
Fiscal 2013 Second Quarter Financial Review
Fiscal 2013 Six Months Financial Review
Balance Sheet Information
TMA’s balance sheet at September 30, 2012 reflected cash and cash equivalents of $5.4 million, working capital of $10 million, and shareholders’ equity of $11.9 million; compared to $4.5 million, $7.2 million, and $9.2 million, respectively, at September 30, 2011. Intangible Assets, Net increased to $1,022,804 from $93,606 at March 31, 2012, primarily due to the acquisition of family entertainment centers completed in the quarter.
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. 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 9/30/12 9/30/11 9/30/12 9/30/11 Commission revenue $ 5,777,310 $ 5,399,240 $ 11,596,372 $ 11,206,737 Construction revenue 783,417 555,858 1,797,205 555,858 Family entertainment revenue 45,782 - 45,782 - Revenues 6,606,509 5,955,098 13,439,359 11,762,595 Distributor Related Expenses Bonus & commissions 3,939,462 3,837,871 7,821,346 7,554,620 Processing & distribution 543,176 607,937 1,142,487 1,155,707 Depreciation 3,675 8,407 7,349 17,250 Total 4,486,313 4,454,215 8,971,182 8,727,577 Cost of Construction Direct and Indirect costs of construction 442,201 389,059 860,729 389,059 Depreciation 91,017 53,645 181,179 53,645 Total 533,218 442,704 1,041,908 442,704 Family entertainment cost of sales 3,533 - 3,533 - Net Operating Revenue 1,583,445 1,058,179 3,422,736 2,592,314 Operating Expenses 1,343,620 1,004,112 2,589,593 1,907,215 Operating Income 239,825 54,067 833,143 685,099 Other Income (Expense) Investment gain, (loss) net 274,316 (587,442 ) 105,832 (639,270 ) Interest expense (18,428 ) (15,493 ) (44,836 ) (17,470 ) Income Before Provision for Income Tax 495,713 (548,868 ) 894,139 28,359 Provision for income taxes 181,266 (183,890 ) 326,278 10,327 Net Income $ 314,447 $ (364,978 ) $ 567,861 $ 18,032 Average Shares Outstanding 2,510,083 2,510,083 2,510,083 2,510,083Operating Income per Share
$
0.10
$
0.02
$
0.33
$
0.27
Net Income per Share
$
0.13
$
(0.15
)
$
0.23
$
0.01
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 9/30/12 3/31/12 Cash & Equivalents$
5,421,126
$
4,785,736
Investments 4,193,088 3,943,369 Receivables 6,614,526 7,470,958 Other 558,764 582,645 Total Current Assets 16,787,504 16,782,708 Property and Equipment, Net 1,871,321 1,654,862 Intangible Assets, net 1,022,804 93,606 Other 673,549 577,893
Total Non Current Assets
3,567,674 2,326,361 Total Assets $ 20,355,178 $ 19,109,069 Liabilities & Stockholders' Equity Total Current Liabilities $ 6,833,907 $ 5,869,105 Long Term Liabilities1,622,246
1,908,800
Total Liabilities 8,456,153 7,777,905 Stockholders' Equity 11,899,025 11,331,164 Liabilities & Stockholders' Equity $ 20,355,178 $ 19,109,069Note – Operating EBITDA (excluding investments)
Q2FY 2013 Operating EBITDA (excluding investments) was determined by adding Q2FY 2013 Operating Income of $239, 825 and Depreciation and Amortization Expense of $119,374 for a sum of $359,199. Q2FY2012 Operating EBITDA (excluding investments) was determined by adding Q2FY 2012 Operating Income of $54,067 and Depreciation and Amortization Expense of $74,168 for a sum of $128,235.
Fiscal 2013 six months Operating EBITDA (excluding investments) was determined by adding FY2013 six month Operating Income of $833,143 and Depreciation and Amortization Expense of $237,894 for a sum of $1,071,037. FY2012 six month Operating EBITDA (excluding investments) was determined by adding FY 2012 six month Operating Income of $685,099 and Depreciation and Amortization Expense of $95,573 for a sum of $780,672.
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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