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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 |
FY 2014 First Quarter Financial Highlights (all comparisons to the prior year)
Highlights Subsequent to the Quarter
The Marketing Alliance, Inc. (OTC:MAAL) (“TMA”), today announced financial results for its fiscal 2014 first quarter ended June 30, 2013.
Mr. Timothy M. Klusas, TMA’s Chief Executive Officer, stated, “We were pleased to report increases in total revenue and EBITDA versus this quarter last year, as well as an increase of over 14% in net income.” Mr. Klusas provided additional details below on each of the Company’s operations for the first quarter of the fiscal 2014 year:
Fiscal 2014 First Quarter Financial Review
Balance Sheet Information
TMA’s balance sheet at June 30, 2013 reflected cash and cash equivalents of approximately $5.9 million, working capital of $12.9 million, and shareholders’ equity of $13.6 million; compared to $6.0 million, $12.7 million, and $13.3 million, respectively, at March 31, 2013.
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, expectations of the economic environment; material adverse changes in economic conditions in the markets we serve and in the general economy; future regulatory actions and conditions in the states in which we conduct our business; the integration of our operations with those of businesses or assets we have acquired or may acquire in the future and the failure to realize the expected benefits of such acquisition and integration. 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 Three-months ended June 30, 2013 2012 Commission revenue $ 5,775,207 $ 5,819,062 Construction revenue 900,026 1,013,788 Family entertainment revenue $ 313,828 - Revenues 6,989,061 6,832,850 Distributor Related Expenses Bonus & commissions 3,835,675 3,881,884 Processing & distribution 423,834 599,311 Depreciation 2,469 3,674 Total 4,261,978 4,484,869 Cost of Construction Direct and Indirect costs of construction 480,410 418,528 Depreciation 89,589 90,162 Total 569,999 508,690 Family entertainment cost of sales 46,965 - Net Operating Revenue 2,110,119 1,839,291 Operating Expenses 1,526,777 1,245,983 Operating Income 583,342 593,308 Other Income (Expense) Investment gain, (loss) net (118,154 ) (168,474 ) Interest expense (28,854 ) (26,408 ) Interest rate swap, fair value adjustment 17,329 - Income Before Provision for Income Tax 453,663 398,426 Provision for income taxes 163,321 145,012 Net Income $ 290,342 $ 253,414 Average Shares Outstanding 3,012,100 3,012,100 Operating Income per Share $ 0.19 $ 0.20 Net Income per Share $ 0.10 $ 0.08Note: * - Operating EPS and Net EPS stated after giving effect to the 20% stock split for shareholders of record as of July 26, 2013 and paid August 9, 2013 for all periods. Shares outstanding increased to 3,012,100 from 2,510,083 with this stock split and have been retroactively adjusted to account for the split.
Consolidated Selected Balance Sheet Items As of Assets 6/30/13 3/31/13 Cash & Equivalents $ 5,863,625 $ 6,007,286 Investments 4,328,273 4,237,026 Receivables 9,326,423 9,251,879 Other 555,700 621,312 Total Current Assets 20,074,021 20,117,503 Property and Equipment, Net 1,558,139 1,652,031 Intangible Assets, net 929,946 960,899 Other 804,541 801,576Total Non Current Assets
3,292,626 3,414,506 Total Assets $ 23,366,647 $ 23,532,009 Liabilities & Stockholders' Equity Total Current Liabilities $ 7,192,375 $ 7,463,975 Long Term Liabilities2,590,906
2,775,010
Total Liabilities 9,783,281 10,238,985 Stockholders' Equity 13,583,366 13,293,024 Liabilities & Stockholders' Equity $ 23,366,647 $ 23,532,009Note – Operating EBITDA (excluding investment portfolio income)
Q1FY2014 Operating EBITDA (excluding investment portfolio income) was determined by adding Q1FY 2014 Operating Income of $583,342 and Depreciation and Amortization Expense of $151,724 for a sum of $735,066.
Q1FY2013 Operating EBITDA (excluding investment portfolio income) 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. The Company elects not to include investment portfolio income because the Company believes it is non-operating in nature.
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.
The Marketing Alliance, Inc.Timothy M. Klusas, 314-275-8713Presidenttklusas@themarketingalliance.comwww.themarketingalliance.comorInvestor RelationsThe Equity Group Inc.Adam Prior, 212-836-9606Senior Vice Presidentaprior@equityny.comorTerry Downs, 212-836-9615Associatetdowns@equityny.com
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