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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 Third Quarter Financial Highlights (all comparisons to the prior year period)
The Marketing Alliance, Inc. (OTC: MAAL) (“TMA”), today announced financial results for its fiscal 2014 third quarter and nine months ended December 31, 2013.
Mr. Timothy M. Klusas, TMA’s Chief Executive Officer, stated, “Despite an unfavorable comparison to the prior year we were pleased with our results given the business conditions of the quarter and fiscal year-to-date. Our insurance distribution business declined in revenue versus the prior year quarter as we continued to adjust to changes in product offerings from our insurance carrier partners. Historically, during the third quarter TMA benefits from calendar year-end reconciliations of our annual distribution agreements with carriers. However, we experienced lower than anticipated production levels, which affected our revenue and margins. We focused on operating profitability while exploring new opportunities for growth during the quarter, and will continue to provide value for our distributors in support of helping their businesses grow during this time.
“Our land improvement business was also adversely affected by the weather compared to the prior year, as the early onset of winter drastically reduced our working season this year and its associated potential revenues. During the quarter, due to TMA’s capital position, the Company’s Board of Directors authorized a 13.7% increase in its annual cash dividend to shareholders of record as of December 20, 2013. We believe this demonstrated TMA’s ongoing commitment to its shareholders.”
Mr. Klusas provided additional details below on each of the Company’s operations for the third quarter of the fiscal 2014 year:
Fiscal 2014 Third Quarter Financial Review
Fiscal 2014 Nine Months Financial Review
Balance Sheet Information
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: the product lines, and the prices and other terms and characteristics of the product lines, offered by life insurance carriers; the desirability of carrier product lines the desirability of carrier product lines to our distributors and their customers; 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.
Three-months ended Nine-months ended December 31, December 31,2013
2012 2013 2012 Commission revenue $ 5,877,841 $ 7,067,143 $ 16,946,100 $ 18,663,515 Construction revenue 630,415 1,131,884 2,190,939 2,929,089 Family entertainment revenue 361,248 314,715 982,962 360,497 Total revenues 6,869,504 8,513,742 20,120,001 21,953,101 Distributor related expenses: Distributor bonuses and commissions 4,210,579 4,542,643 11,680,431 12,363,989 Business processing and distributor costs 343,556 520,340 1,156,763 1,662,827 Depreciation 3,145 4,068 8,833 11,417 4,557,280 5,067,051 12,846,027 14,038,233 Costs of construction: Direct and indirect costs of construction 374,363 960,043 1,227,032 1,820,772 Depreciation 86,712 91,065 265,744 272,244 461,075 1,051,108 1,492,776 2,093,016 Family entertainment costs of sales: 76,445 43,782 175,261 47,315 Net operating revenue 1,774,704 2,351,801 5,605,937 5,774,537 Operating Expenses 1,552,005 1,022,955 4,628,298 3,612,548 Operating income 222,699 1,328,846 977,639 2,161,989 Other income (expense): Investment gain, net 227,105 42,682 257,055 148,514 Interest expense (29,750) (34,283) (80,395) (79,119) Gain on sale of assets (3,184) - 8,196 - Interest rate swap, fair value adjustment 4,265 - 19,570 - Income before provision for income taxes 421,135 1,337,245 1,182,065 2,231,384 Provision for income taxes 168,990 472,539 452,101 798,817 Net income $ 252,145 $ 864,706 $ 729,964 $ 1,432,567 Average Shares Outstanding 6,024,200 6,024,200 6,024,200 6,024,200 Operating Income per Share $ 0.04 $ 0.22 $ 0.16 $ 0.36 Net Income per Share $ 0.04 $ 0.14 $ 0.12 $ 0.24Note: * - Operating EPS and Net EPS stated after giving effect to the 100% stock split for shareholders effective February 28, 2014 for all periods. Shares outstanding increased to 6,024,200 from 3,012,100 with this stock split and have been retroactively adjusted to account for the split.
Consolidated Selected Balance Sheet Items As of Assets 12/31/13 3/31/13 Cash & Equivalents $ 6,453,033 $ 6,007,286 Investments 4,394,572 4,237,026 Receivables 8,845,734 9,251,879 Other 652,518 621,312 Total Current Assets 20,345,857 20,117,503 Property and Equipment, Net 1,596,275 1,652,031 Intangible Assets, net 313,940 960,899 Other 1,373,368 801,576Total Non-Current Assets
3,283,583 3,414,506 Total Assets $ 23,629,440 $ 23,532,009 Liabilities & Stockholders' Equity Total Current Liabilities $ 7,493,899 $ 7,463,975 Long Term Liabilities2,112,553
2,775,010
Total Liabilities 9,606,452 10,238,985 Stockholders' Equity 14,022,988 13,293,024 Liabilities & Stockholders' Equity $ 23,629,440 $ 23,532,009Note – Operating EBITDA (excluding investment portfolio income)
Fiscal year 2014 third quarter operating EBITDA (excluding investment portfolio income) was determined by adding fiscal year 2014 third quarter operating income of $222,699 and depreciation and amortization expense of $164,579 for a sum of $387,278. Fiscal year 2013 third quarter operating EBITDA (excluding investment portfolio income) was determined by adding fiscal year 2013 third quarter operating income of $1,328,846 and depreciation and amortization expense of $162,013 for a sum of $1,490,859. The Company elects not to include investment portfolio income because the Company believes it is non-operating in nature.
Fiscal year 2014 nine months operating EBITDA (excluding investment portfolio income) was determined by adding fiscal year 2014 nine month operating income of $977,639 and depreciation and amortization expense of $477,632 for a sum of $1,455,271. Fiscal year 2013 nine months operating EBITDA (excluding investment portfolio income) was determined by adding fiscal year 2013 nine months operating income of $2,161,989 and depreciation and amortization expense of $399,907 for a sum of $2,561,896. 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 RelationsAdam Prior, 212-836-9606Senior Vice Presidentaprior@equityny.comorTerry Downs, 212-836-9615Associatetdowns@equityny.com
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