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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% | 1.51 | 1.51 | 1.94 | 0.00 | 21:12:26 |
FY 2015 First Quarter Financial Highlights (all comparisons to the prior year)
The Marketing Alliance, Inc. (OTC:MAAL) (“TMA”), today announced financial results for its fiscal 2015 first quarter ended June 30, 2014.
Mr. Timothy M. Klusas, TMA’s Chief Executive Officer, stated, “We are pleased to report increases in operating income, operating EBITDA (excluding investment portfolio income) and net income. As we detailed in our prior update, our businesses continued to encounter challenges within their respective industries. We have attempted to rationalize some of our expenses to better meet demand and improve our businesses' respective positioning in the current market.”
Mr. Klusas provided additional details below on each of the Company’s operations for the first quarter of the fiscal 2015 year:
Fiscal 2015 First Quarter Financial Review
Balance Sheet Information
TMA’s balance sheet at June 30, 2014 reflected cash and cash equivalents of approximately $5.6 million, working capital of $11.9 million, and shareholders’ equity of $13.3 million; compared to $5.5 million, $11.3 million, and $12.8 million, respectively, at March 31, 2014.
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. Examples of forward-looking statements include, among others, statements we make regarding our expectations for our performance during fiscal 2015 and the production of favorable returns to shareholders, our intent to focus on increasing the rate of growth of new relationships with carriers, our attempts to reduce fixed costs of our earth moving and excavation business and our expected revenues from policies in force. 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 endedJune 30,
2014 2013 Commission revenue $ 5,669,881 $ 5,775,207 Construction revenue 555,395 900,026 Family entertainment revenue $ 324,262 $ 313,828 Revenues 6,549,538 6,989,061 Distributor Related Expenses Bonus & commissions 3,627,732 3,835,675 Processing & distribution 476,595 423,834 Depreciation 2,667 2,469 Total 4,106,994 4,261,978 Cost of Construction Direct and Indirect costs of construction 253,504 480,410 Depreciation 86,479 89,589 Total 339,983 569,999 Family entertainment cost of sales 77,347 46,965 Net Operating Revenue 2,025,214 2,110,119 Operating Expenses 1,277,588 1,526,777 Operating Income 747,626 583,342 Other Income (Expense) Investment gain, (loss) net 113,177 (118,154 ) Interest expense (29,519 ) (28,854 ) (Loss) on disposal of assets (197 ) - Interest rate swap, fair value adjustment 307 17,329 Income Before Provision for Income Tax 831,394 453,663 Provision for income taxes 303,643 163,321 Net Income $ 527,751 $ 290,342 Average Shares Outstanding 6,024,200 6,024,200 Operating Income per Share $ 0.12 $ 0.10 Net Income per Share $ 0.09 $ 0.05Note: * - Operating EPS and Net EPS stated after giving effect to a 2:1 stock split for shareholders of record as of February 28, 2014 and was distributed on or about March 28, 2014. 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 6/30/14 3/31/14 Cash & Equivalents $ 5,621,349 $ 5,531,060 Investments 5,362,311 5,245,505 Receivables 7,897,253 7,607,064 Other 2,151,184 1,899,946 Total Current Assets 21,032,097 20,283,575 Property and Equipment, Net 1,433,653 1,490,381 Intangible Assets, net 804,338 835,290Other
887,833 920,566Total Non Current Assets
3,125,824 3,246,237 Total Assets $ 24,157,921 $ 23,529,812 Liabilities & Stockholders' Equity Total Current Liabilities $ 9,116,295 $ 8,993,130 Long Term Liabilities1,707,649
1,730,456
Total Liabilities 10,823,944 10,723,586 Stockholders' Equity 13,333,977 12,806,226 Liabilities & Stockholders' Equity $ 24,157,921 $ 23,529,812Note – Operating EBITDA (excluding investment portfolio income)
Q1FY2015 Operating EBITDA (excluding investment portfolio income) was determined by adding Q1FY 2015 Operating Income of $747,626 and Depreciation and Amortization Expense of $165,112 for a total of $912,738. 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. 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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