Marketing Alliance (PK) (USOTC:MAAL)
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The Marketing Alliance, Inc. (Pink Sheets: MAAL) (“TMA”
or the “Company”),
a consortium of independent life insurance brokerage general agencies
located throughout the United States, today announced its financial
results for its fiscal 2007 second quarter ended September 30, 2006 (see
attached tables).
Timothy M. Klusas, TMA’s President, stated, “In
the second quarter and first half of fiscal 2007 we continued to incur
charges related to the ramp up of our consolidated corporate offices in
St. Louis. Our management team felt it was vital to the growth of TMA’s
business to establish a working infrastructure with the ability to
better service our independent insurance members while still gaining
long-term cost efficiencies in the rapidly changing insurance
marketplace. We’re very pleased that TMA has
continued to operate profitably through this period of capital
reinvestment, and feel that the long-term cost benefits will begin to
materialize going forward.”
FISCAL 2007 SECOND QUARTER REVIEW
Revenues reported by the Company for the three-month period ended
September 30, 2006 were $3.7 million versus $4.1 million in same period
for the prior year. The decrease was due to the consolidation of certain
insurance carriers whose products are sold through TMA. Lower net
operating revenue (gross profit) resulted in a slight operating loss for
the fiscal second quarter of 2007 of $598 (actual), versus operating
income of $162,809 in the same period for the prior year. This decline
is partially due to lower net revenues and start-up costs related to the
consolidation of its
corporate offices and TMA Marketing into a new, centralized headquarters
in St. Louis. Including start-up costs, total fiscal year-to-date
one-time costs are approximately $110,000.
The Company reported net income of $11,895, or $0.01 per share, for the
fiscal 2007 second quarter, versus net income of $219,966, or $0.11 per
share, for the second quarter of fiscal 2006. This decrease is primarily
due to a lower realized and unrealized gain in investments of $18,096
during the period, versus gains on investments of $212,515 in the same
period for the prior year, a difference of approximately $194,419.
FISCAL 2007 FIRST HALF REVIEW
As a result of the factors noted above, total revenues for the first
half of fiscal 2007 were $7.6 million versus $8.0 million for the same
period in fiscal 2006. Fiscal 2007 first half operating income was
$228,144 versus $496,727 in the first half of fiscal 2006. TMA reported
net income of $94,495, or $0.05 per share, for fiscal 2007 six month
period, versus net income of $441,991, or $0.22 per share, in the first
half of fiscal 2006.
MET LIFE JOINS TMA’S
GROWING NUMBER OF INSURANCE CARRIERS
The Company also announced that it has added Met Life to its growing
number of insurance carriers, whose products will now be sold through
TMA. Met Life will provide a wide array of insurance products for TMA
distributors to offer to their individual customers under a
globally-recognized brand name. This is the second major addition to the
Company’s battery of carriers thus far in
fiscal 2007, as the Company announced an agreement with ING in August.
Mr. Klusas concluded, “Our goal in the coming
months is to continue working towards building a foundation for the
future, while still providing our independent insurance agency members
with the means to compete. The addition of carriers such as Met Life and
ING will make our services more attractive to new, independent
distributors, giving them a broader range of products to offer their
customers. In addition, by joining the TMA network, these members have
access to a number of benefits and expansion opportunities to help grow
in a competitive marketplace. We feel that our unique business model
helps to enhance the businesses of our distributors through additional
revenue streams and more effective cost reductions, which in turn, fuels
TMA’s growth.”
TMA Declares 2006 Cash Dividend
The Company recently announced that its Board of Directors authorized a
$0.17 per share cash dividend for shareholders of record on December 1,
2006, to be paid on or about January 31, 2007. This is the latest
dividend payment to shareholders and an increase of 13% over last year’s
cash dividend of $0.15 per share.
TMA Re-Authorizes Share Re-Purchase
Program
TMA’s Board of Directors has extended until
December 31, 2007 the program allowing the Company to repurchase at its
discretion up to 100,000 shares of TMA common stock. Currently,
there are approximately 2.0 million shares of TMA common stock
outstanding.
FINANCIAL CONDITION
TMA’s balance sheet at September 30, 2006
reflected working capital of $3.4 million and no long-term debt.
Shareholders’ equity at September 30, 2006
increased 2.5% to $3.8 million from $3.7 million at March 31, 2006.
ABOUT THE MARKETING ALLIANCE, INC.
Headquartered in St. Louis, MO, TMA is one of the largest organizations
providing 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. TMA’s
network is comprised of independent life brokerage and general agencies
in 43 states. Investor information can be accessed through the
shareholder section of TMA’s website at http://www.themarketingalliance.com/si_who.cfm.
TMA stock is traded in the “pink sheets”
(www.pinksheets.com) under the
symbol “MAAL”.
These shares may be purchased or sold through any broker, or through a
market-maker in TMA stock, such as Robotti & Company.
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
9/30/2006
9/30/2005
9/30/2006
9/30/2005
Revenues
$
3,694,329
$
4,110,472
$
7,565,315
$
8,020,097
Distributor Related Expenses
Distributor bonus & commissions paid
2,344,915
2,625,047
4,542,053
4,805,688
Distributor benefits & processing
691,278
609,695
1,346,517
1,268,782
Total
3,036,193
3,234,742
5,888,570
6,074,470
Net Operating Revenue
658,136
875,730
1,676,745
1,945,627
Operating Expenses
658,734
712,921
1,448,601
1,448,900
Operating Income
(598)
162,809
228,144
496,727
Other Income (Expense)
Interest & dividend Income (net)
8,846
14,903
15,738
26,212
Realized & unrealized gains [losses]
-
on investments (net)
18,096
212,515
(78,307)
262,016
Interest expense
(3,449)
(1,261)
(9,080)
(3,964)
Other
-
Income Before Provision for Income Tax
22,895
388,966
156,495
780,991
Provision for income taxes
(11,000)
(169,000)
(62,000)
(339,000)
Net Income
$
11,895
$
219,966
$
94,495
$
441,991
Shares Outstanding
2,036,247
2,036,747
2,036,247
2,036,747
Operating Income per Share
$
(0.00)
$
0.08
$
0.11
$
0.24
Net Income per Share
$
0.01
$
0.11
$
0.05
$
0.22
Consolidated Selected Balance Sheet Items
As of
Assets
9/30/2006
3/31/2006
Current Assets
Cash
$
771,345
$
89,440
Receivables
4,405,698
4,878,709
Investments
2,404,376
2,963,394
Other
220,895
525,035
Total Current Assets
7,802,314
8,456,578
Other Non Current Assets
401,769
462,480
Total Assets
$
8,204,083
$
8,919,058
Liabilities & Stockholders' Equity
Total Current Liabilities
$
4,389,435
$
5,196,537
Total Liabilities
4,389,435
5,196,537
Stockholders' Equity
3,814,648
3,722,521
Liabilities & Stockholders' Equity
$
8,204,083
$
8,919,058
The Marketing Alliance, Inc. (Pink Sheets: MAAL) ("TMA" or the
"Company"), a consortium of independent life insurance brokerage
general agencies located throughout the United States, today announced
its financial results for its fiscal 2007 second quarter ended
September 30, 2006 (see attached tables).
Timothy M. Klusas, TMA's President, stated, "In the second quarter
and first half of fiscal 2007 we continued to incur charges related to
the ramp up of our consolidated corporate offices in St. Louis. Our
management team felt it was vital to the growth of TMA's business to
establish a working infrastructure with the ability to better service
our independent insurance members while still gaining long-term cost
efficiencies in the rapidly changing insurance marketplace. We're very
pleased that TMA has continued to operate profitably through this
period of capital reinvestment, and feel that the long-term cost
benefits will begin to materialize going forward."
FISCAL 2007 SECOND QUARTER REVIEW
Revenues reported by the Company for the three-month period ended
September 30, 2006 were $3.7 million versus $4.1 million in same
period for the prior year. The decrease was due to the consolidation
of certain insurance carriers whose products are sold through TMA.
Lower net operating revenue (gross profit) resulted in a slight
operating loss for the fiscal second quarter of 2007 of $598 (actual),
versus operating income of $162,809 in the same period for the prior
year. This decline is partially due to lower net revenues and start-up
costs related to the consolidation of its corporate offices and TMA
Marketing into a new, centralized headquarters in St. Louis. Including
start-up costs, total fiscal year-to-date one-time costs are
approximately $110,000.
The Company reported net income of $11,895, or $0.01 per share,
for the fiscal 2007 second quarter, versus net income of $219,966, or
$0.11 per share, for the second quarter of fiscal 2006. This decrease
is primarily due to a lower realized and unrealized gain in
investments of $18,096 during the period, versus gains on investments
of $212,515 in the same period for the prior year, a difference of
approximately $194,419.
FISCAL 2007 FIRST HALF REVIEW
As a result of the factors noted above, total revenues for the
first half of fiscal 2007 were $7.6 million versus $8.0 million for
the same period in fiscal 2006. Fiscal 2007 first half operating
income was $228,144 versus $496,727 in the first half of fiscal 2006.
TMA reported net income of $94,495, or $0.05 per share, for fiscal
2007 six month period, versus net income of $441,991, or $0.22 per
share, in the first half of fiscal 2006.
MET LIFE JOINS TMA'S GROWING NUMBER OF INSURANCE CARRIERS
The Company also announced that it has added Met Life to its
growing number of insurance carriers, whose products will now be sold
through TMA. Met Life will provide a wide array of insurance products
for TMA distributors to offer to their individual customers under a
globally-recognized brand name. This is the second major addition to
the Company's battery of carriers thus far in fiscal 2007, as the
Company announced an agreement with ING in August.
Mr. Klusas concluded, "Our goal in the coming months is to
continue working towards building a foundation for the future, while
still providing our independent insurance agency members with the
means to compete. The addition of carriers such as Met Life and ING
will make our services more attractive to new, independent
distributors, giving them a broader range of products to offer their
customers. In addition, by joining the TMA network, these members have
access to a number of benefits and expansion opportunities to help
grow in a competitive marketplace. We feel that our unique business
model helps to enhance the businesses of our distributors through
additional revenue streams and more effective cost reductions, which
in turn, fuels TMA's growth."
TMA Declares 2006 Cash Dividend
The Company recently announced that its Board of Directors
authorized a $0.17 per share cash dividend for shareholders of record
on December 1, 2006, to be paid on or about January 31, 2007. This is
the latest dividend payment to shareholders and an increase of 13%
over last year's cash dividend of $0.15 per share.
TMA Re-Authorizes Share Re-Purchase Program
TMA's Board of Directors has extended until December 31, 2007 the
program allowing the Company to repurchase at its discretion up to
100,000 shares of TMA common stock. Currently, there are approximately
2.0 million shares of TMA common stock outstanding.
FINANCIAL CONDITION
TMA's balance sheet at September 30, 2006 reflected working
capital of $3.4 million and no long-term debt. Shareholders' equity at
September 30, 2006 increased 2.5% to $3.8 million from $3.7 million at
March 31, 2006.
ABOUT THE MARKETING ALLIANCE, INC.
Headquartered in St. Louis, MO, TMA is one of the largest
organizations providing 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. TMA's network
is comprised of independent life brokerage and general agencies in 43
states. Investor information can be accessed through the shareholder
section of TMA's website at
http://www.themarketingalliance.com/si_who.cfm.
TMA stock is traded in the "pink sheets" (www.pinksheets.com)
under the symbol "MAAL". These shares may be purchased or sold through
any broker, or through a market-maker in TMA stock, such as Robotti &
Company.
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.
-0-
*T
Consolidated Statement of Operations
Quarter Ended Year to Date
6 Months Ended
9/30/2006 9/30/2005 9/30/2006 9/30/2005
Revenues $3,694,329 $4,110,472 $7,565,315 $8,020,097
----------- ----------- ----------- -----------
Distributor Related
Expenses
Distributor bonus &
commissions paid 2,344,915 2,625,047 4,542,053 4,805,688
Distributor benefits
& processing 691,278 609,695 1,346,517 1,268,782
----------- ----------- ----------- -----------
Total 3,036,193 3,234,742 5,888,570 6,074,470
----------- ----------- ----------- -----------
Net Operating
Revenue 658,136 875,730 1,676,745 1,945,627
Operating Expenses 658,734 712,921 1,448,601 1,448,900
----------- ----------- ----------- -----------
Operating Income (598) 162,809 228,144 496,727
Other Income (Expense)
Interest & dividend
Income (net) 8,846 14,903 15,738 26,212
Realized & unrealized
gains (losses) -
on investments (net) 18,096 212,515 (78,307) 262,016
Interest expense (3,449) (1,261) (9,080) (3,964)
Other
----------- ----------- ----------- -----------
-
Income Before
Provision for Income
Tax 22,895 388,966 156,495 780,991
Provision for income
taxes (11,000) (169,000) (62,000) (339,000)
----------- ----------- ----------- -----------
Net Income $ 11,895 $ 219,966 $ 94,495 $ 441,991
=========== =========== =========== ===========
Shares Outstanding 2,036,247 2,036,747 2,036,247 2,036,747
Operating Income
per Share $ (0.00) $ 0.08 $ 0.11 $ 0.24
Net Income per
Share $ 0.01 $ 0.11 $ 0.05 $ 0.22
Consolidated Selected Balance Sheet Items
As of
Assets 9/30/2006 3/31/2006
Current Assets
Cash $ 771,345 $ 89,440
Receivables 4,405,698 4,878,709
Investments 2,404,376 2,963,394
Other 220,895 525,035
----------- -----------
Total Current
Assets 7,802,314 8,456,578
Other Non Current
Assets 401,769 462,480
----------- -----------
Total Assets $8,204,083 $8,919,058
=========== ===========
Liabilities &
Stockholders' Equity
Total Current
Liabilities $4,389,435 $5,196,537
----------- -----------
Total Liabilities 4,389,435 5,196,537
Stockholders' Equity 3,814,648 3,722,521
----------- -----------
Liabilities &
Stockholders'
Equity $8,204,083 $8,919,058
=========== ===========
*T