Advant-e Corporation Announces First Quarter 2008 Results

Name	Symbol	Market	Type
Avantis Emerging Markets Small Cap Equity ETF	AMEX:AVEE	AMEX	Exchange Traded Fund

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	0.0224	0.04%	53.4526	53.71	53.57	53.71	538	21:15:02

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Company Reports 66% Increase in Revenue and 102% Net Income Growth over Q1 2007 DAYTON, Ohio, May 15 /PRNewswire-FirstCall/ -- Advant-e Corporation (OTC:AVEE) (BULLETIN BOARD: AVEE) , a provider of Internet-based Electronic Data Interchange and electronic document management software and services today announced financial and operating results for the quarter ending March 31, 2008. For the first quarter of 2008 the Company reported revenues of $2,345,234, a 66% increase over revenues of $1,416,323 in the first quarter of 2007. The increase is attributable primarily to revenue from products and services sold by Merkur Group, Inc. which was acquired on July 2, 2007, and continued growth of the Company's internet-based EDI services. Net income for the first quarter of 2008 was $264,910, or $.04 per share, a 102% increase over net income of $131,145, or $.02 per share, for the same period in 2007. First Quarter Highlights -- Edict Systems Revenue Growth and Automotive Industry Expansion -- Edict Systems revenue grew 14% over the same period last year with Automotive related Web EDI services increasing to $148,467, a 39% increase over the same period in 2007. Grocery Web EDI revenue increased 16% in the quarter. -- Merkur Group Revenue Growth -- Merkur reported revenue for the quarter of $736,081 -- a 49% increase over its average quarterly revenue for 2007 of $493,436. The revenue increase is primarily attributed to a large software sale to one customer for inbound invoice scanning and integration into PeopleSoft. Jason K. Wadzinski, Chairman and Chief Executive Officer, remarked, "While our first quarter results showed some weakness last year, our first quarter results this year have been helped by Merkur having an excellent quarter, and an increase in automotive-related activity and continued growth with GroceryEC.com by Edict Systems. During the remainder of this year we will be increasing our expenditures throughout the company in support of our revenue growth initiatives. Our financial position is strong and we are very excited about our opportunities going forward for both operating entities." About Advant-e Corporation Advant-e, via its wholly owned subsidiaries Edict Systems, Inc. and Merkur Group, Inc. is a provider of internet-based Electronic Data Interchange (EDI) and electronic document management software and services. The Company helps businesses automate manual, paper-intensive processes via expanded use of EDI or by integrating directly with ERP/MRP systems. Additional information about Advant-e Corporation can be found at http://www.advant-e.com/ , http://www.edictsystems.com/ , and http://www.merkurgroup.com/ , or by contacting investor relations at (937) 429-4288. The company's email is . ADVANT-E CORPORATION AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF INCOME (Unaudited) Three Months Ended March 31, 2008 2007 Revenue $2,345,234 1,416,323 Cost of revenue 920,846 508,568 Gross margin 1,424,388 907,755 Marketing, general and administrative expenses 1,006,002 713,478 Operating income 418,386 194,277 Other income, net 5,204 22,668 Income before income taxes 423,590 216,945 Income tax expense 158,680 85,800 Net income $264,910 131,145 Basic and diluted earnings per share $0.04 0.02 Weighted average shares outstanding 6,815,015 6,478,714 ADVANT-E CORPORATION AND SUBSIDIARIES CONSOLIDATED CONDENSED BALANCE SHEETS March 31, 2008 December 31, (Unaudited) 2007 Assets Current Assets: Cash and cash equivalents $2,661,648 2,039,447 Short-term investments 285,882 292,151 Accounts receivable, net 936,604 805,241 Prepaid software maintenance costs 209,529 183,618 Prepaid expenses and deposits 120,663 68,930 Deferred income taxes 161,136 40,057 Total current assets 4,375,462 3,429,444 Software development costs, net 173,792 194,238 Property and equipment, net 468,445 433,658 Goodwill 1,474,615 1,450,368 Other intangible assets, net 477,466 498,644 Total assets $6,969,780 6,006,352 Liabilities and Shareholders' Equity Current liabilities: Accounts payable $536,305 211,738 Accrued salaries and other expenses 325,245 273,210 Income taxes payable 197,283 112,700 Deferred revenue 802,367 645,093 Total current liabilities 1,861,200 1,242,741 Deferred income taxes 368,917 288,858 Total liabilities 2,230,117 1,531,599 Shareholders' equity: Common stock, $.001 par value; 20,000,000 shares authorized; 6,875,015 share issued; 6,815,015 shares outstanding 6,875 6,875 Paid-in capital 2,210,200 2,210,200 Retained earnings 2,597,588 2,332,678 Treasury stock at cost, 60,000 shares (75,000) (75,000) Total shareholders' equity 4,739,663 4,474,753 Total liabilities and shareholders' equity $6,969,780 6,006,352 ADVANT-E CORPORATION AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) Three Months Ended March 31, 2008 2007 Cash flows from operating activities: Net income $264,910 131,145 Adjustments to reconcile net income to net cash flows from operating activities: Depreciation 63,399 48,487 Amortization of software development costs 20,446 18,088 Amortization of other intangible assets 21,178 --- Deferred income taxes (41,020) 21,033 Purchases of trading securities (80,477) (74,483) Proceeds from sales of trading securities 78,007 79,679 Net unrealized losses on trading securities 14,078 --- Net realized gains on sales of securities (5,339) (6,608) Increase (decrease) in cash arising from changes in assets and liabilities: Accounts receivable (131,363) 28,691 Prepaid software maintenance costs (25,911) --- Prepaid expenses and deposits (51,733) (28,131) Accounts payable 324,567 12,513 Accrued salaries and other expenses 52,035 (32,011) Income taxes payable 60,336 (40,233) Deferred revenue 157,274 3,498 Net cash flows from operating activities 720,387 161,668 Cash flows from investing activities: Purchases of property and equipment (98,186) (42,800) Software development costs --- (15,363) Net cash flows from investing activities (98,186) (58,163) Net increase in cash and cash equivalents 622,201 103,505 Cash and cash equivalents, beginning of period 2,039,447 2,209,782 Cash and cash equivalents, end of period $2,661,648 $2,313,287 Supplemental disclosures of cash flow items: Income taxes paid $138,100 $105,000 The information in this news release includes certain forward looking statements that are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including statements to the future financial performance of the company. Although the company believes that the expectations reflected on its forward looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct. Factors that could cause results to differ include, but are not limited to, successful performance of internal plans, product development and acceptance, the impact of competitive services and pricing, or general economic risks and uncertainties. DATASOURCE: Advant-e Corporation CONTACT: Investor Relations of Advant-e Corporation, +1-937-429-4288, or Web site: http://www.advant-e.com/

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AVEE Avantis Emerging Markets Small Cap Equity ETF