Advant-e Corporation Announces Third Quarter 2006 Results

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

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Company Reports 41% Increase in Net Income for the Quarter DAYTON, Ohio, Nov. 14 /PRNewswire-FirstCall/ -- Advant-e Corporation (OTC:AVEE) (BULLETIN BOARD: AVEE) , a provider of Internet-based business-to-business electronic commerce services, today announced financial and operating results for the quarter ending September 30, 2006. For the third quarter of 2006 the Company reported record revenues of $1,368,582, a 20% increase over revenues of $1,143,058 in the third quarter of 2005. The increase in revenue is attributable to continued strong demand in grocery and retail as well as growth in the automotive supply chain sector for the company's web EDI services. Net income for the quarter was $232,375, or $.04 per share, a 41% increase over net income of $164,945, or $.02 per share, for the same period in 2005. Jason K. Wadzinski, Chairman and Chief Executive Officer, remarked, "I am pleased to announce that our third quarter was another record for Advant-e in both revenue and net income. Even though our investments in improved infrastructure, product development, and sales and marketing efforts have not as yet resulted in the revenue growth we expected, we remain committed to our strategy of prudent investment in those areas that provide the best opportunity to accelerate our top-line sales." For the nine months ending September 30, 2006 the Company reported revenues of $3,964,509, a 22% increase over revenues of $3,258,931 in the same period in 2005. Net income for the period in 2006 was $630,936, or $.10 per share, compared to net income of $390,324, or $.06 per share in the 2005 period. About Advant-e Corporation Advant-e, via its wholly owned and sole operating subsidiary Edict Systems, Inc., is a provider of Business-to-Business electronic commerce software and Internet-based applications specializing in Electronic Data Interchange (EDI) and XML-based solutions for recurring transactions. Advant-e specializes in horizontal transaction services via EnterpriseEC(R), an Internet-based Trading Community Connectivity and Management Solution, and within specific industries via web-based EDI services including http://www.groceryec.com/, http://www.retailec.com/, http://www.automotiveec.com/, http://www.mfgec.com/ and http://www.cpgsupplier.com/. In addition to Internet and web-based e-commerce solutions, Edict Systems also provides e-commerce integration and bar coding applications. Additional information about Advant-e Corporation can be found at http://www.advant-e.com/ and http://www.edictsystems.com/ or by contacting investor relations at (937) 429-4288. The company's email is . ADVANT-E CORPORATION AND SUBSIDIARY CONSOLIDATED CONDENSED STATEMENTS OF INCOME (Unaudited) Three Months Ended Nine Months Ended September 30, September 30, 2006 2005 2006 2005 Revenue $1,368,582 1,143,058 3,964,509 3,258,931 Cost of revenue 422,394 379,142 1,199,923 1,142,521 Gross margin 946,188 763,916 2,764,586 2,116,410 Marketing, general and administrative expenses 589,891 494,103 1,799,812 1,471,118 Operating income 356,297 269,813 964,774 645,292 Other income, net 14,142 5,132 46,531 5,132 Income before taxes 370,439 274,945 1,011,305 650,424 Income tax expense 138,064 110,000 380,369 260,100 Net income $232,375 164,945 630,936 390,324 Basic earnings per share $0.04 0.02 0.10 0.06 Diluted earnings per share $0.04 0.02 0.10 0.06 Weighted average shares outstanding 6,403,174 6,332,423 6,403,174 6,298,765 Weighted average shares outstanding, assuming dilution 6,432,246 6,364,810 6,429,770 6,308,378 ADVANT-E CORPORATION AND SUBSIDIARY CONSOLIDATED CONDENSED BALANCE SHEETS September 30, 2006 December 31, (Unaudited) 2005 Assets Current assets: Cash and cash equivalents $1,850,956 1,763,435 Short-term investments 264,503 225,902 Accounts receivable, net 446,581 351,482 Prepaid expenses and deposit 46,143 25,128 Total current assets 2,608,183 2,365,947 Software development costs, net 258,365 160,656 Property and equipment, net 361,012 262,523 Total assets $3,227,560 2,789,126 Liabilities and Shareholders' Equity Liabilities Current liabilities: Accounts payable $56,376 44,838 Accrued salaries and other expenses 126,825 115,510 Income taxes payable 26,305 375,652 Deferred income taxes 70,966 26,000 Deferred revenue 81,250 76,173 Total current liabilities 361,722 638,173 Deferred income taxes 212,530 136,000 Total liabilities 574,252 774,173 Shareholders' Equity: Common stock, $.001 par value; 20,000,000 shares authorized; 6,403,714 outstanding 6,403 6,403 Paid-in capital 1,551,606 1,551,606 Accumulated other comprehensive income 13,034 5,615 Retained earnings 1,082,265 451,329 Total shareholders' equity 2,653,308 2,014,953 Total liabilities and shareholders' equity $3,227,560 2,789,126 ADVANT-E CORPORATION AND SUBSIDIARY CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) Nine Months Ended September 30, 2006 2005 Cash flows from operating activities: Net income $630,936 390,324 Adjustments to reconcile net income to net cash flows from operating activities: Depreciation 105,624 80,115 Amortization of software development costs 93,793 185,280 Loss on disposal of assets 41,921 - Net realized gains on sales of available-for-sale investments (8,768) - Deferred income taxes 116,963 (16,000) Increase (decrease) in cash arising from changes in assets and liabilities: Accounts receivable (95,099) (7,529) Prepaid expenses (21,015) (16,635) Accounts payable 11,538 691 Accrued salaries and other expenses 11,315 7,515 Income taxes payable (349,347) 242,100 Deferred revenue 5,077 (55,594) Net cash flows from operating activities 542,938 810,267 Cash flows from investing activities: Purchases of available-for-sale investments (107,966) (235,175) Proceeds from sales of available-for-sale investments 90,085 16,006 Purchases of equipment (238,480) (83,485) Software development costs (199,056) (64,519) Net cash flows from investing activities (455,417) (367,173) Cash flows from financing activities: Issuance of common stock --- 91,500 Payments of direct costs of securities registration --- (6,741) Net cash flows from financing activities --- 84,759 Net increase in cash and cash equivalents 87,521 527,853 Cash and cash equivalents, beginning of period 1,763,435 944,892 Cash and cash equivalents, end of period $1,850,956 1,472,745 Supplemental disclosures of cash flow items: Income taxes paid $641,000 34,000 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, Web site: http://www.advant-e.com/

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AVEE Avantis Emerging Markets Small Cap Equity ETF