Business
The Marketing Alliance Announces Financial Results for Its Fiscal 2016 Fourth Quarter and Year Ended March 31, 2016
The Marketing Alliance Announces Financial Results for Its Fiscal 2016 Fourth Quarter and Year Ended March 31, 2016.
About this update from Marketing Alliance, Inc. (the)
[{"type":"text","content":"\n \n The Marketing Alliance, Inc. (OTC:MAAL) (“TMA”), today announced \n financial results for its fiscal 2016 fourth quarter and year ended \n March 31, 2016.\n \n \n Mr. Timothy M. Klusas, TMA’s Chief Executive Officer, stated, “We were \n pleased with increases in operating income and EBITDA during the fourth \n quarter given our challenges during the year. Although we did not meet \n the levels of operating income or EBITDA in the prior fiscal year, we \n were able to bring our performance closer in line to the previous year \n than where we were after the December quarter. We were pleased to be \n able to finish the year on a favorable comparison to the prior year \n period considering the adverse operating environment in the earth moving \n business, because of its high dependence on agriculture, and the \n increase in operating expenses we incurred connected with the \n acquisition and integration of four new family entertainment centers in \n the Charlotte metropolitan area earlier in the year and costs in this \n fiscal year associated with opening one new center in the St. Louis area \n after the fiscal year end.\n \n \n Insurance Distribution business: “We were pleased overall with \n our performance in the insurance business this year given the challenges \n and volatility in the industry, which was a combination of low interest \n rates causing strain on insurance carriers, which reduces the number of \n products offered and the features on the existing products remaining, \n historically prominent carriers such as Genworth discontinuing life and \n annuity sales altogether, and the public announcement of the Department \n of Labor fiduciary standard regulations that have added uncertainty that \n we expect to continue until the effects of the new rules become more \n clear. While we were able to help our distributors adjust to most of the \n turbulence in the life and annuity business, one of the biggest \n detractors to our performance was declining sales in long-term care \n insurance. We initiated new carrier relationships with John Hancock Life \n Insurance Company and One America. As previously mentioned, Genworth was \n one of our largest carrier relationships and we anticipated the \n cessation of new life insurance policies and annuities by Genworth would \n impact our new ins...