Business
The Marketing Alliance Announces Financial Results for its Fiscal 2019 Second Quarter Ended September 30, 2018
The Marketing Alliance Announces Financial Results for its Fiscal 2019 Second Quarter Ended September 30, 2018.
About this update from Marketing Alliance, Inc. (the)
[{"type":"text","content":"\n \n The Marketing Alliance, Inc. (OTC:MAAL) (“TMA” or the “Company”), today \n announced financial results for its fiscal 2019 second quarter ended \n September 30, 2018.\n \n \n FY 2019 Second Quarter Financial Highlights (all comparisons to the \n prior year)\n \n \n \n Revenues increased 5.3% to $8,098,472, largely due to higher \n commission and fee revenue in the insurance business and an increase \n in construction revenue\n \n \n Operating loss was ($48,144), as compared to operating loss of \n ($30,771) in the prior year quarter, largely due to an increase in \n operating expenses which offset higher net operating revenue\n \n \n Operating EBITDA (excluding investment portfolio income) was $148,509, \n compared to $163,702 in the prior year quarter\n \n \n Net income was $280,151, or $0.03 per share, as compared to net income \n of $166,976, or $0.02 per share in the prior year period, driven in \n this period non-operating income from a gain (approximately $240,000 \n pre-tax) on the sale of excess construction equipment\n \n \n \n Management Comments\n \n \n Timothy M. Klusas, TMA’s Chief Executive Officer, commented, “On \n balance, we were pleased with our results this quarter, most notably the \n revenue growth in the insurance business as we continued to work with \n our carriers and agencies to increase their use of digital applications \n and related technologies. Our insurance agencies continued to work with \n their agents to increase adoption and we have seen more carriers express \n interest in increasing their presence on our platform. Construction \n revenues grew this quarter as we continued to seek new ways to utilize \n our equipment, particularly for roadway projects to offset the weakness \n in agricultural prices, such as corn and soybeans, which drive demand \n for our traditional field drainage services. This effort has also helped \n to mitigate the impact of seasonality in agriculture as well, as these \n months were difficult to access the farm fields filled with crops to \n install drainage plans. Our margin was affected adversely in the quarter \n by the end-of-job reconciliation of a project that started last year and \n ended in this quarter. Also, we made progress in right-sizing the \n equipment necessary for the business by divesting excess equipment n...