Business
The Marketing Alliance Announces Financial Results for its Fiscal 2020 First Quarter Ended June 30, 2019
The Marketing Alliance Announces Financial Results for its Fiscal 2020 First Quarter Ended June 30, 2019.
About this update from Marketing Alliance, Inc. (the)
[{"type":"text","content":"\nThe Marketing Alliance, Inc. (OTC: MAAL) (“TMA” or the “Company”), today announced financial results for its fiscal 2020 first quarter ended June 30, 2019.\n\n\nFY 2020 First Quarter Financial Highlights (all comparisons to the prior year period)\n\n\n\nRevenues increased 13% to $8,935,704, largely due to higher commission and fee revenue in the insurance distribution business\n\n\nOperating income was $176,662, as compared to operating loss of $(174,686) in the prior year quarter, largely due to higher revenues and lower operating expenses during the quarter\n\n\nOperating EBITDA (excluding investment portfolio income and impairment charges) was $309,981, compared to $4,654 in the prior year quarter\n\n\nNon-operating investment gain, net, of $289,378 compared to a gain of $41,779 in the prior year quarter primarily related to an increase in the market value of the equity securities the Company held at June 30, 2019\n\n\nNet income was $278,193, or $0.03 per share, as compared to net loss of $(156,792), or $(0.02) per share in the prior year period, driven in this period by an increase in revenues, increase in operating profit, and investment gain\n\n\n\nManagement Comments \n\n\nTimothy M. Klusas, TMA’s Chief Executive Officer, commented, “Revenues grew during the quarter in our insurance distribution business as we continued to support our independent agency partners with increased access to a larger network of carriers while enhancing their digital and back-office capabilities. Over the past year, we have worked diligently to help drive the utilization of technology for many of our affiliated agencies, as integrating digital applications into their producer offerings has served to make their processes increasingly faster and more cost-efficient. In addition, TMA is continuing to work with carriers to extend their fulfillment capabilities through our platform. During the quarter a fourth carrier began to utilize our fulfillment service for our network of independent agencies, and we continued to focus on expanding the use of technology to help our agency partners to increase the speed of processing and assist in the overall growth of their business.”\n\n\nMr. Klusas also commented, “We had an uneven quarter in our construction business where we incurred expenses without corres...