Business
The Marketing Alliance Announces Financial Results for its Fiscal 2021 First Quarter Ended June 30, 2020
The Marketing Alliance Announces Financial Results for its Fiscal 2021 First Quarter Ended June 30, 2020.
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 2021 first quarter ended June 30, 2020.\n\n\nFY 2021 First Quarter Financial Highlights (all comparisons to the prior year period)\n\n\n\nRevenues decreased to $7,601,566 compared to $8,935,704, largely due to a $855,123 decline in family entertainment revenues as the Company was forced to close its family entertainment locations during the quarter due to the COVID-19 pandemic\n\n\nCommission and fee revenues from the Company’s core insurance distribution business declined slightly (down 3.6%) despite disruption due to the pandemic\n\n\nOperating loss was ($46,083), as compared to operating income of $176,662 in the prior year quarter. The loss was largely due to reduced revenues in the family entertainment business\n\n\nOperating EBITDA (excluding investment portfolio income) was $61,228, compared to $309,981 in the prior year quarter\n\n\nNon-operating investment gain, net, of $540,569 compared to a gain of $289,378 in the prior year quarter\n\n\nNet income for the quarter was $318,565, or $0.04 per share, as compared to net income of $278,193, or $0.03 per share, in the prior year period\n\n\n\nManagement Comments \n\n\nTimothy M. Klusas, TMA’s Chief Executive Officer, commented, “Despite the challenges and disruptions caused by the pandemic, our team’s actions served to mitigate these impacts in each of our businesses. In the insurance distribution business, we were well-prepared due to our past work with our agency and carrier partners to implement digital processes in the life insurance application process through our call center. Our agencies offered their brokers processes that minimized in-person exams and contact through our call center that allowed them to find acceptable coverage for their clients. While the pandemic has certainly created obstacles to completing applications such as clients deferring in-person medical exams, difficulties in medical record retrieval from vacated physician offices, and carriers instituting temporary waiting periods due to COVID, we felt these delays began to abate through the period and saw adoption of modern digital processes by our agencies brokers almost by necessity. Our construction business did not have the emergency...