Business
The Marketing Alliance Announces Financial Results for its Fiscal 2021 Fourth Quarter and Year Ended March 31, 2021
The Marketing Alliance Announces Financial Results for its Fiscal 2021 Fourth Quarter and Year Ended March 31, 2021.
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 fourth quarter and year ended March 31, 2021.\n\nFY 2021 Fourth Quarter Financial Highlights (all comparisons to the prior year period)\n\n\nRevenues were $6,863,682 compared to $9,387,273 in the previous year period, the decline largely due to a challenging operating environment and an annual deferred first-year commission reconciliation in the quarter\n\n\nOperating loss of $(86,590) compared to $542,341 in the prior year period, due in part to the timing of the annual deferred first-year commission reconciliation in the quarter\n\n\nNet income from continuing operations was $180,579, or $0.02 per share, as compared to net loss of $(1,017,011), or $(0.13) per share, in the prior year period\n\n\nFY 2021 Annual Financial Highlights (all comparisons to the prior year)\n\n\nRevenues were $30,669,454, representing a decline of over 7% due primarily to the impact of the COVID-19 pandemic in all operations despite a 22% increase in Construction revenue\n\n\nOperating income of $1,847,718 compared to $2,241,417\n\n\nOperating EBITDA (excluding investment portfolio income) was $2,045,878 compared to $2,343,436\n\n\nNet income from continuing operations was $2,660,160 or $0.33 per share, as compared to net income from continuing operations of $329,989, or $0.04 per share, in the prior year\n\n\nDue to the effects of the pandemic, the Company has elected to exit the family entertainment business during the year, resulting in net loss from discontinued operations of $(1,204,366) for the year\n\n\nManagement Comments \n\nTimothy M. Klusas, TMA’s Chief Executive Officer, commented, “Despite relatively consistent results in previous quarters and through most of the year, this quarter the insurance business reflected the difficulties brought by pandemic conditions as our pipeline of new cases during this time was not as robust as previous years. Despite the growth of processes we adopted to minimize in-person contact for our agents and distributors on a sizeable share of cases, the challenges of agents being able to reach new clients or obtain medical records, COVID-underwriting restrictions by carriers, or even having proposed insureds complete medical exams, hindered our results. The...