Business
The Marketing Alliance Announces Financial Results for its Fiscal 2021 Second Quarter Ended September 30, 2020
The Marketing Alliance Announces Financial Results for its Fiscal 2021 Second Quarter Ended September 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 second quarter ended September 30, 2020.\n\nFY 2021 Second Quarter Financial Highlights (all comparisons to the prior year period)\n\n\nRevenues were $8,169,534 compared to $8,695,723, largely due to a $902,116 decline in family entertainment revenues as family entertainment locations remained closed during the quarter due to the COVID-19 pandemic\n\n\nCommission and fee revenues from the Company’s core insurance distribution business increased slightly as some of the obstacles to selling insurance presented by COVID abated during the quarter\n\n\nOperating expenses declined by 38% to $1,215,427\n\n\nOperating income increased to $541,918, compared to operating income of $150,678 in the prior year quarter\n\n\nOperating EBITDA (excluding investment portfolio income) was $621,569, compared to $292,744 in the prior year quarter\n\n\nNon-operating investment gain, net, increased to $200,423 compared to $93,800 in the prior year quarter\n\n\nNet income for the quarter was $565,956, or $0.07 per share, as compared to net income of $120,710, or $0.02 per share, in the prior year period\n\n\nManagement Comments \n\nTimothy M. Klusas, TMA’s Chief Executive Officer, commented, “The results during the quarter were a testament to the adaptability of our associated agencies, carriers, and our internal team. Our insurance business accelerated its transition to solutions that utilized the Company’s capabilities through our call center and adoption of digital applications where clients do not need to physically see an agent or handle paper. This provided agents with the ability to continue assisting customers with their life insurance needs despite challenges created from the reduction of in-person contact, such as conducting medical exams and obtaining physical signatures necessary for completing the insurance application process. Throughout the quarter we were able to work with our agencies to bring insurance applications to completion in a manner that met the customer’s expectations and level of comfort with personal contact. The execution of our construction business in the quarter was exceptional, as a large project was pulled forward which should allow for additio...