Business
The Marketing Alliance Announces Financial Results for its Fiscal 2022 First Quarter Ended June 30, 2021
The Marketing Alliance Announces Financial Results for its Fiscal 2022 First Quarter Ended June 30, 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 2022 first quarter ended June 30, 2021.\n\nFY 2022 First Quarter Financial Highlights (all comparisons to the prior year period)\n\n\nRevenues decreased to $6,490,443 from $7,597,355, largely due to lower commission and fee revenue in the insurance distribution business\n\n\nOperating income from continuing operations was $381,465, as compared to operating income from continuing operations of $395,848 in the prior year quarter\n\n\nNet income from continuing operations was $546,898, or $0.07 per share, as compared to net income of $673,626, or $0.08 per share, in the prior year period\n\n\nManagement Comments \n\nTimothy M. Klusas, TMA’s Chief Executive Officer, commented, “Our first quarter included consistent profitability despite continued headwinds due to COVID-19 and changes among our insurance carriers. While our digital insurance application capabilities are complementary to a remote working environment, the genesis of life insurance applications remain somewhat reliant on in-person client meetings and physical exams, many of which remain more complicated than prior to the emergence of COVID. On a positive note, we have seen previous carrier underwriting restrictions, in general, reduced (more normalized) in that there are less COVID - restrictions and it seems more policies have been completed in which carriers waived physical exams, all of which was encouraging.”\n\nMr. Klusas continued, “Our insurance distribution revenue decrease was due, in part, to disruption caused by certain insurance carriers changing their distribution strategy. The consistency of our results, however, showed the adaptability of our business model and the exceptional execution of the agencies in overcoming this disruption as the agencies were able to shift to different carrier relationships. Our Company continued to leverage a broad base of carrier relationships in order to facilitate any smooth transition for agencies, however this has had a tendency to create volatility on a quarter-to-quarter basis.”\n\nMr. Klusas concluded, “Our construction business performed very well despite lingering pandemic conditions such as delays in permitting new projects, as revenues incre...