Business
The Marketing Alliance Announces Financial Results for its Fiscal 2022 Fourth Quarter and Year Ended March 31, 2022
The Marketing Alliance Announces Financial Results for its Fiscal 2022 Fourth Quarter and Year Ended March 31, 2022.
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 fourth quarter and year ended March 31, 2022.\n\nFY 2022 Fourth Quarter Financial Highlights (all comparisons to the prior year period)\n\n\nOperating income of $807,164 compared to a loss of ($86,590) in the prior year period, despite a reduction in revenue of 16% to $5,760,181.\n\n\nOperating income (from continuing operations) increased in the quarter due in part to an employee retention credit of $192,549 which reduced payroll and compensation expenses\n\n\nNet income from continuing operations was $455,747, or $0.08 per share, as compared to net income from continuing operations of $180,579, or $0.03 per share, in the prior year period.\n\n\nFY 2022 Annual Financial Highlights (all comparisons to the prior year)\n\n\nOperating income of $2,513,058, compared to $1,847,718 in the prior fiscal year despite a reduction in revenue of 22% to $23,691,799.\n\n\nOperating income (from continuing operations) increased in the fiscal year due in part to an employee retention credit of $875,635 which reduced payroll and compensation expenses.\n\n\nOperating EBITDA (excluding investment portfolio income) was $2,950,821 compared to $2,123,612.\n\n\nIncome from continuing operations was $2,540,398 or $0.39 per share, as compared to income from continuing operations of $2,660,160 or $0.43 per share, in the prior year.\n\n\nManagement Comments\n\nTimothy M. Klusas, TMA’s Chief Executive Officer, commented, “Our fiscal year 2022 results show the continuation of a trend that started a few quarters ago, where despite a reduction in revenue versus the prior year period, our insurance distribution business was relatively consistent and, in some cases, improved in terms of gross profit, and saw an increase in gross profit as a percentage of revenue. Recall that the calculation of revenue in our insurance business is a function of sales activity with carriers that pay us different commission levels for equal volumes of sales, agencies that receive different commission levels for equal levels of sales depending on their mixture of products which at times may increase or reduce our revenue, and individual products that may have different commission levels despite equal sales levels, all of whic...