Business
The Marketing Alliance Announces Financial Results for its Fiscal 2022 Second Quarter Ended September 30, 2021
The Marketing Alliance Announces Financial Results for its Fiscal 2022 Second Quarter Ended September 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 second quarter ended September 30, 2021.\n\nFY 2022 Second Quarter Financial Highlights (all comparisons to the prior year period)\n\n\nRevenues decreased to $5,747,090 from $8,161,290 due to revenue decreases in both the insurance distribution business and the construction business versus the prior year quarter\n\n\nOperating income from continuing operations was $393,147, as compared to operating income from continuing operations of $899,878 in the prior year quarter\n\n\nNet income was $459,245 or $0.06 per share, as compared to net income of $565,956, or $0.07 per share, in the prior year period\n\n\nManagement Comments\n\nTimothy M. Klusas, TMA’s Chief Executive Officer, commented, “Despite the reduction in revenue in the quarter versus the prior year period, our insurance distribution business was relatively consistent in terms of gross profit and saw an increase in gross profit as a percentage of revenue. Revenue in our insurance business is a function of the composition of sales with specific carriers, specific agencies and even specific to which products are sold in that quarter. In an attempt to normalize the changes in a quarter when many of these factors are changing, we prefer to turn to gross profit as a means to compare, and on that basis, we performed at a relatively consistent level to the prior year quarter. As we have noted in previous quarters, carriers and agents have continued to adjust to underwriting clients among the presence of COVID continuations and agencies have also adjusted to the new challenges of simulating in-person client meetings and physical exams, many of which remain more complicated than prior to the emergence of COVID. It is also helpful to remember that during the second fiscal quarter much of the country saw the emergence of the Delta variant, which caused fluctuations in the pace of life insurance operations and resuming normal activities.”\n\nMr. Klusas continued, “Our insurance distribution revenue decrease was also due, in part and again, to disruption caused by certain insurance carriers and agencies changing their distribution strategy as was the case last quarter. Replacing those relationships and subsequently d...