Business
The Marketing Alliance Announces Financial Results for Quarter Ended December 31, 2022
The Marketing Alliance Announces Financial Results for Quarter Ended December 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 2023 third quarter ended December 31, 2022.\n\nFY 2023 Third Quarter Financial Key Items (all comparisons to the prior year period)\n\n\nOperating income from continuing operations of $849,467 compared to $1,121,784 in the prior year period, reflecting an increased contribution in the quarter from the construction business and improved margins in the insurance business. The prior year period benefited from an employee retention tax credit of $657,099, which reduced payroll and compensation expense. The tax credit, which was part of the federal government’s coronavirus relief program, was not available in the current year quarter\n\n\nRevenues were $4,757,329 compared to $5,694,086, due in part to changes in carrier and product mix in the insurance distribution business and an increase in construction revenue\n\n\nOperating EBITDA (excluding investment income) declined to $914,611 from $1,046,153 in the prior year quarter, as the prior year quarter benefitted from the employee retention tax credit described above\n\n\nNet income from continuing operations was $999,527 or $0.12 per share compared to $1,078,508 or $0.13 per share\n\n\nManagement Comments\n\nTimothy M. Klusas, TMA’s Chief Executive Officer, commented, “We have regularly noted that while changes in our product, agency and carrier mix have had the effect of reducing revenue, our bottom line has remained relatively consistent. Our commitment to digital and no-contact business solutions has helped to mitigate the changes in mix of business while continuing to add value for our agencies and their customers by bringing forward new solutions, services and products.”\n\nMr. Klusas added, “Our construction business results displayed another exceptional quarter as our team completed a substantial amount of work to finish a large highway project that commenced in the prior quarter. We were able to finish the first part of the project, and working in coordination with the general contractor were able to return and complete a significant portion of what was left late in 2022 against adverse weather and reduced daylight hours, and plan to finish the minor remaining work in 2023. In short, our construction busin...