Business
The Marketing Alliance Announces Financial Results for Quarter Ended June 30, 2023
The Marketing Alliance Announces Financial Results for Quarter Ended June 30, 2023.
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 2024 first quarter ended June 30, 2023.\n\n\n1Q 2024 Financial Key Items (all comparisons to the prior year period)\n\n\n\nOperating income from continuing operations of $52,191 compared to $383,810. The differences were largely due to the late timing of insurance fees (revenue) in the current year and the timing of revenue associated with the company’s annual conference, which was collected in the prior fiscal year due to an earlier conference date\n\n\n\nRevenues were $4,109,746 compared to $4,382,845, the decrease due primarily to late timing in the current year fee structure and revenue from the company’s annual conference billed prior to the beginning of this fiscal year\n\n\n\nNet income from continuing operations was $139,508 or $0.02 per share compared to ($257,992) or ($0.03) per share as the current quarter benefited from an investment gain of $152,212, compared with a loss of ($670,618) in the prior year quarter\n\n\n\nManagement Comments\n\n\nTimothy M. Klusas, TMA’s Chief Executive Officer, commented, “Our fiscal first quarter 2024 results were actually quite similar to our results in the same quarter last year except for a few unfortunate timing issues. Our insurance fee revenue was approximately $100,000 less than the previous year quarter because we issued our fee structure later than in the previous year. While this affected fee revenue this quarter, we calculated that the difference relative to the previous year quarter would be reduced throughout the balance of the fiscal year. Second, the timing of our annual insurance conference, earlier this year than the previous year, had the effects of the company collecting reimbursements and sponsorships for the conference in the previous fiscal year while leaving the expenses paid in the current fiscal year. The combined negative financial effect on the quarter versus the prior year quarter was approximately $204,000. While we wouldn’t ordinarily be concerned with the timing of our conferences relative to financial quarters, the timing around the fiscal year end had a pronounced effect this time.”\n\n\nMr. Klusas added, “Our construction business had another exceptional start and activel...