Business
The Marketing Alliance Announces Financial Results for Quarter Ended March 31, 2024
The Marketing Alliance Announces Financial Results for Quarter Ended March 31, 2024.
About this update from Marketing Alliance, Inc. (the)
[{"type":"text","content":"\nThe Marketing Alliance, Inc. (OTC: MAAL) (“TMA” or the “Company”), announced its financial results today for its fiscal 2024 fourth quarter ended March 31, 2024.\n\n\nFY 2024 Financial Key Items (all comparisons to the prior year period)\n\n\n\nRevenues were $19,585,772 compared to $17,940,089, the 9% increase was primarily due to growth in the insurance distribution business that was partially offset by a decrease in construction revenue\n\n\n\nOperating income from continuing operations of $1,099,267 compared to $1,542,958 in the prior year period. Operating income in the prior year period was increased by $325,114 due to a restatement of commission expense\n\n\n\nNet income from continuing operations was $1,043,214 or $0.13 per share compared to $815,338 or $0.10 per share in the prior year period\n\n\n\nManagement Comments\n\n\nTimothy M. Klusas, TMA’s Chief Executive Officer, commented, “Our team was very pleased to report the growth of the insurance distribution business this year. While most of the growth could be attributed to organic growth in the business, we welcomed a few new relationships which also contributed to the increase in revenues. We continue to invest in this business, and as in prior years we hoped to see the positive results of these investments in future quarters and years. While our construction business revenue was off this year, we continued to be discerning about the projects we undertake and maintained our cost discipline as we executed these projects, which we believed positions us well in future quarters.”\n\n\nMr. Klusas added, “Getting back to our insurance business, our growth in the business was somewhat overshadowed by an adverse carrier mix associated with different commission levels among carriers whose payments fluctuate with the volume of business. Although an adverse carrier mix is expected with newer relationships, as these relationships mature and grow the business mix should improve, as it has with other new relationships in the past. We also experienced certain cost overruns in staffing connected to new initiatives which we started to address this quarter. While we made progress on costs, the staffing overruns affected our margins and profitability. We plan to continue to take measures to reduce these costs. The combination of an adv...