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EEProductCenter.com :: Press Release :: Advant-e Corporation Announces 2002 Financial Results
The 69% increase in revenues is attributed to a sharp increase in revenues from the company's web-EDI solutions, primarily www.GroceryEC.com , the company's first vertical industry portal ("Vortal") for suppliers and retailers in the grocery industry.
http://www.eeproductcenter.com/showPressRelease.jhtml?articleID=66136
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Advant-e Corporation Announces Third Quarter 2008 Results - Zibb.com
DAYTON, Ohio, Nov 14, 2008 /PRNewswire-FirstCall via COMTEX/ --
Advant-e Corporation (OTC Bulletin Board: AVEE), a provider of Internet-based Electronic Data Interchange and electronic document management software and services today announced financial and operating results for the quarter ending September 30, 2008.
For the third quarter of 2008 the Company reported revenue of $2,067,253, a 5% decrease over revenue of $2,178,155 in the third quarter of 2007. The decrease is attributable primarily to lower software license revenue from Merkur Group partially offset by increased revenue from Edict Systems hosted EDI services.
Net income for the third quarter of 2008 was $247,079, or $.04 per share, a 26% decrease over net income of $335,884, or $.05 per share, for the same period in 2007.
For the nine months ended September 30, 2008, the Company reported revenue of $6,712,754, a 32% increase over revenue of $5,075,628 for the same period in 2007. The increase is attributable primarily to organic growth from Edict Systems and the inclusion of three quarters of Merkur Group revenue in 2008 compared to only one quarter in 2007. Net income for the nine-months ended September 30, 2008 was $791,614, or $.12 per share, a 12% increase over net income of $708,602, or $.11 per share, for the same period in 2007.
Jason K. Wadzinski, Chairman, Chief Executive Officer, and President, remarked, "While we continue to experience growth in our core EDI products and services from Edict Systems, weakness in new software sales for Merkur Group during the quarter produced weaker results than we expected. However, year-to-date Merkur revenue is up 13% over last year due to above average sales activity in the first half of this year."
"We believe that both Edict Systems and Merkur Group will face challenges related to the current deteriorating economic conditions," continued Mr. Wadzinski. "Potential customers are facing budgetary constraints, shifting priorities, and less internal resources for implementation which causes delayed decisions and increased lead times."
About Advant-e Corporation
Advant-e, via its wholly owned subsidiaries Edict Systems, Inc. and Merkur Group, Inc. is a provider of internet-based Electronic Data Interchange (EDI) and electronic document management software and services. The Company helps businesses automate manual, paper-intensive processes via expanded use of EDI or by integrating directly with ERP/MRP systems.
Additional information about Advant-e Corporation can be found at www.Advant-e.com, www.EdictSystems.com, and www.MerkurGroup.com, or by contacting investor relations at (937) 429-4288. The company's email isinfo@edictsystems.com.
ADVANT-E CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF INCOME (Unaudited)
Three Months Ended Nine months Ended
September 30, September 30,
2008 2007 2008 2007
Revenue $2,067,253 2,178,155 6,712,754 5,075,628
Cost of revenue 792,351 818,716 2,615,977 1,810,060
Gross margin 1,274,902 1,359,439 4,096,777 3,265,568
Marketing, general and 2,869,978 2,231,039
administrative
expenses 884,584 876,090
Operating income 390,318 483,349 1,226,799 1,034,529
Other income (loss),
net (25,852) 18,002 (2,241) 73,257
Income before income
taxes 364,466 501,351 1,224,558 1,107,786
Income tax expense 117,387 165,467 432,944 399,184
Net income $247,079 335,884 791,614 708,602
Basic and diluted
earnings per share $.04 .05 .12 .11
Weighted average shares
outstanding 6,791,399 6,845,015 6,807,085 6,612,266
ADVANT-E CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
September 30,
2008 December 31,
(Unaudited) 2007
Assets
Current Assets:
Cash and cash equivalents $2,702,779 2,039,447
Short-term investments 265,515 292,151
Accounts receivable, net 727,334 805,241
Prepaid software maintenance costs 182,787 183,618
Prepaid expenses and deposits 56,235 68,930
Prepaid income taxes 55,553 --
Deferred income taxes 154,262 40,057
Total current assets 4,144,465 3,429,444
Software development costs, net 132,900 194,238
Property and equipment, net 390,761 433,658
Goodwill 1,474,615 1,450,368
Other intangible assets, net 435,110 498,644
Total assets $6,577,851 6,006,352
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable $191,730 211,738
Accrued salaries and other expenses 251,147 273,210
Income taxes payable -- 112,700
Deferred revenue 648,046 645,093
Total current liabilities 1,090,923 1,242,741
Deferred income taxes 309,143 288,858
Total liabilities 1,400,066 1,531,599
Shareholders' equity:
Common stock, $.001 par value; 20,000,000
shares authorized;
6,772,061 shares issued and 6,755,961
outstanding at September
30, 2008; 6,875,015 shares issued and
6,815,015 shares
outstanding at December 31, 2007 6,772 6,875
Paid-in capital 2,070,872 2,210,200
Retained earnings 3,124,291 2,332,678
Treasury stock at cost, 16,100 shares at
September 30, 2008 and
60,000 shares at December 31, 2007 (24,150) (75,000)
Total shareholders' equity 5,177,785 4,474,753
Total liabilities and shareholders'
equity $6,577,851 6,006,352
ADVANT-E CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Unaudited)
Nine months Ended
September 30,
2008 2007
Cash flows from operating activities:
Net income $791,614 708,602
Adjustments to reconcile net income to
net cash flows from operating
activities:
Depreciation 205,845 162,233
Amortization of software development
costs 61,338 48,300
Amortization of other intangible assets 63,534 21,178
Deferred income taxes (93,920) (41,784)
Purchases of trading securities (213,754) (154,868)
Proceeds from sales of trading securities 209,724 159,184
Net unrealized (gains) losses on trading
securities 38,095 (12,573)
Net realized gains on sales of securities (7,429) (12,972)
Increase (decrease) in cash arising from
changes in assets and
liabilities:
Accounts receivable 77,906 (101,139)
Prepaid software maintenance costs 831 (26,430)
Prepaid expenses and deposits 12,695 (3,841)
Prepaid income taxes (55,553) --
Accounts payable (20,008) 70,493
Accrued salaries and other expenses (22,063) 68,320
Income taxes payable (136,947) 6,407
Deferred revenue 2,953 38,310
Net cash flows from operating activities 914,861 929,420
Cash flows from investing activities:
Purchases of property and equipment (162,948) (181,246)
Software development costs - (15,363)
Cash paid for purchase of Merkur Group,
Inc. - (971,338)
Net cash flows from investing activities (162,948) (1,167,947)
Cash flows from financing activities:
Net payments on bank line of credit - (20,000)
Purchase of treasury stock (88,581) (75,000)
Net cash flows from financing activities (88,581) (95,000)
Net increase in cash and cash equivalents 663,332 (333,527)
Cash and cash equivalents, beginning of
period 2,039,447 2,209,782
Cash and cash equivalents, end of period $2,702,779 1,876,255
Supplemental disclosures of cash flow
items:
Income taxes paid $718,100 434,561
Non-cash transactions
Retirement of 60,000 shares
repurchased in 2007 and held as
treasury stock 75,000 ---
Common stock issued in connection
with purchase of Merkur
Group, Inc. --- 568,692
The information in this news release includes certain forward looking statements that are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including statements to the future financial performance of the company. Although the company believes that the expectations reflected on its forward looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct. Factors that could cause results to differ include, but are not limited to, successful performance of internal plans, product development and acceptance, the impact of competitive services and pricing, or general economic risks and uncertainties.
SOURCE Advant-e Corporation
http://www.advant-e.com
Tags: bank ceo earnings edi email equity internet marketing otc president product development products property retirement revenue salaries sales securities software tax taxes treasury
Companies: Advant-e Corp. (AVEE)
Advant-e Declares 14 Cent Special Dividend, Expects Q3 Lower Revenue - Zibb.com
Oct 13, 2008 (financialwire.net via COMTEX) --
October 13, 2008 (FinancialWire) -- Advant-e Corp.'s (OTCBB: AVEE) (Current Market Cap: US$11.18 Mil.) board has authorized the payment of a special dividend of $.14 per share, payable to shareholders of record as of October 24. The company also released preliminary Q3 guidance anticipating a 3% to 7% drop in revenue versus the same period last year.
The company said that dividend payments will be processed and distributed no later than November 24.
Advant-e also released its preliminary Q3 2008 results, and estimates revenue to be in the range of around 3% to 7% below third quarter 2007 due primarily to weakness in software license revenue from the company's Merkur Group subsidiary. Net income for the quarter is estimated to be around $200,000.
Company CEO Jason K. Wadzinski Merkur's revenue has fluctuated at times due to the nature of their business model, which is heavily reliant on new software license sales. He said that, "Due to current economic conditions, many companies are deferring purchasing decisions which has a direct effect on Merkur's results."
The company's Edict Systems unit, which derives the majority of its revenue from recurring sources, grew around 9% in the third quarter of 2008 over the same period last year.
Dayton, Ohio-based Advant-e, via its Edict Systems and Merkur Group units, is a provider of internet-based electronic data interchange and electronic document management software and services.
FinancialWire" is a fully independent, proprietary news wire service of Investrend Information (a division of Investrend Communications, Inc.). FinancialWire" news is written by professional journalists, dedicated to pure journalistic standards. FinancialWire" does not receive or accept any compensation from any individual or subject company (or representative thereof) for its news or opinions. All FinancialWire" news is available at http://www.financialwire.net . Please address any inquiries to feedback@financialwire.net .
Free annual reports for companies mentioned in the news are available at http://investrend.ar.wilink.com/?level=279 .
http://www.financialwire.net
Tags: business ceo communications dividend internet market ohio revenue sales software standards
Companies: Advant-e Corp. (AVEE)
Advant-e Corporation Announces Special Dividend and 3rd Quarter 2008 Preliminary Results - Zibb.com
DAYTON, Ohio, Oct 10, 2008 /PRNewswire-FirstCall via COMTEX/ --
Advant-e Corporation (OTC Bulletin Board: AVEE), a provider of Internet-based Electronic Data Interchange and electronic document management software and services today announced that its Board of Directors has authorized the payment of a special dividend of $.14 per share payable to shareholders of record as of October 24, 2008. Dividend payments will be processed and distributed no later than November 24, 2008.
Preliminary Q3 2008 Results
For the third quarter of 2008 the Company estimates revenue to be in the range of approximately 3-7% below third quarter 2007 due primarily to weakness in software license revenue from the company's Merkur Group subsidiary. Net income for the quarter is estimated to be approximately $200,000.
Regarding the preliminary third quarter results, Jason K. Wadzinski, Chairman, Chief Executive Officer, and President, remarked, "Since Merkur's inception in 2001 their revenue has fluctuated at times due to the nature of their business model which is heavily reliant on new software license sales. Due to current economic conditions, many companies are deferring purchasing decisions which has a direct effect on Merkur's results. Edict Systems, which derives the majority of its revenue from recurring sources, grew approximately 9% in the third quarter of 2008 over the same period last year.
Mr. Wadzinski continued, "We believe our hosted Electronic Data Interchange services offer exceptional value to the large companies we serve and their suppliers. Our Web EDI solution alone has processed over $50 Billion worth of purchase orders since its inception in 2000. Our strategy going forward is to continue increasing activity in the vertical industries we currently serve with our suite of solutions and to expand into other markets that can benefit from the significant cost savings we offer."
About Advant-e Corporation
Advant-e, via its wholly owned subsidiaries Edict Systems, Inc. and Merkur Group, Inc. is a provider of internet-based Electronic Data Interchange (EDI) and electronic document management software and services. The Company helps businesses automate manual, paper-intensive processes via expanded use of EDI or by integrating directly with ERP/MRP systems.
Additional information about Advant-e Corporation can be found at www.Advant-e.com, www.EdictSystems.com, and www.MerkurGroup.com, or by contacting investor relations at (937) 429-4288. The company's email is info@edictsystems.com.
The information in this news release includes certain forward looking statements that are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including statements to the future financial performance of the company. Although the company believes that the expectations reflected on its forward looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct. Factors that could cause results to differ include, but are not limited to, successful performance of internal plans, product development and acceptance, the impact of competitive services and pricing, or general economic risks and uncertainties.
SOURCE Advant-e Corporation
http://www.advant-e.com/
Tags: business ceo dividend edi email internet otc president product development revenue sales software web
Companies: Advant-e Corp. (AVEE)
News from Zibb.com
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