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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

 

Advant-e Corporation Announces Third Quarter 2008 Results - Zibb.com

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

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Companies: Advant-e Corp. (AVEE)

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Advant-e Declares 14 Cent Special Dividend, Expects Q3 Lower Revenue - Zibb.com

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 .

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Companies: Advant-e Corp. (AVEE)

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Advant-e Corporation Announces Special Dividend and 3rd Quarter 2008 Preliminary Results - Zibb.com

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/

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Tags: business   ceo   dividend   edi   email   internet   otc   president   product development   revenue   sales   software   web  

Companies: Advant-e Corp. (AVEE)

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