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Advant-e Corporation Announces Third Quarter 2012 Results
Quarterly Revenue Increased by 5% and Net Income Increased by 22% Compared to the Third Quarter of 2011

DAYTON, Ohio, Nov. 8, 2012 /PRNewswire/ -- Advant-e Corporation (OTCQB: ADVC) today announced financial and operating results for the third quarter of 2012.  The Company provides Internet-based Electronic Data Interchange services through Edict Systems and sells electronic document management software and services through Merkur Group.

Revenue in the third quarter of 2012 of $2,576,729 increased by 5% over revenue of $2,447,674 in the third quarter of 2011. Revenue from Edict Systems increased by 7% and revenue from Merkur Group decreased by 3% compared to the third quarter in 2011. 

Net income in the third quarter of 2012 increased by 22% and was $556,737, or $.008 per share, compared to net income of $455,542, or $.007 per share, in the same period in 2011. 

About Advant-e Corporation

Advant-e, via its wholly owned subsidiaries Edict Systems, Inc. and Merkur Group, Inc. is a provider of internet-based hosted 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 advant-e@edictsystems.com.

 

ADVANT-E CORPORATION AND SUBSIDIARIES

CONSOLIDATED CONDENSED STATEMENTS OF INCOME (Unaudited)







Three Months Ended
September 30,

Nine Months Ended
September 30,





2012

 

2011

 

2012

 

2011

 

Revenue               

$  2,576,729

2,447,674

7,588,418

7,107,718

Cost of revenue   

999,386

955,698

3,006,506

2,850,509






Gross margin        

1,577,343

1,491,976

4,581,912

4,257,209

Marketing, general and administrative expenses           

733,810

802,075

2,387,145

2,389,125






Operating income

843,533

689,901

2,194,767

1,868,084

Other income, net

264

892

1,704

2,933






Income before income taxes              

843,797

690,793

2,196,471

1,871,017

Income tax expense             

287,060

235,251

748,022

637,928






Net income           

$     556,737

455,542

1,448,449

1,233,089






Earnings per share – basic and diluted           

$           .008

.007

.022

.018






Weighted average shares outstanding – basic and diluted        

66,722,590

66,722,590

66,722,590

66,722,590






 

 


ADVANT-E CORPORATION AND SUBSIDIARIES

CONSOLIDATED CONDENSED BALANCE SHEETS





September 30,
 2012
(Unaudited)

December 31, 

2011

Assets



Current Assets:



Cash and cash equivalents          

$5,113,837

3,459,402

Accounts receivable, net             

926,791

784,239

Prepaid software maintenance costs          

222,362

190,429

Prepaid expenses and deposits   

85,369

107,871

Prepaid income taxes     

1,910

Deferred income taxes   

231,887

207,336




Total current assets 

6,580,246

4,751,187

Software development costs, net     

174,734

262,102

Property and equipment, net             

191,657

171,199

Goodwill               

1,474,615

1,474,615

Other intangible assets, net              

102,761

159,796




Total assets         

$   8,524,013

6,818,899




Liabilities and Shareholders' Equity



Current liabilities:



Accounts payable         

$      183,157

112,402

Income taxes payable    

27,934

Accrued salaries and other expenses         

286,027

205,334

Deferred revenue           

868,382

748,828




Total current liabilities             

1,365,500

1,066,564

Deferred income taxes        

156,185

198,456




Total liabilities     

1,521,685

1,265,020




Shareholders' equity:



Common stock, $.001 par value; 100,000,000 shares authorized; 66,722,590 shares issued
                and outstanding

66,723

66,723

Paid-in capital           

1,936,257

1,936,257

Retained earnings    

4,999,348

3,550,899




Total shareholders' equity

7,002,328

5,553,879




Total liabilities and shareholders' equity        

$   8,524,013

6,818,899




 

 

ADVANT-E CORPORATION AND SUBSIDIARIES

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Unaudited)





Nine Months Ended
September 30,




2012

 

2011

 

Cash flows from operating activities:



Net income

$  1,448,449

1,233,089

Adjustments to reconcile net income to net cash flows from operating activities:       



Depreciation   

85,998

114,861

Amortization of software development costs           

87,368

58,244

Amortization of other intangible assets     

57,035

63,534

Loss on disposal of assets          

195

Deferred income taxes   

(66,822 )

(96,849 )

Increase (decrease) in cash and cash equivalents arising from changes in assets and
                          liabilities:    



Accounts receivable          

(142,552)

(9,384)

Prepaid software maintenance costs               

(31,933 )

(34,541 )

Prepaid expenses and deposits        

22,502

29,967

Prepaid income taxes          

1,910

Accounts payable              

70,755

77,195

Income taxes payable         

27,934

(223)

Accrued salaries and other expenses              

80,693

160,395

Deferred revenue

119,554

136,520




Net cash flows from operating activities         

1,761,086

1,732,808




Cash flows from investing activities:



Purchases of property and equipment  

(106,651 )

(34,691 )

Software development costs

(40,636)




Net cash flows from investing activities

(106,651)

(75,327)




Cash flows from financing activities:



Dividends paid

(667,226)




Net increase in cash and cash equivalents     

1,654,435

990,255

Cash and cash equivalents, beginning of period          

3,459,402

2,963,172




Cash and cash equivalents, end of period      

$  5,113,837

3,953,427




Supplemental disclosures of cash flow items:



Income taxes paid     

$     785,000

735,000

Non-cash transactions:           



Declared dividends payable no later than December 31, 2011

667,226

 

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

About PR Newswire
Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

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