SParikh wrote: This article speaks true to the importance and capitalizing of the cloud. Me having experience dealing with cloud based tech and consulting and integration services, I realize the need for a secure and consistant cloud service. Many people are concerned with the privacy, or lack thereof, that could occur with storing personal documents into a non-physical storage unit. I can see, though with companies such as ours and Metacloud, we are working toward a more secure and easy to use cloud system for both personal and professional use.
Spursh Parikh
www.sererra.com
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.
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.
n the cloud doesn't matter whether you are running on an Open Source platform or not - it is NOT free because you pay for the service. And for long Open Source project have been funded through the services premiums that you pay. I would argue that Open Source vendors have mastered the ...
Over the weekend Barron’s put out a piece touting AMD’s chances of taking share in the mainstream server market that belongs to Intel with its SeaMicro microserver acquisition, a development that would tickle its tiny stock price, if it ever happened. But even the thought of it, althou...
Cloud computing is the game changer for the life sciences industry, according to an article on PharmaBiz.com.
Globally, pharma majors are deploying cloud technology because it provides data security, compliance and transparency, according to Vikram Anand, associate vice president, clo...
Red Hat made its power play Wednesday. One it’s been itching to make for a couple of years. One that it hopes will ultimately jam a stick through the spokes of VMware’s front wheel. And to make sure that happens it’ll be telling everybody who’ll listen that its widgetry is a third the ...
Metacloud plays hardball.
It has no patience with pilots or proofs-of-concept. It’ll only do production Infrastructure-as-a-Service installations, which is kind of uppity for a start-up that only hit the radar last October – even if it did come out of the closet with an unidentified ...
OpenStack is easily installed using a package called Packstack. Redhat is one of the primary contributors to packstack and my install experience is similar to the installation of RDO, described here
The procedure is quite simple:
Install Redhat, Fedora or Centos on one or more x86 se...
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n the cloud doesn't matter whether you are running on an Open Source platform or not - it is NOT free because you pay for the service. And for long Open Source project have been funded through the services premiums that you pay. I would argue that Open Source vendors have mastered the ...
Over the weekend Barron’s put out a piece touting AMD’s chances of taking share in the mainstream server market that belongs to Intel with its SeaMicro microserver acquisition, a development that would tickle its tiny stock price, if it ever happened. But even the thought of it, althou...
Cloud computing is the game changer for the life sciences industry, according to an article on PharmaBiz.com.
Globally, pharma majors are deploying cloud technology because it provides data security, compliance and transparency, according to Vikram Anand, associate vice president, clo...
Red Hat made its power play Wednesday. One it’s been itching to make for a couple of years. One that it hopes will ultimately jam a stick through the spokes of VMware’s front wheel. And to make sure that happens it’ll be telling everybody who’ll listen that its widgetry is a third the ...
Metacloud plays hardball.
It has no patience with pilots or proofs-of-concept. It’ll only do production Infrastructure-as-a-Service installations, which is kind of uppity for a start-up that only hit the radar last October – even if it did come out of the closet with an unidentified ...
OpenStack is easily installed using a package called Packstack. Redhat is one of the primary contributors to packstack and my install experience is similar to the installation of RDO, described here
The procedure is quite simple:
Install Redhat, Fedora or Centos on one or more x86 se...
