Advant E Corp (ADVC) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, December 31, 2008

Advant E Corp

CIK: 925043 Ticker: ADVC

Exhibit 99.1


Company Press Release

Wednesday March 4, 2009 4:00 p.m.

Advant-e Corporation Announces Financial Results for 2008

Company Reports 24% Increase in Revenue over Prior Year, Net Income Exceeds $1 Million for 2nd Consecutive Year

DAYTON, Ohio, Wednesday March 4, 2009 — Advant-e Corporation (OTC Bulletin Board: AVEE), a provider of Internet-based Electronic Data Interchange services and electronic document management software and services today announced financial and operating results for the year ending December 31, 2008.

The Company reported record revenues for 2008 of $8,869,169, a 24% increase over revenues of $7,162,329 for 2007. The increase is attributable to continued growth of the Company’s internet-based EDI services and the first full year of revenue from products and services sold by Merkur Group, Inc., which was acquired on July 2, 2007.

The Company reported record net income for 2008 of $1,063,790 or $.16 per share compared to $1,022,679 or $.15 per share in 2007. Net income increased 4% in 2008 compared to 2007.

Highlights of 2008 financial and operating results include:



Revenue Increased for the Eighth Consecutive Year – Revenue increased across all significant product and service categories in 2008 compared to 2007, including Web EDI growth of 10% in grocery and 23% in automotive.



Net Income Exceeded $1 million for Second Consecutive Year – The Company in 2008 reported net income for the sixth consecutive year.



Merkur Group Inc. Acquisition – On July 2, 2007, the Company acquired Merkur Group Inc. Merkur contributed $2,137,152 to revenue in 2008 and net income of $121,048 before deducting non-cash charges pertaining to amortization of intangible assets of $54,216.



Strong Cash Position at Year-end – Cash and cash equivalents of almost $2.1 million provides a solid foundation for meeting the economic challenges due to the credit crisis and weakening economy in 2009.



One Time Dividend – In 2008 the Company paid a one-time cash dividend of $.14 per share totaling $940,704 to shareholders of record as of October 24, 2008.



The Company has no Outstanding Bank or Other Long-Term Debt – The Company continues to maintain an unused $1 million bank line of credit.



Share Repurchase Program – In 2008 the Company repurchased 101,096 shares of common stock at an average price of $1.49 per share.

Mr. Jason K. Wadzinski, Chairman and CEO of Advant-e stated, “2008 was a challenging year for Advant-e and almost all other companies due to the credit crisis, weakening economy, and other factors. I am pleased that even with all of the issues that have negatively impacted businesses across the country, we continued to grow top line revenue last year and that we surpassed $1 million in net income for the second consecutive year.”

The following information was filed by Advant E Corp (ADVC) on Thursday, March 5, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one year to another to evaluate Advant E Corp's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Advant E Corp.


Assess how Advant E Corp's management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Advant E Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2009 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors


SEC Filing Tools

Material Contracts, Statements, Certifications & more

Advant E Corp provided additional information to their SEC Filing as exhibits

Ticker: ADVC
CIK: 925043
Form Type: 10-K Annual Report
Accession Number: 0001193125-09-066109
Submitted to the SEC: Fri Mar 27 2009 4:28:14 PM EST
Accepted by the SEC: Fri Mar 27 2009
Period: Wednesday, December 31, 2008
Industry: Prepackaged Software

External Resources:
Stock Quote
Social Media

Bookmark the Permalink: