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Last10K.com | 10-K Annual Report Fri Mar 27 2009
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.
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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
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