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Thursday, March 22, 2012
Advant-e Corporation Announces Financial
Results for 2011
Company Reports Record Revenue and Net Income; Revenue increased 3%
and Net income increased 8% compared to 2010
Beavercreek, Ohio, March 22, 2012 Advant-e Corporation (OTCBB: ADVC) today announced financial and operating results for the year ending December 31, 2011. The Company provides Internet-based Electronic Data Interchange services through Edict Systems, Inc. and sells electronic document management software and services through Merkur Group, Inc.
The Company reported revenue in 2011 of $9,588,535 compared to revenue of $9,302,611 in 2010, and reported net income for 2011 of $1,711,380, or $.026 per share, compared to $1,585,339, or $.024 per share, in 2010.
Consolidated revenue set a record, and increased by 3% over 2010. Revenue for Edict Systems, which grew for the eleventh consecutive year, increased by 6% primarily from growth in Web EDI services in Grocery/Retail and Automotive, and in EnterpriseEC. Revenue from Merkur Group decreased by 12% as Merkur continues to face challenges in their targeted markets.
Consolidated net income set a record and increased by 8% over 2010. 2011 was the ninth consecutive year that the Company has reported a net profit. Net income from Edict Systems increased by 13%, and Merkur Group contributed net income of $170,392.
Mr. Jason K. Wadzinski, Chairman and CEO of Advant-e stated, We had a successful 2011 as we reported record revenue and record net income. We paid a $.02 per share special cash dividend and ended the year with a strong cash position with no outstanding bank or other long-term debt. We substantially exceeded our goal of 20% pre-tax profitability by achieving 27%. The Company moved to a new facility which provides additional space and infrastructure improvements. Edict Systems continued to convert Web EDI customers to our new platform, for which we have received favorable customer feedback.
Our goal for 2012 is to increase top-line revenue growth while maintaining acceptable profitability, continued Mr. Wadzinski. We will continue our efforts to grow in the industries in which we have a presence as well as focus on new opportunities.
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.
The following information was filed by Advant E Corp (ADVC) on Thursday, March 22, 2012 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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