Advant-e Corporation Announces Financial Results For 2009
DAYTON, Ohio, March 11 /PRNewswire-FirstCall/ -- Advant-e Corporation (OTC Bulletin Board: ADVC), today announced financial and operating results for 2009. 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. Edict Systems and Merkur Group are wholly owned subsidiaries of Advant-e Corporation.
The Company reported revenue in 2009 of $8,649,199, a 2% decrease compared to revenue of $8,869,169 in 2008. The decrease is attributable to a significant decline in revenue from our Merkur Group subsidiary from $2,134,193 in 2008 to $1,505,974 in 2009. This decline was partially offset by the increase in revenue for Edict Systems from $6,734,976 in 2008 to $7,143,225 in 2009. Revenue for Edict Systems increased by $408,249, or 6%, while revenue from Merkur Group decreased by $628,219, or 29%.
The Company reported record net income for 2009 of $1,194,802, or $.018 per share, compared to $1,063,790, or $.016 per share, in 2008. Net income in 2009 increased 12% compared to 2008. Earnings per share for 2009 and 2008 reflect the increased number of outstanding shares that resulted from the ten for one stock split in the fourth quarter of 2009.
Highlights of 2009 financial and operating results include:
- Edict Systems Revenue Increased for the Ninth Consecutive Year – Revenue for Edict Systems increased across all major product and service categories in 2009 compared to 2008 with the exception of AutomotiveEC, which declined due to the overall weakness in the automotive sector. Revenue from EnterpriseEC®, a hosted integration service, increased by 15%, from $1,175,178 in 2008 to $1,351,233 in 2009.
- Net Income Exceeded $1 million for Third Consecutive Year – The Company in 2009 reported a net profit for the seventh consecutive year.
- Merkur Group Net Income increased by 47% – Despite a significant decline in revenue for Merkur Group, net Income increased by 47% to $177,459 in 2009 from $121,048 in 2008. The increase was due to the Company's efforts to control costs and operating expenses.
- Special Cash Dividend – In 2009 the Company announced a special cash dividend of $0.03 per share totaling $2,001,678, to be paid in three installments of $.01 per share. The first installment was paid in December of 2009. Two additional installments of $.01 per share each are scheduled to be paid in June of 2010 and December of 2010.
- Strong Cash Position at Year-end – Cash and cash equivalents of $2,713,996 provide a solid foundation for growth and meeting financial obligations in 2010 and beyond.
- No Outstanding Bank or Other Long-Term Debt – The Company continues to maintain an unused $1.5 million bank line of credit.
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