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Alliance Distributors Holding Inc. Reports September 30, 2012 Financial Results

Also Reports Signing Publishing Agreements with Microsoft, Sony and Nintendo

NEW YORK, Nov. 29, 2012 /PRNewswire/ -- Alliance Distributors Holding Inc. (Pink Sheets: ADTR), a distributor of interactive video games and gaming products, today announced its financial results for its first quarter ended September 30, 2012.

Net sales for the first quarter in 2012 were $12.3 million, up 19% from the comparable 2011 period.  Net income for the first quarter in 2012 declined to $16,000 from $46,000 in the first quarter of 2011.  The decrease in net income reflects in part $125,000 in severance and related charges in connection with the previously announced outsourcing by the Company of its warehousing and fulfillment operations.

Jay Gelman, Chairman and Chief Executive Officer, said, "Year-over-year video game industry revenue continues to show a decline. We have been able to avoid significant downturns in our revenues by investing in value software and pursuing opportunities in key frontline software titles, and operations should increasingly benefit from the outsourcing we completed in the October. However, our results in the current quarter ending December 31, 2012 will be negatively impacted by business disruption from recent Hurricane Sandy.

"The first quarter also saw progress in our branching out into the publishing aspect of the video game business. Alliance Metaversal Studio LLC, our content development arm, signed publishing license agreements with Microsoft, Sony Computer Entertainment of America, and Nintendo of America. The addition of these rights to our iOS, Android, and Steam publishing rights gives Metaversal Studios platforms to publish offerings that may be made available to us from a wide variety of developers."

About Alliance Distributors Holding Inc.

Alliance Distributors Holding Inc. (www.alliancedistributors.com), which does business as Alliance Distributors, is a full-service wholesale videogame distributor, specializing in gaming products and accessories for all key manufacturers and 3rd party publishers. Alliance Distributors offers support on: PS3®, PlayStation®Vita, PSP®, PS2®, Xbox 360® video game and entertainment system from Microsoft, Wii U, Wii, 3DS and DS, peripherals and software titles. Alliance develops downloadable and social content video games through Metaversal Studios (www.metaversalstudios.com), which it wholly-owns.

Safe Harbor

Certain statements contained in this press release contain forward-looking statements including without limitation, statements concerning our operations, economic performance, and financial condition.  The words "estimate," "believe," "expect," "should" and "anticipate" and other similar expressions generally identify forward-looking statements, which speak only as of their dates.

Investors are cautioned that all forward-looking statements, which are based largely on our current expectations, involve risks and uncertainty. Actual results, events and circumstances (including future performance, results and trends) could differ materially from those set forth in such statements due to various factors, risks and uncertainties, including without limitation, risks associated with technological change, competitive factors and general economic conditions, including the related impact on discretionary consumer spending, changes in marketing and distribution strategies by manufacturers, continued shortages of new platform systems, timely development and release of video game products we produce, potential cost overruns in our development of video games, ability to protect our intellectual property rights, potential claims that we have infringed the intellectual property rights of others, market acceptance of games we develop, ability to realize anticipated benefits of acquisitions, potential undiscovered liabilities of companies that we acquire, changes in our business or growth strategy, the emergence of new or growing competitors, various other competitive and technological factors. There can be no assurance that the results referred to in the forward-looking statements contained in this release will occur. The Company has no duty and undertakes no obligation to update any forward-looking information, whether as a result of new information, future developments or otherwise.

Xbox, Xbox 360 and Xbox LIVE are either registered trademarks or trademarks of the Microsoft group of companies.

ALLIANCE DISTRIBUTORS HOLDING INC. AND SUBSIDIARIES

INCOME STATEMENTS

THREE MONTHS ENDED SEPTEMBER 30, 2012 AND 2011

(Unaudited; in thousands)





2012

2011




NET SALES

$12,264

$10,280




COST OF GOODS SOLD

10,527

8,761




GROSS PROFIT

1,737

1,519




OPERATING COSTS AND EXPENSES

1,539

1,347




INCOME FROM OPERATIONS BEFORE



  SPECIAL CHARGES

198

172




Special Charges – warehouse closure

125

-




INCOME FROM OPERATIONS

73

172




Interest expense

47

88




INCOME BEFORE PROVISION FOR INCOME TAXES

26

84




Provision for income taxes

10

38




NET INCOME

$    16

$    46







Net income per share:



   Basic and diluted

$      -

$      -




Weighted average common shares outstanding:






   Basic and diluted

44,157

44,157


 

ALLIANCE DISTRIBUTORS HOLDING INC. AND SUBSIDIARIES

CONDENSED BALANCE SHEETS

(Unaudited, in thousands)






September,

September,


2012

2011




ASSETS






CURRENT ASSETS:



  Cash and equivalents

$     351

$     362

  Accounts receivable-net

6,228

4,060

  Inventory

6,021

7,780

  Advances to suppliers

120

677

  Prepaid expenses and other current assets

197

155

  Deferred income taxes

308

268




                Total current assets

13,225

13,302




PROPERTY AND EQUIPMENT – NET

113

140




DEFERRED INCOME TAXES

215

230




OTHER ASSETS

98

77




TOTAL

$13,651

$13,749




LIABILITIES AND STOCKHOLDERS' EQUITY






CURRENT LIABILITIES:



  Asset-based revolving loan – bank

$ 2,423

$         -

  Notes payable – bank

-

5,388

  Current portion of long-term debt

500

-

  Accounts payable

4,746

3,795

  Accrued expenses and other current liabilities

422

299




                Total current liabilities

8,091

9,482




LONG-TERM DEBT

886

-




STOCKHOLDERS' EQUITY

4,674

4,267




TOTAL

$13,651

$13,749




COMMON SHARES OUTSTANDING

44,157

44,157

 

ALLIANCE DISTRIBUTORS HOLDING INC. AND SUBSIDIARIES

CONDENSED STATEMENTS OF CASH FLOWS

THREE MONTHS ENDED SEPTEMBER 30, 2012 AND 2011

(Unaudited, in thousands)





2012

2011

OPERATING ACTIVITIES:



    Net income

$      16

$      46

    Adjustments to reconcile net income to net cash provided by



        operating activities:



        Depreciation and amortization

17

24

        Deferred income taxes

(106)

-

        Other

6

20

        Changes in operating assets and liabilities-net

506

(506)




                Net cash provided by (used in) operating activities

439

(416)




INVESTING ACTIVITIES:



    Security deposit

(42)

-

    Purchase of property and equipment

(24)

(9)




               Net cash used in investing activities

(66)

(9)




FINANCING ACTIVITIES:



    Repayments of asset-based revolving loan – bank, net of proceeds

(489)

-

    Repayments of note payable, net of proceeds – bank

-

(201)

    Payment of long-term debt

(114)

-




                Net cash used in financing activities

(603)

(201)




DECREASE IN CASH AND EQUIVALENTS

(230)

(626)




CASH AND EQUIVALENTS, BEGINNING OF PERIOD

581

988




CASH AND EQUIVALENTS, END OF PERIOD

$  351

$  362

 

SOURCE Alliance Distributors Holding Inc.

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