Admar Income Declines; Marketing Costs Blamed
Admar Group Inc., the Santa Ana developer and administrator of managed health care services, posted net income of $57,000, or less than 1 cent per share, for the second fiscal quarter, down 50% from the $113,000, or 1 cent per share, recorded for the like period a year ago. Revenue for the quarter ended July 31 dropped 7%, to $2.5 million from $2.7 million.
The company said the decline in net income resulted from increased marketing expenditures related to the development of five new marketing offices in the past nine months.
Net income for the first half was $114,000, or 1 cent per share, on revenue of $4.9 million. For the comparable period last year, net income totaled $237,000, or 3 cents per share, on revenue of $5.3 million.