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Advant-e Corporation Announces Third Quarter 2003 Results

Company Reports 39% Increase in Revenue and 18% Pre-Tax Profitability


DAYTON, Ohio, Nov. 4 /PRNewswire-FirstCall/ -- Advant-e Corporation (OTC Bulletin Board: ADVC - News), a provider of Internet-based business-to-business electronic commerce services, today announced financial and operating results for the quarter ending September 30, 2003.

For the third quarter of 2003 the Company reported revenues of $759,865, a 39% increase over revenues of $546,410 in the third quarter in 2002 and a 6% increase over revenues of $715,108 in the second quarter of 2003. The increase in revenue was the result of continued growth and market acceptance of the Company's internet-based electronic commerce subscription services.

Operating expenses in the quarter were $624,238 compared to $608,586 in the same period in 2002 and $717,135 in the second quarter of 2003.

Net profit for the quarter was $108,142, or $.02 per share, compared to a net loss of $63,376, or ($.01) per share for the same period in 2002 and a net loss of $5,979, or ($.00) per share for the second quarter of 2003.

For the nine months ending September 30, 2003, revenue was $2,124,351, a 47% increase over revenue of $1,441,097 for the same period in 2002. Net profit for the first nine months of 2003 was $32,339 compared to a net loss of $146,233 in the first nine months of 2002.

Jason K. Wadzinski, President and CEO of Advant-e, stated, "We are pleased with our third quarter results as our primary goal for the quarter was improving cash flow and achieving profitability. Going forward, we are focusing on our sales and marketing activities and will be expanding our product and service offerings to increase our ability to further assist our customers with connecting, integrating, managing, and expanding their eBusiness trading communities."

During the third quarter, the Company paid accrued interest to holders of its convertible debt in the amount of $129,094 and retired $25,000 of the convertible notes. An additional $24,187 of accrued interest was paid in early October.


                     ADVANT-E CORPORATION AND SUBSIDIARY
              CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)


                                     Three Months Ended  Nine Months Ended
                                        September 30,     September 30,
                                       2003      2002      2003     2002
                                       ----      ----      ----     ----
    REVENUES
      Internet products and services $722,411  478,361 1,987,852 1,205,877
      Software and license fees        37,454   68,049   136,499   235,220
                                     --------  ------- --------- ---------
         Total revenues               759,865  546,410 2,124,351 1,441,097
                                     --------  ------- --------- ---------
    OPERATING EXPENSES
      Production                       27,191   38,658    86,910   107,543
      Salaries and benefits           338,667  281,346 1,108,673   757,057
      General and administrative      136,502  132,089   486,032   325,533
      Depreciation                     13,814    5,889    36,660    20,691
      Amortization of software
        development costs              75,061   53,282   214,942   111,594
      Interest                         33,003   97,322   139,365   256,302
                                     --------  -------  --------  --------
         Total operating expenses     624,238  608,586 2,072,582 1,578,720
                                      -------  ------- --------- ---------
    INCOME (LOSS) BEFORE TAXES        135,627 ( 62,176)   51,769 ( 137,623)

    INCOME TAXES                       27,485    1,200    19,430     8,610
                                      -------  -------    ------   -------
    NET INCOME (LOSS)               $ 108,142 ( 63,376)   32,339 ( 146,233)
                                      =======   ======    ======   =======

    EARNINGS (LOSS) PER SHARE
      Basic                           $  0.02    (0.01)     0.01     (0.03)
                                         ====     ====      ====      ====
      Diluted                            0.02    (0.01)     0.01     (0.03)
                                         ====     ====      ====      ====
    AVERAGE SHARES OUTSTANDING
      Basic                         5,661,002 5,661,002 5,661,002 5,661,002
                                    ========= ========= ========= =========
      Diluted                       5,908,532 5,661,002 5,745,797 5,661,002
                                    ========= ========= ========= =========


                     ADVANT-E CORPORATION AND SUBSIDIARY
                         CONSOLIDATED BALANCE SHEETS

                                                 September 30,  December 31,
                                                     2003           2002
                                                     ----           ----
                                                 (Unaudited)
                     ASSETS

    CURRENT ASSETS
      Cash and cash equivalents                    $   184,256     98,740
      Accounts receivable, net                         194,855    157,655
      Prepaid expenses                                  20,362     46,817
      Deferred income taxes                             21,170     40,600
                                                     ---------  ---------
        Total current assets                           420,643    343,812
                                                     ---------  ---------
    SOFTWARE DEVELOPMENT COSTS, net of
      accumulated amortization of $509,708
      at September 30, 2003 and $294,767
      at December 31, 2002                             530,771    634,956
    PROPERTY AND EQUIPMENT, net of
      accumulated depreciation of $140,120
      at September 30, 2003 and $103,460
      at December 31, 2002                             163,110    171,589
    OTHER ASSETS
      Deferred income taxes                             79,046     79,046
      Deposits                                           6,583      6,583
                                                     ---------  ---------
                                                        85,629     85,629
                                                     ---------  ---------
        Total assets                               $ 1,200,153  1,235,986
                                                     =========  =========

    LIABILITIES AND SHAREHOLDERS' EQUITY

    CURRENT LIABILITIES
      Accounts payable                             $    59,963    158,320
      Accrued interest                                  74,206    118,025
      Other accrued expenses                            93,255     49,600
      Deferred revenue                                 114,236     93,893
      Bank note payable                                  8,521     14,097
      Convertible subordinated notes payable, net      750,000    729,621
      8% demand notes payable to shareholder            45,000     45,000
                                                     ---------  ---------
        Total current liabilities                    1,145,181  1,208,556
                                                     ---------  ---------
    LONG-TERM LIABILITIES
      Bank note payable, less current maturities             -      4,797
                                                     ---------  ---------
        Total liabilities                            1,145,181  1,213,353
                                                     ---------  ---------
    SHAREHOLDERS' EQUITY
      Common stock, $.001 par value; 20,000,000
        shares authorized; 5,661,002 issued and
        outstanding                                      5,661      5,661
      Paid-in capital                                  850,459    850,459
      Accumulated deficit                             (801,148)  (833,487)
                                                     ---------  ---------
        Total shareholders' equity                      54,972     22,633
                                                     ---------  ---------
        Total liabilities and shareholders' equity $ 1,200,153  1,235,986
                                                     =========  =========


                     ADVANT-E CORPORATION AND SUBSIDIARY
              CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

                                                       Nine Months Ended
                                                         September 30,
                                                        2003      2002
                                                        ----      ----
    CASH FLOWS FROM OPERATING ACTIVITIES
      Net income (loss)                              $  32,339  (146,233)
      Adjustments to reconcile net income (loss)
        to net cash provided by operating activities:
          Depreciation                                  36,660    20,691
          Amortization of software development costs   214,942   111,594
          Deferred income taxes                         19,430     8,610
          Amortization of note discount resulting
            from valuation of warrants and beneficial
            conversion features                         45,379   180,680
          Increase (decrease) in cash arising from
          changes in assets and liabilities:
            Accounts receivable                        (37,200)  (73,682)
            Prepaid expenses                            26,455    18,256
            Accounts payable                           (98,357)   12,415
            Accrued interest                           (43,819)   62,708
            Other accrued expenses                      43,655    43,982
            Deferred revenue                            20,343   (15,677)
            Deposits                                         -   ( 6,584)
                                                       -------   -------
            Net cash provided by operating activities  259,827   216,760
                                                       -------   -------

    CASH FLOWS FROM INVESTING ACTIVITIES
      Purchases of equipment                          ( 28,181) ( 69,742)
      Software development costs                      (110,757) (276,901)
                                                       -------   -------
            Net cash used in investing activities     (138,938) (346,643)
                                                       -------   -------

    CASH FLOWS FROM FINANCING ACTIVITIES
      Proceeds from convertible subordinated notes           -   250,000
      Payments on convertible subordinated notes      ( 25,000)        -
      Payments on bank loans                          ( 10,373)  (58,115)
                                                        ------  --------
            Net cash provided by (used in)
            financing activities                      ( 35,373)  191,885
                                                        ------   -------
    NET INCREASE IN CASH AND CASH EQUIVALENTS           85,516    62,002

    Cash and cash equivalents, beginning of period      98,740   180,679
                                                       -------  --------
    CASH AND CASH EQUIVALENTS, END OF PERIOD         $ 184,256   242,681
                                                       =======  ========
    SUPPLEMENTAL DISCLOSURE OF CASH FLOW ITEMS
      Interest paid                                  $ 137,804    12,759
      Non-cash transactions
        Fair value of warrants issued with
          convertible subordinated notes                     -    27,500
        Value of beneficial conversion feature of
          convertible subordinated notes                     -    52,000


About Advant-e

Advant-e, via its wholly owned and sole operating subsidiary Edict Systems, Inc., is a provider of Business-to-Business electronic commerce software and Internet-based applications specializing in Electronic Data Interchange (EDI) and XML-based solutions for recurring transactions. Advant-e specializes in horizontal transaction services via EnterpriseEC®, an Internet-based Trading Community Connectivity, Management, and Integration solution, and within specific industries via web-based EDI services including www.GroceryEC.com, www.RetailEC.com, www.AutomotiveEC.com, www.CPGSupplier.com, and www.WebEDI.com.

Additional information about Advant-e Corporation can be found at www.Advant-e.com and www.edictsystems.com or by contacting investor relations at (937) 429-4288. The company's email is info@edictsystems.com.

Copyright © 2000-2009 Advant-e Corporation
All Rights Reserved
Phone: (800) 443-3428
Fax: (937) 429-4309
Please send comments on this page to info@edictsystems.com


The information in this news release includes certain forward looking statements that are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including statements to the future financial performance of the company. Although the company believes that the expectations reflected on its forward looking statements are reasonable, it can give no assurance that such expectations or any or its forward-looking statements will prove to be correct. Factors that could cause results to differ include, but are not limited to, successful performance of internal plans, product development and acceptance, the impact of competitive services and pricing, or general economic risks and uncertainties.