Wizzard Software Announces Second Quarter Results With 11% Overall Revenue Growth, Media Revenue Up 55%
PITTSBURGH--(BUSINESS WIRE)-- Wizzard Software (NYSE Amex: WZE), the world’s leading podcast network, today announced financial results for the second quarter ending June 30, 2011.
Total revenue for the second quarter was $1.46 million compared with $1.32 million in the second quarter of 2010, an increase of 11%. Wizzard achieved a gross profit of $644,711 for the second quarter of 2011, versus a gross profit of $448,629 in the second quarter of 2010, an increase of 44%.
Operating expenses totaled $1.1 million, a 14% decrease from operating expenses of $1.2 million in the second quarter of 2010.
Net loss available to common shareholders, including non-cash expenses, was $428,743 or $0.004 per share, in the quarter ended June 30, 2011. This represents a 63% decrease from a net loss of $1.14 million, or $0.017 per share, in the second quarter of 2010.
As of June 30th, 2011, Wizzard’s cash on hand was in excess of $2.09 million. The second quarter results were highlighted by a strong performance by Wizzard's Media business segment that saw revenues up 55% in the second quarter of 2011 vs. the second quarter of 2010.
“Last quarter we said, ‘we now have a clear picture of how to capitalize on the Media asset we have created, and with the current capital on hand and the clean balance sheet, we have never been in a better position to do so’, and then subsequently we entered into a large transaction with FAB, a high growth digital media distributor that will expand our Media business exponentially,” said Chris Spencer, Chief Executive Officer at Wizzard Software. “As we continue to grow our Media asset, we are undertaking an aggressive growth strategy and expect to make several key transactions over the next 18 months. We believe we now have the technology, products and team to create a large, profitable digital media distribution company. We plan to leverage the giant network Wizzard and FAB already have and achieve an economically viable model. We intend to successfully compete with Netflix, Hulu, YouTube and HBO GO for space and attention on consumers’ mobile devices both in the U.S. and internationally. We are seeing a new realm of opportunity for digital media distribution now that mobile devices are proliferating at such a rapid pace.”
The previously mentioned numbers and statements are highlights from Wizzard’s 2011 10Q filing. For a complete and detailed financial description of Wizzard Software Corporation, please visit www.sec.gov, where all of Wizzard’s SEC filings can be found.
About Wizzard:
Through its Media business segment, Wizzard Media provides podcast publishers with distribution and monetization services. Our clients include Microsoft, Harvard Business Review, NPR and more than 14,000 others who use Wizzard Media products to measure their podcast audience, deliver popular audio and video entertainment and monetize their content through advertising and App sales. In 2010, the Wizzard Media Network received over 1.64 billion podcast requests from approximately 19 million monthly users worldwide through iPods, iPhones, iTunes, Zunes, Androids, BlackBerrys and many other devices and destinations. Wizzard Media is part of a publicly-held, Pittsburgh based company with Software and Healthcare business segments, thousands of shareholders and a world-class team. Visit us on the web at www.wizzardsoftware.com/media, email us at contact@wizzard.tv.
Legal Notice
Legal Notice Regarding Forward-Looking Statements: "Forward-looking Statements" as defined in the Private Securities litigation Reform Act of 1995 may be included in this news release. These statements relate to future events or our future financial performance. These statements are only predictions and may differ materially from actual future results or events. We disclaim any intention or obligation to revise any forward-looking statements whether as a result of new information, future developments or otherwise. There are important risk factors that could cause actual results to differ from those contained in forward-looking statements, including, but not limited to risks associated with changes in general economic and business conditions, actions of our competitors, the extent to which we are able to develop new services and markets for our services, the time and expense involved in such development activities, the level of demand and market acceptance of our services, changes in our business strategies and acts of terror against the United States.
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