|[May 15, 2012]
Wizzard Software Announces First Quarter Results
PITTSBURGH --(Business Wire)--
Wizzard Software (NYSE Amex: WZE), the world's leading podcast network,
today announced financial results for the first quarter ending March 31,
Total revenue for the first quarter was $1.86 million compared with
$1.57 million in the first quarter of 2011, an increase of 18%. Wizzard
achieved a gross profit of $887,700 for the first quarter of 2012,
versus a gross profit of $698,833 in the first quarter of 2011, an
increase of 27%.
The first quarter results were highlighted by a strong performance by
Wizzard's Media business segment that saw revenues up 44% in the first
quarter of 2012 vs. the first quarter of 2011.
Operating expenses totaled $1.88 million, a 77% increase from operating
expenses of $1.06 million in the first quarter of 2011 due to
acquisition related expenses and non cash stock issuances prior to the
Net loss available to common shareholders, including non-cash and
acquisition related due diligence expenses, was $997,230 or $0.12 per
share, in the quarter ended March 31, 2012. This represents a 64%
increase from a net loss of $606,759, or $0.09 per share, in the first
quarter of 2011.
"Excluding non-cash expenses, Wizzard's net loss to shareholders was
$.0191, which after the shareholder approved reverse stock split and
including due diligence and other acquisition related costs, is one of
our better performing quarters," said Chris Spencer, Wizzard CEO.
"During the first quarter we launched our much awaited Netflix like
podcast subscription service, we saw our unique network audience grow to
23 million people, finalized the merger negotiations with FAB (signing
the deal nine days after the quarter closed), we managed a challenging
proxy vote with overwhelming success and finalized plans to spin-off our
Home Healthcare business to shareholders as a new public company."
The previously mentioned numbers nd statements are highlights from
Wizzard's 2012 First Quarter 10Q filing. For a complete and detailed
financial description of Wizzard Software Corporation, please visit www.sec.gov,
where all of Wizzard's SEC (News - Alert) filings can be found.
Chris Spencer, CEO, and John Busshaus, CFO, will host a conference call
on Thursday, May 17th at 11:00 a.m. ET to review and discuss 2012 Q1
financial results and provide a brief business update.
Shareholders and other interested parties may participate in the
conference call by dialing 1-877-407-0778 (U.S. callers); 201-689-8565
(international callers) a few minutes before the call start time. The
call will be broadcast simultaneously and archived on the Internet at:
Questions for consideration for the call can be emailed to firstname.lastname@example.org
prior to 9:00 a.m. ET, on May 17th, 2012.
Through its Media business segment, Wizzard Media provides podcast
publishers with distribution and monetization services. Our clients
include Microsoft (News - Alert), 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 2011, the Wizzard Media Network
received over 1.64 billion podcast requests from approximately 23
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 email@example.com.
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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