iPhone

Wizzard Software Announces First Quarter Results

TMCNet:  Wizzard Software Announces First Quarter Results

[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, 2012.

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 acquisition.

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:

http://www.investorcalendar.com/IC/CEPage.asp?ID=168639

Questions for consideration for the call can be emailed to ir@wizzardsoftware.com prior to 9:00 a.m. ET, on May 17th, 2012.

About Wizzard:

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 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.


[ Back To iphone.tmcnet.com's Homepage ]

Free iPhone Newsletter