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 and 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 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.