Wizzard Software (NYSE MKT: WZE), the world’s leading podcast network, today announced financial results for the second quarter ending June 30, 2012.
Total revenue for the second quarter was $2,037,118 compared with $1,460,435 in the second quarter of 2011, an increase of 39%. Wizzard achieved a gross profit of $915,199 for the second quarter of 2012, versus a gross profit of $644,711 in the second quarter of 2011, an increase of 42%.
The second quarter results were highlighted by a strong performance by Wizzard's Healthcare business that saw revenues up 50% in the second quarter of 2012 vs. the second quarter of 2011 and Wizzard’s Media business that saw revenues up 25% in the second quarter of 2012 vs. the second quarter of 2011.
Operating expenses totaled $1,251,745, a 16% increase from operating expenses of $1,075,048 million in the second quarter of 2011 due to acquisition related costs and non-cash expenses.Net loss available to common shareholders, including non-cash and acquisition related expenses, was $330,138 or $0.04 per share, in the quarter ended June 30, 2012. This represents a 23% decrease from a net loss of $428,743, or $0.06 per share, in the second quarter of 2011. “In the second quarter of 2012, Wizzard entered into a definitive share exchange agreement for the acquisition of FAB, signed podcast deals with Adam Carolla and George Lopez, officially launched our new Facebook App and grew overall revenues by 39%,” says Chris Spencer, Wizzard CEO. “All three of our business segments saw revenue growth and we remain very excited about our imminent acquisition of FAB and the spin-off of our healthcare operations. With our healthcare business seeing 50% revenue growth in the second quarter vs. the same period in 2011, we believe our shareholders have an opportunity to realize increased asset value with the planned spin-off and we look forward to announcing the record date in the next several days.”