FAB Universal (NYSE MKT: FU) announced 2012 full year financial results today recording overall revenues of $27,458,730, an increase of $24,344,234, or 782% from full year revenues of $3,114,496 in 2011. The overall increase in revenue for 2012 is substantially due to the acquisition of Digital Entertainment International.
For the full year of 2012, FAB posted a Net Loss of ($4,004,225) or ($.34) per share versus a Net Loss of $(9,979,883) or ($1.31) per share in 2011, due to acquisition related stock issuances and expenses. For the full year of 2012 FAB incurred Non-Cash Expenses of $7,285,243.
For the fourth quarter of 2012, FAB recorded overall revenues of $ 23,996,232, an increase of 2,627% from revenues of $879,912 in the fourth quarter of 2011. This increase is substantially due to the acquisition of Digital Entertainment International.
For the fourth quarter of 2012, FAB posted a Net Income of $2,274,415 or $.11 per share versus a Net Loss of ($7,826,702) or ($1.03) per share in 2011. For the fourth quarter of 2012 FAB incurred Non-Cash Expenses of $1,879,006.
“Our fourth quarter 2012 financial performance was outstanding with all of our business divisions exceeding our expectations,” said Chris Spencer, FAB Universal CEO. “We had a record profit for the fourth quarter and we expect to see strong growth throughout 2013. We look forward to generating $100 million in business in 2013 and continuing to look for substantial, cash generating digital media acquisitions both in the U.S. and abroad.”
At the end of the fourth quarter, FAB had cash on hand of $19.7 million, an increase of $5.0 million from the end of the third quarter. The increase was driven by a strong fourth quarter of business operations.
FAB Universal Corp. expects to generate approximately between $23.1 million and $23.8 million in revenue in the first quarter of 2013 and between $98.9 million and $102.6 million for the full year 2013. The Company expects after tax Net Income between $4.1 million and $4.4 million for the first quarter of 2013 and between $19.3 million and $20.1 million for the full year 2013.