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NEW YORK and LOS ANGELES, April 23, 2013 (GLOBE NEWSWIRE) --
Wizard World, Inc. (OTCBB:WIZD) announces letter to shareholders from its Chief Executive Officer, John Macaluso:
Dear Valued Shareholder,
I write to you at an exciting and important time for Wizard World, Inc. ("Wizard World" or the "Company") and would like to offer my most sincere thank you for your continued and amazing support over the past year. We have experienced a number of recent positive developments that I would like to share with you as we continue to grow as a company and as the leading presenter of Comic Con touring exhibitions around the country.
Improved Financial Results in 2012
We believe that our ability to successfully grow our Comic Cons will enhance our ability to be profitable on an annual basis for the first time in many years. During the fiscal year 2012, we made substantial progress in expanding our shows through organic growth, and better business practices that we have put in place. While we have experienced a loss of approximately $1.02 million and approximately $2.01 million for the years ended December 31, 2012 and 2011, respectively, total revenue for the year ended December 31, 2012 increased by 78% to $6.74 million compared to $3.78 million for the comparable year ended December 31, 2011. The net loss during the year ended December 31, 2012 was primarily attributable to derivative and interest expenses associated with our financing activities. We had income from operations of approximately $198 thousand for the year ended December 31, 2012 as compared to a loss from operations of approximately $3.2 million for the comparable year ended December 31, 2011. In addition, we generated approximately $243 thousand in cash from operations during the year ended December 31, 2012 as compared to exhausting approximately $1.6 million in cash from operations during the comparable year ended December 31, 2011. Such stronger revenue growth has enabled us to leverage opportunities afforded by our business model, as evidenced by our significant improvements in gross profit as compared to the previous year. Our primary operational objective is achieving sustainable long-term profitability.