Wizzard Software Announces 2011 Financial Results

Wizzard Software (NYSE Amex: WZE) announced 2011 financial results today, recording overall revenues of $6,540,217 in 2011, an increase of $1,000,095 or approximately 18% from revenues of $5,540,122 in 2010. The overall increase in revenue for 2011 reflects increased revenue across all business segments. Wizzard’s 2011 Speech business revenue grew 3%; Healthcare grew 11% and our Media business revenue increased by 40%.

For the fourth quarter of 2011, Wizzard recorded overall revenues of $1,820,948, an increase of 26% from revenues of $1,448,401 in the fourth quarter of 2010. Our Media business revenues increased 45% in the fourth quarter when compared to the fourth quarter of 2010 with Healthcare up 20% and our Speech business up 6%.

Wizzard generated a gross profit of $3,064,831 in 2011, versus a gross profit of $2,009,019 in 2010, an increase of 53%. For the fourth quarter of 2011, Wizzard generated a gross profit of $911,729 versus a gross profit of $549,938 in 2010, an increase of 66%, led by our Media business, which saw an increase in gross profit of 156% in the fourth quarter of 2011.

Excluding the non-cash charge for the impairment of goodwill, basic and diluted loss per common share was $.07 for the fourth quarter of 2011, versus $.66 for the fourth quarter of 2010. The $.07 loss per common share for the fourth quarter of 2011 does include other non-cash expenses and acquisition related due diligence costs. Excluding the non-cash charge for the impairment of goodwill, Basic and diluted loss per common share was $.24 in 2011 versus $.76 for 2010.

Net loss available to common stockholders increased 143% to $9,979,883 in 2011, as compared to a net loss available to common stockholders of $4,110,459 in 2010. This increase in net loss available to common stockholders for 2011 was primarily due to the recording of $7,785,757 non-cash expense for impairment of goodwill. Basic and diluted loss per common share was $1.31 in 2011, compared to $0.76 in 2010.

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