PITTSBURGH--(BUSINESS WIRE)--Wizzard Software (NYSE Amex: WZE), the world’s leading podcasting network, today announced preliminary results for the first quarter ending March 31, 2011.
Total revenue for the first quarter was $1.57 million compared with $1.30 million in the first quarter of 2010, an increase of 20%. Wizzard achieved a gross profit of $699,000 for the first quarter of 2011, versus a gross profit of $485,000 in the first quarter of 2010, an increase of 44%.
Operating expenses totaled $1.1 million, a 10% decrease from operating expenses of $1.2 million in the first quarter of 2010.
Preliminary net loss available to common shareholders, including non-cash expenses, was $607,000 or $0.01 per share, in the quarter ended March 31, 2011. This represents a 55% decrease from our net loss of $1.3 million, or $0.02 per share, in the first quarter of 2010.
As of March 31st, 2011, Wizzard’s cash on hand was in excess of $2.4 million. The first quarter results were highlighted by solid performance across all of Wizzard's business segments.
"As we start 2011 with over $2.4 million cash in the bank and debt free, with no outstanding convertible notes, preferred stock, interest payments or dilutive ratchets, we are positioned to achieve profitability,” said Chris Spencer, chief executive officer at Wizzard Software. “We are executing on our innovation roadmap with new moneymaking tools and products for our podcast publishing customers and we continue to expand on our market leadership position. For the first time since we entered the podcasting industry we have a clear picture of how to capitalize on the asset we have created and with the current capital on hand, and the clean balance sheet, we have never been in a better position to do so.”
At this time, the Company is finalizing its financial results for the first quarter of 2011 and will report those results on or before May 16, 2011. The results described above are estimated, preliminary and may change. Since the Company has not completed the normal quarterly closing and review procedures for the quarter ended March 31, 2011, and subsequent events may occur that require adjustments to these results, there can be no assurance that the final results for the quarter ended March 31, 2011 will not differ materially from these estimates. These estimates should not be viewed as a substitute for full interim financial statements prepared in accordance with GAAP.
About Wizzard:
Through its Media business segment, Wizzard Media provides podcast publishers with distribution and monetization services. Our clients include Microsoft, National Geographic, Harvard Business Review, NPR and more than 14,000 others who use Wizzard Media products to measure their podcast audience, deliver popular audio and video entertainment and monetize their content through advertising and App sales. In 2010, the Wizzard Media Network received over 1.64 billion podcast requests from approximately 20 million monthly users worldwide through iPods, iPhones, iTunes, Zunes, Androids, BlackBerrys and many other devices and destinations. Wizzard Media is part of a publicly-held, Pittsburgh based company with Software and Healthcare business segments, thousands of shareholders and a world-class team. Visit us on the web at www.wizzardsoftware.com/media, email us at contact@wizzard.tv.
Legal Notice
Legal Notice Regarding Forward-Looking Statements: "Forward-looking Statements" as defined in the Private Securities litigation Reform Act of 1995 may be included in this news release. These statements relate to future events or our future financial performance. These statements are only predictions and may differ materially from actual future results or events. We disclaim any intention or obligation to revise any forward-looking statements whether as a result of new information, future developments or otherwise. There are important risk factors that could cause actual results to differ from those contained in forward-looking statements, including, but not limited to risks associated with changes in general economic and business conditions, actions of our competitors, the extent to which we are able to develop new services and markets for our services, the time and expense involved in such development activities, the level of demand and market acceptance of our services, changes in our business strategies and acts of terror against the United States.