Wizard World announces first quarter financials
Wizard World, Inc. (OTCBB: WIZD) (the “Company”), leading provider of multiple Comic Cons and pop culture conventions across the world, today announced that the Company has released its first quarter 2014 financial results on Form 10-Q for the period ended March 31, 2014.
Wizard World hosted four comic cons in the first quarter of 2014: Portland, New Orleans, Sacramento and Louisville, bringing celebrities, artists, exhibitors and fans together in a pop culture and multimedia experience. Convention revenue for period ended March 31, 2014 was $5,173,198, an increase of $3,379,722 (or 188%) from $1,793,476 reported in the comparable period in 2013. The significant increase in revenue is primarily accredited to the Wizard World team’s dedication to providing an ultimate fan experience. As pop culture fans themselves and event professionals, the team continues to focus on delivering higher quality events, including better organization, more programming, and an exciting list of celebrities and artists to an increasing fan base, which all translates to higher revenue growth
The Company increased admissions revenue by increasing the number of events and attendees. Average revenue per event in the first quarter of 2014 was $1,293,299, as compared to $896,737 during the same period in 2013.
Operating expenses were $1,220,969 in the first quarter of 2014, as compared to $690,507 the same period in 2013, which was the result of increases in staffing and employment costs due to the increased number and size of the events.
Income from operations was $692,202 in the first quarter of 2014, an increase of 448% from $126,092 reported in the comparable period in 2013. The increase is primarily attributable to running more and larger events with similar fixed costs.
The Company reported a net profit of $692,041 or income per share of $0.01 for the three months ended March 31, 2014, as compared to net profit of $1,104,176 or income per share of $0.03, in the comparable period in 2013. Income in 2014 was generated from convention revenue versus the income in 2013 was non-cash generated from a gain on the valuation of derivative liabilities. By year end of 2013 the Company successfully extinguished all derivative instruments.
At March 31, 2014, the Company had working capital of $3,106,367 and as of May 7, 2014, there were 51,354,024 shares outstanding.
“We are excited to kick of the year with great first quarter financial results. Successfully completing our sixth comic con of our 16-city tour for 2014 this past weekend in Minneapolis, I am proud of our Wizard World team as they continue to demonstrate their commitment and dedication needed to effectively produce an ultimate fan experience at these conventions,” said John Macaluso, CEO of Wizard World, Inc.
Wizard World will continue its 2014 tour next in Atlanta, GA on May 30 to June 1, 2014. To find a Wizard World Comic Con in a city near you, go to: http://www.wizardworld.com/wizcon.html.
Company encourages shareholders to not rely on this press release and to refer to the Company’s Form 10-Q for full disclosure relating to the first quarter financial report, filed on May 7, 2014, which can be found on www.sec.gov.
About Wizard World, Inc.
Wizard World (WIZD) is the leading provider of multiple Comic Cons and pop culture conventions across the world that celebrate graphic novels, comic books, movies, TV shows, celebrities, gaming, technology, toys and social networking. The events often feature celebrities from movies and TV, artists and writers, and events such as premieres, gaming tournaments, panels, and costume contests.
For more information and full event schedule, visit: www.wizardworld.com.
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve certain risks and uncertainties. The actual results or outcomes of Wizard World, Inc. may differ materially from those anticipated. Although Wizard World, Inc. believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any such assumptions could prove to be inaccurate. Therefore, Wizard World, Inc. can provide no assurance that any of the forward-looking statements contained in this letter will prove to be accurate.
In light of the significant uncertainties and risks inherent in the forward-looking statements included in this letter, such information should not be regarded as a representation by Wizard World, Inc. that its objectives or plans will be achieved. Included in these uncertainties and risks are, among other things, fluctuations in operating results, general economic conditions, uncertainty regarding the results of certain legal proceedings and competition. Forward-looking statements consist of statements other than a recitation of historical fact and can be identified by the use of forward-looking terminology such as “may,” “intend,” “expect,” “will,” “anticipate,” “estimate” or “continue” or the negatives thereof or other variations thereon or comparable terminology. Because they are forward-looking, such statements should be evaluated in light of important risk factors and uncertainties. These risk factors and uncertainties are more fully described in Wizard World, Inc.’s most recent Annual and Quarterly Reports filed with the Securities and Exchange Commission, including under the heading entitled “Risk Factors.” Wizard World, Inc. does not undertake an obligation to update publicly any of its forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.