Wizard World, Inc. (OTCBB: WIZD) (the “Company”), a leading provider of Comic Cons and pop culture conventions across the world, today announced that the Company has released its third quarter 2014 financial results in the Company’s Quarterly Report on Form 10-Q for the period ended September 30, 2014 (the “Q3 2014”).
- The Company hosted five events in Q3 2014: San Antonio, Chicago, Chicago Socialcon, Richmond, and Nashville, bringing fans together with their favorite celebrities, artists, exhibitors in a pop culture and multimedia experience. In the nine months ended September 30, 2014, the Company hosted thirteen events, compared to six events in the comparable period in 2013.
- Convention revenue for the period ended September 30, 2014 was $6,863,125, an increase of $2,749,944 (or 67%) from $4,113,181 reported in the comparable period in 2013. The significant increase in revenue in 2014 is primarily accredited to better advertised and marketed events including more programming, an exciting list of celebrities and artists, and an increasing fan base, which all translates to higher revenue growth. Convention revenue for the nine months ended September 30, 2014 was $19,174,263, as compared to $8,808,073 reported in the comparable period in 2013, an increase of $10,339,190 (or 117%) for the nine month period.
- Operating expenses were $1,712,934 in Q3 2014, as compared to $928,776 for 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. Operating expenses for the nine months ended September 30, 2014, was $4,936,834, as compared to $2,478,819 reported in the comparable period in 2013.
- Income from operations was $668,174 in Q3 2014, as compared to $1,096,824 for the comparable period in 2013. The decrease is primarily attributable to the overall increase in operating expenses required to support the increase in conventions and the expansion of operations. Income from operations for the nine months ended September 30, 2014, was $2,120,218 as compared to $929,250 reported in the comparable period in 2013. The increase is primarily attributable to running more events and more profitable events during the nine months ended September 30, 2014, as compared to the nine months ended September 30, 2013.
- The Company reported a net income of $537,804 or income per share of $0.01 for the three months ended September 30, 2014, as compared to a net loss of $(1,215,115) or loss per share of ($0.03), in the comparable period in 2013. Net income for the nine months ended September 30, 2014, was $1,989,548 or income per basic share of $0.04, as compared to a net loss $(3,294,472) or loss per share of $(0.09), reported in the comparable period in 2013. Income in 2014 was primarily generated from convention revenue and stronger profit margin versus the loss in 2013 which was non-cash generated from a loss on the fair value of the Company’s derivative liabilities. By the end of 2013, the Company successfully extinguished all derivative instruments.
As of September 30, 2014, the Company had working capital of $4,464,681 and as of November 4, 2014, there were 51,341,524 shares of common stock issued and outstanding.
“We are already exceeding several of our milestones, including financial goals, geographic expansion, and increased fan base and attendances,” commented John Macaluso, CEO of Wizard World, Inc. “We will strive to continue to deliver the ultimate fan experience and drive revenues to build shareholder value.”
The Company will complete its 2014 tour in Tulsa this weekend, November 7-9, 2014, and in Reno on November 21-23, 2014. The Company has 24 cities in its 2015 nationwide tour (subject to change). To find a Wizard World Comic Con in a city near you, please go to: http://www.wizardworld.com/.
The Company encourages shareholders to not rely on this press release and to refer to the Company’s Quarterly Report on Form 10-Q for full disclosure relating to the third quarter financial report, filed with the United States Securities and Exchange Commission on November 5, 2014, which can be found at www.sec.gov.
About Wizard World, Inc.
Wizard World, Inc. (OTCBB: WIZD) is a leading provider of 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.