PRESS RELEASE
Wizard World, Inc., the nation’s largest producer of pop-culture events, has announced positive first quarter 2018 earnings, with income significantly higher and operating expenses reduced considerably. Wizard World conducted three highly successful shows during the January 1 – March 31 period (New Orleans, St. Louis, Cleveland) as part of its ambitious 16-event 2018 schedule.
In the filing of its first quarter financial results, the Company disclosed that it recorded income from operations of $283,276 for Q1 2018 versus an operating loss of $1,282,078 for Q1 2017—this is a positive variance of $1,565,303 for the same period, year-over-year. The gross profit margin for Q1 2018 was 27%, versus 11% for Q1 2017.
The quarterly filing also disclosed that for the First Quarter of 2018 operating expenses decreased 49% year-over-year with expenses of $821,556, versus operating expenses of $1,663,824 for Q1 2017. Gross Revenue increased by $469k for the same period last year.
The quarterly results are a positive indicator that the Company’s strategy of creating greater entertainment value at its pop-culture conventions, effectively marketing, and producing its shows cost-effectively have demonstrated a positive financial impact.
Wizard’s CEO John D. Maatta stated: “It is a very exciting time at Wizard World. We have materially improved our financial results as we introduce operational efficiencies and aggressively move forward with new growth initiatives at the Company.”
Wizard World Comic Con Philadelphia, one of the Company’s largest and longest-running events, is set for Thursday through Sunday at the Pennsylvania Convention Center.
