Podcast network and service provider Wizzard Software has announced a 15% increase in revenue for the third quarter ending 30 September 2011.
Total revenue for the third quarter was $1.69 million compared with $1.47 million in the third quarter of 2010, an increase of 15%. Gross profit came in at $809,557 for the quarter, up from $525,624 in the same quarter in 2010.
The company reported cash on hand in excess of $1.7 million and noted that its media business segment continued to grow, with an increase in revenue of 36%.
Net loss to common shareholders, was $473,182 or $0.005 per share
“Wizzard continues to make strides towards profitability as we reduce our quarterly loss, decrease our cash burn and increase our revenues while at the same time we see our Media asset appreciate in value,” Wizzard CEO Chris Spencer, said in a statement. “We are deep into the due diligence process of our previously announced Media acquisition of FAB, a high growth digital media distributor, that would expand our Media business exponentially.”
“We are aggressively working to expand our Media publishing platform and our subscription service offering to integrate with Facebook, which we believe has the potential to accelerate our unique audience and revenue growth.”