From the Wires
FAB Universal Revenues Up 109% for Third Quarter
Nov. 14, 2012 10:34 PM
FAB Universal (NYSE MKT: FU), a worldwide distributor of digital
entertainment, today announced financial results for the third quarter
ending September 30, 2012.
Total revenue for the third quarter was $1,745,015 compared with
$834,065 in the third quarter of 2011, an increase of 109%. FAB
Universal achieved a gross profit of $960,789 for the third quarter of
2012, versus a gross profit of $527,607 in the third quarter of 2011, an
increase of 82%.
The third quarter results were highlighted by a strong performance by
FAB Universal’s Podcasting business which grew revenues 45%. Overall
Media revenues were up 178% in large part due to the inclusion of 4 days
of revenues from our acquisition of Digital Entertainment Intl (“FAB”).
Operating expenses totaled $5,744,877, a 436% increase from operating
expenses of $1,070,904 in the third quarter of 2011. The increase is due
to acquisition related costs, one time non-cash expenses related to
issuing stock, and other non-cash expenses. Non-cash expenses alone were
$4.3 million of the overall expenses. The majority of these expenses
were related to the FAB acquisition and are non reoccurring.
Net loss available to common shareholders, including non-cash and
acquisition related expenses, was $4,951,273 or $0.51 per share, in the
quarter ended September 30, 2012.
“In the third quarter of 2012, FAB Universal closed its acquisition of
Digital Entertainment Intl becoming a $75,000,000+ million dollar annual
revenue company, says Chris Spencer, FAB Universal CEO. “We spun off our
healthcare operations to shareholders subsequent to the end of the third
quarter and we grew our revenues substantially. It was a very busy,
productive and successful quarter. We expect the next several quarters
will be just as productive and successful as well.”
The previously mentioned numbers and statements are highlights from FAB
Universal’s 2012 third quarter 10Q filing. For a complete and detailed
financial description of FAB Universal Corp, please visit www.sec.gov,
where all of FAB Universal’s SEC filings can be found.
About FAB Universal Corp:
FAB Universal Corp. is a global leader in digital media entertainment
sales and distribution. FAB delivers media to its customers worldwide
through Intelligent Kiosks, Retail Stores, Retail Licensing and online
through Apple iTunes and Google Android through three business units:
Digital Media Services, Retail Media Sales and Wholesale Media
Distribution. We distribute billions of movie, music, podcast, TV show
and other digital files to consumers in 240 countries. Sales of digital
media are generated through kiosks networks, subscription sales for
mobile devices, smartphone Apps and Netflix-like subscription models. In
2011, we distributed billions of downloads of copyrighted music, video
games, ringtones, ebooks, movies and podcasts to over 50 million people
worldwide through iPods, iPhones, iPads, iTunes, Blackberrys, Windows
Phones, Androids and many other devices and destinations. We are a
publicly held, Pittsburgh based company with thousands of shareholders
and a world-class team. Visit us on the web at www.fabuniversal.com,
email us at contact@fabuniversal.com.
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.
About Business WireCopyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.
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