LOS ANGELES, May 15, 2018 /PRNewswire/ --
Wizard World, Inc., (WCVC) 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.
About Wizard World
Wizard World, Inc. (OTCBB: WIZD)(http://www.wizardworld.com) produces comic, gaming and pop culture conventions across North America that celebrate the best in pop culture: movies, television, gaming, live entertainment, tech, comics, sci-fi, graphic novels, toys, original art, collectibles, contests and more. A first-class lineup of topical programming and entertainment takes place at each event, with celebrity Q&A's, comics-themed sessions, costume contests, movie screenings, evening parties and more. Wizard World has also teamed with Sony Pictures Entertainment to find the next generation of movies as well as to engage in a number of strategic initiatives. Additional initiatives may include an augmented touring schedule of Wizard World shows, fixed-site installations, curated e-commerce, and the production and distribution of content both in the U.S. and internationally. Fans can interact with Wizard World at http://www.wizardworld.com and on Facebook, Twitter, Pinterest, Instagram and other social media services.
The 2018 Wizard World convention schedule is available at: http://www.wizardworld.com/comiccon.
Jerry Milani, Wizard World, 646-883-5022 (o/txt), [email protected]
SOURCE Wizard World, Inc