Message #86 From:
NewsBot Date: April 2, 2007 06:20:00 AM
WIZD News Wizzard Announces 2006 Financial Results - Record Revenues
PITTSBURGH--(BUSINESS WIRE)--Wizzard Software (OTCBB:WIZD) announced today that during 2006, Wizzard recorded record revenues of $2,943,578, an increase of $1,249,503, or approximately 73%, from our revenues of $1,694,075 in 2005. This increase was due in part to increased revenues from our talking pill bottle. Wizzard generated a gross profit of $1,064,115 in 2006, versus a gross profit of $703,070 in 2005, an increase of 51%.
Current assets at December 31, 2006 included $3,056,704 in cash and accounts receivable, an increase of $1,888,048 from our cash and accounts receivable of $1,168,656 at December 31, 2005. On December 31, 2006, the Company had working capital of $2,284,980, as compared to a working capital deficit of $303,800 at December 31, 2005.
Net loss (including non cash expenses) decreased 20% to $4,793,723 in 2006, as compared to a net loss of $5,966,862 in 2005. Basic and diluted loss per common share was $0.14 in 2006, compared to $.20 in 2005.
“2006 was a year of growth, technological advances and new market expansion,” said Chris Spencer, CEO of Wizzard Software. “In the next two months we expect to announce new advertising hires and an international mobile (cell phone) distribution deal for our Wizzard Media podcasting business, advances with Skype for our WizzTones product, strategic expansion of our healthcare services, expanded customer distribution for our talking pill bottle product and first quarter growth for our speech tools and engines business.”
The previously mentioned numbers and statements are only highlights from Wizzard's 2006 10K filing. For a complete and detailed financial description of Wizzard Software Corporation, please visit www.sec.gov, where the 2006 10K and all of Wizzard's SEC filings can be found.
About Wizzard Software
Founded in 1996, Wizzard Software has become a leader in the speech technology application development market. Wizzard architects solutions to business problems using its expertise in consulting, speech development tools and building speech based applications for the Desktop and Internet. Wizzard has achieved global recognition because of its expertise with voice communication whether it is via computer or telephone. Wizzard's successes have led to expanding speech technology opportunities in both the government and commercial sectors including several healthcare industry products and services. For more information, visit www.wizzardsoftware.com.
In April of 2004, Wizzard acquired MedivoxRx Technologies. Established in 2000, MedivoxRx is the originator of “Rex”, the talking prescription pill bottle, which “talks” to the patient, using text to speech technology, allowing them to distinguish what type of medication is in the bottle and hear critical information on dosage amounts and refill parameters. Additional information on MedivoxRx can be found at www.rxtalks.com.
In September of 2005, Wizzard acquired Interim Health Care of Wyoming. Based in Casper, Wyoming, Interim is part of the fast growing home health segment of the healthcare industry, providing a wide range of visiting nurse services to the elderly, wounded and sick. It is one of the 300 home health agencies that comprise Interim Health Care.
In July of 2006, Wizzard entered the podcast hosting business through two acquisitions and completed a third acquisition in the first quarter of 2007. Wizzard will generate revenues in podcasting through unique advertising opportunities created by adding our WizzScribe speech recognition and other text-to-speech technologies to the Wizzard Media network www.wizzard.tv.
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.
