(Source: Business Wire)
Wizzard Software (NYSE Amex: WZE) announced second quarter 2009 financial results today recording revenues of $1,160,919, a 21% decrease from revenues of $1,465,874 in the second quarter of 2008. The decrease for the second quarter of 2009 reflects a decrease in revenue in healthcare and software business segments due to the economic recession, primarily due to a decrease in staffing revenues within the healthcare subsidiary. Despite the difficult economic conditions for advertising sales, Wizzard's Media business saw a slight increase in revenue over the second quarter of 2008.
In the second quarter ended June 30, 2009, operating expenses totaled $1,347,690, a 38% decrease from operating expenses of $2,159,433 in the second quarter of 2008.
Wizzard's net loss available to common shareholders was $2,193,552, or $0.05 per share, in the second quarter of 2009, versus a net loss of $1,998,225, or $0.04 per share, in the second quarter of 2008. Excluding a one-time, non-cash charge for the extension and re-pricing of warrants, Wizzard's net loss was $1,171,214 for the second quarter of 2009, or $0.02 per share.
"These results are in line with what Management expected. The second quarter of 2009 was a challenging quarter across all segments of our business which we directly attribute to the severe global recession experienced during the second quarter ending June 30, 2009 and we expect results to improve as economic conditions improve," said Chris Spencer, Wizzard CEO. "We have significantly reduced expenses over the last several quarters, launched exciting new products in our software business, see continued strength in the home health portion of our healthcare subsidiary and experienced significant network growth, increased advertising inventory fill and our publisher fees are up for our media business. We also began a new monetization effort for our media business through the use of iPhone Apps and early podcast marketing efforts for these iPhone Apps have increase sales by up to 50% for certain App sales campaigns.
Wizzard's Media business saw network download requests of 350,053,574 vs. approximately 241,600,000 download requests in the second quarter of 2008, an increase of 45%. The audience consuming podcasts from the Wizzard Network grew from 13 million monthly unique audience members at the end of the second quarter of 2008 to 18.3 million uniques over the course of the second quarter of 2009, an increase of 5.3 million monthly audience members.
