FAB Universal reports net loss and increased revenue for Q3 over Q3 2011
Nov 15, 2012 (Menafn - M2 EQUITYBITES via COMTEX) --FAB Universal (nyse mkt:FU), distributor of digital entertainment, reported on Wednesday for the third quarter ending 30 September 2012 a net loss available to common shareholders, including non-cash and acquisition related expenses of USD5m or USD0.51 loss per share.
The company's total revenue for the third quarter was USD1.7m, an increase of 109% compared to the revenue of USD834,065 in the same 2011 quarter.
These results were highlighted by a strong Podcasting business which grew revenues 45% and overall Media revenues were up 178% mainly due to the inclusion of 4 days of revenues from the company's acquisition of Digital Entertainment Intl (FAB).
Further, the company mentioned that operating expenses totaled USD5.7m, a 436% increase from operating expenses of USD1.1m in the third quarter of 2011.
This mainly resulted from its FAB acquisition related costs, one time non-cash expenses associated with the issue of stock and other non-cash expenses of USD4.3m alone of the overall expenses which are non-reoccuring, the company also mentioned.
CEO Chris Spencer mentioned, "In the third quarter of 2012, FAB Universal closed its acquisition of Digital Entertainment Intl becoming a USD75m annual revenue company. We spun off our healthcare operations to shareholders subsequent to the end of the third quarter and we grew our revenues substantially......"
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