Wizard World has just filed its annual report for 2012 and the convention business was up a good bit in 2012.
|December 31, 2012||December 31, 2011|
|Gross profit (loss)||$||2,419,235||$||950,913|
|Income (loss) from operations||$||197,809||$||(3,157,302||)|
|Other income (expenses)||$||(1,216,730||)||$||(1,148,064||)|
|Income (loss) per common share – basic and diluted||$||(0.09||)||$||(0.08||)|
The report attributes the increased profits to “running better advertised and marketed events” as well as increasing ticket prices and “overall size and scope of each event.” Others savings for the year were due to “reducing stock based compensation to consultants, reducing web development fees and reducing professional service fees.”
The entire report is pretty lengthy and contains a lot of detail on executive compensation and stock options. Wizard World went public as a penny stock in 2011, turning its magazine business into a website, and emphasizing its convention business. According to filings, shows in Philadelphia, Chicago, New Orleans, Columbus and Austin made money, meaning Toronto ran at a deficit, but the Toronto shows have been put on the shelf anyway, especially after Hobby Star—promoter of the huge FanExpo events—sued over the name Toronto Comicon.
Filings say the revamped website is still unprofitable—no surprise given the generally busy market and falling online revenues.
All in all, it’s a pretty good showing, for the Wizard World brand, which has certainly made big strides in the past year or so to present well-attended, bustling pop culture events.