Wizzard 2011 FAB Revs $70.9M

Wizzard Software WZE today announced that the audit for FAB's fiscal year 2011 has been completed and there were no material changes from previously released numbers. In fiscal 2011, FAB generated revenues of $70.9 million with $15.3 million in earnings. “We are excited to announce that we are nearing the close of the acquisition of FAB and we are working hard to close the deal in the very near future,” said Chris Spencer, CEO of Wizzard Software. “The final audits are in for 2009 and 2010 with FAB generating revenues of $38.9 million in 2009 and $55.5 million in 2010. Earnings for 2009 were $4.2 million and $11.6 million for 2010. We remain very excited about our expansion to Asia and working together with FAB's management to grow our combined companies into a global media distribution leader.” The proposed transaction is subject to the signing of final closing documents, approvals by each company's shareholders, the satisfaction of customary closing conditions and regulatory approvals both in the U.S. and China.