Wizard Brands reported a 79% decline in revenues in Q3, from $2.83 million in Q3 2019 to $601,042 in Q3 2020, as its convention revenue dropped to zero with no live events produced in the period. What revenues were generated in the period were from virtual events and e-commerce; the company produced 90 virtual events in the period, up from 60 virtual events in Q2 (see "Wizard Brands Builds Virtual Event Business"). Revenue per event must have dropped from Q2, as the company reported higher revenues on fewer events in the previous quarter.
Expenses were actually up vs. the year-ago period as the company digested its purchase of assets related to gelatin shot device Jevo (see "Wizard Entertainment Cuts Q1 Losses"). As a result the company’s losses were higher by about 12% vs. Q3 2019, with a $744,000 loss in Q3 2020 compared to a $666,000 loss in Q3 2019.
Despite losing $744,000 in the quarter, the balance sheet actually improved somewhat due to the conversion of debt due the CEO and Executive Chairman to Preferred Stock, although it still represents a huge hold in the balance sheet. Negative net worth at the end of the quarter was $6.27 million vs. $6.79 million at the end of Q2.
With No Live Events Produced in Q3
Posted by Milton Griepp on November 17, 2020 @ 2:42 am CT
MORE COMICS
From Marvel Comics
April 24, 2024
On sale May 29, Wolverine #50 celebrates both 50 years of Wolverine and 50 issues of Benjamin Percy's acclaimed run.
With New 'Kill Shakespeare'
April 24, 2024
Gemstone Publishing is entering the original graphic novel market for the first time with a publishing program around the Kill Shakespeare property.
MORE NEWS
'Sound Loaders'
April 24, 2024
Bandai will release One Piece TCG Sound Loaders : card loaders for One Piece TCG with background music and sound effects from the One Piece anime.
Not Even Direct Sales from GW Webstore
April 24, 2024
Games Workshop’s blind pack Warhammer Heroes Series 4 will be available in select Target stores and on the Target website, but not available from Games Workshop’s own webstore.