For the quarter ended March 31, 2016, Wizard World turned a small profit of $53,282, according to the 10-Q the company filed with the Securities and Exchange Commission. Just under $5 million of convention revenue ($4,993,659) accounted for the majority of the income, with an additional $348,182 of ConBox revenue, while CONtv took a $75,000 loss in the period. A profit is a positive change from the company’s financial results for 2015, when they lost over $4 million (see “Wizard World Loses $4.3 Million in 2015”).
Wizard World sales declined in first quarter 2016 compared to first quarter 2015, but with improving profitability. During the first quarter of 2015, the company brought in over $6 million of convention revenue but wound up with a loss over $980,000, due to greater CONtv losses and higher expenses.
In the first quarter of 2015, the company held seven events; in the first quarter of 2016, it held four, focusing on more established markets. As a result, average revenue generated per event went from $871,633 to $1,248,415.
At the end of March, the company held over $6 million in cash and cash equivalents. The majority is unearned convention revenue, deposits for upcoming conventions.
The company’s quarterly plans to host 19 live events in 2016 have not changed. However, since this filing, Wizard World has cancelled its planned fan cruise “due to multiple talent having new filming schedule conflicts beyond [their] control.”
The first quarter financial results were filed a week late, on May 23, 2016, with the reason given that the company “was not able to obtain all information prior to filing date and management could not complete the required financial statements … by May 16, 2016.” The company has been going through significant management changes, with new CEO John Maatta established in late April (see “Wizard World Brings in New CEO”).
More recently, Randy Malinoff’s role as interim Chief Operating Officer was made permanent. He now holds the title Executive Vice President and Chief Operating Officer. He is credited with launching a concert series in conjunction with the company’s conventions and tasked with additional strategic growth initiatives, including building digital strategy, outreach to emerging platforms, and identifying new advertising and distribution channels to create new revenue streams.