FAB Universal Corporation Reports Earnings Results for the First Quarter Ended March 31, 2013; Provides Earnings Guidance for the Second Quarter and Full Year of 2013
May 14, 2013 at 05:10 pm EDT
FAB Universal Corporation reported earnings results for the first quarter ended March 31, 2013. For the period, the company reported total revenue was $22,636,393 compared with $847,319 in the first quarter of 2012, an increase of 2,572%. The company achieved a gross profit of $8,374,762 versus a gross profit of $548,465 in the first quarter of 2012, an increase of 1,427%. The overall increase in revenue is substantially due to the acquisition of Digital Entertainment International. Net income of $3,003,997 or $0.15 per share compared to net loss of $997,230 or $0.13 per share in 2012.
For the second quarter of 2013, the company expects to generate between $23.4 million and $23.9 million in revenue and after tax net income between $2.8 million and $3.0 million.
For the full year 2013, the company expects to generate between $98.9 million and $102.6 million in revenue and after tax net income between $19.3 million and $20.1 million.