Shares of FAB Universal jumped today after the Pittsburgh digital content provider reported a third-quarter profit versus a loss in the year-ago period.
The company, formerly known as Wizzard Software, said profit totaled $7.3 million, or 35 cents per share, on revenue of $29.8 million versus a loss of $5 million, or 51 cents per share, and revenue of $1.7 million in the year-ago quarter.
The improvement was attributed to the September 2012 acquisition of Digital Entertainment International, a Hong Kong company that sells video games, movies, books and other digital content to Chinese consumers. Wizzard changed its name to FAB Universal at the time.
In a statement, CEO Chris Spencer said the growth was driven by kiosks installed in 40 Chinese cities that provide the digital material to consumers. He said the company now expects full year profit of $19 million to $21 million on revenue of $102 million to $105 million.
At around 10:30, FAB Universal shares were trading at $6.73, up 82 cents.
Len Boselovic: firstname.lastname@example.org or 412-263-1941.