Net income, revenue down for FAB Universal's first quarter

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Net income and revenue for FAB Universal, a Shadyside-based digital media company formerly known as Wizzard Software, took hits during the first quarter of its fiscal year.

FAB reported net income of $2 million, or 10 cents per share, down from $3 million, or 15 cents per share last year at the same time. Revenues of $14.7 million were down significantly from $22.6 million the same period last year. With an additional $3.9 million loss from foreign currency translation, the company reported a comprehensive loss of $1.9 million, down from a $3.4 million gain during last year's first quarter.

FAB's shares were suspended from being traded in November after the company was accused of failing to disclose a $16.3 million bond offering and downplaying its Chinese operations. After reissuing its financial statements to reflect the debt, FAB acknowledged "certain deficiencies" with its accounting practices.

In May, the New York Stock Exchange threatened to delist the company because it failed to file its 2013 financial statements.

First Published July 17, 2014 12:00 AM

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