FAB Universal Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2013; Provides Earnings Guidance for the Full Year of 2013
For the nine months ended September 30, 2013, the company reported revenue of $78.2 million compared to $3.5 million for the comparable period of 2012. Gross profit in the nine month period was $34.0 million compared to $2.0 million for the first nine months of 2012. Net income was $16.0 million, or $0.77 per basic and diluted share, compared to a net loss of $5.9 million, or $0.73 per basic and diluted share for the nine month period ended September 30, 2012. Income from continuing operations before income taxes was $20.790 million against loss from continuing operations before income taxes of $6.404 million a year ago. Net income from continuing operations was $16.024 million or $0.77 per basic and diluted share against net loss from continuing operations of $6.456 million or $0.73 per basic and diluted share a year ago.
Based on the year to date performance, and including expected reinvestments in the licensing and kiosk business during the fourth quarter, the company is adjusting its guidance for 2013 to revenue of $102-$105 million and net income of $19-$21 million for the full year.