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Wizzard Software's Second Quarter 2005 Revenues Up 163%
PITTSBURGH --(Business Wire)-- Aug. 15, 2005 -- Wizzard Software (OTCBB:WIZD) announced today that its 2005 second quarter revenues rose by 163% over second quarter 2004 revenues and rose by 23% from previous record revenues in the first quarter of 2005.
Also in the second quarter of 2005, the Company's overall operating expenses decreased by 23% over the second quarter of 2004. General & Administrative expenses were down by 32% quarter over quarter, and the Company's net loss decreased by 32% in the same period.
The previously mentioned numbers and statements are only highlights from Wizzard's 2005 second quarter 10Q filing. For a complete and detailed financial description of Wizzard Software Corporation, please visit www.sec.gov, where the 2005 first quarter 10Q and all of Wizzard's SEC filings can be found.
"Our Technology and Services Group had their best quarter to date in the second quarter of 2005 topping their previous record revenues in the first quarter of 2005," says Chris Spencer, Wizzard Software CEO. "Our Talking Pill Bottle product line began making in roads in distribution and pharmacy markets in its second full quarter of release. Now, with previously announced national distribution and nationwide press, we believe the talking pill bottle is starting to live up to our high expectations. Management believes that 2005 will be Wizzard's highest revenue grossing year to date. Wizzard remains focused on its core speech technology roots and we believe customer adoption rates of the technology are steadily increasing. We are excited about the new technology our partners AT&T and IBM have in their pipelines and continue to maintain a razor sharp focus on profitability for the Company. Our acquisition of Interim of Wyoming is in the final stages and we continue to be excited about the impact that our speech technology can have on the healthcare market."
"The increase in customer adoption of our technology offerings is just the latest validation of the many strategic initiatives we have undertaken," says Bruce Phifer, General Manager Technology & Services Group. "We have seen increased adoption of speech technology by a number of Fortune 500 companies and public sector organizations in the early part of 2005."
As previously stated, Wizzard's management believes that the adoption of speech technology is increasing substantially as businesses, both large and small, are exploring ways to improve their products and services through the inclusion of the latest speech technology. However, as with most new high-technology, the overall adoption curve is difficult to predict and even more difficult to accelerate. Due to management's desire to grow revenues and become profitable, a great deal of time was spent over the last year examining opportunities for new businesses where speech technology could have the most profound impact on the bottom line. We believe we have done this with the home healthcare market and plan to make acquisitions aggressively. Both Wizzard's management and owners of our targeted home health care agencies believe that strong synergies exist between the services they offer, the compliance they must adhere to, the job functions of their workers and our Talking Pill Bottle, various talking medical devices, WizzScribe transcription product, medical speech recognition dictation and form-fill applications. The adoption of speech technology is increasing. The demand for home health care services is growing rapidly. By combining the latest advances in speech technology with the already profitable service, we believe we can grow the company faster and become profitable sooner for our shareholders while demonstrating to the world how speech related products and services can make profitable businesses even more profitable.
About Wizzard Software
Founded in 1996, Wizzard Software has become a leader in the speech technology application development market. Wizzard architects solutions to business problems using its expertise in consulting, speech development tools and building speech based applications for the Desktop and Internet. Wizzard has achieved global recognition because of its expertise with voice communication whether it is via PC or telephone. Wizzard's successes have lead to expanding opportunities in both the government and commercial sectors. In April of 2004, Wizzard acquired MedivoxRx Technologies. Founded in 2000, MedivoxRx is the originator of "Rex", the talking prescription pill bottle, which "talks" to the patient allowing them to distinguish what type of medication is in the bottle and hear critical information on dosage amounts and refill parameters. Additional information on MedivoxRx can be found at www.rxtalks.com. More information on Wizzard Software can be found in the Investor's Corner www.wizzardsoftware.com.
Legal Notice
Legal Notice Regarding Forward-Looking Statements: "Forward-looking Statements" as defined in the Private Securities litigation Reform Act of 1995 may be included in this news release. These statements relate to future events or our future financial performance. These statements are only predictions and may differ materially from actual future results or events. We disclaim any intention or obligation to revise any forward-looking statements whether as a result of new information, future developments or otherwise. There are important risk factors that could cause actual results to differ from those contained in forward-looking statements, including, but not limited to risks associated with changes in general economic and business conditions, actions of our competitors, the extent to which we are able to develop new services and markets for our services, the time and expense involved in such development activities, the level of demand and market acceptance of our services, changes in our business strategies and acts of terror against the United States.
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