FAB Universal Announces Record First Quarter 2013 Financial Results

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FAB Universal Announces Record First Quarter 2013 Financial Results

Record Revenue, Profit and Cash

PITTSBURGH--(BUSINESS WIRE)-- FAB Universal (NYSE MKT: FU), a worldwide distributor of digital entertainment, today announced financial results for the first quarter ending March 31st, 2013.


Total revenue for the first quarter was $22,636,393 compared with $847,319 in the first quarter of 2012, an increase of 2,572%. FAB Universal achieved a gross profit of $8,374,762 for the first quarter of 2013, versus a gross profit of $548,465 in the first quarter of 2012, an increase of 1,427%. The overall increase in revenue for Q1, 2013 is substantially due to the acquisition of Digital Entertainment International.

Operating expenses for the first quarter 2013 were $4,118,135, versus expenses of $1,650,206 in the first quarter of 2012, an increase of 150%, substantially due to the acquisition of Digital Entertainment International.

For the first quarter of 2013, FAB posted Net Income of $3,003,997 or $.15 per share versus Net Loss of ($997,230) or ($.13) per share in 2012. For the first quarter of 2013 FAB incurred Non-Cash Expenses of $1,813,351, and a reduction of revenue due to Deferred Revenue accounting treatment totaling $1,915,814.

FAB increased Cash in the first quarter of 2013 by just over $10,000,000 to total Cash of $29,768,023.

"Our first quarter 2013 financial performance was outstanding and we increased Cash by ten million dollars," said Chris Spencer, FAB Universal CEO. "We had record revenue and profit for the first quarter and we expect to see strong growth throughout 2013. We look forward to generating $100 million in business in 2013 and continuing to look for substantial, cash generating digital media acquisitions both in the U.S. and abroad."

FAB Universal Corp. expects to generate between $23.4 million and $23.9 million in revenue in the second quarter of 2013 and between $98.9 million and $102.6 million for the full year 2013. The Company expects after tax Net Income between $2.8 million and $3.0 million for the second quarter of 2013 and between $19.3 million and $20.1 million for the full year 2013.

The previously mentioned numbers and statements are highlights from FAB's 2013, First Quarter 10Q filing. For a complete and detailed financial description of FAB Universal Corporation, please visit www.sec.gov, where all of FAB's SEC filings can be found.

About FAB Universal Corp:

FAB Universal Corp. is a global leader in digital media entertainment sales and distribution. FAB delivers media to its customers worldwide through Intelligent Kiosks, Retail Stores, Retail Licensees and online through Apple iTunes and Google Android through three business units: Digital Media Services, Retail Media Sales and Wholesale Media Distribution. We distribute billions of movie, music, podcast, TV show and other digital files to consumers in 240 countries. Sales of digital media are generated through kiosks networks, subscription sales for mobile devices, smartphone Apps and Netflix-like subscription models. In 2012, we distributed billions of downloads of copyrighted music, video games, ringtones, ebooks, movies and podcasts to over 65 million people worldwide through iPods, iPhones, iPads, iTunes, Blackberry's, Windows Phones, Androids and many other devices and destinations. We are a publicly-held, Pittsburgh based company with thousands of shareholders and a world-class team. Visit us on the web at www.fabuniversal.com, email us at contact@fabuniversal.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 or changes in our business strategies.



Investor Relations Contact:
Arthur Douglas & Associates
Art Batson, 407-478-1120

KEYWORDS:   United States  North America  Pennsylvania

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