After a week's delay for filing their quarterly reports, Wizard World has sent in the necessary paperwork. And, on the day of the launch of the Wizard World Chicago Comic Con 2017, which will include the launch of the new Wizard Magazine, it makes for grim reading.
The headline figure will be moving from a half million profit in the second quarter last year compared to a two million loss in the same period this year.
Regular Bleeding Cool readers will remember the legal fight between Stephen Shamus, all the other Shamuses and the new board of Wizard World, with allegations of fraud and corruption made by both sides, over which they finally settled.
We told you recently about Randall Malinoff 's departure as Chief Operating Officer and how the nature of his departure was very much in dispute by both parties. Well, that looks like it's going to the lawyers as well:
"Randall Malinoff, the Company's former Chief Operating Officer, who departed from on the Company as of July 5, 2017, is currently engaged in a dispute with the Company. The dispute pertains to his departure from the Company. Both Mr. Malinoff and the Company have retained counsel to engage on the issues in controversy."
But as for the money, it's down. Convention revenue for the three months before June 30th, 2017 was just shy of $5 million, as opposed to just shy of $10 million for the same period last year — which they blame on running fewer shows, seven rather than five, and only having a revenue of a million for each show rather than something closer to one-and-a-third million for each show.
They are talking about expanding the shows and finding new territories including Asia, running a touring operation (a bit like ex-Wizard CEO John Macaluso is attempting with Fandemic) and do a better job at advertising the shows. And expect to run twenty-two shows through all of 2017, including the recently added Montgomery, Alabama show on October 20th-22th and Springfield, Montana, on November 10th-12th.
They have about $3 million cash reserves, but burned through lost one-and-a-half million in the year so far. At that rate, without further investment or revenue, they will be all done this time next year, though the company expects to raise more money if necessary…
Hope Chicago does well!