HOLLYWOOD, Calif., Feb. 11, 2013 /PRNewswire/ -- Medbox, Inc. (OTC Markets: MDBX) ( www.medboxinc.com), released financial statements for 4 th quarter and year-end 2012. The statements showed significant growth in both earnings and cash on hand.
Company income increased to $4,543,885 for year-end 2012, with income before operating expenses a healthy $3,647,868. The 4 th quarter revealed a 33% EBITDA margin with $310,128 in earnings being realized before interest, tax, depreciation, and amortization. Medbox finished the year at over 35% EBITDA margin for 2012. In addition, the company's retained earnings jumped from $123,424 as of January 1, 2012 to over $1,004,728 as of December 31, 2012.
The company also announced that it is on pace to complete its formal audit by month's end and will be filing its Form 10 with the SEC in early March to fulfill the goal of becoming fully reporting and transitioning to another stock exchange, as decided by the company's executives.
In other news, the company has generated over $900,000 in January 2013, which is a record revenue month for Medbox. The burgeoning marijuana industry is one of many industries where Medbox operates. They provide consulting and technology to medical marijuana dispensaries so those facilities can demonstrate transparent and compliant adherence to state and local laws. Medbox CEO, Dr. Bruce Bedrick, says that he is proud of the fact that they generate such revenue while not having to engage in the sale or production of federally banned substances."Our business continues to move forward at a rapid, but sensible pace," stated Dr. Bedrick. "We have shown that our patented, innovative products - many of which cannot be duplicated - when combined with hard work and solid business practices, equal long-term success for our company's clients and shareholders alike."