Medbox, Inc. Posts Record Revenues in 3rd Quarter 2013 Financials
HOLLYWOOD, Calif., Nov. 20, 2013 /PRNewswire/ -- Medbox, Inc. (OTC Markets: MDBX) (www.medboxinc.com), a leader in providing consulting services and patented systems to the medical and retail industries, announced today that they have posted their 3rd Quarter 2013 financials.
Highlights of 3rd Quarter Financials include:
- Revenues surged to over $5.046 million through three quarters, making 2013 the company's best revenue generating year in the company's history.
- Revenues reported of $2.079 million for 3rd quarter of 2013, making it the highest grossing quarter in the company's history.
- Assets more than doubled from year-end 2012, from $3.5 million to over $7.2 million.
- Gross profit margin for the quarter was a healthy $833 thousand and EBITDA margin for the quarter was approximately 21%.
- Income from operations through 3 quarters, before taxes, was a healthy $647 thousand.
"We have had another record breaking quarter, which provides further validation that our business plan is solid and our operating strategy is sound," stated Dr. Bruce Bedrick, CEO of Medbox, Inc. "As we move forward, we will continue to seek out opportunities that provide growth for our company and added value for our shareholders."
The company also announced that they have brought accounting functions in-house to help expedite preparation of statements and reports.
"As we continue to mature and transition to being a fully reporting company, we need to be able to provide timely reports, status updates, and filings," Bedrick commented. "We have assembled an in-house team of accounting professionals. This team can devote more time to work seamlessly with our outside auditing firm so that we meet our deadlines and obligations, and provide the most accurate and timely information to the SEC and the general public."
The Q3 2013 financials are listed on the company's website at: http://www.thedispensingsolution.com/wp-content/uploads/2013/11/Medbox-FS-Notes-Q3-2013.pdf
The filing may also be accessed through the company's landing page on OTC Markets at: http://www.otcmarkets.com/financialReportViewer?symbol=MDBX&id=113733
About Medbox, Inc:
Medbox is a leader in the development, sales and service of automated, biometrically controlled dispensing and storage systems for medicine and merchandise. Medbox has offices throughout the world, including New York, Arizona, Connecticut, Massachusetts, Florida, Tokyo, London and Toronto, and has their corporate headquarters in Los Angeles.
Medbox provides their patented systems, software and consulting services to pharmacies, dispensaries, urgent care centers, drug rehab clinics, hospitals, prison systems, hospice facilities, and medical groups worldwide. In addition, through its wholly owned subsidiary, Vaporfection International, Inc. (www.vaporfection.com), the company offers an industry award winning medical vaporizer product.
Medbox, Inc. is a publicly traded company, and is quoted on the OTC Markets, ticker symbol MDBX.
SOURCE Medbox, Inc.
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