HOLLYWOOD, Calif., Feb. 11, 2013 /PRNewswire/ -- Medbox, Inc. (OTC Markets: MDBX) (www.medboxinc.com), released financial statements for 4th 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 4th 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."
The Q4 2012 financials are posted on the company website at: www.thedispensingsolution.com/news
The company will be updating its OTC Markets filing page with the information by week's end at:
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, 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.
Medbox, Inc. is a publicly traded company, and is quoted on the OTC Markets, ticker symbol MDBX.
For more information on Medbox, please contact the Medbox Investor Relations Department at (800) 762-1452 or go online to www.medboxinc.com.
SOURCE Medbox, Inc.