SOURCE: Red Giant Entertainment Inc
ORLANDO, FL--(Marketwired - Apr 19, 2013) - Red Giant Entertainment Inc. (OTCQB: REDG), an innovative Intellectual Property company specializing in high quality characters and content for use in a variety of media and entertainment, is pleased to announce the timely filing of its audited results for the SECOND quarter ending Feb 28, 2013.
- Gross Profits. Gross Profit increased from $9,708 during the six months ended February 29, 2012 to $84,620 during the six months February 28, 2013. The increase of $74,912, or 772% was largely due to higher revenues and the continued development of the market for our products.
- Income. Our net income for the six months ended February 28, 2013 was a net profit of $30,399 compared to a net profit of $4,364 during the six months ended February 29, 2012 (an increase of $26,035 or 597%). The increase in net income is primarily attributable to the increase of sales of our products.
- Revenues. During the three months ended February 28, 2013 revenues were $59,591, an increase of $51,437 or 631% from $8,154 for the three months ended February 29, 2012. The increase in revenues was a result of improvement in the overall market for our products, the continuing development of our products and penetration into our market.
- Gross Profits. Gross Profit increased from $3,669 during the three months ended February 29, 2012 to $26,157 during the three months February 28, 2013. The increase of $22,488, or 613% was largely due to higher revenues and the continued development of the market for our products.
"We are very pleased with Red Giant's continued path of profitability," said Red Giant Entertainment Inc. CEO, Benny Powell. "It is a testament to our conservative approach to expenditure and a strong and diversified catalog of Intellectual Property that continues to produce revenue today and tomorrow. With a growth enabling financing now in place we hope to increase our profitability and to deliver value to our shareholders.
"It is also important to note that for our business, the second quarter is historically the lowest earning quarter from a revenue perspective," adds Powell. "Moreover, while for filing purposes it appears as if we had a net operating loss during this most recent quarter of $7,774, this was due to the arrival of a bill for auditing services for $24,000 just prior to quarter's end. This has since been paid during this current quarter. In reality, when this liability is removed, we realized a net profit of $16,226, which is 1284% increase over the same quarter last year's net profit of $1,264"
Milestones and Notable Events include:
The full 10Q filing is available on the SEC's website http://edgar.sec.gov/.
ABOUT RED GIANT ENTERTAINMENT INC.
Red Giant Entertainment Inc. (OTCQB: REDG) is a Nevada corporation that specializes in Intellectual Property (IP) development for multiple media platforms and transmedia propagation. The cornerstone of this development is based around the more than three dozen online and print graphic novel properties in various stages of production as well as the cast of thousands of characters from those series. These properties have a readership that numbers in the millions globally. Some of these properties are actively in development into other media such as movies, video games, television, novels, toys, apparel, applications, etc. through either direct production or licensing agreements.
For further information visit www.RedGiantEntertainment.com
Forward Looking Statements
This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that are not statements of historical fact (including but not limited to statements containing the words "will," "believes," "plans," "anticipates," "expects," "look forward", "estimates" and similar expressions) should be considered to be forward-looking statements. Further, the safe harbor provisions of said Act may not apply to an issuer that issues penny stock. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, to include acquisition, production, marketing, distribution, competition with related patent, trademark and license issues involving contractual obligations and concessions. The Company does not assume any obligation to update any forward-looking statements to reflect events or circumstances after the date of this press release, except as required by applicable law. The Company files annual, quarterly and current reports, proxy and informational statements and other information with the Securities and Exchange Commission. This press release should be read in conjunction with all of the reports that the Company has previously filed with the Securities and Exchange Commission for financial and other information about it.