ORLANDO, FL--(Marketwired - Dec 5, 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 filing of its 10-K Annual Report which includes its audited financial results for the fiscal year ending August 31, 2013.
The full 10-K filing is available on the SEC's website at: http://edgar.sec.gov/
- Our revenues increased to $497,486 for the fiscal year ended August 31, 2013 as compared to revenues of $97,486 for the eight month period ended August 31, 2012, which represents an increase of 410%. Our increase in revenue is due to the marketing efforts and customer acceptance.
- Our cost of sales increased to $148,215 for the fiscal year ended August 31, 2013, as compared to $69,651 for the eight month period ended August 31, 2012. This represents an increase of 70.2% margins for 2013 vs. 28.6% margin for 2012.
- As we expanded, our operating expenses increased to $421,865 for the fiscal year ended August 31, 2013, as compared to $44,304 for the eight month period ended August 31, 2012. This change occurred due to proportionally higher General, Administrative and Convention-Related expenses, while our Depreciation & Amortization expenses and Professional Fees increased proportionally less.
- On June 25, 2013, we announced that we had authorized a stock repurchase program permitting us to repurchase shares of our common stock over the next six to 12 months. We purchased 615,900 shares in June 2013 and 1,170,000 shares in July 2013. The shares repurchased as listed above have not yet been returned to authorized but unissued status, but upon doing so, will result in us having outstanding 455,772,373 shares of common stock as of December 2, 2013.
- At August 31, 2013, we had cash of $14,937 compared to $269 at August 31, 2013. The bulk of our other assets consist of prepaid printing expenses. We believe we are currently generating revenues from operations sufficient to meet our operating expenses.
"While we are pleased with the significant revenue growth of the Company, we are most pleased with the progression of the company in general," stated Benny Powell, CEO, Red Giant Entertainment. "But this is just the tip of the iceberg as we are working to launch our system of free comic book distribution that is ad supported, increases revenue for Red Giant and the comic book stores, and of course, expands awareness and appeal for our stories and characters in an exponential manner."
Due to the unavoidable delay in the 10K filing, Red Giant will be rescheduling the release of its Shareholder Video Report, previously scheduled to be released today. Instead, Red Giant will release the video on Monday, December 9, 2013, to allow shareholders an opportunity to ask questions regarding the 10K filing. We encourage our shareholders to continue to send questions to firstname.lastname@example.org for consideration.
Red Giant provides news and updates at the following online locations.
http://redgiantentertainment.com and on https://www.facebook.com/RedGiantEntertainment
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.
Forward Looking Statements
This press release may contain "forward-looking statements." Any statements that are not statements of historical fact, including but not limited to statements containing the words "believes," "plans," "anticipates," "expects," "look forward," "estimates" and similar expressions, should be considered to be forward-looking statements. 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 information 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. The references to the websites http://redgiantentertainment.com and www.facebook.com have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release.