Medient Announces 2013 Year End Results and Chairman's Letter to the Shareholders
EFFINGHAM COUNTY, GA, Mar 31, 2014 (Marketwired via COMTEX) -- Medient Studios (OTCQB: MDNT) today announced its financial results for the fiscal year ended December 31, 2013, which are available in the Company's Form 10K report filed today with the Securities and Exchange Commission. For the year ended December 31, 2013, the Company earned revenues of $2,056,307 versus $3,267,825 for the preceding fiscal year. The reduction in revenue reflects the Company's focus on establishing the Studioplex and finalizing the legal contracts to secure the property. The gross margin was $975,147 in 2013 compared with $452,218 in 2012. The Company's losses increased from $117,630 to $1,366,629 primarily due to increased operational expenses associated with establishing the Studioplex. Medient's assets more than doubled from $20,888,692 to $48,951,444 in 2013. Shareholders' equity also increased by more than $3,000,000 to $16,667,630.
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