GrowLife Releases Year to Date and Q2 Financials and Reports 460% Increase in Revenues Versus Comparable Period 2012 Second Quarter Gross Revenue Rises to $872k
WOODLAND HILLS, Calif., Aug. 14, 2013 /PRNewswire/ -- GrowLife, Inc. (OTCBB: PHOT), a provider of highly effective indoor growing technologies and unique lifestyle brands, is pleased to announce the timely filing of its Second Quarter, 2013, financial results for the quarter ending June 30, 2013. The full 10Q filing is available at www.GrowLifeInc.com or on the SEC's website http://edgar.sec.gov/.
Year-to-date 2013 revenue from sales increased to $1,625,625 from the $300,255 recorded in the comparable period in 2012. For the quarter ended June 30, 2013, revenue was $872,557, an increase of $664,111, or more than threes times the $208,446 revenue for the same period in 2012. The growth in 2013 is primarily attributable to GrowLife's (1) strategic acquisitions, (2) product expansion, (3) business alliances, and (4) continually improving market conditions.
Despite the increase in revenue, it is important to note that only a small portion of GrowLife's Q2 revenue is attributable to its recent acquisition of Rocky Mountain Hydroponics/Evergreen Garden Centers because the company did not close the acquisition until June 7, near the end of Q2. A full quarter of revenue activity for these new assets will be reported in GrowLife's next financial statement.
"It was a good quarter for GrowLife as we continue to grow the strength and size of our business," stated GrowLife CEO, Sterling Scott. "The remaining two quarters of the year will likely see a much larger sequential boost as our most recent acquisitions immediately contribute to GrowLife's top line, bottom line, and overall efficiency."
"We are pleased with the pace of integration of our newly acquired companies. For the first time in our company history, GrowLife has store locations and online companies that extend from coast to coast of this great country," added Scott. "Measured by GrowLife's gross revenue, its people power, and its ability to now purchase at the lowest possible cost, GrowLife has essentially doubled its scale and capability from the first part of 2013 to our start of Q3. GrowLife expects to continue its previously announced program of acquisitions and organic growth in 2013-2014."
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About GrowLife, Inc.
GrowLife, Inc. (PHOT) (www.growlifeinc.com) is a company with core holdings in innovative technology-based products and services for the indoor gardening industry and specialty markets. These brands include Greners.com, the online hydroponics superstore (www.greners.com), Phototron, producer of hydroponic grow containers, which are designed to grow vegetables, herbs, flowers and fruits in any environment (www.phototron.com) as well as bricks and mortar retailers Urban Garden, Rocky Mountain Hydroponics and Evergreen Garden Center (www.rmgardener.com) .
Cautionary Language Concerning Forward-Looking Statements
Information set forth in this press release contains financial estimates and other forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995) that are subject to risks and uncertainties, and actual results might differ materially. Examples of such forward-looking statements include management's projected 2013 revenue guidance, references to potential acquisitions, and other references to potential growth in the business. A discussion of factors that may affect future results is contained in GrowLife's filings with the Securities and Exchange Commission. In addition, all industry products are subject to additional uncertainty, including the risks of delay, cancellation and poor critical or financial reception. GrowLife disclaims any obligation to update and revise statements contained in this news release based on new information or otherwise.
SOURCE GrowLife, Inc.