|By PR Newswire||
|November 15, 2012 07:58 PM EST||
WOODLAND HILLS, Calif., Nov. 15, 2012 /PRNewswire/ -- GrowLife Inc. (OTCBB: PHOT), an innovative leader in high-end horticulture supply, today announced results for its fiscal third quarter, or the three months ended September 30, 2012.
Third quarter highlights include:
- Revenues 128% from last quarter and 121% comparing year over year Q3 results.
- Geners.com acquisition closed on July 23 2012 and contributed substantially to the revenue improvement this quarter.
- SGSensors.com was featured on the cover of High Times magazine's November 2012 issue providing great exposure.
- Development plans were announced for Cannabis.org – an online portal focused on the medical marijuana industry.
"GrowLife continued to make real progress toward our financial objectives during the third quarter," said Sterling Scott, CEO of GrowLife. "We completed our acquisition of Greners.com during the course of Q3, which materially contributed to our 128% revenue increase from last quarter. Looking ahead, we will continue to grow and scale our business including through acquisitions such as our purchase in the early part of Q4 2012 of Urban Garden Supplies, which is now being integrated as part of GrowLife Hydroponics Inc. We will also provide clarity to the market on the exciting opportunities for GrowLife with web portals for our specialized industry with www.cannabis.org and other powerful portals. The ever growing team of skilled professionals that make up GrowLife, Inc. is dedicated on a daily basis to our mission and to building significant long-term value for our shareholders. On behalf of our Company, I would like to emphasize that GrowLife, Inc. has made significant progress during Q3."
At the same time that GrowLife is increasing its revenue base, management is actively taking steps to better manage costs, with a focus on reducing general and administrative costs. During the third quarter, management has also taken steps to eliminate on a going forward basis derivative financial instrument costs, in order to bring our projected SG&A expense in line with our revenues in the fourth quarter. The presence of these derivative charges has caused the company to show large general & administrative expenses. As Sterling Scott explained, "GrowLife is pleased to have eliminated these costs on a going forward basis and as reflected in Q4 results."
The company has also engaged Emerging Growth Corp as its investor awareness partner to assist in measurably enhancing exposure for its stock among retail and institutional investors.
Fourth Quarter 2012 Guidance
For the fourth quarter of 2012, GrowLife Management provides the following forward-looking guidance consistent with its current visibility into operations and expenses.
Management projects that it will maintain a rapid growth of revenues consistent with the growth rate in the third quarter, even absent additional strategic acquisitions. GrowLife's fourth quarter results will include a full financial quarter incorporating Greners.com and is also expected to incorporate our integration of Urban Garden Supplies, a new division of GrowLife Hydroponics, Inc. As a consequence of management actions to control SG&A expense in the fourth quarter, combined with the increased number and productivity of our business units, GrowLife management projects that the combined companies will be cash flow positive during the fourth quarter of 2012.
For details regarding our business, our detailed financial statement, significant accounting policies and notes to our detailed financial statement, we incorporate by reference and refer interested parties to our full quarterly report filed on this date with the SEC.
About GrowLife, Inc.
GrowLife, Inc. (PHOT) (formerly Phototron Holding, Inc.) (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 the SG line of automation equipment and hi-powered LED grow light products for indoor horticulture (www.sgsensors.com and www.stealthgrow.com), Greners.com, the online hydroponics superstore (www.greners.com) and Phototron, producer of hydroponic grow containers, which are designed to grow vegetables, herbs, flowers and fruits in any environment (www.phototron.com).
For more information about our public holding company, please visit www.growlifeinc.com.
Cautionary Language Concerning Forward-Looking Statements
Information set forth in this press release contains financial estimates and other forward-looking statements that are subject to risks and uncertainties, and actual results might differ materially. 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.
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