Information contained on this page is provided by an independent third-party content provider. WorldNow and this Station make no warranties or representations in connection therewith. If you have any questions or comments about this page please contact email@example.com.
SOURCE GrowLife, Inc.
WOODLAND HILLS, Calif., May 15, 2014 /PRNewswire/ -- GrowLife, Inc., (OTC: PHOT), the recognized leader in specialty hydroponics and an essential facilitator of the grower marketplace, announced the timely filing of its 10Q report and financial results for the quarter ending March 31, 2014. The full 10Q filing is available in its entirety at www.GrowLifeInc.com or on the SEC's website http://edgar.sec.gov/.
GrowLife revenues for its first financial quarter of 2014 increased to $2,382,836, from $760,709 in the same period last year, an increase of $1,622,127 or 213% compared against revenues in Q1 2013. By the same measures, gross profit increased $270,752 comparing the respective quarters, or 108%.
"We are very pleased with the Q1 2014 financial results, as the revenue growth exceeded our internal goals for Q1," stated GrowLife CEO and Chairman Sterling Scott. "We continue to witness a strong revenue growth trajectory moving in the right direction, and GrowLife management will increase efforts on our gross and net margins company-wide, while maintaining relatively high growth rates. GrowLife remains dedicated to growth, increasing scale and continued expansion of company operations across all of our market sectors."
Notwithstanding our growth and improving record of quarter over quarter revenue expansion, the industry and GrowLife as an essential B2B (business to business) and B2C (business to end customer) facilitator have significant challenges. Importantly, our industry overall continues to struggles with credit availability and normalized banking. Over time, we expect that for the industry overall and for GrowLife, these matters will stabilize in an acceptable manner to support expansion. In the interim, we regard the credit and normalized banking issues as very substantial competitive business opportunities for GrowLife.
As our Q1 2014 10Q results indicate, GrowLife has continued to incur substantial non-cash charges in Q1 2014; management is dedicated to actively reducing non-cash charges going forward and, as part of our continuing commitment to transparency, management will at the earliest possible time provide details of our strategy to reduce non-cash charge issues in the future. The legislative environment continues to shift favorably for legal cannabis, albeit with some fits and starts affecting banking and credit for the industry and the Company. GrowLife remains well positioned to further increase our market leading presence in a revenue diversified manner that is profitable to the Company and its shareholders.
From time to time, GrowLife will provide market updates and news via its websites GrowLifeInc.com, Cannabis.org or the Company's Facebook page at https://www.facebook.com/tellthetruthfederalgovernment
About GrowLife, Inc.
GrowLife, Inc. (PHOT) (www.growlifeinc.com) develops, markets and deploys products and services addressing the needs of legal cannabis growing and retail operations, including hydroponic growing equipment and retail support software. The Company provides these solutions in our nationwide retail network, as well as online sites Greners.com, Phototron.com and StealthGrow.com. The Company also operates the political and social forum, Cannabis.org
Cautionary Language Concerning Forward-Looking Statements
This release contains "forward-looking statements" that include information relating to future events and future financial and operating performance. The words "may," "would," "will," "expect," "estimate," "can," "believe," "potential" and similar expressions and variations thereof are intended to identify forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which that performance or those results will be achieved. Forward-looking statements are based on information available at the time they are made and/or management's good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause these differences include, but are not limited to: fluctuations in demand for GrowLife's products, the introduction of new products, the Company's ability to maintain customer and strategic business relationships, the impact of competitive products and pricing, growth in targeted markets, the adequacy of the Company's liquidity and financial strength to support its growth, and other information that may be detailed from time-to-time in GrowLife's filings with the United States Securities and Exchange Commission. Examples of such forward-looking statements in this release include statements regarding future sales, costs and market acceptance of products as well as regulatory actions at the State or Federal level. For a more detailed description of the risk factors and uncertainties affecting GrowLife, Inc. please refer to the Company's Securities and Exchange Commission filings, which are available at www.sec.gov. GrowLife, Inc. undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Investor Relations Contact: firstname.lastname@example.org
©2012 PR Newswire. All Rights Reserved.