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
, 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
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."