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:
shareholdersupport@growlifeinc.com
SOURCE GrowLife, Inc.