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KIRKLAND, Wash., Aug. 02, 2018 (GLOBE NEWSWIRE) -- GrowLife, Inc. (OTCQB: PHOT) (“GrowLife” or the “Company”), one of the nation’s most recognized indoor cultivation product and service providers, today announced financial results for the quarter ending June 30, 2018, and provided an overview of recent operational highlights. The company experienced escalated growth over last year, showing a 131.7% increase in revenue over the same quarter last year. For the six-month period ending June 30, 2018, the company experienced revenue growth of over 90% over the same period last year and a gross profit increase of 71%. Other highlights include that current liabilities were decreased by approximately 5%.
“We are proud to announce another quarter of solid and significant revenue growth compared to last year, as the company continues to build momentum and expand our presence throughout North America,” said GrowLife CEO Marco Hegyi. “During the second quarter, we sowed the seeds of leadership growth with functional, full-scale plant production in a licensed grow that is considered a game-changer by many customers. Additionally, GrowLife’s launch of a Canadian e-commerce platform provides the company with a competitive advantage to capture Canada’s newly legal adult-use cannabis market. Finally, we promoted and secured top talent within our organization to strengthen our domestic and international expansion efforts with the goal of bringing greater value to our shareholders.”
SECOND QUARTER 2018 HIGHLIGHTS
During Q2 2018, GrowLife, Inc. achieved the following milestones and significant events:
Reported year-over-year revenue growth in first quarter 2018 financial results
Launched Canadian e-commerce platform to meet increasing demand for cultivation equipment
Patent and Testing of GrowLife Grow Room Systems to Lower Customer Growing Costs
Added Vice President of Consumer Division to leadership team
Added Vice President of Administration
Presented at two internationally renowned conferences
SECOND QUARTER 2018 FINANCIAL RESULTS
Net Revenue: For the period ending June 30, 2018, GrowLife showed net revenue of $1,208,415, as compared to revenue of $521,358 for the period that ended June 30, 2017, an increase of 131.7%.
Balance Sheet: Total Assets for the company were $1,118,060 as of June 30, 2018, compared to $861,866 as of December 31, 2017.
Gross Profit: For the quarter ending June 30, 2018, GrowLife showed gross profit of $111,481, as compared to $94,341 for the same period in 2017, an increase of 18.16%.
For more information about GrowLife, please visit the company’s website. Products can be purchased at ShopGrowLife.com. Additional commentary on the company and the industry as a whole can be found on the CEO’s blog.
About GrowLife, Inc.
GrowLife, Inc. (PHOT) aims to become the nation’s largest cultivation service provider for cultivating organics, herbs and greens and plant-based medicines. Our mission is to help make our customers successful. Through a network of local representatives covering the United States and Canada, regional centers and its e-Commerce team, GrowLife provides essential goods and services including media, industry-leading hydroponics and soil, plant nutrients, and thousands more products to specialty grow operations. GrowLife is headquartered in Kirkland, Washington and was founded in 2012.
For more information, The GrowLife 2017 Stockholder Review presentation can be found on the Company’s homepage at www.GrowLifeInc.com.
Public Relations Contact:
Cassandra Dowell, 858-264-6600
Investor Relations Contact:
FORWARD LOOKING STATEMENT:
This release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of GrowLife, Inc., its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words may, would, will, expect, estimate, can, believe, potential and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond GrowLife, Inc.’s ability to control, and actual results may differ materially from those projected in the forward-looking statements as a result of various factors.