BOULDER — AeroGrow International Inc. (OTCQB: AERO), the manufacturer and distributor of in-home AeroGardens, announced a net loss but improved performance overall for its first quarter, which ended June 30.
The Boulder-based company had net revenue of $3.7 million, an increase of 52 percent over the same period in the prior year. Loss from operations was $653,000, improved from $729,000 in the prior year period.
“I am very pleased to report our results,” said AeroGrow J. Michael Wolfe, president and CEO. “With sales up 52 percent, we continued — and in fact accelerated — the strong momentum we’ve had over the last year and realized particularly good results on our Amazon platforms as well with several other on-line retailers, notably Bed, Bath & Beyond, Home Depot and Kohl’s. Loss from operations was improved year-over-year and I’m especially pleased with the nearly 500 basis point improvement in our gross margin vs. last year (from 33.4 percent to 38.3 percent).”
Wolfe said the company has no debt and has lined up a $6 million line of credit with Scotts Miracle-Gro to support growth this fall.
The company will introduce six new products this fall into to the company’s “mid-line” product line called Harvest. It will also expand its AeroGarden Farms by introducing a new version.