Agribusiness  August 14, 2018

AeroGrow International reports loss for first quarter

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).”

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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.

 

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…

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