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Aerogrow International, Inc. (AERO) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, March 31, 2015

Aerogrow International, Inc.

CIK: 1316644 Ticker: AERO
Exhibit 99.1

 
AeroGrow Reports Results for the Fourth Quarter and Full Year Ended March 31, 2015

  
Sales increase 92% to $17.9 million for Fiscal Year 2015
  
Retail channel sales increase 209% YOY to $11.1 million
  
Adjusted EBITDA improves to a record $609,000 for the year

BOULDER, CO—(Marketwired – June 29, 2015) – AeroGrow International, Inc (OTCQB: AERO) (“AeroGrow” or the “Company”), which sells the Miracle-Gro AeroGarden® line of high output, soil-free indoor gardens, seed pod kits and hydroponic nutrients, today announced results for the fourth quarter and Fiscal Year (FY) ended March 31, 2015.

For the year ended March 31, 2015 the Company recorded total revenue of $17.9 million, an increase of 92% over the same period in the prior year.  Results for the quarter ended March 31, 2015 saw revenue increase 37% year over year to $3.6 million.  Adjusted EBITDA for the full year increased to $609,000, up $798,000 versus the prior year period.
 
“Our core strategy for FY 2015 was to grow at a rapid rate while generating at least a modest EBITDA profit, and I think our results are a strong validation of this approach,” said President and CEO J. Michael Wolfe.
 
 “Our growth was driven largely by sales in our Retail distribution channel, both on-line and in-store, which increased over 200% year over year.  We continued to show strong results with our on-line retail partners, including Amazon, Costco.com, Walmart.com, HomeDepot.com, and others.  This growth in the on-line channel actually accelerated in Q4, with sales at Amazon growing more than 270% year over year in the March quarter.
 
“We conducted in-store tests with various products at different price points and in a wide range of demographics and geographies.  These tests included Costco, Walmart and several others and our results varied widely – ranging from full sell-thru in some locations to very limited in others.  We learned a great deal from these tests and have developed a plan to drive promotions, product placement, pricing, and other factors in order to successfully build a strong in-store program over time.
 
“Our Direct-to-Consumer channel generated 21% growth year over year.  We’re quite pleased with this growth, after several years of decline in this channel, especially given all of the new retail distribution we opened up.  This additional distribution – while clearly generating more total sales for us – created quite a bit of competition for our web and catalog business.
 
“I am extremely proud of the progress that we’ve made here at AeroGrow.  Our focus for FY 2016 will be to continue growing our key distribution channels, including testing an international sales model.  In addition, we plan to continue our commitment to introducing innovative new products into the market, while emphasizing improved gross margins and profitability.”
 
 
 

The following information was filed by Aerogrow International, Inc. (AERO) on Monday, June 29, 2015 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Balance Sheets
Balance Sheets (parentheticals)
Statement Of Changes In Stockholders' Equity (deficit)
Statements Of Cash Flows
Statements Of Operations
Accounting Policies, By Policy (policies)
Document And Entity Information
Note 1 - Description Of The Business And Summary Of Significant Accounting Policies
Note 1 - Description Of The Business And Summary Of Significant Accounting Policies (details)
Note 1 - Description Of The Business And Summary Of Significant Accounting Policies (details) - Property, Plant And Equipment
Note 1 - Description Of The Business And Summary Of Significant Accounting Policies (details) - Schedule Of Advertising Expenses
Note 1 - Description Of The Business And Summary Of Significant Accounting Policies (details) - Schedule Of Employee Service Share-based Compensation, Allocation Of Recognized Period Costs
Note 1 - Description Of The Business And Summary Of Significant Accounting Policies (details) - Schedule Of Fair Value, Assets And Liabilities Measured On Recurring Basis
Note 1 - Description Of The Business And Summary Of Significant Accounting Policies (details) - Schedule Of Finite-lived Intangible Assets
Note 1 - Description Of The Business And Summary Of Significant Accounting Policies (details) - Schedule Of Inventory
Note 1 - Description Of The Business And Summary Of Significant Accounting Policies (tables)
Note 2 - Notes Payable And Long Term Debt
Note 2 - Notes Payable And Long Term Debt (details)
Note 2 - Notes Payable And Long Term Debt (details) - Schedule Of Debt
Note 2 - Notes Payable And Long Term Debt (tables)
Note 3 - Scotts Miracle-gro Transactions - Convertible Preferred Stock, Warrants And Other Transactions
Note 3 - Scotts Miracle-gro Transactions - Convertible Preferred Stock, Warrants And Other Transactions (details)
Note 4 - Equity Compensation Plans And Employee Benefit Plans
Note 4 - Equity Compensation Plans And Employee Benefit Plans (details)
Note 4 - Equity Compensation Plans And Employee Benefit Plans (details) - Schedule Of Share-based Compensation, Stock Options, Activity
Note 4 - Equity Compensation Plans And Employee Benefit Plans (details) - Share-based Compensation Arrangement By Share-based Payment Award, Options, Vested And Expected To Vest, Outstanding And Exercisable
Note 4 - Equity Compensation Plans And Employee Benefit Plans (tables)
Note 5 - Income Taxes
Note 5 - Income Taxes (details)
Note 5 - Income Taxes (details) - Schedule Of Components Of Income Tax Expense (benefit)
Note 5 - Income Taxes (details) - Schedule Of Deferred Tax Assets And Liabilities
Note 5 - Income Taxes (details) - Schedule Of Effective Income Tax Rate Reconciliation
Note 5 - Income Taxes (tables)
Note 6 - Related Party Transactions
Note 6 - Related Party Transactions (details)
Note 7 - Commitments And Contingencies
Note 7 - Commitments And Contingencies (details)
Note 7 - Commitments And Contingencies (details) - Schedule Of Future Minimum Rental Payments For Operating Leases
Note 7 - Commitments And Contingencies (tables)
Note 8 - Stockholders' Equity
Note 8 - Stockholders' Equity (details)
Note 8 - Stockholders' Equity (details) - Schedule Of Stockholders' Equity Note, Warrants Or Rights
Note 8 - Stockholders' Equity (details) - Schedule Of Warrants Outstanding
Note 8 - Stockholders' Equity (tables)
Note 9 - Subsequent Events
Note 9 - Subsequent Events (details)

Material Contracts, Statements, Certifications & more

Aerogrow International, Inc. provided additional information to their SEC Filing as exhibits

Ticker: AERO
CIK: 1316644
Form Type: 10-K Annual Report
Accession Number: 0001185185-15-001726
Submitted to the SEC: Mon Jun 29 2015 4:36:16 PM EST
Accepted by the SEC: Mon Jun 29 2015
Period: Tuesday, March 31, 2015
Industry: Retail Building Materials Hardware Garden Supply

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