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Aerogrow International, Inc. (AERO) SEC Filing 10-K Annual report for the fiscal year ending Saturday, March 31, 2018

Aerogrow International, Inc.

CIK: 1316644 Ticker: AERO


Exhibit 99.1
 
AeroGrow Reports Results for the Full Fiscal Year Ended March 31, 2018

·
Full Year Sales up 37% to $32.3 million
·
Operating Loss of $448K
·
Continued Success with Amazon, Bed, Bath & Beyond, Others
·
Successful New Launches with Key National Retailers Including Macy’s and Kohl’s
·
Highly Successful New Product Launches, More Planned for FY 2019
 
Boulder, CO - (June 28, 2018) - AeroGrow International, Inc. (OTCQB: AERO) (“AeroGrow” or the “Company”), the manufacturer and distributor of AeroGardens - the world’s leading family of In-Home Garden Systems™ – announced results for the fiscal year (FY) ended March 31, 2018.

For the year ended March 31, 2018 the Company recorded total revenue of $32.3 million, an increase of 37% over the prior year.   Operating Loss for the full year was $448K up slightly from the prior year primarily due to increased investments in marketing and R&D.

“I am very pleased to report our Fiscal Year 2018 results,” said President and CEO J. Michael Wolfe.  “With sales up 37%, increased channels of distribution and several successful product launches, I believe our FY 2018 continued to demonstrate the exceptional progress we are making.  Our balance sheet was also strong, which as of March 31, 2018 showed no debt, over $7.5 million of cash on hand, over $4.3 million in good Accounts Receivables and plenty of inventory.

“For the five year period since the Scotts Miracle-Gro Company took an ownership position in our company, we have achieved a compound annual growth rate of 35%.  Fiscal Year 2018 accelerated to 37% as we continued to broaden our brand, our product offerings and our channels of distribution.  I believe that our growth rate accelerating off of an ever-increasing base is a very encouraging sign for the health and future of our business.

“Our focus this past year was to continue the growth in our highly successful on-line channels while building on our successful distribution with prominent national retailers.  The results were exceptional as we achieved 35% growth on our Amazon platforms and an impressive + 70% growth in our portfolio of retail companies – including continued success at Bed, Bath & Beyond and Sur La Table, and successful launches at Kohl’s and Macy’s.  Not only are we registering good in-store results, but our on-line performance at these retailers has been very strong as well.

 “Our Direct-to-Consumer business also grew steadily in FY 2018 and we continued our successful testing in Europe – with encouraging results on the Amazon platforms in the UK, France, Germany, Spain and Italy.  We also had a successful retail test in the UK with The Steamer Cookshops chain of culinary stores, selling out our entire inventory in just a few weeks.

“It’s also worth noting that sales of our Seed Pod Kits continue to show considerable strength with Seed Pod-related sales accelerating to 42% growth YoY in FY 2018, up from 32% growth the prior year.  This is a critical measure of our business and an indication of continued usage and engagement of the product.  We’ve also seen continued strong seed pod sales early in our FY 2019, which began on April 1.  

“The new products we launched in the past year were extremely well received. The big winner was the AeroGarden Farm, our most advanced indoor garden ever with 24 pods, automatically-adjustable 120 watts of LED grow lights, and 24 inches of growing height – offering our biggest and best growing experience yet.  Look for us to continue to be aggressive in bringing new and innovative products to market – with several significant launches planned for this fall.
 

The following information was filed by Aerogrow International, Inc. (AERO) on Thursday, June 28, 2018 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

Document And Entity Information
Balance Sheets
Balance Sheets (parentheticals)
Statement Of Changes In Stockholders' Equity (deficit)
Statements Of Cash Flows
Statements Of Operations
Accounting Policies, By Policy (policies)
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) - 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 Fair Value, Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation
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 (details)
Note 1 - Description Of The Business And Summary Of Significant Accounting Policies (tables)
Note 10 - Subsequent Events
Note 2 - Notes Payable And Long Term Debt
Note 2 - Notes Payable And Long Term Debt (details) - Schedule Of Debt
Note 2 - Notes Payable And Long Term Debt (details)
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) - 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 (details)
Note 4 - Equity Compensation Plans And Employee Benefit Plans (tables)
Note 5 - Income Taxes
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 (details)
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) - Schedule Of Stockholders' Equity Note, Warrants Or Rights
Note 8 - Stockholders' Equity (details) - Schedule Of Warrants Outstanding
Note 8 - Stockholders' Equity (details)
Note 8 - Stockholders' Equity (tables)
Note 9 - Segment Information
Note 9 - Segment Information (details)
Note 9 - Segment Information (details) - Schedule Of Segment Reporting Information, By Segment
Note 9 - Segment Information (tables)

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: 0001185185-18-001172
Submitted to the SEC: Thu Jun 28 2018 9:26:28 AM EST
Accepted by the SEC: Thu Jun 28 2018
Period: Saturday, March 31, 2018
Industry: Retail Building Materials Hardware Garden Supply

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