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.