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Aerogrow International, Inc. (AERO) SEC Filing 10-Q Quarterly report for the period ending Monday, September 30, 2019

Aerogrow International, Inc.

CIK: 1316644 Ticker: AERO

 

Exhibit 99.1

 

AeroGrow Reports Second Quarter Results

 

 

Revenue Declines to $4.4 Million Due to Timing of Load-Ins with Major Retailers

 

Sell-thru to Consumers Remains Strong at + 36% for the Quarter

 

All New AeroGarden Bounty Introduced in September – Our Highest Rated Product Ever

 

Boulder, CO - (November 12, 2019) - 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 its second quarter ended September 30, 2019.

 

For the quarter ended September 30, 2019 the Company recorded net revenue of $4.4 million, a decrease of 48% vs. the same period in the prior year.  Loss from operations was $1.1 million, compared to a $672K profit in the prior year period. 

 

“Obviously the headline of our 2nd quarter will be the sales decline,” said J. Michael Wolfe, AeroGrow’s President & CEO. “While no one ever wants to see a drop in sales, we believe this is simply a timing issue resulting from the changing retail landscape. We have been working closely with several of our key retail partners – namely Amazon, Kohl’s and Bed, Bath and Beyond – to ship all or a majority of their holiday season load-in orders later this year than in the past at their request. Whereas we had previously shipped large load-ins to these retailers in the August/September period, this year we instead made significant shipments to each of them in October and expect shipments to continue throughout November and December.

 

“The quarterly sales decline and accompanying channel shift impacted our Gross Margin and ultimately our Operating Income in the Quarter. We are hopeful that as we catch up with our shipments to support anticipated holiday sales, these measures will correct.

 

“While the timing of these load-in shipments impacted our second quarter results, it should not obscure our very strong sell-thru results to end consumers. For the quarter, sell-thru at our Amazon worldwide business was +36%; our top three customers in our Retail business were +21%; and our Direct Response business was a very strong + 46%. Moreover, we had by far our strongest performance ever on Amazon’s Prime Day in July by selling over 8,000 AeroGardens in a 24 hour period – one of the big winners for the Prime Day event as a whole.

 

“In early September we launched the all-new AeroGarden Bounty, our top-of-the-line countertop Garden. With over 40 enhancements and 4 new models, the new Bounty makes growing easier than ever – all in a beautiful, slim and kitchen-friendly design. The Bounty features an easy-to-use touchscreen, dimmable grow lights, one-touch Vacation Mode and is Wi-Fi and Alexa enabled. Since launching on Amazon in mid-September, the new Bounty has been our highest rated garden ever with dozens of reviews averaging 4.9 out of 5 stars on Amazon.

 

“We have also been busy putting the finishing touches on an all new marketing campaign that is designed to broadly educate consumers about both the AeroGarden brand as well as the countertop gardening category. This campaign, which is set to launch in mid-November, will leverage television, digital and in-store platforms to optimize the delivery of our marketing message. A sneak peak of the “long form” version of our new television commercial is available here: 2019 AeroGrow commercial.

 

“We believe the combination of great new products, what we anticipate will be a highly effective new marketing campaign and what has been very strong sell-thru in all of our channels throughout the summer and early fall will lead to a terrific holiday selling season for AeroGrow.”

 

 

 

The following information was filed by Aerogrow International, Inc. (AERO) on Wednesday, November 13, 2019 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-Q Quarterly 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-Q Quarterly Report

Document And Entity Information
Condensed Balance Sheets
Condensed Balance Sheets (Parentheticals)
Condensed Statements Of Cash Flows (Unaudited)
Condensed Statements Of Operations (Unaudited)
Statement Of Changes In Stockholders??? Equity
1. Description Of The Business
10. Subsequent Events
10. Subsequent Events (Details)
2. Basis Of Presentation, Liquidity And Summary Of Significant Accounting Policies (Details) - Schedule Of Advertising Expenses
2. Basis Of Presentation, Liquidity And Summary Of Significant Accounting Policies (Details) - Schedule Of Inventory
2. Basis Of Presentation, Liquidity And Summary Of Significant Accounting Policies
2. Basis Of Presentation, Liquidity And Summary Of Significant Accounting Policies (Details)
2. Basis Of Presentation, Liquidity And Summary Of Significant Accounting Policies (Tables)
3. Notes Payable And Long Term Debt (Details) - Schedule Of Debt
3. Notes Payable And Long Term Debt
3. Notes Payable And Long Term Debt (Details)
3. Notes Payable And Long Term Debt (Tables)
4. Scotts Miracle-Gro Transactions ??? Convertible Preferred Stock, Warrants And Other Transactions
4. Scotts Miracle-Gro Transactions ??? Convertible Preferred Stock, Warrants And Other Transactions (Details)
5. 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
5. Equity Compensation Plans And Employee Benefit Plans
5. Equity Compensation Plans And Employee Benefit Plans (Details)
5. Equity Compensation Plans And Employee Benefit Plans (Tables)
6. Income Taxes
6. Income Taxes (Details)
7. Related Party Transactions
7. Related Party Transactions (Details)
8. Leases (Details) - Lessee, Operating Lease, Disclosure
8. Leases (Details) - Lessee, Operating Lease, Liability, Maturity
8. Leases
8. Leases (Details)
8. Leases (Tables)
9. Segment Information (Details) - Schedule Of Segment Reporting Information, By Segment
9. Segment Information
9. Segment Information (Details)
9. Segment Information (Tables)
Accounting Policies, By Policy (Policies)

Material Contracts, Statements, Certifications & more

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

Ticker: AERO
CIK: 1316644
Form Type: 10-Q Quarterly Report
Accession Number: 0001185185-19-001569
Submitted to the SEC: Tue Nov 12 2019 6:17:42 PM EST
Accepted by the SEC: Wed Nov 13 2019
Period: Monday, September 30, 2019
Industry: Retail Building Materials Hardware Garden Supply

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