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Aerogrow International, Inc. (AERO) SEC Filing 10-Q Quarterly report for the period ending Tuesday, December 31, 2019

Aerogrow International, Inc.

CIK: 1316644 Ticker: AERO

Exhibit 99.1

 

AeroGrow Reports 3rd Quarter Results

 

 

3rd Quarter Revenue Increases 43% to a Record $18.5 Million

 

3rd Quarter Operating Profit a Record $1.2 Million – Up $1.7 Million vs. Prior Year

 

Strong 3rd Quarter Sell-thru Supported by Effective New Marketing Programs

 

Successful New Product Launches with More Planned

 

Boulder, CO - (February 11, 2020) - 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 third quarter ended December 31, 2019.

 

For the quarter ended December 31, 2019 the Company recorded net revenue of $18.5 million, an increase of 43% over the same period in the prior year.  Income from Operations was $1.2 million, improved from a loss of $535K in the prior year.  For the nine months ended December 31, 2019, net revenue stands at $27.4 million, an increase of 9% vs. the same period last year and our loss from operations for the nine month period was $918K, up from a loss of $517K the prior year.

 

“Results for the 3rd Quarter of our Fiscal Year 2020 were exceptional,” said AeroGrow President & CEO J. Michael Wolfe. “With sales up 43% and solid growth in all of our channels, the highly successful launch of a new line of products and the introduction of a very effective marketing program, I believe this was the best quarter in the Company’s history. We also reported very strong Income from Operations (up from a loss last year in the quarter) fueled by the larger sales and an improvement in our gross margin, up 420 basis points vs. last year to 35.2%. All in all, it was a terrific quarter for us.

 

“Our 3rd Quarter results benefited from shipments made to some of our retail partners in the quarter as opposed to during the 2nd Quarter in prior years. For the 9 month period, sales are up by 9% with particular progress in our e-commerce business. Income from Operations for the 9 month period declined by $401K due largely to investments in R&D and the addition of several personnel to support long-term growth.

 

“Our third quarter results also illustrate the strength in our business across multiple e-commerce channels. Sell-thru results, which we define as sales to end consumers, were very strong in the quarter in our Amazon and Direct Response channels as both registered solid double-digit YOY increases. In addition, we saw improved YOY sell-thru performance in-store and on-line at Macy’s, Kohl’s and Bed, Bath & Beyond despite what was a challenging in-store retail environment. We also made good progress in expanding our sales footprint throughout Canada.

 

“The strong quarter was helped by the launch of our all-new AeroGarden Bounty, our top-of-the-line countertop AeroGarden. 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 generated significant 3rd quarter sales and has been our highest rated garden ever with reviews on Amazon averaging 4.7 out of 5 stars.

 

“Also during the 3rd quarter we debuted an all-new marketing campaign designed to raise awareness of the AeroGarden brand. Using a careful testing and roll out strategy, this campaign deployed television, digital and social media to optimize the delivery of our marketing message. Our on-line marketing using Amazon and numerous other digital platforms was particularly effective, as evidenced by the term “AeroGarden” becoming one of the top 1,000 most-searched terms on all of Amazon in late December, and our brand being one of the top five most-searched brands in Amazon’s “Home & Garden” category during the same period. In addition, our new television commercial (click here to view it) also proved quite successful in driving awareness and purchase behavior. We believe many of these marketing programs are scalable and will help us drive future growth.

 

“As pleased as I am with our 3rd quarter results, I’m even more excited about what’s ahead for us as we look to our Fiscal 2021, which begins in April. Late last year we announced the launch of our largest and most innovative product ever – the “Grow Anything” Appliance – a fully automated, self-contained refrigerator-sized indoor gardening system (click here to see that press release announcing this product). We believe our Grow Anything Appliance will be the most advanced indoor home-growing device ever developed and – as the name implies – will truly allow users to grow anything they want…and to do it in a way that is sure to produce exceptional crops time and again.

 

 

The following information was filed by Aerogrow International, Inc. (AERO) on Tuesday, February 11, 2020 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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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
Accounting Policies, By Policy (Policies)
Basis Of Presentation, Liquidity And Summary Of Significant Accounting Policies
Basis Of Presentation, Liquidity And Summary Of Significant Accounting Policies (Details)
Basis Of Presentation, Liquidity And Summary Of Significant Accounting Policies (Details) - Schedule Of Advertising Expenses
Basis Of Presentation, Liquidity And Summary Of Significant Accounting Policies (Details) - Schedule Of Inventory
Basis Of Presentation, Liquidity And Summary Of Significant Accounting Policies (Tables)
Description Of The Business
Equity Compensation Plans And Employee Benefit Plans
Equity Compensation Plans And Employee Benefit Plans (Details)
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
Equity Compensation Plans And Employee Benefit Plans (Tables)
Income Taxes
Income Taxes (Details)
Leases
Leases (Details)
Leases (Details) - Lessee, Operating Lease, Disclosure
Leases (Details) - Lessee, Operating Lease, Liability, Maturity
Leases (Tables)
Notes Payable And Long Term Debt
Notes Payable And Long Term Debt (Details)
Notes Payable And Long Term Debt (Details) - Schedule Of Debt
Notes Payable And Long Term Debt (Tables)
Related Party Transactions
Related Party Transactions (Details)
Scotts Miracle-Gro Transactions ??? Convertible Preferred Stock, Warrants And Other Transactions
Scotts Miracle-Gro Transactions ??? Convertible Preferred Stock, Warrants And Other Transactions (Details)
Segment Information
Segment Information (Details)
Segment Information (Details) - Schedule Of Segment Reporting Information, By Segment
Segment Information (Tables)
Subsequent Events
Subsequent Events (Details)

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

Ticker: AERO
CIK: 1316644
Form Type: 10-Q Quarterly Report
Accession Number: 0001185185-20-000161
Submitted to the SEC: Tue Feb 11 2020 4:46:47 PM EST
Accepted by the SEC: Tue Feb 11 2020
Period: Tuesday, December 31, 2019
Industry: Retail Building Materials Hardware Garden Supply

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