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$GRWG..GrowGeneration Acquires Assets of Seattle Hydro Spot; #MJ
Accretive Acquisition Positions GrowGen in Fast-Growing Northwest Market;
PR Newswire
DENVER, May 23, 2017
DENVER, May 23, 2017 /PRNewswire/ -- GrowGeneration Corp. (OTCQB:GRWG), ("GrowGen" or the "Company"), one of the largest specialty retail hydroponic and organic gardening stores, selling to both the commercial and home cannabis growers, with currently 13 locations, today announced it has acquired all of the assets of Seattle Hydro Spot and signed a three-year lease on a 4,000 square foot retail and warehouse facility in Seattle, Wash. The Seattle Hydro Spot location, one of the original hydroponic stores in what is known as the Ballard neighborhood of Seattle, will serve as a retail and warehouse location servicing the growing number of both commercial and home growers in the Northwest market.
Darren Lampert, Co-Founder and Chief Executive Officer of GrowGeneration, said "As noted by industry experts, the market for marijuana in Washington state is poised to double by 2020, reaching an estimated $2 billion. This represents a prime, underserved market for GrowGen, and we are excited to expand our brand into this region. With the cultivation 502 licenses issued, acquiring Seattle Hydro Spot, one of the original hydroponic retailers in Seattle, solidifies and strengthens our position in the Northwest, a region abundant with cultivators. Both Washington and Oregon have legalized both recreational and medicinal marijuana, representing significant growth opportunities for us."
"With a retail and distribution presence, we are immediately well-positioned to serve the existing market, and we will quickly look to establish ourselves with large, commercial growers in the area," added Mr. Lampert. "By increasing our warehouse and retail showroom space, we will be able to stock at inventory levels and sizes to attract the large commercial growers. Seattle Hydro Spot was working with 50 of the approximately 2,000 commercial growers in the Northwest, and we will work to expand that market share quickly."
GrowGeneration acquired the assets of Seattle Hydro Spot, including existing inventory and fixed assets as well as the brand and customer relationships. In consideration, GrowGen paid $130,000 in cash, utilizing cash on hand, and the Seattle Hydro Spot owner has the opportunity to earn up to $30,000 in additional considerations based on the operation achieving an approximate 50% increase in revenues during the 12-month period following closing of the transaction. Seattle Hydro Spot, which has been in business for approximately six years, was operating at a revenue run-rate of approximately $1 million annually. Experienced, existing staff is expected to remain in place and the previous owner has agreed to join GrowGeneration as a salesperson, focused on large commercial growers in the region.
"By leveraging the established brand presence, along with our proven model, we are confident we can at least double sales in this region over the next year," added Mr. Lampert. "We are expanding the sales organization to target the large number of commercial growers in the region. In addition, we will improve profitability of the operation by taking advantage of our scale, volume purchasing power, and our growing outside sales organization."
About GrowGeneration Corp.:
GrowGeneration Corp. ("GrowGen") owns and operates specialty retail hydroponic and organic gardening stores. Currently, GrowGen has 13 stores, which includes nine locations in Colorado, two locations in California, one location in Nevada and one in Washington. GrowGen carries and sells thousands of products, including organic nutrients and soils, advanced lighting technology and state of the art hydroponic equipment to be used indoors and outdoors by commercial and home growers. Our mission is to own and operate GrowGeneration branded stores in all of the major legalized cannabis states. Management estimates that roughly 1,000 hydroponic stores are in operation in the U.S. According to New Frontier Data, the U.S. legal cannabis market was $6.6 billion in 2016 and is expected to reach $8.0 billion at the end of 2017. By 2025 the market is estimated to reach over $24 billion with a compound annual growth rate of 16%.
https://www.otcmarkets.com/stock/GRWG/news/GrowGeneration-Acquires-Assets-of-Seattle-Hydro-Spot--Opens-Northwest-Retail-Distribution-Center?id=159797&b=y
$GRWG..GrowGeneration Acquires Assets of Seattle Hydro Spot; #MJ
Accretive Acquisition Positions GrowGen in Fast-Growing Northwest Market;
PR Newswire
DENVER, May 23, 2017
DENVER, May 23, 2017 /PRNewswire/ -- GrowGeneration Corp. (OTCQB:GRWG), ("GrowGen" or the "Company"), one of the largest specialty retail hydroponic and organic gardening stores, selling to both the commercial and home cannabis growers, with currently 13 locations, today announced it has acquired all of the assets of Seattle Hydro Spot and signed a three-year lease on a 4,000 square foot retail and warehouse facility in Seattle, Wash. The Seattle Hydro Spot location, one of the original hydroponic stores in what is known as the Ballard neighborhood of Seattle, will serve as a retail and warehouse location servicing the growing number of both commercial and home growers in the Northwest market.
Darren Lampert, Co-Founder and Chief Executive Officer of GrowGeneration, said "As noted by industry experts, the market for marijuana in Washington state is poised to double by 2020, reaching an estimated $2 billion. This represents a prime, underserved market for GrowGen, and we are excited to expand our brand into this region. With the cultivation 502 licenses issued, acquiring Seattle Hydro Spot, one of the original hydroponic retailers in Seattle, solidifies and strengthens our position in the Northwest, a region abundant with cultivators. Both Washington and Oregon have legalized both recreational and medicinal marijuana, representing significant growth opportunities for us."
"With a retail and distribution presence, we are immediately well-positioned to serve the existing market, and we will quickly look to establish ourselves with large, commercial growers in the area," added Mr. Lampert. "By increasing our warehouse and retail showroom space, we will be able to stock at inventory levels and sizes to attract the large commercial growers. Seattle Hydro Spot was working with 50 of the approximately 2,000 commercial growers in the Northwest, and we will work to expand that market share quickly."
GrowGeneration acquired the assets of Seattle Hydro Spot, including existing inventory and fixed assets as well as the brand and customer relationships. In consideration, GrowGen paid $130,000 in cash, utilizing cash on hand, and the Seattle Hydro Spot owner has the opportunity to earn up to $30,000 in additional considerations based on the operation achieving an approximate 50% increase in revenues during the 12-month period following closing of the transaction. Seattle Hydro Spot, which has been in business for approximately six years, was operating at a revenue run-rate of approximately $1 million annually. Experienced, existing staff is expected to remain in place and the previous owner has agreed to join GrowGeneration as a salesperson, focused on large commercial growers in the region.
"By leveraging the established brand presence, along with our proven model, we are confident we can at least double sales in this region over the next year," added Mr. Lampert. "We are expanding the sales organization to target the large number of commercial growers in the region. In addition, we will improve profitability of the operation by taking advantage of our scale, volume purchasing power, and our growing outside sales organization."
About GrowGeneration Corp.:
GrowGeneration Corp. ("GrowGen") owns and operates specialty retail hydroponic and organic gardening stores. Currently, GrowGen has 13 stores, which includes nine locations in Colorado, two locations in California, one location in Nevada and one in Washington. GrowGen carries and sells thousands of products, including organic nutrients and soils, advanced lighting technology and state of the art hydroponic equipment to be used indoors and outdoors by commercial and home growers. Our mission is to own and operate GrowGeneration branded stores in all of the major legalized cannabis states. Management estimates that roughly 1,000 hydroponic stores are in operation in the U.S. According to New Frontier Data, the U.S. legal cannabis market was $6.6 billion in 2016 and is expected to reach $8.0 billion at the end of 2017. By 2025 the market is estimated to reach over $24 billion with a compound annual growth rate of 16%.
https://www.otcmarkets.com/stock/GRWG/news/GrowGeneration-Acquires-Assets-of-Seattle-Hydro-Spot--Opens-Northwest-Retail-Distribution-Center?id=159797&b=y
$STCC catching a bid support this AM
#Industrial #Manufacturing #microcap
Pnuematic, Hydraulic, Seals supplier
GRWG 2.02 GrowGeneration Corp. 8k Acquisition..MJ...
On March 6, 2017, GrowGeneration Corp. (the “Company”) entered into an agreement to purchase and sell assets (the “Purchase Agreement”) with Seattle’s Hydro Spot LLC (the “Seller”) and David G. Iacovelli to purchase from the Seller substantially all of the assets in connection with a retail hydroponic store known as “Seattle’s Hydro Spot” (the “Business”) located in Seattle, Washington. The closing of the asset purchase took place on May 16, 2017.
The assets subject to the sale under the Purchase Agreement included inventory, equipment, supplies, leasehold improvements, books and records, contact list, files and data, trade name, goodwill, intellectual property and other assets listed in an exhibit thereto. As consideration to the inventory and assets purchased under the Purchase Agreement, the Company agreed to pay a total of $140,000. The Company also agreed to pay the Seller an amount calculated based on certain gross revenue thresholds of the Business during the 12-month period following the closing of the purchase.
In connection with the purchase of the assets, the Company also entered into a commercial lease, to be effective from May 17, 2017 to April 30, 2022, to rent the premises where the Business is located.
https://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=12083351
This should be store #14
https://www.otcmarkets.com/stock/GRWG/profile
$GRWG..2.02 GrowGeneration Corp. #MJ 8k Acquistion...
On March 6, 2017, GrowGeneration Corp. (the “Company”) entered into an agreement to purchase and sell assets (the “Purchase Agreement”) with Seattle’s Hydro Spot LLC (the “Seller”) and David G. Iacovelli to purchase from the Seller substantially all of the assets in connection with a retail hydroponic store known as “Seattle’s Hydro Spot” (the “Business”) located in Seattle, Washington. The closing of the asset purchase took place on May 16, 2017.
The assets subject to the sale under the Purchase Agreement included inventory, equipment, supplies, leasehold improvements, books and records, contact list, files and data, trade name, goodwill, intellectual property and other assets listed in an exhibit thereto. As consideration to the inventory and assets purchased under the Purchase Agreement, the Company agreed to pay a total of $140,000. The Company also agreed to pay the Seller an amount calculated based on certain gross revenue thresholds of the Business during the 12-month period following the closing of the purchase.
In connection with the purchase of the assets, the Company also entered into a commercial lease, to be effective from May 17, 2017 to April 30, 2022, to rent the premises where the Business is located.
https://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=12083351
PR should be coming
https://www.otcmarkets.com/stock/GRWG/profile
$GRWG 8k May 22, 2017..On March 6, 2017, GrowGeneration Corp. (the “Company”) entered into an agreement to purchase and sell assets (the “Purchase Agreement”) with Seattle’s Hydro Spot LLC (the “Seller”) and David G. Iacovelli to purchase from the Seller substantially all of the assets in connection with a retail hydroponic store known as “Seattle’s Hydro Spot” (the “Business”) located in Seattle, Washington. The closing of the asset purchase took place on May 16, 2017.
The assets subject to the sale under the Purchase Agreement included inventory, equipment, supplies, leasehold improvements, books and records, contact list, files and data, trade name, goodwill, intellectual property and other assets listed in an exhibit thereto. As consideration to the inventory and assets purchased under the Purchase Agreement, the Company agreed to pay a total of $140,000. The Company also agreed to pay the Seller an amount calculated based on certain gross revenue thresholds of the Business during the 12-month period following the closing of the purchase.
In connection with the purchase of the assets, the Company also entered into a commercial lease, to be effective from May 17, 2017 to April 30, 2022, to rent the premises where the Business is located.
https://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=12083351
PR should be coming
https://www.otcmarkets.com/stock/GRWG/profile
$GRWG 8k May 22, 2017..On March 6, 2017, GrowGeneration Corp. (the “Company”) entered into an agreement to purchase and sell assets (the “Purchase Agreement”) with Seattle’s Hydro Spot LLC (the “Seller”) and David G. Iacovelli to purchase from the Seller substantially all of the assets in connection with a retail hydroponic store known as “Seattle’s Hydro Spot” (the “Business”) located in Seattle, Washington. The closing of the asset purchase took place on May 16, 2017.
The assets subject to the sale under the Purchase Agreement included inventory, equipment, supplies, leasehold improvements, books and records, contact list, files and data, trade name, goodwill, intellectual property and other assets listed in an exhibit thereto. As consideration to the inventory and assets purchased under the Purchase Agreement, the Company agreed to pay a total of $140,000. The Company also agreed to pay the Seller an amount calculated based on certain gross revenue thresholds of the Business during the 12-month period following the closing of the purchase.
In connection with the purchase of the assets, the Company also entered into a commercial lease, to be effective from May 17, 2017 to April 30, 2022, to rent the premises where the Business is located.
https://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=12083351
PR should be coming
https://www.otcmarkets.com/stock/GRWG/profile
$GRWG 8k May 22, 2017..On March 6, 2017, GrowGeneration Corp. (the “Company”) entered into an agreement to purchase and sell assets (the “Purchase Agreement”) with Seattle’s Hydro Spot LLC (the “Seller”) and David G. Iacovelli to purchase from the Seller substantially all of the assets in connection with a retail hydroponic store known as “Seattle’s Hydro Spot” (the “Business”) located in Seattle, Washington. The closing of the asset purchase took place on May 16, 2017.
The assets subject to the sale under the Purchase Agreement included inventory, equipment, supplies, leasehold improvements, books and records, contact list, files and data, trade name, goodwill, intellectual property and other assets listed in an exhibit thereto. As consideration to the inventory and assets purchased under the Purchase Agreement, the Company agreed to pay a total of $140,000. The Company also agreed to pay the Seller an amount calculated based on certain gross revenue thresholds of the Business during the 12-month period following the closing of the purchase.
In connection with the purchase of the assets, the Company also entered into a commercial lease, to be effective from May 17, 2017 to April 30, 2022, to rent the premises where the Business is located.
https://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=12083351
PR should be coming
https://www.otcmarkets.com/stock/GRWG/profile
$GRWG On March 6, 2017, GrowGeneration Corp. (the “Company”) entered into an agreement to purchase and sell assets (the “Purchase Agreement”) with Seattle’s Hydro Spot LLC (the “Seller”) and David G. Iacovelli to purchase from the Seller substantially all of the assets in connection with a retail hydroponic store known as “Seattle’s Hydro Spot” (the “Business”) located in Seattle, Washington. The closing of the asset purchase took place on May 16, 2017.
The assets subject to the sale under the Purchase Agreement included inventory, equipment, supplies, leasehold improvements, books and records, contact list, files and data, trade name, goodwill, intellectual property and other assets listed in an exhibit thereto. As consideration to the inventory and assets purchased under the Purchase Agreement, the Company agreed to pay a total of $140,000. The Company also agreed to pay the Seller an amount calculated based on certain gross revenue thresholds of the Business during the 12-month period following the closing of the purchase.
In connection with the purchase of the assets, the Company also entered into a commercial lease, to be effective from May 17, 2017 to April 30, 2022, to rent the premises where the Business is located.
http://ih.advfn.com/p.php?pid=nmona&article=74664707&symbol=GRWG
$SPWH..FWIW And email went out on this today.....
http://emails.trade-ideas.com/t/ViewEmail/t/3CE1BAFDD9D518C1/0FEC3C0B7EB041799E794568BD214575
I would not have expected this to move up like it has.
...decrease in same store sales of 6.9%...
3% increase SG&A,
The increase resulted primarily from $1.7 million of professional fees incurred in connection with our bid for certain inventory and other assets of Gander Mountain Company. Gander Mountain filed for Chapter 11 bankruptcy protection and we participated in a bankruptcy auction for the assets, but we ultimately chose not to continue in the auction...
..We also expect 56 of our current stores to be impacted by minimum wage increases in fiscal year 2017 that will drive up our selling, general, and administrative costs during fiscal year 2017...
As of April 29, 2017, we had 66 stores included in our same store sales calculation.
From Item 2 MD&A
https://seekingalpha.com/filing/3559120#SPWH-20170429X10Q_HTM_ITEM2MANAGEMENTSDISCUSSION_126156
Will keep an eye on it
$SPWH I would not have expected this to move up like it has.
...decrease in same store sales of 6.9%...
3% increase SG&A,
The increase resulted primarily from $1.7 million of professional fees incurred in connection with our bid for certain inventory and other assets of Gander Mountain Company. Gander Mountain filed for Chapter 11 bankruptcy protection and we participated in a bankruptcy auction for the assets, but we ultimately chose not to continue in the auction...
..We also expect 56 of our current stores to be impacted by minimum wage increases in fiscal year 2017 that will drive up our selling, general, and administrative costs during fiscal year 2017...
As of April 29, 2017, we had 66 stores included in our same store sales calculation.
From Item 2 MD&A
https://seekingalpha.com/filing/3559120#SPWH-20170429X10Q_HTM_ITEM2MANAGEMENTSDISCUSSION_126156
FWIW And email went out today
http://emails.trade-ideas.com/t/ViewEmail/t/3CE1BAFDD9D518C1/0FEC3C0B7EB041799E794568BD214575
Will keep an eye on it
$RTN per=market 165.00 +4.72 (+2.94%)
An awful lot of twitter Buzz ERFB. I'VE
never had a post retweeted 1,531 Times
The new company Accordant Communications, LLC... https://t.co/5wtudUTXkS $ERF $ERFB https://t.co/A5IvkNKink
— 1c (@Alanj968) May 19, 2017
Would you not see Cubley's resingation a positive developement
going foward?
$ERFB The new company Accordant Communications, LLC...#Wireless
https://ecorp.sos.ga.gov/BusinessSearch/BusinessInformation?businessId=1500655&businessType=Domestic%20Limited%20Liability%20Company
Note
Glenn Shaffren, no longer with Accordant
https://www.linkedin.com/in/glenn-shaffren-5011b42/
President, Accordant Communications
Dan Himes
https://www.linkedin.com/in/dan-himes-b8b55333/
Press
https://www.otcmarkets.com/stock/ERFB/news
Major Changes within the company
ERFB) today announced major changes to its board of directors. Three (3) new directors including Steven M. Sarno, Dr. John B. Barnett, and Joey Milan were appointed to the board on an interim basis on March 12, 2017 pursuant to a written consent by a majority of shareholder votes as allowed under the Bylaws of the Corporation and Nevada law. Simultaneously, the incumbent Dr. H. Dean Cubley has resigned as chairman and director; and Dr. Bartus Batson has likewise resigned from the board; both citing personal reasons. The new directors bring diverse backgrounds in business to ERF. Sarno, an officer of newly acquired Accordant Communications, brings a strong background in the wireless, power and infrastructure construction industries. Milan and Dr. Barnett bring years of experience in a variety of industries. The new directors intend to implement the new ERF initiatives recommended by Asset Econometrics, a turnaround and restructuring firm previously engaged by ERF, including beginning a search for new management to lead ERF into the future.
https://www.otcmarkets.com/stock/ERFB/news
As I said before anytime its brought to my attention that a company is going though major change or atempting to reinvent itself it is of
intrest, and not at all a buy recomendation.
ERFB is totally a fresh ticker brought to my attention from others I
follow, and an email alert, anytime a dark company trys in reinvent
itself is of intrest
Thank for the info, all is appeciated.
Dr. H. Dean Cubley has resigned as chairman and director; and Dr. Bartus Batson has likewise resigned from the board; both citing personal reasons. The new directors bring diverse backgrounds in business to ERF. Sarno, an officer of newly acquired Accordant Communications, brings a strong background in the wireless, power and infrastructure construction industries. Milan and Dr. Barnett bring years of experience in a variety of industries. The new directors intend to implement the new ERF initiatives recommended by Asset Econometrics, a turnaround and restructuring firm previously engaged by ERF, including beginning a search for new management to lead ERF into the future.
https://www.otcmarkets.com/stock/ERFB/news
I invest/trade accross the board yes, in an IRA
and have some fun trading a portfolio of microcap/nanocap stocks
some of which may turn into a longer investment.
diversified holdings
CPLP Company has managed well over the last year should do well 3.30s
going forward IMO.
SSKILLZ1 $CPLP Good deal should do well 3.30s...
Even in the down turn they have remained profitable unlike a lot. I bought in @3.65 but have bought in March @3.29 and recently @3.35.
Hope we do well, 1c
Capital Product Partners L.P.
http://www.capitalpplp.com/overview.cfm
Yahoo Key Statistics
https://finance.yahoo.com/quote/CPLP/key-statistics?p=CPLP
$ERFB seeing that move earlier today anything of positive news/updates
will send it.
ERFB .0036 This is Interesting, ERF Wireless CEO Dr. H. Dean Cubley, Ph.D., has served as Director and Chairman of ERF Wireless since May 2004, and as Chief Executive Officer since October 2006. Dr. Cubley has also served as a Director of Eagle Broadband, Inc., formerly known as Eagle Wireless International, Inc., since March 1996. He was the company’s Chairman of the board from March 1996 to April 2004, Chief Executive Officer from March 1996 to October 2003 and President from March 1996 until September 2001. Prior to that, Dr. Cubley served as Vice President of Eagle Telecom, Inc., from 1993 to March 1996. With over 40 years of experience in the telecommunications industry, Dr. Cubley has served as a principal in numerous high-technology companies, including Metrocast, Microlink, TI-IN and Paging Products International. From 1965 to 1984, he worked for the NASA Manned Spacecraft Center as a Senior Engineer or Manager on all Gemini, Apollo and Shuttle programs. In addition, he has authored or co-authored over 50 publications, and is named on a total of 15 patents and pending patent applications. Dr. Cubley received a B.S. degree in electrical engineering from the University of Texas in 1964 and an M.S. degree from the University of Texas in 1965. In 1970 he received his Ph.D. in electrical engineering from the University of Houston.
https://www.twst.com/bio/dr-h-dean-cubley/
ERF Wireless
Profile/Share Structure
https://www.otcmarkets.com/stock/ERFB/profile
Lates News
https://www.otcmarkets.com/stock/ERFB/news
COHO 0007s getting hit, nice buy volume
$ERFB ERF Wireless CEO Dr. H. Dean Cubley, Ph.D., has served as Director and Chairman of ERF Wireless since May 2004, and as Chief Executive Officer since October 2006. Dr. Cubley has also served as a Director of Eagle Broadband, Inc., formerly known as Eagle Wireless International, Inc., since March 1996. He was the company’s Chairman of the board from March 1996 to April 2004, Chief Executive Officer from March 1996 to October 2003 and President from March 1996 until September 2001. Prior to that, Dr. Cubley served as Vice President of Eagle Telecom, Inc., from 1993 to March 1996. With over 40 years of experience in the telecommunications industry, Dr. Cubley has served as a principal in numerous high-technology companies, including Metrocast, Microlink, TI-IN and Paging Products International. From 1965 to 1984, he worked for the NASA Manned Spacecraft Center as a Senior Engineer or Manager on all Gemini, Apollo and Shuttle programs. In addition, he has authored or co-authored over 50 publications, and is named on a total of 15 patents and pending patent applications. Dr. Cubley received a B.S. degree in electrical engineering from the University of Texas in 1964 and an M.S. degree from the University of Texas in 1965. In 1970 he received his Ph.D. in electrical engineering from the University of Houston.
https://www.twst.com/bio/dr-h-dean-cubley/
ERF Wireless
Profile/Share Structure
https://www.otcmarkets.com/stock/ERFB/profile
Lates News
https://www.otcmarkets.com/stock/ERFB/news
Corning Inc. $GLW announces Samsung Display's selection of Corning Lotus(TM) NXT Glass #technology
...In addition to the use of Corning Lotus NXT Glass, the Galaxy S8 and S8+ also feature Corning® Gorilla® Glass 5...
Samsung Galaxy S8 and S8+ feature panels enabled by Lotus NXT Glass
CORNING, N.Y., MAY 18, 2017 - Corning Incorporated (NYSE: GLW) announces Samsung Display's selection of Corning Lotus(TM) NXT Glass as the carrier glass for its line of polyimide (PI) low-temperature polysilicon (LTPS) organic light-emitting diode (OLED) panels, which today power the Samsung Galaxy S8 and S8+.
Both the Galaxy S8 and S8+ contain a flexible OLED panel, which requires a carrier glass to support the panel's polyimide substrate during a demanding manufacturing process.
Samsung Display, a global leader in display panel technology and products, selected Lotus NXT Glass as its carrier glass due to its industry-leading dimensional stability, pristine surface quality, and its high and uniform UV transmission, which allows for efficient laser removal of the panel from its Lotus NXT Glass carrier. (Learn more about OLED technology and the role of a carrier glass.)
Samsung Display produces flexible LTPS-OLED panels for its customers, who use them in smartphones and tablets with the latest curved displays. Samsung Display's PI LTPS-OLED panels enabled by Lotus NXT Glass are most recently included in the Galaxy S8 and S8+, the newest products of Samsung Electronics Co., Ltd.
The Galaxy S8 and S8+, introduced on March 29, push the boundaries of traditional smartphones with their design. The Infinity Displays on both the Galaxy S8 and S8+ take up nearly the full front of the device to provide an optimal viewing experience. The Infinity Display's sleek dual-edge design provides the appearance of an overflowing surface, breaking down boundaries and expanding new opportunities, one edge at a time.
"Together with Samsung Display, we are enabling consumer electronic devices with leading industrial design, while improving the user experience," said Michael Kunigonis, business director, High Performance Displays, Corning Glass Technologies. "Lotus NXT Glass, the product of Corning's world-class glass formulation and fusion capabilities, helps panel makers compete in the dynamic mobile LTPS-OLED market. We optimized Lotus NXT Glass as both a carrier glass for flexible OLED panels and as a glass substrate for rigid OLED panels. We're excited to keep enabling the future of handheld OLED devices."
In addition to the use of Corning Lotus NXT Glass, the Galaxy S8 and S8+ also feature Corning® Gorilla® Glass 5, the latest generation of Corning's industry-leading cover glass. Gorilla Glass 5 raises the bar for protection against drops onto hard and rough surfaces, making it ideal for consumer electronic devices. Gorilla Glass 5 continues to deliver the damage resistance, optical clarity, and touch sensitivity for which Gorilla Glass is known.
http://ih.advfn.com/p.php?pid=nmona&article=74639213&symbol=GLW
Corning Inc. $GLW announces Samsung Display's selection of Corning Lotus(TM) NXT Glass #technology
...In addition to the use of Corning Lotus NXT Glass, the Galaxy S8 and S8+ also feature Corning® Gorilla® Glass 5...
Samsung Galaxy S8 and S8+ feature panels enabled by Lotus NXT Glass
CORNING, N.Y., MAY 18, 2017 - Corning Incorporated (NYSE: GLW) announces Samsung Display's selection of Corning Lotus(TM) NXT Glass as the carrier glass for its line of polyimide (PI) low-temperature polysilicon (LTPS) organic light-emitting diode (OLED) panels, which today power the Samsung Galaxy S8 and S8+.
Both the Galaxy S8 and S8+ contain a flexible OLED panel, which requires a carrier glass to support the panel's polyimide substrate during a demanding manufacturing process.
Samsung Display, a global leader in display panel technology and products, selected Lotus NXT Glass as its carrier glass due to its industry-leading dimensional stability, pristine surface quality, and its high and uniform UV transmission, which allows for efficient laser removal of the panel from its Lotus NXT Glass carrier. (Learn more about OLED technology and the role of a carrier glass.)
Samsung Display produces flexible LTPS-OLED panels for its customers, who use them in smartphones and tablets with the latest curved displays. Samsung Display's PI LTPS-OLED panels enabled by Lotus NXT Glass are most recently included in the Galaxy S8 and S8+, the newest products of Samsung Electronics Co., Ltd.
The Galaxy S8 and S8+, introduced on March 29, push the boundaries of traditional smartphones with their design. The Infinity Displays on both the Galaxy S8 and S8+ take up nearly the full front of the device to provide an optimal viewing experience. The Infinity Display's sleek dual-edge design provides the appearance of an overflowing surface, breaking down boundaries and expanding new opportunities, one edge at a time.
"Together with Samsung Display, we are enabling consumer electronic devices with leading industrial design, while improving the user experience," said Michael Kunigonis, business director, High Performance Displays, Corning Glass Technologies. "Lotus NXT Glass, the product of Corning's world-class glass formulation and fusion capabilities, helps panel makers compete in the dynamic mobile LTPS-OLED market. We optimized Lotus NXT Glass as both a carrier glass for flexible OLED panels and as a glass substrate for rigid OLED panels. We're excited to keep enabling the future of handheld OLED devices."
In addition to the use of Corning Lotus NXT Glass, the Galaxy S8 and S8+ also feature Corning® Gorilla® Glass 5, the latest generation of Corning's industry-leading cover glass. Gorilla Glass 5 raises the bar for protection against drops onto hard and rough surfaces, making it ideal for consumer electronic devices. Gorilla Glass 5 continues to deliver the damage resistance, optical clarity, and touch sensitivity for which Gorilla Glass is known.
http://ih.advfn.com/p.php?pid=nmona&article=74639213&symbol=GLW
$COHO..0005 Q1, Revenues 289k small loss of ($763) compared to 2016 ($65,085) EBITDA $53,699 compared to 2016 $44,440s
Crednology Holding Corp. Files Financial Statements for the Quarter Ended 03.31.2017
Oriel Rechtman, CEO of Crednology Holding Corp., stated, "The revenues for the first quarter represent significant improvement on the results for the comparable first quarter ended March 31, 2016. We expect revenues and EBITDA to continue the trend and further improve during this Fiscal Year as a result of new contracts signed. We are still dealing with the dilution as a result of the penalties relating to convertible debt entered into by prior management in 2013. Our aim is to Improve Shareholder Value by continuing internal growth, particularly in our E Waste division, as well as the acquisition of strategic new companies within our industry sectors while recognizing how the dilution effects our progress. We are focused on execution of business fundamentals and our growth plans both organically and through our acquisition strategy so we can keep ahead of the remaining dilution."
https://www.otcmarkets.com/stock/COHO/news/Crednology-Holding-Corp--Files-Financial-Statements-for-the-Quarter-Ended-03-31-2017?id=158859&b=y
2017 Q1 10Q
https://www.otcmarkets.com/ajax/showFinancialReportById.pdf?id=171763
Recent News
California Recycling, Inc. Signs New Long Term Contract
https://www.otcmarkets.com/stock/COHO/news/Crednology-Holding-Corp--Announces-It-s-Largest-E-Waste-Contract-to-Date?id=157806&b=y
COHO Year Ended 12.31.2016
Benefits of The New Acquisitions Beginning to Show
https://www.otcmarkets.com/stock/COHO/news/Crednology-Holding-Corp--Files-Financial-Statements-for-the-Year-Ended-12-31-2016?id=156299&b=y
Crednology Holding Corp.
Authorized Shares 1,000,000,000 a/o Apr 28, 2017
Outstanding Shares 719,265,430 a/o Apr 28, 2017
Profile..https://www.otcmarkets.com/stock/COHO/profile
Capital Product Partners' Diversity Is Its Strength $CPLP
current pps $3.40
https://seekingalpha.com/article/4073430-capital-product-partners-diversity-strength
Company Profile
Capital Product Partners LP operates as an international shipping company. It engages in the seaborne transportation of cargo, including crude oil, refined oil products, such as gasoline, diesel, fuel oil and jet fuel, edible oils and certain chemicals such as ethanol as well as dry cargo and containerized goods. Its fleet consists of vessels, suezmax crude oil tankers, medium range tankers and capesize bulk carrier. The company was founded on January 16, 2007 and is headquartered in Piraeus, Greece.
Key Data
https://seekingalpha.com/symbol/CPLP/key-data
Website
http://www.capitalpplp.com/overview.cfm
Capital Product Partners' Diversity Is Its Strength $CPLP
current pps $3.40
https://seekingalpha.com/article/4073430-capital-product-partners-diversity-strength
Capital Product Partners' Diversity Is Its Strength $CPLP
current pps $3.40
https://seekingalpha.com/article/4073430-capital-product-partners-diversity-strength
$COHO..0005 Q1, Revenues 289k small loss of ($763) compared to 2016 ($65,085) EBITDA $53,699 compared to 2016 $44,440s
Crednology Holding Corp. Files Financial Statements for the Quarter Ended 03.31.2017
Oriel Rechtman, CEO of Crednology Holding Corp., stated, "The revenues for the first quarter represent significant improvement on the results for the comparable first quarter ended March 31, 2016. We expect revenues and EBITDA to continue the trend and further improve during this Fiscal Year as a result of new contracts signed. We are still dealing with the dilution as a result of the penalties relating to convertible debt entered into by prior management in 2013. Our aim is to Improve Shareholder Value by continuing internal growth, particularly in our E Waste division, as well as the acquisition of strategic new companies within our industry sectors while recognizing how the dilution effects our progress. We are focused on execution of business fundamentals and our growth plans both organically and through our acquisition strategy so we can keep ahead of the remaining dilution."
https://www.otcmarkets.com/stock/COHO/news/Crednology-Holding-Corp--Files-Financial-Statements-for-the-Quarter-Ended-03-31-2017?id=158859&b=y
2017 Q1 10Q
https://www.otcmarkets.com/ajax/showFinancialReportById.pdf?id=171763
Recent News
California Recycling, Inc. Signs New Long Term Contract
https://www.otcmarkets.com/stock/COHO/news/Crednology-Holding-Corp--Announces-It-s-Largest-E-Waste-Contract-to-Date?id=157806&b=y
COHO Year Ended 12.31.2016
Benefits of The New Acquisitions Beginning to Show
https://www.otcmarkets.com/stock/COHO/news/Crednology-Holding-Corp--Files-Financial-Statements-for-the-Year-Ended-12-31-2016?id=156299&b=y
Crednology Holding Corp.
Authorized Shares 1,000,000,000 a/o Apr 28, 2017
Outstanding Shares 719,265,430 a/o Apr 28, 2017
Profile..https://www.otcmarkets.com/stock/COHO/profile
$COHO..0005 Q1, Revenues 289k small loss of ($763) compared to 2016 ($65,085) EBITDA $53,699 compared to 2016 $44,440s
Crednology Holding Corp. Files Financial Statements for the Quarter Ended 03.31.2017
Oriel Rechtman, CEO of Crednology Holding Corp., stated, "The revenues for the first quarter represent significant improvement on the results for the comparable first quarter ended March 31, 2016. We expect revenues and EBITDA to continue the trend and further improve during this Fiscal Year as a result of new contracts signed. We are still dealing with the dilution as a result of the penalties relating to convertible debt entered into by prior management in 2013. Our aim is to Improve Shareholder Value by continuing internal growth, particularly in our E Waste division, as well as the acquisition of strategic new companies within our industry sectors while recognizing how the dilution effects our progress. We are focused on execution of business fundamentals and our growth plans both organically and through our acquisition strategy so we can keep ahead of the remaining dilution."
https://www.otcmarkets.com/stock/COHO/news/Crednology-Holding-Corp--Files-Financial-Statements-for-the-Quarter-Ended-03-31-2017?id=158859&b=y
2017 Q1 10Q
https://www.otcmarkets.com/ajax/showFinancialReportById.pdf?id=171763
Recent News
California Recycling, Inc. Signs New Long Term Contract
https://www.otcmarkets.com/stock/COHO/news/Crednology-Holding-Corp--Announces-It-s-Largest-E-Waste-Contract-to-Date?id=157806&b=y
COHO Year Ended 12.31.2016
Benefits of The New Acquisitions Beginning to Show
https://www.otcmarkets.com/stock/COHO/news/Crednology-Holding-Corp--Files-Financial-Statements-for-the-Year-Ended-12-31-2016?id=156299&b=y
Crednology Holding Corp.
Authorized Shares 1,000,000,000 a/o Apr 28, 2017
Outstanding Shares 719,265,430 a/o Apr 28, 2017
Profile..https://www.otcmarkets.com/stock/COHO/profile
GrowGeneration Backs 2017 Rev $15M $GRWG Dow Jones
MAY 16, 2017
8:01 AM ET
GRWG..GrowGeneration 1Q Same-Store Sales Up 18%..MJ
May 16, 2017 08:00:00 (ET)
GrowGeneration Reports Record First Quarter Revenue
Q1 Revenue up 68% to $2.6 million; Same-store sales increase 18%
Management Continues to Expect $15 Million in Revenue for 2017
PR Newswire
DENVER, May 16, 2017
DENVER, May 16, 2017 /PRNewswire/ -- GrowGeneration Corp. (OTCQB: GRWG), ("GrowGen" or the "Company") one of the largest specialty retail hydroponic and organic gardening stores, selling to both the commercial and home cannabis markets, with currently 12 locations, today reported financial results for its first quarter ended March 31, 2017.
First Quarter 2017 Financial Highlights:
-- Revenue of $2.6 million, up 68% compared to the first quarter of 2016
-- Same-store sales increased 18% compared to the first quarter of 2016
-- Net loss of $283,000, inclusive of $97,000 in non-cash depreciation and
stock-based compensation expense, compared to a net loss of $79,000 in
the first quarter of 2016
-- The Company had $1.3 million in cash as of March 31 and $2.9 million as
of May 16, 2017
Darren Lampert, Co-Founder and CEO, said, "This was a record quarter of sales for GrowGeneration, clearly demonstrating the demand for our products and the scalability of our business as we continue our expansion plans. The first quarter was the fifth consecutive quarter of sequential revenue growth, and our second quarter is off to a robust start with April setting a new monthly record and surpassing the $1.0 million monthly sales mark for the first time in the history of the Company."
"We are aggressively expanding our business in California, Nevada, Michigan, Massachusetts, Maine, and the state of Washington," added Mr. Lampert. "In addition to the recently opened California and Nevada markets, the Company plans to initiate sales in Washington, Michigan and New England in the second quarter. With the new markets, we have planned for 2017, along with continued same-store sales growth, revenue for 2017 is projected to be approximately $15 million."
First Quarter 2017 Financial Results:
Revenues for the quarter ended March 31, 2017 increased 68% to $2.6 million, compared to $1.5 million for the quarter ended March 31, 2016.
Same Store Sales:
For the period ended March 31, 2017, the Company had a total of six stores opened more than one year, generating net revenue of $1.5 million, compared to $1.3 million for the same six stores for the period ended March 31, 2016, an increase of approximately $220,000. The four stores opened less than one year generated $1.0 million for the quarter ended March 31, 2017. Sales from the recently opened Denver South and San Bernardino stores will start being reflected in the Company's financial results in the second quarter. In April, management consolidated the Pueblo South store into the other two Pueblo stores.
Cost of sales for the period ended March 31, 2017 increased $850,000 to $1.9 million as compared to $1.0 million for the period ended March 31, 2016. The increase was due to increased sales. Gross profit was $681,000 for the period ended March 31, 2017, resulting in a 26% gross margin, compared to $492,000, or a 32% gross margin, for the period ended March 31, 2016. The margin decrease was due to an increase in the number of commercial accounts, which are generally higher revenue, lower margin accounts. As the Company continues to scale, inventory and operating efficiencies are expected to begin to be recognized in higher margins and operating profit, and management expects margins to trend back up to normalized levels in the second half of the year.
Operating expenses for the period ended March 31, 2017 increased $393,000 to $963,000, as compared to $570,000 for the period ended March 31, 2016. The increase was mainly due to increased payroll expense and rent expense associated with the opening of new stores, as well as professional fees, travel expense and other non-cash expenses.
For the period ended March 31, 2017, the Company reported a net loss of $283,309, or ($0.02) per basic and diluted share, compared with a net loss of $78,844, or ($0.01) per basic and diluted share, in the period ended March 31, 2016. The increase was mainly due to increases in payroll, that included the hiring of a new Chief Operating Officer, $100,000 in one-time expenses related to the expenses related to a recent capital raise, the closing of the Santa Rosa store, and the acquisition of assets from Sonoma Hydro.
Balance Sheet Summary
As of March 31, 2017, the Company had $1.3 million in cash and $5.4 million in total current assets compared with $607,000 and $3.6 million, respectively, as of December 31, 2016. Current liabilities were $1.2 million at March 31, 2017, compared to $843,000 at December 31, 2016. The Company ended the March 31, 2017 period with a working capital surplus of $4.2 million compared to $2.8 million for the period ended December 31, 2016. The Company raised $2.15 million in equity capital during the period ended March 31, 2017 through the issuance of common stock and the exercise of warrants and has raised $5.5 million since inception. The Company has $2.9 million in cash as of May 16, 2017.
Adjusted EBITDA for the quarter ended March 31, 2017 totaled $(184,635) compared to adjusted EBITDA of $17,944 for the quarter ended March 31, 2016 (see definition and further discussion about the presentation of a EBITDA, a non-GAAP term, below).
Use of Non-GAAP Financial Information
The Company believes that the presentation of results excluding certain items in "Adjusted EBITDA," such as non-cash equity compensation charges, provides meaningful supplemental information to both management and investors, facilitating the evaluation of performance across reporting periods. The Company uses these non-GAAP measures for internal planning and reporting purposes. These non-GAAP measures are not in accordance with, or an alternative for, generally accepted accounting principles and may be different from non-GAAP measures used by other companies. The presentation of this additional information is not meant to be considered in isolation or as a substitute for net income or net income per share prepared in accordance with generally accepted accounting principles.
Set forth below is a reconciliation of Adjusted EBITDA to net income (loss):
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/growgeneration-reports-record-first-quarter-revenue-300458059.html
SOURCE GrowGeneration Corp.
/Web site: http://www.growgeneration.com
(END) Dow Jones Newswires
May 16, 2017 08:00 ET (12:00 GMT)
(MORE TO FOLLOW) Dow Jones Newswires (212-416-2800)
May 16, 2017 08:01 ET (12:01 GMT)
GrowGeneration 1Q Same-Store Sales Up 18% $GRWG
May 16, 2017 08:00:00 (ET)
GrowGeneration Reports Record First Quarter Revenue
Q1 Revenue up 68% to $2.6 million; Same-store sales increase 18%
Management Continues to Expect $15 Million in Revenue for 2017
PR Newswire
DENVER, May 16, 2017
DENVER, May 16, 2017 /PRNewswire/ -- GrowGeneration Corp. (OTCQB: GRWG), ("GrowGen" or the "Company") one of the largest specialty retail hydroponic and organic gardening stores, selling to both the commercial and home cannabis markets, with currently 12 locations, today reported financial results for its first quarter ended March 31, 2017.
First Quarter 2017 Financial Highlights:
-- Revenue of $2.6 million, up 68% compared to the first quarter of 2016
-- Same-store sales increased 18% compared to the first quarter of 2016
-- Net loss of $283,000, inclusive of $97,000 in non-cash depreciation and
stock-based compensation expense, compared to a net loss of $79,000 in
the first quarter of 2016
-- The Company had $1.3 million in cash as of March 31 and $2.9 million as
of May 16, 2017
Darren Lampert, Co-Founder and CEO, said, "This was a record quarter of sales for GrowGeneration, clearly demonstrating the demand for our products and the scalability of our business as we continue our expansion plans. The first quarter was the fifth consecutive quarter of sequential revenue growth, and our second quarter is off to a robust start with April setting a new monthly record and surpassing the $1.0 million monthly sales mark for the first time in the history of the Company."
"We are aggressively expanding our business in California, Nevada, Michigan, Massachusetts, Maine, and the state of Washington," added Mr. Lampert. "In addition to the recently opened California and Nevada markets, the Company plans to initiate sales in Washington, Michigan and New England in the second quarter. With the new markets, we have planned for 2017, along with continued same-store sales growth, revenue for 2017 is projected to be approximately $15 million."
First Quarter 2017 Financial Results:
Revenues for the quarter ended March 31, 2017 increased 68% to $2.6 million, compared to $1.5 million for the quarter ended March 31, 2016.
Same Store Sales:
For the period ended March 31, 2017, the Company had a total of six stores opened more than one year, generating net revenue of $1.5 million, compared to $1.3 million for the same six stores for the period ended March 31, 2016, an increase of approximately $220,000. The four stores opened less than one year generated $1.0 million for the quarter ended March 31, 2017. Sales from the recently opened Denver South and San Bernardino stores will start being reflected in the Company's financial results in the second quarter. In April, management consolidated the Pueblo South store into the other two Pueblo stores.
Cost of sales for the period ended March 31, 2017 increased $850,000 to $1.9 million as compared to $1.0 million for the period ended March 31, 2016. The increase was due to increased sales. Gross profit was $681,000 for the period ended March 31, 2017, resulting in a 26% gross margin, compared to $492,000, or a 32% gross margin, for the period ended March 31, 2016. The margin decrease was due to an increase in the number of commercial accounts, which are generally higher revenue, lower margin accounts. As the Company continues to scale, inventory and operating efficiencies are expected to begin to be recognized in higher margins and operating profit, and management expects margins to trend back up to normalized levels in the second half of the year.
Operating expenses for the period ended March 31, 2017 increased $393,000 to $963,000, as compared to $570,000 for the period ended March 31, 2016. The increase was mainly due to increased payroll expense and rent expense associated with the opening of new stores, as well as professional fees, travel expense and other non-cash expenses.
For the period ended March 31, 2017, the Company reported a net loss of $283,309, or ($0.02) per basic and diluted share, compared with a net loss of $78,844, or ($0.01) per basic and diluted share, in the period ended March 31, 2016. The increase was mainly due to increases in payroll, that included the hiring of a new Chief Operating Officer, $100,000 in one-time expenses related to the expenses related to a recent capital raise, the closing of the Santa Rosa store, and the acquisition of assets from Sonoma Hydro.
Balance Sheet Summary
As of March 31, 2017, the Company had $1.3 million in cash and $5.4 million in total current assets compared with $607,000 and $3.6 million, respectively, as of December 31, 2016. Current liabilities were $1.2 million at March 31, 2017, compared to $843,000 at December 31, 2016. The Company ended the March 31, 2017 period with a working capital surplus of $4.2 million compared to $2.8 million for the period ended December 31, 2016. The Company raised $2.15 million in equity capital during the period ended March 31, 2017 through the issuance of common stock and the exercise of warrants and has raised $5.5 million since inception. The Company has $2.9 million in cash as of May 16, 2017.
Adjusted EBITDA for the quarter ended March 31, 2017 totaled $(184,635) compared to adjusted EBITDA of $17,944 for the quarter ended March 31, 2016 (see definition and further discussion about the presentation of a EBITDA, a non-GAAP term, below).
Use of Non-GAAP Financial Information
The Company believes that the presentation of results excluding certain items in "Adjusted EBITDA," such as non-cash equity compensation charges, provides meaningful supplemental information to both management and investors, facilitating the evaluation of performance across reporting periods. The Company uses these non-GAAP measures for internal planning and reporting purposes. These non-GAAP measures are not in accordance with, or an alternative for, generally accepted accounting principles and may be different from non-GAAP measures used by other companies. The presentation of this additional information is not meant to be considered in isolation or as a substitute for net income or net income per share prepared in accordance with generally accepted accounting principles.
Set forth below is a reconciliation of Adjusted EBITDA to net income (loss):
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/growgeneration-reports-record-first-quarter-revenue-300458059.html
SOURCE GrowGeneration Corp.
/Web site: http://www.growgeneration.com
(END) Dow Jones Newswires
May 16, 2017 08:00 ET (12:00 GMT)
(MORE TO FOLLOW) Dow Jones Newswires (212-416-2800)
May 16, 2017 08:01 ET (12:01 GMT)
GrowGeneration 1Q Same-Store Sales Up 18% $GRWG
May 16, 2017 08:00:00 (ET)
GrowGeneration Reports Record First Quarter Revenue
Q1 Revenue up 68% to $2.6 million; Same-store sales increase 18%
Management Continues to Expect $15 Million in Revenue for 2017
PR Newswire
DENVER, May 16, 2017
DENVER, May 16, 2017 /PRNewswire/ -- GrowGeneration Corp. (OTCQB: GRWG), ("GrowGen" or the "Company") one of the largest specialty retail hydroponic and organic gardening stores, selling to both the commercial and home cannabis markets, with currently 12 locations, today reported financial results for its first quarter ended March 31, 2017.
First Quarter 2017 Financial Highlights:
-- Revenue of $2.6 million, up 68% compared to the first quarter of 2016
-- Same-store sales increased 18% compared to the first quarter of 2016
-- Net loss of $283,000, inclusive of $97,000 in non-cash depreciation and
stock-based compensation expense, compared to a net loss of $79,000 in
the first quarter of 2016
-- The Company had $1.3 million in cash as of March 31 and $2.9 million as
of May 16, 2017
Darren Lampert, Co-Founder and CEO, said, "This was a record quarter of sales for GrowGeneration, clearly demonstrating the demand for our products and the scalability of our business as we continue our expansion plans. The first quarter was the fifth consecutive quarter of sequential revenue growth, and our second quarter is off to a robust start with April setting a new monthly record and surpassing the $1.0 million monthly sales mark for the first time in the history of the Company."
"We are aggressively expanding our business in California, Nevada, Michigan, Massachusetts, Maine, and the state of Washington," added Mr. Lampert. "In addition to the recently opened California and Nevada markets, the Company plans to initiate sales in Washington, Michigan and New England in the second quarter. With the new markets, we have planned for 2017, along with continued same-store sales growth, revenue for 2017 is projected to be approximately $15 million."
First Quarter 2017 Financial Results:
Revenues for the quarter ended March 31, 2017 increased 68% to $2.6 million, compared to $1.5 million for the quarter ended March 31, 2016.
Same Store Sales:
For the period ended March 31, 2017, the Company had a total of six stores opened more than one year, generating net revenue of $1.5 million, compared to $1.3 million for the same six stores for the period ended March 31, 2016, an increase of approximately $220,000. The four stores opened less than one year generated $1.0 million for the quarter ended March 31, 2017. Sales from the recently opened Denver South and San Bernardino stores will start being reflected in the Company's financial results in the second quarter. In April, management consolidated the Pueblo South store into the other two Pueblo stores.
Cost of sales for the period ended March 31, 2017 increased $850,000 to $1.9 million as compared to $1.0 million for the period ended March 31, 2016. The increase was due to increased sales. Gross profit was $681,000 for the period ended March 31, 2017, resulting in a 26% gross margin, compared to $492,000, or a 32% gross margin, for the period ended March 31, 2016. The margin decrease was due to an increase in the number of commercial accounts, which are generally higher revenue, lower margin accounts. As the Company continues to scale, inventory and operating efficiencies are expected to begin to be recognized in higher margins and operating profit, and management expects margins to trend back up to normalized levels in the second half of the year.
Operating expenses for the period ended March 31, 2017 increased $393,000 to $963,000, as compared to $570,000 for the period ended March 31, 2016. The increase was mainly due to increased payroll expense and rent expense associated with the opening of new stores, as well as professional fees, travel expense and other non-cash expenses.
For the period ended March 31, 2017, the Company reported a net loss of $283,309, or ($0.02) per basic and diluted share, compared with a net loss of $78,844, or ($0.01) per basic and diluted share, in the period ended March 31, 2016. The increase was mainly due to increases in payroll, that included the hiring of a new Chief Operating Officer, $100,000 in one-time expenses related to the expenses related to a recent capital raise, the closing of the Santa Rosa store, and the acquisition of assets from Sonoma Hydro.
Balance Sheet Summary
As of March 31, 2017, the Company had $1.3 million in cash and $5.4 million in total current assets compared with $607,000 and $3.6 million, respectively, as of December 31, 2016. Current liabilities were $1.2 million at March 31, 2017, compared to $843,000 at December 31, 2016. The Company ended the March 31, 2017 period with a working capital surplus of $4.2 million compared to $2.8 million for the period ended December 31, 2016. The Company raised $2.15 million in equity capital during the period ended March 31, 2017 through the issuance of common stock and the exercise of warrants and has raised $5.5 million since inception. The Company has $2.9 million in cash as of May 16, 2017.
Adjusted EBITDA for the quarter ended March 31, 2017 totaled $(184,635) compared to adjusted EBITDA of $17,944 for the quarter ended March 31, 2016 (see definition and further discussion about the presentation of a EBITDA, a non-GAAP term, below).
Use of Non-GAAP Financial Information
The Company believes that the presentation of results excluding certain items in "Adjusted EBITDA," such as non-cash equity compensation charges, provides meaningful supplemental information to both management and investors, facilitating the evaluation of performance across reporting periods. The Company uses these non-GAAP measures for internal planning and reporting purposes. These non-GAAP measures are not in accordance with, or an alternative for, generally accepted accounting principles and may be different from non-GAAP measures used by other companies. The presentation of this additional information is not meant to be considered in isolation or as a substitute for net income or net income per share prepared in accordance with generally accepted accounting principles.
Set forth below is a reconciliation of Adjusted EBITDA to net income (loss):
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/growgeneration-reports-record-first-quarter-revenue-300458059.html
SOURCE GrowGeneration Corp.
/Web site: http://www.growgeneration.com
(END) Dow Jones Newswires
May 16, 2017 08:00 ET (12:00 GMT)
(MORE TO FOLLOW) Dow Jones Newswires (212-416-2800)
May 16, 2017 08:01 ET (12:01 GMT)
GrowGeneration Reports Record First Quarter Revenue
Q1 Revenue up 68% to $2.6 million; Same-store sales increase 18%
Management Continues to Expect $15 Million in Revenue for 2017
https://www.otcmarkets.com/stock/GRWG/news/GrowGeneration-Reports-Record-First-Quarter-Revenue?id=159207&b=y
GRWG GrowGeneration Reports Record First Quarter Revenue
#MJ
Q1 Revenue up 68% to $2.6 million; Same-store sales increase 18%
Management Continues to Expect $15 Million in Revenue for 2017
https://www.otcmarkets.com/stock/GRWG/news/GrowGeneration-Reports-Record-First-Quarter-Revenue?id=159207&b=y
Full SEC Filing
As of May 15, 2017, there were 13,486,406 shares of the registrant’s common stock issued and outstanding.
https://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=12070427
2016 Q4 Annual report
https://www.otcmarkets.com/stock/GRWG/news/GrowGeneration-Achieves-Record-2016-Sales--Up-130-?id=154935&b=y
https://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=11968223
http://www.growgeneration.com
$GRWG GrowGeneration Reports Record First Quarter Revenue
Q1 Revenue up 68% to $2.6 million; Same-store sales increase 18%
Management Continues to Expect $15 Million in Revenue for 2017
https://www.otcmarkets.com/stock/GRWG/news/GrowGeneration-Reports-Record-First-Quarter-Revenue?id=159207&b=y
Full SEC Filing
https://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=12070427
2016 Q4 Annual report
https://www.otcmarkets.com/stock/GRWG/news/GrowGeneration-Achieves-Record-2016-Sales--Up-130-?id=154935&b=y
https://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=11968223
http://www.growgeneration.com
$GRWG GrowGeneration Reports Record First Quarter Revenue
Q1 Revenue up 68% to $2.6 million; Same-store sales increase 18%
Management Continues to Expect $15 Million in Revenue for 2017
https://www.otcmarkets.com/stock/GRWG/news/GrowGeneration-Reports-Record-First-Quarter-Revenue?id=159207&b=y
Full SEC Filing
https://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=12070427
2016 Q4 Annual report
https://www.otcmarkets.com/stock/GRWG/news/GrowGeneration-Achieves-Record-2016-Sales--Up-130-?id=154935&b=y
https://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=11968223
http://www.growgeneration.com
IPTK..FORT LAUDERDALE, FL, May 16, 2017 - BizjetMobile today announced City Jet Inc. as the second fleet operator in North America for CHiiMP Smart.
http://myemail.constantcontact.com/BizjetMobile-Press-Release.html?soid=1102452079694&aid=OYIz8JsfbiA
$GRWG Growgeneration Files Q1...#Hydoponics
As of May 15, 2017, there were 13,486,406 shares of the registrant’s common stock issued and outstanding.
Revenues
Net revenue for the three months ended March 31, 2017 increased $1,042,326, or 68%, to $2,583,925, as compared to $1,541,599 for the three months ended March 31, 2016. The increase in revenues was not only due to an increase in same store sales, as noted below, but also due to the addition of four additional stores that were not open for any part of the three months ended March 31, 2016. The additional new stores sales in the three months ended March 31, 2017 was $1,053,052. Sales from one Colorado store that was closed on March 18, 2017 and consolidated with a nearby store was $50,625 for the three months ended March 31, 2017.
For the three months ended March 31, 2017, the Company had 6 stores opened for over 12 months. These same stores generated $1,479,986 for the three months ended March 31, 2017, compared to $1,258,699 for the same period ended March 31, 2016, an increase of 18%.
Net Income (Loss)
Net loss for the three months ended March 31, 2017 increased $204,465 to $283,309, as compared to $78,844 for the three months ended March 31, 2016. The increase in the net loss was primarily due to the opening of our Las Vegas and Denver South operations, acquisition costs related to the Sonoma Hydro purchase, professional fees related to fund raising activities and our year end audit expense, as well as a decrease in the gross profit percentage from 32% for the three months ended March 31, 2016 compared to 26% for the three months ended March 31, 2017. Although gross profit increase $189,161 in 2017 the increase was offset by an increase in operating expenses of $393,028.
https://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=12070427
2016 Q4 Annual report
https://www.otcmarkets.com/stock/GRWG/news/GrowGeneration-Achieves-Record-2016-Sales--Up-130-?id=154935&b=y
https://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=11968223
http://www.growgeneration.com