GrowLife Inc (PHOT)

[shanak10]

https://finance.yahoo.com/news/growlife-inc-reports-7-million-213200972.html

Company Files Annual Report on Financial and Operations Results from the Year Ending December 31, 2020

Financial Summary:

GrowLife reported $7.0M in revenue for the year

GrowLife increased its gross margins to 42% for the year, up from 31% in 2019

GrowLife lowered its General & Administrative Expenses by $2.7M in 2020, a 35% cut in spending from 2019

KIRKLAND, Wash., April 15, 2021 (GLOBE NEWSWIRE) -- GrowLife, Inc. (OTC: PHOT) (“GrowLife” or the “Company”), one of the nation’s most recognized indoor cultivation product and service providers, today announced financial results for the fiscal year 2020. Additionally, managed provided further insight into the company’s positioning in the Management Discussion and Analysis included in the filing, as well as in the below comment:

“As the world experienced unprecedented fluctuations in their business, I am proud to report that GrowLife was able to cut costs, while continuing to generate substantial revenues of over $7 million,” said GrowLife CEO Marco Hegyi. “We took a hard look at expenses in 2020 and were able to reduce our expenditures by over 30%. We are focused on building a profitable organization wherever possible. Our cash position is eight-fold what is was in the prior year and we have implemented a strategic plan that I believe will position GrowLife for the best future, looking past 2021 and beyond.”

The Company generated $7M in revenue for the fiscal year 2020 despite the ongoing COVID-19 pandemic. Further, as a result of the blended gross margins of 42% in 2020, up from 31% in 2019, gross profits reported a gain of $0.4M for 2020, even with the revenue decline. Finally, as a result of ongoing and effective cost reductions GrowLife lowered its General & Administrative Expenses from $7.6M in 2019 to $4.9M in 2020, a $2.7M, or 35% savings over last year.