Growlife Inc.'s Annual Report Shows a Net Loss of $21 million for 2013


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OTC:BB:PHOT / PK:FSPM / NYSE:LNN / OTC:BB:NVLX
04/02/2014 [ACCESSWIRE]

On Mar. 31 Growlife Inc. (OTCBB: PHOT) released its Annual Report and financial results for the fiscal year ending December 31, 2013.

In its press release, the Woodland Hills, Calif. holding company that supplies equipment for legal marijuana growers outlined some of its results:

"GrowLife revenues for 2013 revenue from sales increased to $4,858,976 from $1,450,745, an increase of $3,408,231 or 235% compared against audited revenues in 2012. For the quarter ended December 31, 2013, Q4, revenue was $1,912,311, an increase of $1,237,691, an 183% increase compared to the $674,620 in revenues recorded for the same period in 2012," the release said.

But Growlife's 10-K form filed with the Security and Exchange Commission gave more details including its net loss:

Net Loss

"The net loss for the year ended December 31, 2013 was $21,380,138 with the same period in fiscal 2012 generating a loss of $2,186,304. As noted above in 'Other Expenses', a significant portion of the Company's net loss for fiscal year 2013 is related to non-cash expenses."

Growlife also announced that its joint venture with CANX USA, LLC, extended the date for completion of due diligence and closing the transaction with RXNB Inc. ("RXNB") to Apr. 30, 2014.

No specific reason was given as to why the extension was necessary, or what part of the due diligence hadn’t been completed.

Due Diligence Time Extended

Under the agreement, GrowLife will sell and distribute RXNB proprietary technologies globally, and share profits related to technology licensing, subject to the approval of the GrowLife Board of Directors. GrowLife currently has a 45% ownership interest in OGI, with conditions under which it can gain majority interest.

RXNB is an investment company with holdings in drug formulation, manufacturing, and distribution. The company represents a recent roll-up of several independent companies in the pharmaceutical and nutraceutical market. RXNB has numerous pending patents in the field of THC research and development.

On Apr. 1, PHOT shares closed at 60 cents up 2 cents from its closing price of 58 cents the previous day.

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FusionPharm Inc. to Fills $270,000 Order for its Cultivation Containers

In other news, on Mar. 27, Commerce City, Colo-based FusionPharm Inc. (OTCPINK: FSPM), a company that makes and sells cultivation containers for marijuana growers, announced that it is set to ship its second Canadian order of 2014. 

The initial order of approximately $270,000 worth of PharmPod containers is the first installment of an anticipated $2.3 million, 12 month build-out of the Canadian facility. "The Canadian market has become our largest customer base so far in 2014 and we are excited to build the PharmPod brand in Canada and elsewhere", FusionPharm CEO Scott Dittman said, in a written statement.

FusionPharm is currently exploring sales and distribution partnership opportunities in Canada and intends to open a sales center in Canada in 2014.

This comes only days after FusionPharm announced that it has leased space in Seattle's SoDo warehouse district in anticipation of opening its first Washington State design and sales center later this spring.

Its stock volume and share value have been on a downward trend as of late, but there is no news indicating why this is the case. In fact, the company has been churning out a spate of positive news releases since the beginning of the year.

Doubled Manufacturing Square Footage 

On Feb. 13, FusionPharm announced it had more than doubled its Denver Colorado area manufacturing facility, adding 10,000 additional square feet of manufacturing space. That's because the company said that management felt that its existing manufacturing space was inadequate to handle current and future order flow effectively.  The new facility is adjacent to the company's existing facility.

The company added that additional manufacturing facilities are planned for the east and west coast of the United States in 2014.

$1-Million Cash Infusion

Then on Feb 25, FusionPharm announced that it has completed a $1 million round of equity funding.  It said that management intended to use the funds to complete outfitting of its recently expanded manufacturing facilities, provide for construction of new sales centers in key markets and to provide operations funding for acquisition of key personnel.

On Apr. 1, FSPM's share price closed at $5.44, up 62 cents from its closing price of $4.82 the previous day.

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Lindsay Corp. Reports Fiscal 2014 Second Quarter Results

Irrigation equipment manufacturer Lindsay Corp. (NYSE: LNN) announced results for its second quarter ended February 28, 2014.

Here are the highlights of the Omaha, Neb.-based company's financial filing:

Second Quarter Results

Second quarter fiscal 2014 revenues were $152.8 million, versus $175.5 million of revenues in the same prior year period. Net earnings were $13.5 million or $1.04 per diluted share compared with $19.4 million or $1.50 per diluted share in the prior year.

Total irrigation equipment revenues decreased 16 percent to $135.9 million from $162.7 million in the prior fiscal year's second quarter primarily due to lower crop prices. U.S. irrigation revenues of $92.8 million declined 21 percent while international irrigation revenues of $43.1 million decreased five percent. Infrastructure revenues increased 32 percent to $16.9 million with increases in all of its product lines.

Gross margin was 27.9 percent of sales compared to 28.7 percent of sales in the prior year's second quarter. Gross margins in irrigation declined by approximately one percentage point due to fixed cost deleverage on lower sales and a higher mix of international sales. Infrastructure gross margins improved by approximately 7% due to sales mix and leverage on higher sales.

Operating expenses were $21.8 million compared to $20.9 million in the same prior year period. The increase includes $2.2 million associated with the Lakos acquisition, offset by reductions in incentive compensation and advertising expenses. Operating expenses including Lakos were 14.2 percent of sales in the second quarter of fiscal 2014 compared with 11.9 percent of sales in the prior year period. Operating margins were 13.7 percent in the second quarter, versus 16.8 percent in the prior year period.

Cash and cash equivalents of $165.5 million were $5.9 million higher compared to the end of the second quarter in the prior fiscal year, while debt decreased $2.1 million. During the quarter the Company repurchased 78,520 shares for $6.6 million.

Backlog of unshipped orders at February 28, 2014 was $89.3 million compared with $159.3 million at February 28, 2013 and $86.6 million at November 30, 2013. Backlog declined in the United States. and international irrigation markets, and infrastructure segment backlog increased over the same time last year. The current year infrastructure backlog includes a $12.8 million Road Zipper System order for the Golden Gate Bridge which will be recognized in revenue in fiscal 2015. The prior year irrigation backlog included a $39.1 million equipment and installation contract in Iraq, of which $3.0 million remained in backlog at the end of the second quarter of fiscal 2014.

On Apr. 1, LNN's share price closed at $86.46, down $1.72 from its closing price of $88.18 the previous day, on volume of 265,392 shares.

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Nuvilex Inc. Signs Master Services Agreement with Translational Drug Development

On Apr. 1, Nuvilex, Inc.'s (OTCQB: NVLX) announced that it has signed a Master Services Agreement with Translational Drug Development  in which the company will conduct preclinical and clinical studies in support of the development of Nuvilex's pancreatic cancer and other treatments utilizing Cell-in-a-Boxtechnology.

This is just the latest of several upbeat press releases from the Silver-Spring, Md.-based biotech company optimizing the anticancer effectiveness of cannabinoids announced.

Receives $2 Million in Initial Funding

On Feb. 24, the company announced that Lincoln Park Capital purchased 8 million in restricted shares of Nuvilex in exchange for an initial $2 million out of $27 million set aside to advance the company's late-phase pancreatic cancer clinical trials.

Much Hype, Little Results 

Over the last year Nuvilex has issued a bevy of positive press releases about how it is positioning itself and recruiting and hiring the top researchers in the medical-marijuana field. But so far, the company has not produced any concrete products or services for the industry. Neville's cannabis business appears to still be in the developmental stage.  Still, it has hired the brain power that eventually could make it a real player.

On Apr.1, NVLX's share price closed at 35 cents, up 2 cents from its close of 33 cents the previous day.

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