Contact Information: CONTACTS: Corporate John Thompson AeroGrow International, Inc. (303) 444-7755 Investor Budd Zuckerman Genesis Select Corporation (303) 415-0200
AeroGrow Announces Quarterly Revenue Guidance
Revenue for the Three Months Ending December 2007: $14 to $14.5 Million
| Source: AeroGrow International, Inc.
BOULDER, CO--(Marketwire - January 7, 2008) - AeroGrow International, Inc. (NASDAQ : AERO )
("AeroGrow" or the "Company"), makers of the AeroGarden® line of indoor
gardening products, today announced its revenue guidance for the three
months ended December 31, 2007, its third fiscal quarter.
AeroGrow anticipates revenue of approximately $14 million to $14.5 million
for the three months ended December 31, 2007, a 185% increase over the $4.9
million in revenue in the same quarter one year ago and a 124% increase
over last quarter's revenue.
"I'm pleased to announce a record quarter for AeroGrow," said Michael
Bissonnette, AeroGrow's Founder and CEO. "We have succeeded in every retail
channel of distribution we've rolled into, including independent culinary
stores, national department store chains, independent lawn & garden and
hardware chains, and have just concluded successful tests with multiple big
box retailers, including Target. This last quarter, we sold into more
storefronts, in more channels, with a wider variety of products than ever
before, and I believe we now have significant traction in the marketplace.
In addition, since launching our in-house catalog business, we've mailed
more than 1.25 million catalogs, and it's proving to be a significant and
highly profitable portion of our business."
"Given the strong revenue performance across the board, we will continue to
drive four major expansion opportunities in 2008," said Jerry Perkins,
President and COO of AeroGrow. "First, we intend to significantly expand
the number of storefronts for our current product line. Second, we'll be
continuing to open new channels of distribution, with a substantial number
of new storefronts, through mass distribution into big box, garden, office
supply, florist, crafts and other retailers. We'll open these new channels
with the introduction of new, lower-priced products targeting the flower,
culinary and gardening markets. Third, we'll aggressively expand our
international sales into the U.K., Germany, France and other European
markets, as well as Japan, Korea and other sizeable markets. And finally,
we'll continue the expansion of our direct-to-the-consumer businesses
including our own direct-mail catalog business, TV spots and infomercials,
and web sales. The large number of storefronts and consumer markets that we
can target using the products already on our drawing boards is incredible,
and we're in full pursuit of the opportunities."
About AeroGrow International, Inc.
Founded in 2002 in Boulder, Colorado, AeroGrow International, Inc. is
dedicated to the research, development and marketing of the AeroGarden®,
the world's first kitchen garden appliance. The AeroGarden features
NASA-proven, dirt-free aeroponic technology, allowing anyone to grow
farmer's market fresh herbs, salad greens, tomatoes, chili peppers,
strawberries and more, indoors, year-round, so simply and easily that no
green thumb is required. See www.aerogrow.com.
FORWARD-LOOKING STATEMENTS
"Safe Harbor" Statement under the Private Securities Litigation Reform Act
of 1995: Statements by Michael Bissonnette and/or the Company, statements
regarding growth of the AeroGarden product line, optimism related to the
business, expanding sales and other statements in this press release are
forward-looking statements within the meaning of the Securities Litigation
Reform Act of 1995. Such statements are based on current expectations,
estimates and projections about the Company's business. Words such as
expects, anticipates, intends, plans, believes, sees, estimates and
variations of such words and similar expressions are intended to identify
such forward-looking statements. These statements are not guarantees of
future performance and involve certain risks and uncertainties that are
difficult to predict. Actual results could vary materially from the
description contained herein due to many factors including continued market
acceptance of the Company's products or the need to raise additional
capital. In addition, actual results could vary materially based on changes
or slower growth in the kitchen garden appliance market; the potential
inability to realize expected benefits and synergies; domestic and
international business and economic conditions; changes in customer demand
or ordering patterns; changes in the competitive environment including
pricing pressures or technological changes; technological advances;
shortages of manufacturing capacity; future production variables impacting
excess inventory and other risk factors listed from time to time in the
Company's Securities and Exchange Commission (SEC) filings under "risk
factors" and elsewhere. The forward-looking statements contained in this
press release speak only as of the date on which they are made, and the
Company does not undertake any obligation to update any forward-looking
statement to reflect events or circumstances after the date of this press
release.