Kush Bottles Reports Record Results for Fiscal Year 2015
SANTA ANA, Calif., Dec. 2, 2015 /PRNewswire/ -- Kush Bottles (OTCPK:KSHB), North America's premier supplier of customizable child-resistant packaging solutions and accessories for the legal cannabis industry, reported financial results for its fiscal year ended August 31, 2015.
Fiscal Year 2015 Highlights
- Revenues up 135% over FY14, to a record $4.014 million
- Gross profits up 97% over FY14, to a record $1.428 million
- Consolidated net loss down 14% over FY14, to $339,303
The driving factors behind the increase in revenues, improvement in gross profits, and reduction in net loss in fiscal 2015 is due in part to the acquisition of Dank Bottles, LLC on April 10, 2015, which increased the Company's market share in the state of Colorado. In addition, the Company experienced increased sales activity in California, Washington, and Oregon.
"We are pleased with our financial performance in fiscal 2015, but we remain dedicated to continuing to grow our markets and market share, while providing a portfolio of high quality products along with exemplary customer service that have become the standard by which all other companies are judged," said Nicholas Kovacevich, Co-Founder and CEO of Kush Bottles, Inc. "We believe that there are tremendous opportunities for further growth ahead, and our team is focused on building upon the success we have already achieved."
Further information about the company and its fiscal year 2015 results can be found on the Kush Bottles Investor Relations website, at: www.kushbottles.com/ir.
For more information on Kush Bottles, call: (888)-920-5874, or visit the website at: www.kushbottles.com.
About Kush Bottles:
Kush Bottles is the leader in providing certified child-resistant and customized packaging solutions. The company offers bottles, containers, and cannabis-related products in all states that permit adult-use or medical marijuana, as well as in Canada. With over 100 million bottles sold, the company is respected for their premium quality, exceptional customer service, quick deliveries, and innovative solutions.
Forward Looking Statements:
This press release may include predictions, estimates or other information that might be considered forward-looking within the meaning of applicable securities laws. While these forward-looking statements represent our current judgments, they are subject to risks and uncertainties that could cause actual results to differ. You are cautioned not to place undue reliance on forward-looking statements, which reflect our opinions only as of the date of this release. Please note, we are not obligated to revise or publicly release any revision to these forward-looking statements in light of new information or future events. When used herein, words such as: "believe," "expect," "plan," "dedicated," "potential," "forecast," "building," or variations of such words and similar expressions are intended to identify forward-looking statements. Factors that could cause actual results to differ from those contemplated in any forward-looking statements made herein are often discussed in filings we make with the SEC, available at: www.sec.gov, and on our website, at: www.kushbottles.com.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/kush-bottles-reports-record-results-for-fiscal-year-2015-300186750.html
SOURCE Kush Bottles
Released December 2, 2015