Newport Beach, Aug. 12, 2015 (GLOBE NEWSWIRE) -- Terra Tech Corp (TRTC) is pleased to announce the filing of its financial results for the quarter ending June 30, 2015. Total revenues generated for the second quarter totaled $5,024,290 compared to $3,711,801 for the quarter ended June 30, 2014, an increase of $1,312,489. The increase was primarily due to revenue generated by Edible Garden for the sales of its herbs and floral products and IVXX from the sale of its cannabis products. The full 10-Q filing is available on the SEC's website at http://edgar.sec.gov/
Specific results figures for the quarter ended June 30, 2015 include:
- Total revenues generated from the sales of Edible Garden and IVXX for the quarter ended June 30, 2015 totaled $5,024,290, an increase of 35% from the quarter ended June 30, 2014.
- Gross profit for the quarter amounted to $262,614. Gross profit increased $362,251 for the quarter ended June 30, 2015 compared to a negative gross margin of ($99,637) for the quarter ended June 30, 2014.
- Selling, general and administrative expenses for the quarter ending June 30, 2015 were $3,361,846, compared to $3,892,077 for the second quarter 2014 or a decrease of $530,231.
- After selling, general and administrative expenses of $3,361,846, an operating loss of $3,099,232 was realized for the quarter. Operating losses decreased $892,482 or 22.3% compared to the second quarter of 2014 operating loss of $3,991,714.
- The net result for the quarter ended June 30, 2015 was a loss of $2,756,576 or $0.01 per share compared to a loss of $4,555,077 or $0.03 per share for the second quarter of 2014. The net loss for the second quarter of 2015 decreased by $1,798,501 or 39.4% as compared to the second quarter of 2014.
"We have been working to grow both our topline revenue and to simultaneously improve our bottom line operating results. We are proud that the Edible Garden division is now cash flow positive," explains Derek Peterson, CEO of Terra Tech. "During the quarter we realized expansion with Walmart and other retailers with our Edible Garden ® brand and put into place additional hydroponic technologies which increased efficiencies within the greenhouse. These investments have helped improve our bottom line results. In addition, we have continued to experience strong brand acceptance and expansion on our IVXX ™ line of cannabis concentrates throughout the California market. California is looking at fundamental legislative changes in 2016 that may allow cannabis businesses to operate in a for-profit environment. We are working with political leaders and industry organizations to assist in that process. In the meantime we are able to utilize the cash flow from IVXX to continue to grow and market the brand. We are also excited that we began construction on our flagship Las Vegas dispensary and look forward to its opening in Q4 of this year. We have been working with other cultivators and producers to make certain we have high quality medications to offer to our patients in Nevada. We are proud of our growth but in no way satisfied with where we are at fundamentally. Management is working to continue to improve operations quarter by quarter and we think Nevada’s operations should have a dramatic effect on our fiscal improvement.”
Key developments in the quarter:
- IVXX added 6 new retail dispensaries in California.
- The Company applied for a $300,000 Clean Energy Grant that was subsequently awarded in the first part of Q3, 2015.
- Edible Garden expanded their line of living herbs to 5 Walmart distribution centers.
- MediFarm began construction on their Western Ave dispensary location.
Management will continue to make an effort to lower operating expenses and increase revenue. The company will continue to invest in further expanding operations as well as a comprehensive marketing campaign with the goal of accelerating awareness of the company's product lines.
About Terra Tech
Terra Tech Corp. (TRTC) through its wholly-owned subsidiary GrowOp Technology, specializes in controlled environment agricultural technologies. The company integrates best-of-breed hydroponic equipment with proprietary software and hardware to provide sustainable solutions for indoor agriculture enterprises and home practitioners. Our complete product line is available at specialty retailers throughout the United States, and via our website. Through its wholly-owned subsidiary Edible Garden, cultivates a premier brand of local and sustainably grown hydroponic produce, sold through major grocery stores such as Shoprite, Walmart and others throughout New Jersey, New York, Delaware, Maryland, Connecticut, Pennsylvania, and the Midwest. MediFarm LLC is focused on medical cannabis businesses throughout Nevada. IVXX LLC is a wholly owned subsidiary that produces medical cannabis extracted products sold to regulated medical cannabis dispensaries throughout California.
For more information about Terra Tech Corp visit: www.terratechcorp.com
Visit us on Facebook @ http://www.facebook.com/terratechcorp
Follow us on Twitter @terratechcorp
For more information about Edible Garden visit: http://www.ediblegarden.com
Visit Edible Garden on Facebook @ https://www.facebook.com/ediblefarms
Visit IVXX on Facebook @ https://www.facebook.com/ivxxbrand
Cautionary Language Concerning Forward-Looking Statements
Statements in this press release may be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "anticipate", "believe", "estimate", "expect", "intend" and similar expressions, as they relate to the company or its management, identify forward-looking statements. These statements are based on current expectations, estimates and projections about the company's business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and probably will, differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including those described above and those risks discussed from time to time in Terra Tech Corp.'s filings with the Securities and Exchange Commission. In addition, such statements could be affected by risks and uncertainties related to Terra Tech Corp.'s (i) product demand, market and customer acceptance of its equipment and other goods, (ii) ability to obtain financing to expand its operations, (iii) ability to attract qualified sales representatives, (iv) competition, pricing and development difficulties, (v) ability to integrate GrowOp Technology Ltd. into its operations as a reporting issuer with the Securities and Exchange Commission, and (vi) general industry and market conditions and growth rates and general economic conditions. Any forward-looking statements 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 release. Information on Terra Tech Corp.'s website does not constitute a part of this release.
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Source:Terra Tech Corp.