Kush Bottles, Inc. (KSHB) SEC Filing 10-Q Quarterly report for the period ending Wednesday, November 30, 2016
Kush Bottles Reports Record Annual Revenue
SANTA ANA, Calif. Nov. 3, 2016 - Kush Bottles (OTCQB: KSHB), a supplier of packaging supplies, accessories, and branding solutions for the legal cannabis industry, reported financial results for its fiscal year ended August 31, 2016.
Fiscal Year 2016 Financial Highlights
Kush Bottles achieved record revenue of $8,215,452 in fiscal year 2016, representing year-over-year growth of 105%.
Kush Bottles achieved record operating income of $84,455, representing year-over-year growth of 124%.
Working capital surplus grew to $2,026,777, representing a year-over-year increase of 877%.
Operating expenses as a percentage of revenue was 32%, representing a year-over-year decrease of 12%.
Revenues in our core markets of California, Colorado, Oregon, and Washington were $7,678,888 in fiscal year 2016, representing year-over-year growth of 99%.
Revenues in our non-core markets were $536,616 in fiscal year 2016, representing year-over-year growth of 228%.
We are very pleased with the revenue growth we saw in all markets in 2016, said Nick Kovacevich, CEO of Kush Bottles. Were excited to continue to push hard in these existing markets in 2017, and to take advantage of the many new markets that may emerge if more states vote to legalize.
We are thrilled with our performance in 2016, and we are already executing on plans to build and invest for the future. Colorado, Washington, Oregon and Alaska are just the tip of the iceberg, said Ben Wu, President of Kush Bottles. We are committed to continuous development of our organization and infrastructure to accommodate future market growth.
Weve really focused this past year on increasing the efficiency and scalability of the business and the reduction in our operating expenses as a percentage of revenue shows we are succeeding, said Chris Martin, CFO of Kush Bottles. We plan to continue to create new efficiencies where possible so we can get more out of the resources we have.
Technology has played an important role in making our business more scalable and it will continue to be an important part of our strategy going forward, said Ryan Selewicz, Director of Marketing & Technology at Kush Bottles. Our online store is making ordering more convenient for our customers and it is making order processing more efficient for our team. Customers are responding well to this as we increased online transactions by more than 290% year-over-year and weve increased average online order value by more than 65% year-over-year.
About Kush Bottles, Inc.
Kush Bottles (OTCQB: KSHB) is a is a packaging supplier, offering certified child-resistant and custom-branded solutions in all states that permit the sale of medical or recreational cannabis, and in Canada. With over 100 million bottles sold, the company is respected for its quality products, exceptional customer service, fast deliveries, and innovative custom design and branding solutions.
Kush Bottles is a publicly traded company, and one of a few cannabis-related businesses with demonstrated revenue growth and profitability, without direct involvement with cannabis plants or extracts.
Kush Bottles has been featured in media nationwide, including CNBC, Los Angeles Times, TheStreet.com, and Inc. Magazine.
The following information was filed by Kush Bottles, Inc. on Thursday, November 3, 2016 as an 8K 2.02 statement, which is a press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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- Form Type: Quarterly
- Number of times amended: 1
- Accession Number: 0001511164-17-000013
- Submitted to the SEC: Wednesday, January 11, 2017
- Accepted by the SEC: Wednesday, January 11, 2017
- Period Ending: November 2016