Solis Tek Inc. Reports Third Quarter Revenue of $1.8 Million and Revenue of $5.8 Million for the Nine-Month Period
Carson, CA - (NewMediaWire) - November 17, 2015 - Solis Tek Inc.(
Third Quarter Ended September 30, 2015
The company reported revenue of $1.8 million for the third quarter of 2015 compared to revenue of $1.5 million for the third quarter of 2014. Gross profit for the third quarter of 2015 was approximately $723,000 compared to gross profit of approximately $418,000 for the third quarter of 2014.
Nine Month Period Ended September 30, 2015
Revenue for the nine month period ended September 30, 2015 was approximately $5.8 million compared to revenue of $4.6 million for the comparable period in 2014. Gross profit for the nine month period of 2015 was approximately $2.2 million compared to gross profit of approximately $1.3 million for the comparable period of 2014. The company reported a net loss for the 2015 nine month period, excluding one-time merger costs, of approximately $36,000 compared to a net loss of approximately $23,000 for the comparable period in 2014.
The CEO of Solis Tek, Alan Lien, commented, "Our equipment sales have increased significantly over the past several years and we expect to continue to capitalize on this growing market.We are pleased with our third quarter of 2015 results as we increased revenue over our third quarter of 2014. The 2015 nine month revenue of $5.8 million also indicates that we can expect significant revenue growth overall for 2015."
Solis Tek Inc. is an importer, distributor and marketer of digital lighting equipment for the hydroponics industry with specific focus on the research, design, development and manufacturing of advanced, energy efficient indoor/greenhouse horticulture lighting and ancillary equipment. Using certain of its proprietary technologies, the Company provides innovative aptitudes with its ballast, reflector and lamp products. Our vision is to apply the latest advances in high efficiency lighting and controls technology as well as effective manufacturing techniques to deliver highly differentiated products with clear benefits at competitive prices to the greenhouse and indoor horticulture markets. The Company's customers include retail stores, distributors and commercial growers in the United States and abroad. For more information please visit our website www.solis-tek.com.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on the current plans and expectations of management and are subject to a number of uncertainties and risks that could significantly affect the Company's current plans and expectations, as well as future results of operations and financial condition. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.