Thank you, Michael. Good afternoon, and welcome to our second quarter 2019 conference call. We'd like to begin our call by thanking our shareholders, management and employees for their continued support and belief in the mission Michael and I set forth five years ago to build the largest national chain of hydroponic garden centers in the U.S. With 23 locations in nine states today, GrowGeneration is a leading marketer and distributor of nutrients, growing media, advanced indoor and greenhouse lighting, ventilation systems and accessories for hydroponic gardening.
The company's second quarter financial results reflect our company's continued focus on revenue growth and EBITDA expansion. We improved the financial performance of the company in all areas. Revenue was up 172% year-over-year at $19.5 million.
For the six-month period ending June 30, 2019, revenue was $32.6 million versus $11.5 million for the six month period ended June 30, 2018, an increase of 182% year-over-year. Adjusted EBITDA for Q2 2019 was $1.8 million, a positive $0.06 per share. Adjusted EBITDA for the six months ended June 30, 2019, is now at $0.08 per share.
Our same-store sales were up 23% year-over-year, gross profit margins increased to 29.9%, an increase of 5.7 basis points year-over-year. Gross profit dollars were $5.8 million, an increase of $4.1 million or 237% versus the same period year-over-year.
Our strategies to increase margins are working by purchasing in larger volumes and buying more efficiently.
We saw significant revenue increases in all key markets. Colorado was up 106%, California 346%, Nevada 143%, Michigan 95%, and Rhode Island up 50%.
Our new stores in Oklahoma contributed $2.5 million in revenue in the second quarter, and our stores in Maine added $1.6 million, driven by three newly acquired stores that closed on May 15.
Our e-commerce store HeavyGardens added over $1 million, a 47% increase over our first quarter sales.
Our commercial division added over $3.8 million in revenue, up from $2.5 million in the previous quarter.
With our significant top and bottom line growth, we reduced our operating expenses by 13% and our corporate overhead by over 42% as a percentage of our revenue.
To highlight our four-wall economics as a percentage of revenue, gross profit was 29.9%, store operating expense was 14%, G&A not including non-cash was 7%. Adjusted EBITDA was 9.2% of revenue, up from a negative 2.8% year-over-year. The company continued its rollout of its new ERP platform adding Northern California, Michigan, Maine, Oklahoma, and Rhode Island stores to our ERP system.
The GrowGen ERPs platform is designed to lower cost, improve departmental productivity, and provide forecasting and reporting tools, all of our current store operations will be on our ERP platform by the end of 2019.
As our revenue continues to increase and corporate overhead stays relatively flat, we will continue to increase net income quarter-over-quarter.
We have a strong pipeline of new acquisition targets set to close in Q3 and Q4 2019. We're also investing in an aggressive new store opening program and are now working with a national real estate company to identify strategic locations in every major city in the United States.
The company continues the process of uplifting to a larger exchange.
We are increasing our guidance for 2019 revenue to $65 million to $70 million and adjusted EBITDA to $0.14 to $0.18 per share for 2019 based on 34.8 million shares outstanding. I'd like to take a few minutes to go over our second quarter 2019 financial highlights.
On a GAAP basis, net income of $1,062,000 for Q2 2019, compared to a net loss of $929,000 for Q2 2018, an increase of $2 million. Adjusted EBITDA of $1.779 million for Q2 2019, compared to adjusted EBITDA of a negative $205,000 for Q2 2018, an increase of $2 million.
GAAP earnings of $0.04 per share for Q2 2019, non-GAAP adjusted earnings per share of $0.06 per share for Q2 2019 and $0.08 per share to-date basic, and revenue of $19.5 million, up $12.3 million or a 172% over Q2 2018 revenues of $7.1 million.
Same-store sales were up 23% for Q2 2019 versus Q2 2018. Gross profit margin percentage was 29.9% for Q2 2019, compared to 24.2% for Q2 2018. Store operating costs as a percentage of revenue have declined to 14% for Q2 2019, compared to 16.1% in Q2 2018.
Corporate overhead as a percentage of revenue declined to 9.8% to Q2 2019, compared to 16.8% of revenue for Q2 2018. Completed a $12.8 million financing.
All of the company's strategic institutional investors participated in the oversubscribed offering, including lead investors Gotham Green Partners, Merida Capital Partners and Navy Capital.
In addition to the company's three strategic investors, JW Asset Fund also participated.
The company had $18 million in cash and cash equivalents as at June 30, 2019.
As of June 30, 2019, the company had working capital $29.6 million compared to working capital $21.6 million at December 31, 2018.
For the six month period, the Company acquired six stores, one in Denver, Colorado; Palm
Springs, California; Reno in Nevada; and Manchester, New Hampshire; and two in Maine; and opened new store locations in Tulsa, Oklahoma and Brewer, Maine . We appointed Bob Nardelli, former CEO of Home Depot, as our Senior Strategic Advisor.
With that, I'd like to turn the call over to our CFO, Monty Lamirato, who will go into more details regarding our second quarter financials. Monty?