Reed's, Inc. Reports Record Revenues for Second Quarter 2010
11 Agosto 2010 - 8:00AM
Marketwired
Reed's, Inc. (NASDAQ: REED) (OTCBB: REEDP), maker of the
top-selling sodas in natural food stores nationwide, today issued
selected second quarter 2010 financial highlights following its
second quarter earnings conference call held on August 10, 2010.
For those who were unable to participate in the call, a replay is
now available at: http://www.reedsinc.com/investor-relations/.
Second Quarter 2010 Financial
Highlights:
- Second quarter sales increased 16% to a record $4.9 million.
Fiscal six month 2010 sales were 17% ahead of 2009. Branded product
sales represented approximately 75% of the overall sales
increases.
- Gross profit was 24% of sales during the quarter and 25% for
the six month period, as compared to 26% in 2009.
- Operating expenses decreased during both the second quarter and
six month periods in 2010 as compared to 2009.
- EBITDA income for the second quarter 2010 was $209,000, as
compared to a loss of $488,000 in the second quarter of 2009. For
the six month period, EBITDA income was $414,000, as compared to a
loss of $483,000 in the prior year period.
- Net loss for the quarter narrowed sharply to $164,000, compared
to net loss of $873,000 during 2009.
- Working capital increased by approximately $370,000 during the
quarter to $2.4 million.
- Cash was $1.1 million at June 30, 2010, as compared to $1.3
million at December 31, 2009. Additionally, there was $206,000
available on the revolving line of credit at June 30, 2010.
"We achieved record revenues of nearly $5 million in the second
quarter, driven primarily by sales of our branded products, which
all continue to outpace what we saw last year," said Chris Reed,
Founder, Chairman and CEO of Reed's, Inc. "We expect sales of our
branded product sales to be strong for the second half of the year,
and anticipate realizing meaningful revenue contribution from our
private label business, which has been opening new doors and
helping us develop closer relationships with our customers." Added
Mr. Reed, "Operationally, Reed's is lean and nimble and has held
its costs low. With over $1 million in cash on our balance sheet
and an expanding line of exciting new products, we have the talent
and wherewithal to execute our vision and grow Reed's
significantly."
About Reed's, Inc.
Reed's, Inc. makes the top selling natural sodas in the natural
foods industry sold in over 10,500 natural food markets and
supermarkets nationwide. In 2009, Reed's started producing Private
Label natural beverages for select national chains. Its six
award-winning non-alcoholic Ginger Brews are unique in the beverage
industry, being brewed, not manufactured and using fresh ginger,
spices and fruits in a brewing process that predates commercial
soft drinks. The Company owns the top selling root beer line in
natural foods, the Virgil's Root Beer product line, and the top
selling cola line in natural foods, the China Cola product line.
Recently, Reed's introduced its Reed's All Natural Ginger Nausea
Relief product for the over-the-counter stomach aisle for all
retail channels and acquired the Sonoma Sparkler brand, a sparkling
juice celebration drink with an established customer base. Other
product lines include: Reed's Ginger Candies and Reed's Ginger Ice
Creams.
Reed's products are sold through specialty gourmet and natural
food stores, mainstream supermarket chains, retail stores and
restaurants nationwide, and in Canada, as well as through private
label relationships with major supermarket chains. For more
information about Reed's, please visit the company's website at:
http://www.reedsgingerbrew.com or call 800-99-REEDS.
Follow Reed's on Twitter at:
http://www.twitter.com/reedsgingerbrew
Reed's Facebook Fan Page at:
http://www.facebook.com/pages/Reeds-Ginger-Brew-and-Virgils-Natural-Sodas/57143529039?ref=nf
Subscribe to Reed's RSS feed at:
http://www.irthcommunications.com/REED_rss.xml
More information can be found at:
http://www.irthcommunications.com/clients_REED.php
SAFE HARBOR STATEMENT
Some portions of this press release, particularly those
describing Reed's goals and strategies, contain "forward-looking
statements." These forward-looking statements can generally be
identified as such because the context of the statement will
include words, such as "expects," "should," "believes,"
"anticipates" or words of similar import. Similarly, statements
that describe future plans, objectives or goals are also
forward-looking statements. While Reed's is working to achieve
those goals and strategies, actual results could differ materially
from those projected in the forward-looking statements as a result
of a number of risks and uncertainties. These risks and
uncertainties include difficulty in marketing its products and
services, maintaining and protecting brand recognition, the need
for significant capital, dependence on third party distributors,
dependence on third party brewers, increasing costs of fuel and
freight, protection of intellectual property, competition and other
factors, any of which could have an adverse effect on the business
plans of Reed's, its reputation in the industry or its expected
financial return from operations and results of operations. In
light of significant risks and uncertainties inherent in
forward-looking statements included herein, the inclusion of such
statements should not be regarded as a representation by Reed's
that they will achieve such forward-looking statements. For further
details and a discussion of these and other risks and
uncertainties, please see our most recent reports on Form 10-KSB
and Form 10-Q, as filed with the Securities and Exchange
Commission, as they may be amended from time to time. Reed's
undertakes no obligation to publicly update any forward-looking
statement, whether as a result of new information, future events,
or otherwise.
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Investor Relations Contact: Mr. Andrew Haag Managing
Partner IRTH Communications, LLC Tel: +1-888-825-6456 E-mail: Email
Contact Website: www.irthcommunications.com
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