subject: Reed's (Nasdaq:REED) 5 Million in Top Line Rev's, Sales +14% [print this page] Reed's, IncReed's, Inc. (NASDAQ:REED ), 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," saidChris 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."
Reed's (Nasdaq:REED) 5 Million in Top Line Rev's, Sales +14%
