LOS ANGELES, May 15, 2017 (GLOBE NEWSWIRE) -- Reed's, Inc. (NYSE MKT:REED), maker of the top-selling sodas in natural food stores nationwide, today announced the financial results for its fiscal first quarter ended March 31, 2017.
Financial Results for the First Quarter 2017 versus First Quarter 2016
- As previously announced, first quarter net sales decreased from $10.0 million to $8.3 million
- Private label and kombucha sales were down significantly year over year and were the primary contributors to the sales decline
- Gross profit decreased from $1.9 million to $1.1 million
- Gross margin decreased from 19% to 13%
- Operating expenses decreased 15% driven by:
• Delivery and handling expenses decreased 12% from $0.8 million to $0.7 million
• Selling and marketing expenses decreased 24% from $1.0 million to $0.8 million
• G&A expenses decreased 8% from $1.2 million to $1.1 million - Net loss was ($2.0 million) versus ($1.6 million) in the year ago period
- Net loss per share was ($0.14) versus ($0.12) in the year ago period
