LOS ANGELES, CA–(Marketwired – Nov 13, 2014) – 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 third quarter ended September 30, 2014.
Financial Highlights:
- Modified EBITDA, a non-GAAP measurement was up 28% for the third quarter and was up 637% year to date. EBITDA was $1,880,000 for the first nine months of 2014 as compared to $255,000 for the first nine months of 2013*
- Net revenue increased 22% to a record $12.3 million for the third quarter 2014 from $10.1 million in the third quarter 2013.
- Gross profit increased 22% to $3.9 million
- Operating Income increased 15% to $246,000 from $214,000 in the third quarter last year
- Plant Idle Capacity costs improved from 5% of net sales to 4%
- Sales for the first nine months in 2014 increased 17% to $32.5 million, as compared to $27.7 million in the first nine months of 2013;
- Gross Profit for the first nine months of 2014 increased 28% to $10.5 million, as compared to $8.2 million in the first nine months of 2013.
- Working capital was $1,999,000 at September 30, 2014 and was $1,347,000 at December 31, 2013
- Earnings per diluted share for the third quarter was flat and $0.03 per share for the nine months ended September 30, 2014 versus a loss of ($0.07) per diluted share for the nine months ended September 30, 2013. Full report.
