US: Reed's narrows nine-month net losses
- Nine-month net losses narrow by 27.6% to US$594,000
- Operating losses improve by 77.5% to $90,000
- Sales climb by 24% to $17.7m
- Third-quarter net losses improve by 56% to $174,000
Reed's has narrowed its net losses in the first nine months of the year
Reed's has narrowed its net losses in the first nine months 2011, thanks to price increases and a continued increase in sales.
For the period to the end of September, net losses narrowed by 27.6% to US$594,000. Operating losses in the period improved by 77.5% to $90,000, the company reported yesterday (14 November).
Net sales in the period climbed by 24% to $17.7m. The company attributed the improvement to distribution expansion, new private label partnerships and the launch of its Ginger Brew variant.
In the third quarter, the US soft drinks maker cut net losses by 56% to $174,000, while it made operating profits of $1,000 versus losses of $249,000 in the prior-year period. Sales increased by 18.5% to reach $6.4m.
The company said that it incurred a cost of $327,000 in the quarter related to a lawsuit involving an industrial worker. "This is our eighth quarter of significant growth," said Reed's chairman and founder, Chris Reed. "We believe we will see continued sales growth and increasing margins moving forward for the foreseeable future."
Click here to view the full earnings release.
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