US: Reed's narrows Q3 losses
Reed's said its branded and private label business is expanding
Reed's has said its branded and private label soft drinks business is expanding, after the firm narrowed its net losses for the third quarter.
For the three months to the end of September, the soft drinks maker's net losses narrowed to US$398,000 from $402,000 a year earlier.
EBITDA doubled to $32,000, while net sales increased by 35% to $5.4m.
For the nine-month period, the firm narrowed its losses to $821,000 from $1.77bn last year. EBITDA reached $400,000 compared to losses of £140,000 in 2009, while sales were 23% ahead of last year, reaching £14.3m.
"Sales are accelerating for our branded and private label products," stated Chris Reed, founder, chairman and CEO of Reed's. "We came in ahead of our revenue estimates. Our branded business is growing nicely with our private label business expanding faster. Our plan is to use private label to increase gross profits and invest these funds into the growth of our brands."
Click here to view the full release and check back later for further insight into the firm's third-quarter results.
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