Tuesday (November 11th) brought the announcement of pleasing financial results for the quarter ended September 30th, 2008 from beverage maker, Reed’s., Inc.
Compared to the same period in 2007, the company enjoyed increased gross profits of $1.3 million; up over sixty percent. Additionally, Reed’s observed a net sales increase of nine percent, while a positive Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) of $131,983 was achieved. Net loss attributable to common stockholders was dramatically reduced to $174,000 from $1,526,000 the year prior. Also falling substantially were the company’s operating expenses, which decreased to 32.5 percent of net sales, down from nearly sixty percent in 2007.
Founder and CEO Chris Reed commented on his company’s progress: “During the third quarter of 2008, we delivered revenue growth of 9% compared to the third quarter of 2007 which included promotional sales not repeated in the third quarter of 2008, expanded gross margins by 48% and delivered profitable results on an Adjusted EBITDA basis (excluding non cash expense). We attribute our strong sales growth to the strength of the Reed’s and Virgil’s brands in our core natural foods channel, the initial success of our re-focused sales strategy in mainstream grocery store accounts and our ongoing product diversification initiatives.”
During a time when many companies are reporting less-than-favorable quarterly results, it’s comforting to know that there are businesses out there like Reed’s, Inc., bucking the trend by posting numbers that reflect real growth.
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