Oxford, MS 3/30/2011 (Penny PayDay) – Reed's, Inc. (NASDAQ:REED) (OTC:REEDP), maker of sodas in natural food stores nationwide, recently announced, in a press release, its financial results for 2010. Shares of Reed’s closed down 4 percent today at $2.09 per share on volume of just under 59,000 shares compared to its average daily volume of just over 33,000 shares. The company has a market cap of $22 million and a 52-week range between $1.62 and $3.08 per share.Financial Highlights:
-- Sales increased 34% to $20.4 million.
-- Gross profit was 21% of sales during 2010, as compared to 24% in 2009,
reflecting start up costs incurred during the period.
-- Modified EBITDA was $456,000 in 2010, as compared to a modified EBITDA
loss of $306,000 in 2009.
-- Net loss for 2010 narrowed to $1,310,000, or $0.14 per share, from
$2,559,000 in 2009.
-- Working capital at December 31, 2010 was $1.8 million, as compared to
$2.0 million at December 31, 2009.
-- Cash availability was $1.1 million at December 31, 2010, as compared
to $1.3 million at December 31, 2009.
"We are cautiously exuberant with our results for the year," stated Chris Reed, Founder, Chairman and CEO of Reed's. "Our growth has been the result of a lot of hard work developing the channels for our excellent brands. Our strategy of diversifying with private label production is serving to fill production capacity as well as advance our branded business. We have increased our capabilities, since we are constantly developing formulas, brands and packaging. As a result, we have some new branded products in the pipeline for 2011 that are exciting and unique."
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