Reed’s, Inc. Announces First Quarter 2010 Financial Results
First Quarter 2010 Highlights:
“The first quarter is usually the weakest, but the fact that the Company was EBITDA positive makes it clear to us that we have moved into profitability,” said Chris Reed, Founder and CEO of Reed’s, Inc. “Our strategic plans are unfolding and are boosted by the improving economy. In the first quarter, revenues from our existing brands provided a solid base while our new branded products and private label sales took us to a 17% sales increase over last year, with higher margins. As we go into the second quarter, sales of all of our brands continue to outpace last year, and we anticipate substantial increases in private-label product sales throughout 2010. Gross profits from private-label sales will fuel our promotions of branded products. We project 20%-plus overall revenue increases for 2010.”
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