Reed's,the leading maker of craft sodas nationwide announced preliminary record sales for the fourth quarter 2015.
Fourth quarter preliminary sales increased 12.8 percent to a quarterly record $12.4 million compared to last year's fourth quarter sales of $11.0 million. The Company also reported $1.8 million in cash at the end of the 2015 fiscal year versus $1.0 million at the end of the prior year.
"The fourth quarter record sales show that our company is recovering from the production out of stocks of the second and third quarters. Most of our products were completely back in stock by mid-November," said Chris Reed, Company CEO and founder. "We are still recovering shelf space and filling in the distribution voids left by the out of stocks. Early in the fourth quarter, we added two new production facilities to help us keep up with our growing demand. With the addition of these two facilities, we expect that during 2016 we will be able to keep up with our production needs as demand continues to grow. Our expanded west coast facility upgrade is progressing nicely and will increase our ability to stay in stock."
The Company anticipates commissioning its expanded west coast production facility early in the second quarter.
These preliminary financial results are subject to customary quarterly closing and review procedures. No conference call will be held in conjunction with this announcement. The Company anticipates releasing full year earnings results in March 2016.
