Reed’s, Inc. Announces Preliminary Unaudited Fourth Quarter and Full Year 2020 Financial Results
January 13 2021 - 7:00AM
Reed’s Inc. (Nasdaq: REED), owner of the nation’s leading portfolio
of handcrafted, all-natural beverages, today announced preliminary
unaudited revenue results for the fiscal fourth quarter and full
year 2020 ended December 31, 2020.
Reed anticipates nets sales for the fourth
quarter of 2020 to be approximately $10.3 million, representing
growth of 44% year-over-year and 22% sequentially over the previous
quarter. For the full year of 2020, Reed’s anticipates net sales to
be approximately $41.3 million, a increase of 22% compared to $33.8
million for the full year of 2019. These figures are preliminary
and unaudited, and actual revenues may differ.
“We are pleased to report continued net sales
growth representing positive momentum across all channels,” stated
Norman E. Snyder, Chief Executive Officer of Reed’s, Inc. “Despite
the challenges we have navigated in the face of the pandemic this
year, these results demonstrate the continued support for the
Reed’s brand and the future opportunities that lie ahead.”
About Reed’s, Inc.
Established in 1989, Reed's® is America's number
1 name in Ginger and America’s best-selling Ginger Beer brand and
innovator for decades. Virgil's™ is America's best-selling
independent, full line of natural craft sodas. The Reed's®
portfolio is sold in over 40,000 retail doors nationwide. Reed's
core product line of Original, Extra and Strongest Craft Ginger
Beers, along with the Certified Ketogenic Zero Sugar Extra Ginger
Beer are unique due to the proprietary process of using fresh
ginger root combined with a Jamaican inspired recipe of natural
spices and fruit juices. The company uses this same handcrafted
approach in its award-winning Virgil's™ line of great tasting, bold
flavored craft sodas and Certified Ketogenic Zero Sugar
Varieties.
For more information about Reed’s, please visit
the Company’s website at: http://www.drinkreeds.com or call
800-99-REEDS. Follow Reed’s on Twitter, Instagram, and Facebook
@drinkreeds.
For more information about Virgil’s, please
visit Virgil’s website at: http://www.virgils.com. Follow Virgil’s
on Twitter and Instagram @drinkvirgils and on Facebook
@drinkvirgilssoda.
Forward-Looking Statements
Some portions of this press release,
particularly those describing Reed’s goals and strategies, contain
“forward-looking statements.” These forward-looking statements can
generally be identified as such because the context of the
statement will include words, such as “expects,” “should,”
“believes,” “anticipates” or words of similar import. Similarly,
statements that describe future plans, objectives or goals are also
forward-looking statements. While Reed’s is working to achieve
those goals and strategies, actual results could differ materially
from those projected in the forward-looking statements as a result
of a number of risks and uncertainties. These risks and
uncertainties include difficulty in marketing its products and
services, maintaining and protecting brand recognition, the need
for significant capital, dependence on third party distributors,
dependence on third party brewers, increasing costs of fuel and
freight, protection of intellectual property, competition and other
factors, any of which could have an adverse effect on the business
plans of Reed’s, its reputation in the industry or its expected
financial return from operations and results of operations. In
light of significant risks and uncertainties inherent in
forward-looking statements included herein, the inclusion of such
statements should not be regarded as a representation by Reed’s
that they will achieve such forward-looking statements. For further
details, please see our most recent reports on Form 10-K and Form
10-Q, as filed with the Securities and Exchange Commission, as they
may be amended from time to time. Reed’s undertakes no obligation
to publicly update any forward-looking statement, whether as a
result of new information, future events, or otherwise.
Cautionary Note Regarding Preliminary
Financial Information, Financial Guidance and Growth
Preliminary financial information, financial
guidance and growth disclosure should not be viewed as a substitute
for full financial statements prepared in accordance with GAAP.
Estimated preliminary results are subject to completion of our
customary quarterly and annual financial closing and audit and
review procedures and are not comprehensive statements of our
financial results for the three months and fiscal year ended
December 31, 2020 and are subject to adjustments as a result of
such procedures. In addition, preliminary financial information and
accelerated growth disclosure is not necessarily indicative of the
results to be achieved in any future period. Our financial
statements and related notes as of and for the fiscal year ended
December 31, 2020 is expected to be filed with the SEC during March
of 2021.
CONTACTS:
Investor RelationsScott Van Winkle, ICR(800) 997-3337 Ext 2Or
(617) 956-6736Email: ir@reedsinc.comwww.reedsinc.com
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