Natural beverage company reports growth of kombucha line last year
Los Angeles-based Reed’s Inc., the owner of natural beverage brands such as Culture Club Kombucha and Virgil’s Soda, announced the financial results for its fiscal year ending Dec. 31, 2013.
Gross revenues increased $42.2 million in 2013, which is up 28 percent compared with 2012, the company reports. Net revenues increased 24 percent to $37.3 million, and gross profit increased 18 percent to $10.8 million, it says. However, earnings before non-cash items and finance costs (modified earnings before interest, taxes, depreciation and amortization) decreased $1 million during 2013 to $13,000. Additionally, net loss for the 2013 fiscal year was more than $1.5 million, compared with a loss of $524,000 a year earlier.