Reed’s Loss Shrinks

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Reed’s Inc. on Tuesday said its net loss narrowed in 2009 as lower costs offset a small decline in sales.

After the markets closed, the Los Angeles premium soda maker reported a fiscal year net loss of $2.6 million (-28 cents per share), compared with a loss of $3.8 million (-43 cents) in 2008. Sales fell less than 1 percent to $15.2 million. Operating expenses declined 18 percent.

The company did not announce a fourth quarter profit or loss, but said sales rose 21 percent to a record $3.5 million in the period.

Reed’s earlier this month made $9.7 million cash-and-stock offer for Seattle competitor Jones Soda, but Jones also is studying a bid by an unnamed second company.

Reed’s reiterated its guidance for double-digit growth this year regardless of how the acquisition pans out. “In 2010, we expect to continue to experience strong organic growth from our existing brands, new product lines, and increasing number of private label agreements,” said Chief Executive Chris Reed in a press release.

Shares of Reed’s closed up 3 cents, or nearly 2 percent, to $1.71.

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