In a release issued March 28 under the same headline by Reed's Inc.
(NYSE American:REED), please note "per case" has been added to the
second subheadline, the first bullet under Financial Highlights for
the Fourth Quarter of 2017, and the first paragraph
under Financial Overview for the Fourth Quarter of 2017
Compared to the Fourth Quarter of 2016. In addition, the first
paragraph under Financial Overview for the Full Year of 2017
Compared to the Full Year of 2016 has been updated. The corrected
release follows:
Reed’s, Inc. Announces Fourth Quarter and
Full Year 2017 Financial Results and Receives Letter of Intent
Related to Sale of Beverage Facility
Fourth quarter net sales increased 5.7%
to $9.7 million
Core Brand gross sales increased 6% per
case with improvement in COGS per case
Significant progress achieved on
transformation initiatives, including receipt of letter of intent
related to the sale of Los Angeles production facility and private
label business
Strong initial retailer response to
upcoming launch of Virgil’s Zero Sugar line
Reed’s Inc. (NYSE American:REED), owner of the nation’s leading
portfolio of handcrafted, all-natural beverages, today announced
financial results for the fiscal fourth quarter and full year 2017
ended December 31, 2017. Reed’s also announced today that it has
received a letter of intent related to the sale of the Company’s
Los Angeles beverage manufacturing facility.
Financial Highlights for the Fourth Quarter of
2017
- Net Sales were $9.7 million, a 5.7% increase over the prior
year, reversing sales declines in the first three quarters of 2017;
core brand gross sales increased 6.0% per case for the
quarter;
- Gross margin was 21.3%, a 380 basis point improvement compared
to the prior year and up 410 basis points from the average in the
first nine months of 2017;
- Operating loss of $6.1 million included a $3.9 million non-cash
impairment associated with the planned sale of the beverage
manufacturing facility. The fourth quarter operating loss compared
to a $1.7 million operating loss in the prior year period;
- Net loss of $10.9 million or $0.70 per share included the $3.9
million non-cash impairment and a $3.6 million non-cash charge for
extinguishment of debt, associated with a change in terms of the
Company’s convertible note. The fourth quarter net loss
compared to a net loss of $2.4 million or $0.17 per share in the
fourth quarter of 2016.
- Modified EBITDA was a loss of $1.2 million compared to a loss
of $1.0 million in the prior year.
Management Commentary
“We made good progress on our transformation and value creation
plan during the fourth quarter and are pleased to announce the
receipt of a letter of intent related to the sale of the beverage
manufacturing facility,” stated Val Stalowir CEO of Reed’s, Inc.
“We completed a successful rights offering in late December,
raising $12.8 million, net, that allows us to reduce leverage and
financing costs and will provide the capital to support our
initiatives. The process to enhance margins through improved
sourcing, logistics and manufacturing alternatives is well
underway, highlighted by our recent strategic partnership with
Owen-Illinois as well as today’s announcement regarding the planned
sale of our manufacturing facility. The transformation to an
asset-light sales and marketing model with improved purchasing and
logistics should favorably impact margins and our profit profile.
Last year’s SKU rationalization has enhanced our focus on our core
brands, simplified our sales and marketing process and should also
improve margins. During the fourth quarter, we generated both
higher revenue per case and lower costs of goods sold per case on
our core brands as a result of pricing actions, our enhanced focus
on our core brands and our new vendor partnerships.”
“The upcoming launch of Virgil’s brand refresh and Zero Sugar
line has been well received by the trade, is the next market
leading innovation that will support our growth goals and enhance
our leadership position in the all-natural craft soda category. We
expect to launch a similar brand refresh and Zero Sugar line for
the Reed’s brand later this year. We will continue to execute
against our transformation plan and look forward to expected
improvements to our financial performance as the year progresses.”
Stalowir concluded.
Financial Overview for the Fourth Quarter of 2017
Compared to the Fourth Quarter of 2016
During the fourth quarter of 2017, net sales increased $0.5
million or 5.7% to $9.7 million compared to the same period in
2016, primarily driven by a 6.0% increase in core brand gross sales
per case.
Gross profit during the fourth quarter of 2017 increased 28.9%
to $2.1 million compared to the same period in 2016. Gross margin
was 21.3% of net sales during the fourth quarter of 2017 compared
to 17.5% of net sales in the same period in 2016, and up from an
average of 17.2% during the first nine months of 2017. The 410
basis point improvement in gross margin as a percentage of revenue
compared to the first 9 months of 2017 was primarily driven by the
benefits of SKU rationalization and the price increase taken during
the third quarter.
Delivery and handling costs increased 11.4% to $1.2 million
during the fourth quarter of 2017 primarily driven by exit costs
due to warehouse rationalization. Selling and marketing costs
decreased 14.3% to $0.7 million during the fourth quarter of 2017
due to a reduction in staff and lower sales support expenses.
General and administrative expenses increased to $6.3 million
during the fourth quarter of 2017 from $1.2 million in the prior
year period. Not including non-cash impairments, general and
administrative expense increased $1.2 million to $2.4 million in
the fourth quarter of 2017 due to increased share based
compensation associated with the restructuring of the Board of
Directors of $0.8 million, bad debt expense of $0.2 million
associated with an exit from a co-packer and other incremental
expenses in support services, insurance and labor. During the
fourth quarter of 2017, the Company also recognized a $3.9 million
non-cash impairment associated with the planned sale of its
beverage manufacturing facility.
Operating loss increased to $6.1 million during the fourth
quarter of 2017 from $1.7 million in the prior year period. The
increase in operating loss primarily reflected the non-cash
impairment, as well as the higher operating costs, each noted
above, partially offset by an increase in gross profit.
Interest expense and other financing costs, net, increased to
$4.8 million in the fourth quarter of 2017 from $0.7 million during
the fourth quarter of 2016. The increase was primarily driven by a
non-cash charge of $3.6 million for extinguishment of debt
associated with a change in terms of the Company’s convertible
note.
Net loss increased to $10.9 million, or $0.70 per share in the
fourth quarter of 2017, from a loss of $2.4 million, or $0.17 per
share in the fourth quarter of 2016.
Modified EBITDA was a loss of $1.2 million in the fourth quarter
2017 compared to a loss of $1.0 million in the prior year
period.
Financial Overview for the Full Year of 2017 Compared to
the Full Year of 2016
During the full year 2017, net sales decreased $4.8 million or
11.2% to $37.7 million compared to the same period in 2016.
Gross sales per case of core brands increased 3.2% for the entire
year.
Gross profit during the full year 2017 decreased 23.3% compared
to 2016 to $6.9 million. Gross margin was 18.3% of sales during for
the full year 2017 compared to 21.1% in 2016. The decline in
overall margin was primarily due to lower revenues and higher idle
plant costs.
Delivery and handling costs increased 1.0% to $3.9 million
during 2017 primarily due to an increase in freight costs that were
partially offset by a reduction in warehouse rental expenses.
Selling and marketing costs decreased 18.4% to $3.0 million during
2017 due to a reduction in staff, lower trade show related expenses
and lower sales support expenses. General and administrative
expenses increased to $11.7 million during 2017 from $4.4 million
in the prior year. Not including non-cash impairments, general and
administrative expenses increased $1.7 million to $5.8 million in
2017 largely due to higher share based compensation associated with
the restructuring of the Board of Directors and higher support
service costs, including costs indirectly related to the rights
offering completed in December 2017. During 2017, the Company also
recognized non-cash impairment costs of $5.9 million related to the
planned sale of its beverage manufacturing facility and for
equipment that was not being utilized for the originally intended
purposes. During 2016, the Company recognized $0.3 million of
impairment costs.
Operating loss increased to $11.7 million during 2017 from $3.1
million in the prior year. The increase in operating loss primarily
reflected the increase in non-cash impairment costs, as well as
lower gross profit, higher general and administrative expenses,
partially offset by lower selling and marketing costs.
Interest expense and other financing costs, net, increased to
$6.6 million during 2017 from $2.0 million during the full year
2016. The increase was primarily driven by higher interest charges
related to distinct financing transactions including financing
costs and warrant modifications of $4.0 million, offset by a
benefit from a change in fair value of warrant liability of $3.3
million, and a charge of $3.6 million for extinguishment of debt,
associated with a change in terms of the Company’s convertible
note.
Net loss increased to $18.4 million, or $1.24 per share for the
full year 2017, from a loss of $5.0 million, or $0.37 per share for
the full year 2016.
Modified EBITDA was a loss of $4.1 million for the full year
2017 as compared to a loss of $1.3 million in the prior year
period.
Liquidity and Cash Flow
During the fourth quarter, the Company generated $1.3 million of
cash from operations compared to $0.9 million of cash used in
operations in the prior year period. As of December 31, 2017, the
Company had cash and equivalents of $12.1 million and total debt
and long-term financing obligations of $15.4 million. On December
28, 2017, the Company completed an equity capital raise in the form
of a rights offering, raising net proceeds of $12.8 million. The
Company intends to utilize the capital to reduce payables and debt,
and is evaluating alternative financing arrangements with the
intention of substantially lowering borrowing costs as a result of
the Company’s improved financial position and liquidity.
Fourth Quarter and Full Year 2017 Earnings Call
Details
The Company will conduct a conference call at 4:30 pm eastern
time today, March 28, 2018 to discuss its 2017 fourth quarter and
full year 2017 results. To participate in the call, please dial
1-(800) 954-0695 (U.S.); or 1-(212) 271-4651 (International).
Please dial in at least five minutes before the start of the
conference call. A replay of the conference call will be
available the following day on the Company’s website by logging on
via the “Investors” section at www.reedsinc.com.
About Reed’s, Inc.
Established in 1989, Reed’s has sold over 500 million bottles of
its category leading natural, handcrafted beverages. Reed’s is
America’s #1 selling Ginger Beer brand and has been the leader and
innovator in the ginger beer category for decades. Virgil’s is
America’s #1 selling independent, full line of natural craft sodas.
The Reed’s Inc. portfolio is sold in over 30,000 retail doors
across the natural, specialty, grocery, drug, club and mass
channels nationwide. Reed’s Ginger Beers are unique to the
category because of the proprietary process of hand brewing its
award-winning products using fresh organic ginger combined with
natural spices and fruit juices. Reed’s Ginger Beers come in three
levels of increasing ginger intensity that deliver a delicious and
powerful ginger bite and burn that only comes from fresh ginger
root. The Company uses this same handcrafted approach and
dedication to the highest quality ingredients in its award-winning
Virgil’s line of great tasting, bold flavored craft sodas.
Safe Harbor Statement
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 and a discussion of
these and other risks and uncertainties, 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.
For more information about Reed’s, please visit the Company’s
website at: http://www.reedsinc.com or call 800-99-REEDS.
Follow Reed’s on Twitter at
http://twitter.com/reedsgingerbrew
Reed’s Facebook Fan Page at
https://www.facebook.com/reedsgingerbrew
Contacts:
Investor Relations
Scott Van Winkle, ICR
(617) 956-6736
Email: scott.vanwinkle@icrinc.com
or
Email: ir@reedsinc.com
www.reedsinc.com
REED’S INC. |
STATEMENT OF OPERATIONS |
For the fourth quarter and years ended
December 31, 2017 and 2016 |
|
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
|
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
|
2016 |
|
Net Sales |
$9,668,000 |
|
|
$9,146,000 |
|
|
$37,714,000 |
|
|
$42,472,000 |
|
Cost of goods sold |
|
7,605,000 |
|
|
|
7,545,000 |
|
|
|
30,821,000 |
|
|
|
33,490,000 |
|
Gross profit |
|
2,063,000 |
|
|
|
1,601,000 |
|
|
|
6,893,000 |
|
|
|
8,982,000 |
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
Delivery and handling
expense |
|
1,211,000 |
|
|
|
1,087,000 |
|
|
|
3,942,000 |
|
|
|
3,902,000 |
|
Selling and marketing
expense |
|
677,000 |
|
|
|
790,000 |
|
|
|
3,021,000 |
|
|
|
3,701,000 |
|
General and
administrative expense |
|
2,352,000 |
|
|
|
1,201,000 |
|
|
|
5,754,000 |
|
|
|
4,208,000 |
|
Impairment of
assets |
|
3,925,000 |
|
|
|
- |
|
|
|
5,925,000 |
|
|
|
224,000 |
|
Total operating
expenses |
|
8,165,000 |
|
|
|
3,308,000 |
|
|
|
18,642,000 |
|
|
|
12,041,000 |
|
|
|
|
|
|
|
|
|
Loss from
operations |
|
(6,102,000) |
|
|
|
(1,701,000) |
|
|
|
(11,749,000) |
|
|
|
(3,053,000) |
|
|
|
|
|
|
|
|
|
Interest expense and
other financing related costs, net |
|
(4,814,000) |
|
|
|
(717,000) |
|
|
|
(6,624,000) |
|
|
|
(1,956,000) |
|
Net loss |
|
(10,916,000) |
|
|
|
(2,418,000) |
|
|
|
(18,373,000) |
|
|
|
(5,009,000) |
|
|
|
|
|
|
|
|
|
Preferred Stock
Dividends |
|
- |
|
|
|
- |
|
|
|
(5,000) |
|
|
|
(5,000) |
|
Net loss attributable
to common stockholders |
($10,916,000) |
|
|
($2,418,000) |
|
|
($18,378,000) |
|
|
($5,014,000) |
|
|
|
|
|
|
|
|
|
Loss per share – basic
and diluted |
($0.70) |
|
|
($0.17) |
|
|
($1.24) |
|
|
($0.37) |
|
Weighted average number
of shares outstanding – basic and diluted |
|
15,700,000 |
|
|
|
13,967,051 |
|
|
|
14,775,828 |
|
|
|
13,619,930 |
|
REED’S INC. |
BALANCE SHEETS |
December 31, 2017 and
2016 |
|
ASSETS |
As of December 31, |
Current
assets: |
|
2017 |
|
|
|
2016 |
|
Cash |
$12,127,000 |
|
|
$451,000 |
|
Accounts receivable,
net of allowance for doubtful accounts and returns and discounts of
$601,000 and $256,000, respectively |
|
2,691,000 |
|
|
|
2,485,000 |
|
Inventory, net of
reserve for obsolescence of $509,000 and $115,000,
respectively |
|
5,931,000 |
|
|
|
6,885,000 |
|
Prepaid expenses and
other current assets |
|
199,000 |
|
|
|
500,000 |
|
Total Current
Assets |
|
20,948,000 |
|
|
|
10,321,000 |
|
|
|
|
|
Property and equipment,
net of accumulated depreciation of $7,414,000 and $4,863,000,
respectively |
|
353,000 |
|
|
|
7,726,000 |
|
Equipment held for
sale, net |
|
2,370,000 |
|
|
|
- |
|
Intangible assets |
|
805,000 |
|
|
|
805,000 |
|
Total
assets |
$ 24,476,000 |
|
|
$ 18,852,000 |
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY (DEFICIT) |
|
|
|
Current
Liabilities: |
|
|
|
Accounts payable |
$7,480,000 |
|
|
$5,959,000 |
|
Accrued expenses |
|
220,000 |
|
|
|
215,000 |
|
Advances from
officers |
|
277,000 |
|
|
|
- |
|
Line of credit |
|
3,301,000 |
|
|
|
4,384,000 |
|
Current portion of
capital leases payable |
|
198,000 |
|
|
|
183,000 |
|
Current portion of long
term financing obligation |
|
222,000 |
|
|
|
190,000 |
|
Current portion of bank
notes |
|
6,947,000 |
|
|
|
953,000 |
|
Total current
liabilities |
|
18,645,000 |
|
|
|
11,884,000 |
|
|
|
|
|
Capital leases payable,
less current portion |
|
236,000 |
|
|
|
438,000 |
|
Long term financing
obligation, less current portion, net of discount of $714,000 and
$825,000, respectively |
|
1,250,000 |
|
|
|
1,363,000 |
|
Bank notes |
|
- |
|
|
|
5,919,000 |
|
Convertible note |
|
3,690,000 |
|
|
|
- |
|
Warrant liability |
|
36,000 |
|
|
|
775,000 |
|
Other long term
liabilities |
|
111,000 |
|
|
|
130,000 |
|
Total
Liabilities |
|
23,968,000 |
|
|
|
20,509,000 |
|
|
|
|
|
Stockholders’
equity (deficit): |
|
|
|
Series A Preferred
stock, $10 par value, 500,000 shares authorized, 9,411 shares
issued and outstanding |
|
94,000 |
|
|
|
94,000 |
|
Common stock, $.0001
par value, 40,000,000 shares authorized, 24,619,591 and 13,982,230
shares issued and outstanding, respectively |
|
2,000 |
|
|
|
1,000 |
|
Common stock issuable,
400,000 shares payable |
|
680,000 |
|
|
|
- |
|
Additional paid in
capital |
|
49,833,000 |
|
|
|
29,971,000 |
|
Accumulated
deficit |
|
(50,101,000) |
|
|
|
(31,723,000) |
|
Total
stockholders’ equity (deficit) |
|
508,000 |
|
|
|
(1,657,000) |
|
Total
liabilities and stockholders’ equity (deficit) |
$24,476,000 |
|
|
$18,852,000 |
|
|
|
|
|
|
|
REED’S INC. |
STATEMENTS OF CASH FLOWS |
For the years ended December 31, 2017
and 2016 |
|
|
Twelve Months Ended December 31, |
Cash flows from
operating activities: |
|
2017 |
|
|
|
2016 |
|
Net
loss |
($18,373,000) |
|
|
($5,009,000) |
|
Adjustments to
reconcile net loss to net cash used in operating activities: |
|
|
|
Depreciation and amortization |
|
551,000 |
|
|
|
387,000 |
|
Amortization of debt discount |
|
1,379,000 |
|
|
|
255,000 |
|
Fair
value of vested stock options issued to employees |
|
276,000 |
|
|
|
658,000 |
|
Common
stock payable to the Board |
|
680,000 |
|
|
|
- |
|
Fair
value of common stock issued for services |
|
99,000 |
|
|
|
15,000 |
|
Fair
value of warrants issued as financing costs |
|
908,000 |
|
|
|
- |
|
Cost of
the modifications of warrants |
|
1,868,000 |
|
|
|
- |
|
(Decrease) increase in allowance for doubtful accounts |
|
345,000 |
|
|
|
(100,000) |
|
Increase
in inventory reserve |
|
394,000 |
|
|
|
Increase
in reserve for impairment of assets |
|
5,925,000 |
|
|
|
484,000 |
|
Change in fair value of warrant liability |
|
(3,275,000) |
|
|
|
232,000 |
|
Loss on
extinguishment of debt |
|
3,632,000 |
|
|
|
- |
|
Loss on
sale of equipment |
|
63,000 |
|
|
|
- |
|
Accrued
interest on convertible note |
|
290,000 |
|
|
|
- |
|
Changes in operating
assets and liabilities: |
|
|
|
Accounts
receivable |
|
(551,000) |
|
|
|
509,000 |
|
Inventory |
|
560,000 |
|
|
|
1,089,000 |
|
Prepaid
expenses and other assets |
|
301,000 |
|
|
|
269,000 |
|
Accounts
payable |
|
1,521,000 |
|
|
|
(1,499,000) |
|
Accrued
expenses |
|
34,000 |
|
|
|
17,000 |
|
Other
long term liabilities |
|
(49,000) |
|
|
|
160,000 |
|
Net cash used
in operating activities |
|
(3,422,000) |
|
|
|
(2,533,000) |
|
Cash flows from
investing activities: |
|
|
|
Purchase
of property and equipment |
|
(813,000) |
|
|
|
(410,000) |
|
Net cash used
in investing activities |
|
(813,000) |
|
|
|
(410,000) |
|
Cash flows from
financing activities: |
|
|
|
Advances
from officers, net |
|
277,000 |
|
|
|
- |
|
Proceeds
from warrant exercises |
|
1,650,000 |
|
|
|
116,000 |
|
Principal
payments on capital expansion loan |
|
(725,000) |
|
|
|
(375,000) |
|
Proceeds
from sale of common stock |
|
13,087,000 |
|
|
|
2,230,000 |
|
Proceeds
from the issuance of convertible note |
|
3,083,000 |
|
|
|
- |
|
Principal
repayments on long term financial obligation |
|
(191,000) |
|
|
|
(160,000) |
|
Principal
repayments on capital lease payable |
|
(187,000) |
|
|
|
(174,000) |
|
Net
repayments on line of credit |
|
(1,083,000) |
|
|
|
(59,000) |
|
Net cash
provided by financing activities |
|
15,911,000 |
|
|
|
1,578,000 |
|
|
|
|
|
|
|
|
|
Net increase
(decrease) in cash |
|
11,676,000 |
|
|
|
(1,365,000) |
|
Cash at beginning of
period |
|
451,000 |
|
|
|
1,816,000 |
|
Cash at end of
period |
|
$12,127,000 |
|
|
|
$451,000 |
|
|
|
|
|
|
|
|
|
Supplemental
disclosures of cash flow information: |
|
|
|
|
|
|
|
Cash paid during the
period for: |
|
|
|
|
|
|
|
Interest |
|
$1,806,000 |
|
|
|
$1,746,000 |
|
Non Cash Investing and
Financing Activities |
|
|
|
|
|
|
|
Property and equipment
acquired through capital expansion loan |
|
$723,000 |
|
|
|
$2,442,000 |
|
Property and equipment
acquired through capital lease obligations |
|
- |
|
|
|
$152,000 |
|
Re-class of property to
equipment held for sale |
|
$4,370,000 |
|
|
|
- |
|
Fair value of note
discount issued as a derivative |
|
$3,083,000 |
|
|
|
$91,000 |
|
Fair value of warrants
granted as debt discount |
|
- |
|
|
|
$91,000 |
|
Dividends payable in
common stock |
|
$5,000 |
|
|
|
$5,000 |
|
Extinguishment of
warrant liability |
|
$2,634,000 |
|
|
|
- |
|
Premium related to the
issuance of convertible note |
|
$1,423,000 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
REED’S INC.
NON-GAAP FINANCIAL MEASURE
EBITDA RECONCILIATION
Modified EBITDA is used as a supplemental
measure of the Company’s performance. However, Modified EBITDA is
not a recognized measurement under GAAP and should not be
considered as an alternative to net income, income from operations
or any other performance measure derived in accordance with GAAP or
as an alternative to cash flow from operating activities as a
measure of liquidity. The Company defines Modified EBITDA as net
income (loss), plus interest expense, depreciation and
amortization, stock-based compensation, impairments and changes in
fair value of warrant expenses. Set forth below is a
reconciliation of Modified EBITDA to net income (loss) for the
three and twelve month periods ended December 31, 2017 and
2016:
|
Three Months Ended |
|
Twelve Months Ended |
|
December 31, |
|
December 31, |
|
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
|
2016 |
|
Net loss |
($10,916,000) |
|
|
($2,447,000) |
|
|
($18,373,000) |
|
|
($5,009,000) |
|
|
|
|
|
|
|
|
|
Modified EBITDA
adjustments: |
|
|
|
|
|
|
|
Depreciation and
amortization |
|
180,000 |
|
|
|
(52,000) |
|
|
|
739,000 |
|
|
|
642,000 |
|
Interest expense |
|
571,000 |
|
|
|
515,000 |
|
|
|
2,097,000 |
|
|
|
1,724,000 |
|
Stock option and
warrant compensation |
|
757,000 |
|
|
|
224,000 |
|
|
|
1,055,000 |
|
|
|
673,000 |
|
Impairment
expenses |
|
3,925,000 |
|
|
|
484,000 |
|
|
|
5,925,000 |
|
|
|
484,000 |
|
Convertible note and
warrant activity |
|
4,244,000 |
|
|
|
232,000 |
|
|
|
4,426,000 |
|
|
|
232,000 |
|
Total
EBITDA adjustments |
$9,677,000 |
|
|
$1,403,000 |
|
|
$14,242,000 |
|
|
$3,755,000 |
|
|
|
|
|
|
|
|
|
Modified EBITDA |
($1,239,000) |
|
|
($1,044,000) |
|
|
($4,131,000) |
|
|
($1,254,000) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reeds, Inc. (AMEX:REED)
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