Reed's Inc. said its third-quarter normalized net income came to a loss of $1.5 million, compared with income of $31,880 in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin fell to negative 14.4% from 0.3% in the year-earlier period.

Total revenue fell 13.0% year over year to $10.7 million from $12.3 million, and total operating expenses increased 6.5% on an annual basis to $12.9 million from $12.1 million.

Reported net income came to a loss of $2.5 million, or a loss of 19 cents per share, compared to income of $48,000, or 0 cents per share, in the prior-year period.