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Reed's Q2 loss widens 11.2% YOY

Reed's Inc. said its normalized net income for the second quarter came to a loss of 4 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 5 cents per share.

The per-share loss widened 8.6% year over year from 3 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $476,880, compared with a loss of $428,750 in the year-earlier period.

The normalized profit margin dropped to negative 4.3% from negative 3.5% in the year-earlier period.

Total revenue decreased 9.7% year over year to $11.0 million from $12.2 million, and total operating expenses declined 10.5% year over year to $11.3 million from $12.7 million.

Reported net income totaled a loss of $768,000, or a loss of 6 cents per share, compared to a loss of $691,000, or a loss of 5 cents per share, in the year-earlier period.