New Leaf Brands reports good results and outlook
The company has announced the successful completion of several business and product development milestones, as well as substantial volume growth in 2009. The iced tea maker sold its wholly-owned subsidiary Nutritional Specialties Inc., thereby reducing its debt to $2.7m, compared with $11m in 2008. Case volumes increased by 38% to 401'000, as the distribution network grew to 100 distributors in 35 states. New Leaf has also recently added a new product line of lemonades in three flavors and one half-and-half flavor. These new products complement its range of 14 ready-to-drink iced teas.