Turnaround Plan Delivers Revenue Growth For
Quarter
Jones Soda Co. (the Company) (OTCQB: JSDA), a leader in the
premium soda category and known for its unique branding and
innovative marketing, today announced results for the third quarter
ended September 30, 2013.
Results for the third quarter continue to reflect the efforts of
our Turnaround Plan, which was initiated with the change in
management in the second half of 2012. These results also reflect
investments made during our busier selling season in trade spend,
marketing and promotional activities, as well as seasonal sales
employees while continuing to work within a reduced and more
sustainable general and administrative cost structure.
For the third quarter of 2013, revenues increased by 1% to $4.22
million compared to the prior year quarter of $4.17 million. Net
loss increased by 2% to $330,000, or $(0.01) per share, compared to
a net loss of $324,000, or $(0.01) per share, for the third quarter
2012.
“Five quarters into our turnaround, I am very encouraged that we
delivered revenue growth in the third quarter. In addition, as a
result of our ground-breaking marketing initiatives, such as Made
in Michigan, we are attracting industry-wide interest in the Jones
Soda brand from major retailer and distributor partners,” stated
Jennifer Cue, CEO of Jones Soda Co.
Third Quarter Review - Comparison of Quarters Ended
September 30, 2013 and 2012
- Revenue increased 1% to $4.22 million,
compared to $4.17 million last year.
- Gross margin decreased to 24.0% of
revenue, compared to 27.8% of revenue last year.
- Operating expenses decreased 9% to $1.3
million, compared to $1.5 million last year.
- Net loss increased 2% to $330,000, or
$(0.01) per share, compared to a net loss of $324,000, or $(0.01)
per share, last year.
Year-to-Date Review - Comparison of Nine Months Ended
September 30, 2013 and 2012
- Revenue decreased 13% to $11.6 million,
compared to $13.3 million last year.
- Gross margin decreased to 25.9% of
revenue, compared to 28.4% of revenue last year.
- Operating expenses decreased 38% to
$3.8 million, compared to $6.2 million last year.
- Net loss declined 66% to $824,000, or
$(0.02) per share, compared to a net loss of $2.5 million, or
$(0.07) per share, last year.
Conference Call
The Company will discuss its results for the quarter ended
September 30, 2013 on its scheduled conference call today,
November 7, 2013 at 4:30 p.m. Eastern time (1:30 p.m. Pacific
time). This call will be webcast and can be accessed by visiting
our website at www.jonessoda.com or
www.jonessoda.com/company/jones-press/webcasts.
Investors may also listen to the call via telephone by dialing
(719) 457-2085 (confirmation code: 6338918). In addition, a
telephone replay will be available by dialing (858) 384-5517
(confirmation code: 6338918) through November 14, 2013, at 11:59
p.m. Eastern Time.
About Jones Soda Co.
Headquartered in Seattle, Washington, Jones Soda Co.® markets
and distributes its premium beverages under the Jones® Soda, Jones
Zilch®, Natural Jones™ Soda and WhoopAss™ Energy Drink brands. A
leader in the premium soda category, Jones Soda is known for its
variety of flavors, high quality ingredients (including pure cane
sugar), and innovative labeling technique that incorporates
always-changing photos sent in from its consumers. Jones Soda is
sold through traditional beverage retailers in markets primarily
across North America. For more information, visit www.jonessoda.com or www.myjones.com.
Forward-Looking Statements Disclosure
Certain statements in this press release are “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements include all passages
containing words such as “will,” “aims,” “anticipates,” “becoming,”
“believes,” “continue,” “estimates,” “expects,” “future,”
“intends,” “plans,” “predicts,” “projects,” “targets,” or
“upcoming.” Forward-looking statements also include any other
passages that are primarily relevant to expected future events or
that can only be evaluated by events that will occur in the future.
Forward-looking statements are based on the opinions and estimates
of management at the time the statements are made and are subject
to certain risks and uncertainties that could cause actual results
to differ materially from those anticipated or implied in the
forward-looking statements. Factors that could affect the Company's
actual results include, among others: its ability to successfully
execute on its operating plans for 2013; its ability to maintain
and expand distribution arrangements with distributors, independent
accounts, retailers or national retail accounts; its ability to
manage operating expenses and generate sufficient cash flow from
operations; its ability to increase revenues and achieve case sales
goals on reduced operating expenses; its ability to develop and
introduce new products to satisfy customer preferences; its ability
to market and distribute brands on a national basis; changes in
consumer demand or market acceptance for its products; its ability
to increase demand and points of distribution for its products or
to successfully innovate new products and product extensions; its
ability to maintain relationships with co-packers; its ability to
maintain a consistent and cost-effective supply of raw materials;
its ability to maintain brand image and product quality; its
ability to attract, retain and motivate key personnel; its ability
to protect its intellectual property; the impact of future
litigation; the impact of intense competition from other beverage
suppliers; and its ability to access the capital markets for any
future equity financing, and any actual or perceived limitations by
being traded on the OTCQB Marketplace. More information about
factors that potentially could affect the Company’s operations or
financial results is included in its most recent annual report on
Form 10-K for the year ended December 31, 2012, filed with the
Securities and Exchange Commission on March 27, 2013, and in
its quarterly reports on Form 10-Q filed in 2013. Readers are
cautioned not to place undue reliance upon these forward-looking
statements that speak only as to the date of this release. Except
as required by law, the Company undertakes no obligation to update
any forward-looking or other statements in this press release,
whether as a result of new information, future events or
otherwise.
JONES SODA CO. CONDENSED CONSOLIDATED STATEMENT OF
OPERATIONS (Unaudited) Three
months ended September 30, Nine months ended September 30,
2013 2012 2013 2012
(In thousands, except share data) Revenue $ 4,217 $ 4,165 $
11,600 $ 13,295 Cost of goods sold 3,203 3,009 8,592
9,519 Gross profit 1,014 1,156 3,008 3,776
Operating expenses: Promotion and selling 646 571 1,744 2,848
General and administrative 692 893 2,057
3,303 1,338 1,464 3,801
6,151 Loss from operations (324 ) (308 ) (793 ) (2,375 )
Other income (expense), net 14 9 18 (7
) Loss before income taxes (310 ) (299 ) (775 ) (2,382 ) Income tax
expense, net (20 ) (25 ) (49 ) (73 ) Net loss $ (330 ) $
(324 ) $ (824 ) $ (2,455 ) Net loss per share - basic
and diluted $ (0.01 ) $ (0.01 ) $ (0.02 ) $ (0.07 ) Weighted
average basic and diluted common shares outstanding 38,622,724
38,545,118 38,561,298 37,698,661 Three months ended
September 30, Nine months ended September 30,
Case sale data
(288-ounce equivalent): 2013 2012 2013
2012 Finished product cases 327,000 292,900 858,000 965,100
JONES SODA CO. CONDENSED CONSOLIDATED BALANCE
SHEETS September 30, 2013
December 31, 2012 (Unaudited) (In thousands,
except share data) ASSETS Current assets: Cash and cash
equivalents $ 1,162 $ 1,654 Accounts receivable, net of allowance
of $34 and $93 2,130 1,742 Inventory 2,787 2,223 Prepaid expenses
and other current assets 164 264 Total current assets
6,243 5,883 Fixed assets, net of accumulated depreciation of $1,156
and $1,787 292 497 Other assets 254 640 Total assets
$ 6,789 $ 7,020
LIABILITIES AND SHAREHOLDERS’
EQUITY Current liabilities: Accounts payable $ 1,350 $ 885
Accrued expenses 678 767 Taxes payable 31 45 Other current
liabilities 46 54 Total current liabilities 2,105
1,751 Long-term liabilities — other 419 485 Shareholders’ equity:
Common stock, no par value: Authorized — 100,000,000; issued and
outstanding shares — 38,680,416 and 38,530,416 shares, respectively
52,972 52,867 Additional paid-in capital 7,839 7,590 Accumulated
other comprehensive income 402 451 Accumulated deficit (56,948 )
(56,124 ) Total shareholders’ equity 4,265 4,784
Total liabilities and shareholders’ equity $ 6,789 $ 7,020
Jones Soda Co.Carrie L. Traner, Vice President of
Finance206-624-3357ctraner@jonessoda.com
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