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 first quarter
ended March 31, 2014.
Results for 2014 continue to reflect, in part, the efforts we
have made pursuant to our Turnaround Plan, which was initiated with
the change in management in the second half of 2012. These results
are also a product of the investments we have made to support our
emerging partnerships with distributors and retailers in certain
key markets, while continuing to work within a reduced and more
prudent general and administrative cost structure.
“Our continued operation under and commitment to our Turnaround
Plan in all aspects of our business will help guide the Company to
a path of profitable growth. We are cultivating the seeds of growth
by focusing on using the best distribution channels for each of the
products within our balanced product portfolio which include our
pure cane sugar Jones Soda, our sugar-free Zilch soda, and Jones
Stripped, our natural line of soda that will be getting special
attention through an upcoming expanded launch to new markets,”
stated Jennifer Cue, CEO of Jones Soda Co.
For the first quarter of 2014, revenues decreased by 6.7% to
$2.9 million compared to the prior year’s first quarter revenues of
$3.1 million. Net loss for the first quarter of 2014 increased to
$539,000 or $(0.01) per share, compared to a net loss of $399,000
or $(0.01) per share, for the first quarter 2013.
First Quarter Review - Comparison of Quarters Ended March 31,
2014 and 2013
- Revenue decreased 6.7% to $2.9 million,
compared to $3.1 million last year.
- Gross margin remained relatively flat
at 24.0% of revenue, compared to 24.5% of revenue last year.
- Operating expenses increased slightly
by $55,000, or 4.8%, to $1.2 million, compared to $1.1 million last
year.
- Net loss increased to $539,000, or
$(0.01) per share, compared to a net loss of $399,000 or $(0.01)
per share, last year, an increase of 35.1%.
- Cash used in operations was $264,000
versus cash used in operations of $415,000 last year.
Conference Call
The Company will discuss its results for the quarter ended March
31, 2014 on its scheduled conference call today, May 8, 2014 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) 325-2281 (confirmation code: 2336190). In addition, a
telephone replay will be available by dialing (858) 384-5517
(confirmation code: 2336190) through May 15, 2014, 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® and Jones Stripped™ 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 2014; 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, 2013, filed with the
Securities and Exchange Commission on March 31, 2014, and in
its quarterly reports on Form 10-Q filed in 2014. 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 STATEMENTS OF OPERATIONS
(Unaudited) Three months ended March
31, 2014 2013 (In thousands,
except share data) Revenue $ 2,890 $ 3,096 Cost of goods sold
2,197 2,336 Gross profit 693 760 Gross
profit % 24.0 % 24.5 % Operating expenses: Selling and
marketing 498 473 General and administrative 705
675 1,203 1,148 Loss from
operations (510 ) (388 ) Other (expense) income, net (11 )
13 Loss before income taxes (521 ) (375 ) Income tax
expense, net (18 ) (24 ) Net loss $ (539 ) $ (399 )
Net loss per share - basic and diluted $ (0.01 ) $ (0.01 )
Weighted average basic and diluted common shares outstanding
38,710,416 38,530,416
Three months ended
March 31, Case sale data (288-ounce equivalent)
2014 2013 Finished product cases
213,000 225,000
JONES SODA CO. CONDENSED CONSOLIDATED BALANCE
SHEETS March 31, 2014 December 31,
2013 (Unaudited) (In thousands, except share
data) ASSETS Current assets: Cash and cash equivalents $
1,182 $ 1,464 Accounts receivable, net of allowance of $53 and $42
1,611 1,034 Inventory 2,829 2,315 Prepaid expenses and other
current assets 430 410 Total current assets 6,052
5,223 Fixed assets, net of accumulated depreciation of $1,245 and
$1,194 179 232 Other assets 47 59 Total assets $
6,278 $ 5,514
LIABILITIES AND SHAREHOLDERS’ EQUITY Current
liabilities: Accounts payable $ 2,222 $ 871 Accrued expenses 795
892 Taxes payable 41 37 Other current liabilities 49
48 Total current liabilities 3,107 1,848 Long-term liabilities —
other 394 406 Shareholders’ equity: Common stock, no par value:
Authorized — 100,000,000; issued and outstanding shares —
38,710,416 shares, respectively 52,981 52,981 Additional paid-in
capital 8,028 7,941 Accumulated other comprehensive income 324 355
Accumulated deficit (58,556) (58,017) Total
shareholders’ equity 2,777 3,260 Total liabilities
and shareholders’ equity $ 6,278 $ 5,514
Jones Soda Co.Carrie L. Traner, 206-624-3357Vice President of
Financectraner@jonessoda.com
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