Continued Bottom Line Improvement; Fourth
Quarter Revenue Growth
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 fourth
quarter and year ended December 31, 2014.
For the quarter ended December 31, 2014, the Company reported
revenue of $2.4 million, an increase of 15.0% compared to the prior
year’s fourth quarter revenues of $2.1 million. Net loss for the
fourth quarter of 2014 improved to $339,000, or $(0.01) per share,
compared to a net loss of $1.1 million, or $(0.03) per share, for
the fourth quarter 2013.
For the year ended December 31, 2014, the Company reported
revenue of $13.6 million, a decrease of 1.0% compared to the prior
year’s revenues of $13.7 million. Net loss improved to $1.5
million, or $(0.04) per share, compared to a net loss of $1.9
million, or $(0.05) per share, in the prior year.
Jennifer Cue, CEO of Jones Soda Co, stated, “With costs finally
in line with the size of our business, we are hyper-focused on
executing on our growth strategy, which shows in our results.
Fourth quarter is seasonally a lower volume period and so we are
pleased with the improvements we achieved.” Ms. Cue then stated,
“My cash purchase of 2,000,000 shares earlier this year
demonstrated my alignment with long-term shareholder interests and
complete confidence in the Company’s future. Two consecutive
quarters of sales growth is a start, but we have more to accomplish
as we continue our focus on our core business while moving towards
a platform for more diversified revenue.”
Full Year Review - Comparison of Years Ended December 31,
2014 and 2013
- Revenue decreased 1.0% to $13.6
million, compared to $13.7 million last year.
- Gross margin decreased to 22.2% of
revenue, compared to 23.8% last year.
- Operating expenses decreased by
$331,000, or 6.5%, to $4.8 million, compared to $5.1 million last
year.
- Net loss improved 18.6% to $1.5
million, or $(0.04) per share, compared to a net loss of $1.9
million, or $(0.05) per share, last year.
Fourth Quarter Review - Comparison of Quarters Ended December
31, 2014 and 2013
- Revenue increased 15.0% to $2.4
million, compared to $2.1 million last year.
- Gross margin increased to 16.5% of
revenue, compared to 12.2% last year.
- Operating expenses decreased by
$234,000, or 18.0%, to $1.1 million, compared to $1.3 million last
year.
- Net loss improved to $339,000, or
$(0.01) per share, compared to a net loss of $1.1 million, or
$(0.03) per share, last year.
Conference Call
The Company will discuss its results for the quarter and fiscal
year ended December 31, 2014, on its scheduled conference call
today, March 5, 2015, 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
719-325-2420 (confirmation code: 5989662). In addition, a telephone
replay will be available by dialing 858-384-5517 (confirmation
code: 5989662) through March 12, 2015, at 11:59 p.m. Eastern
time.
About Jones Soda Co.
Headquartered in Seattle, Washington, Jones Soda Co.®
(OTCQB:JSDA) markets and distributes 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 cane sugar), and
innovative labeling technique that incorporates always-changing
photos sent in from its consumers. The diverse product line of
Jones offers something for everyone – pure cane sugar soda,
zero-calorie soda and an all-naturally sweetened sparkling beverage
with only 30 calories and 8 grams of sugar. Jones Soda is sold
through traditional beverage retailers and in many retailers you
would not expect to find carbonated beverages 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 2015; 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; the impact
of currency rate fluctuations; 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.
CONSOLIDATED STATEMENTS OF
OPERATIONS
(In thousands, except share
data)
Three months ended December 31, Twelve months
ended December 31, 2014 2013
2014 2013 (Unaudited)
(Unaudited) Revenue $ 2,411 $ 2,096 $ 13,555 $ 13,696 Cost
of goods sold 2,014 1,841 10,543
10,433 Gross profit 397 255 3,012 3,263 Gross
profit % 16.5 % 12.2 % 22.2 % 23.8 % Operating expenses:
Selling and marketing 554 578 2,235 2,322 General and
administrative 512 722 2,535
2,779 1,066 1,300
4,770 5,101 Loss from operations (669 )
(1,045 ) (1,758 ) (1,838 ) Other income (expense), net 317
(8 ) 279 10 Loss before
income taxes (352 ) (1,053 ) (1,479 ) (1,828 ) Income tax benefit
(expense), net 13 (16 ) (61 )
(65 ) Net loss $ (339 ) $ (1,069 ) $ (1,540 ) $ (1,893 ) Net
loss per share - basic and diluted $ (0.01 ) $ (0.03 ) $ (0.04 ) $
(0.05 ) Weighted average basic and diluted common shares
outstanding 39,134,582 38,688,658 39,659,392 38,593,465
Three months ended December 31, Twelve
months ended December 31, Case sale data (288-ounce
equivalent) 2014 2013 2014
2013 Finished product cases 191,000 178,000
1,012,000 1,036,000
JONES SODA CO.
CONSOLIDATED BALANCE SHEETS
(In thousands, except share
data)
December 31, 2014 2013
(Unaudited) ASSETS Current assets: Cash and cash
equivalents $ 857 $ 1,464 Accounts receivable, net of allowance of
$49 and $42 1,237 1,034 Inventory 2,603 2,315 Prepaid expenses and
other current assets 121 410 Total
current assets 4,818 5,223 Fixed assets, net of accumulated
depreciation of $1,399 and $1,194 25 232 Other assets 31
59 Total assets $ 4,874 $ 5,514
LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities:
Accounts payable $ 1,375 $ 871 Accrued expenses 814 892 Taxes
payable 23 37 Deferred rent, current portion 24 35 Capital lease
obligations, current portion 14 13
Total current liabilities 2,250 1,848 Capital lease obligations 2
16 Long-term liabilities — other — 390 Shareholders’ equity: Common
stock, no par value: Authorized — 100,000,000; issued and
outstanding shares — 40,972,394 and 38,710,416 shares, respectively
53,650 52,981 Additional paid-in capital 8,234 7,941 Accumulated
other comprehensive income 295 355 Accumulated deficit
(59,557 ) (58,017 ) Total shareholders’ equity 2,622
3,260 Total liabilities and shareholders’
equity $ 4,874 $ 5,514
Jones Soda Co.Mark Miyata, 206-624-3357mmiyata@jonessoda.comVice
President of Finance
Jones Soda (QB) (USOTC:JSDA)
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