UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT PURSUANT
TO
SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date
of report (Date of earliest event reported): November 5, 2015
Jones
Soda Co.
(Exact
Name of Registrant as Specified in Its Charter)
Washington
(State
or Other Jurisdiction of Incorporation)
0-28820
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52-2336602
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
|
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66 South Hanford Street, Suite 150, Seattle, Washington
|
98134
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(Address of Principal Executive Offices)
|
(Zip Code)
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(206) 624-3357
(Registrant's Telephone Number, Including
Area Code)
Not Applicable
(Former Name or
Former Address, if Changed Since Last Report)
Check the
appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions (see General Instruction A.2.
below):
⃞
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
⃞
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
⃞
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
⃞
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item 2.02. Results of Operations and Financial Condition.
On November 5, 2015, Jones Soda Co. (the "Company") issued a press
release announcing its financial results for the third quarter ended
September 30, 2015. The press release is furnished as Exhibit 99.1 to
this Current Report on Form 8-K.
The Company will host a conference call to discuss the Company's
financial results for the third quarter ended September 30, 2015 on
November 5, 2015 at 4:30 p.m. Eastern 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 (913) 312-6687
(confirmation code: 8293243). In addition, a telephone replay will be
available by dialing (858) 384-5517 (confirmation code: 8293243) through
November 12, 2015, at 11:59 p.m. Eastern Time.
The information in this Current Report in Item 2.02 and Exhibit 99.1 is
being furnished to the Securities and Exchange Commission and shall not
be deemed “filed” for the purpose of Section 18 of the Securities
Exchange Act of 1934, or otherwise subject to the liabilities of that
Section, and shall not be incorporated by reference into any
registration statement or other document filed pursuant to the
Securities Act of 1933, except as shall be expressly set forth by
specific reference in such a filing.
Item 9.01. Financial
Statements and Exhibits.
(d) Exhibits.
Exhibit No.
|
Exhibit Description
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99.1
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Press Release, dated November 5, 2015
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SIGNATURES
Pursuant to
the requirements of the Securities Exchange Act of 1934, the registrant
has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
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JONES SODA CO.
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Date:
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November 5, 2015
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By:
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/s/ Jennifer Cue
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Jennifer Cue, CEO
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Exhibit 99.1
Jones
Soda Co. Reports Fiscal 2015 Third Quarter Results
Company
Reports Operating Profit for the Quarter
SEATTLE--(BUSINESS WIRE)--November 5, 2015--Jones Soda Co. (the Company)
(OTCQB: JSDA), a leader in the premium beverage category and known for
its unique branding and innovative marketing, today announced results
for the third quarter ended September 30, 2015.
For the third quarter of 2015, the Company reported revenue of $3.8
million compared to the prior year’s third quarter revenue of $4.4
million. Income from operations for the third quarter of 2015 improved
to $3,000, compared to the prior year’s third quarter net loss from
operations of $177,000. Net loss for the third quarter of 2015 improved
to $179,000 or $(0.00) per share, compared to a net loss of $233,000 or
$(0.01) per share, for the third quarter of 2014.
“We are pleased to announce that we have achieved an operating profit
for the third quarter of 2015. Our quarter over quarter volume decline
was because we did not repeat certain seasonal, lower margin, product
offerings. Profitability continues to be a guiding principal and will be
a factor in making promotional and operational decisions. Year-to-date
case volume exhibits growth and we are seeing good momentum in our core
business,” stated Jennifer Cue, CEO of Jones Soda Co.
Third Quarter Review – Comparison of Quarters Ended September 30,
2015 and 2014
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Revenue decreased 14% to $3.8 million, compared to $4.4 million last
year.
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Gross margin increased to 25% of revenue, compared to 24% last year.
-
Operating expenses decreased by $281,000, or 23%, to $946,000,
compared to $1.2 million last year.
-
Operating income improved by $180,000, or 102% to $3,000 compared to
an operating loss of $177,000 last year.
-
Net loss improved to $179,000 or $(0.00) per share, compared to a net
loss of $233,000 or $ (0.01) per share, last year.
Year-to-Date Review - Comparison of Nine Months Ended September 30,
2015 and 2014
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Revenue decreased 2% to $10.9 million, compared to $11.1 million last
year.
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Gross margin increased to 25% of revenue, compared to 24% last year.
-
Operating expenses decreased by $643,000, or 17%, to $3.1 million,
compared to $3.7 million last year.
-
Operating loss decreased by $771,000 or 71%, to $318,000, compared to
$1.1 million last year.
-
Net loss improved to $575,000 or $(0.01) per share, compared to a net
loss of $1.2 million or $ (0.03) per share, last year.
Conference Call
The Company will discuss its results for the quarter ended September 30,
2015 on its scheduled conference call today, November 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 (913) 312-6687
(confirmation code: 8293243). In addition, a telephone replay will be
available by dialing (858) 384-5517 (confirmation code: 8293243) through
November 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 across North America through
traditional beverage retailers and in many retailers where you would not
expect to find carbonated beverages. 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, 2014, filed with the Securities and Exchange
Commission on March 25, 2015. 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.
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JONES SODA CO.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
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Three months ended September 30,
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Nine months ended September 30,
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2015
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2014
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2015
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2014
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(In thousands, except share data)
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Revenue
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$
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3,763
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$
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4,375
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$
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$ 10,917
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$
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11,144
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Cost of goods sold
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2,814
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3,325
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8,174
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8,529
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Gross profit
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949
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1,050
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2,743
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2,615
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Gross profit %
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25.2
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%
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24.0
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%
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25.1%
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23.5
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%
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Operating expenses:
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Selling and marketing
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501
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592
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1,462
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1,681
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General and administrative
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445
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635
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1,599
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2,023
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Total operating expenses
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946
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1,227
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3,061
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3,704
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Income (loss) from operations
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3
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(177
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)
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(318)
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(1,089
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)
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Other (expense) income, net
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(182
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)
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( 30
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)
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(240)
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(38
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)
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Loss before income taxes
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(179
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)
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(207
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)
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(558)
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(1,127
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)
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Income tax expense, net
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-
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(26
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)
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(16)
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(74
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)
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Net loss
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$
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(179
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)
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$
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(233
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)
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$
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$ (575)
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$
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(1,201
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)
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Net loss per share - basic and diluted
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$
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(0.00
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)
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$
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(0.01
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)
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$
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$ (0.01)
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$
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(0.03
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)
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Weighted average basic and diluted common shares outstanding
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41,314,894
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39,850,694
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41,122,357
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39,215,288
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Three months ended September 30,
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Nine months ended September 30,
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Case sale data (288-ounce equivalent)
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2015
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2014
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2015
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2014
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Finished product cases
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289,000
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330,000
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827,000
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821,000
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JONES SODA CO. CONDENSED CONSOLIDATED BALANCE SHEETS
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September 30, 2015
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December 31, 2014
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(Unaudited)
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(In thousands, except share data)
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ASSETS
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Current assets:
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Cash and cash equivalents
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$
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491
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$
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857
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Accounts receivable, net of allowance of $33 and $49
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2,158
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1,237
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Inventory
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3,253
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2,603
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Prepaid expenses and other current assets
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123
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121
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Total current assets
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6,025
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4,818
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Fixed assets, net of accumulated depreciation of $902 and $1,399
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41
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25
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Other assets
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21
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31
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Total assets
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$
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6,087
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$
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4,874
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LIABILITIES AND SHAREHOLDERS’ EQUITY
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Current liabilities:
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Accounts payable
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$
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2,642
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$
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1,375
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Accrued expenses
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816
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814
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Line of credit
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329
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—
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Taxes payable
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19
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23
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Other current liabilities
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2
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38
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Total current liabilities
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3,808
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2,250
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Long-term liabilities — other
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14
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2
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Shareholders’ equity:
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Common stock, no par value:
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Authorized — 100,000,000; issued and outstanding shares — 41,314,894
and 40,972,394 shares, respectively
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53,764
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53,650
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Additional paid-in capital
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8,388
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8,234
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Accumulated other comprehensive income
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244
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295
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Accumulated deficit
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(60,131
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)
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(59,557
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)
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Total shareholders’ equity
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2,265
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2,622
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Total liabilities and shareholders’ equity
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$
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6,087
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$
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4,874
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CONTACT:
Jones Soda Co.
Gina Salters, 206-624-3357
Interim
Controller
finance@jonessoda.com
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