Jones Soda reports Q1 net income of US$539,000, up from net loss of US$399,000 a year ago; revenue falls 6.7% to US$2.9M

Jennifer Nguyen

SEATTLE , May 9, 2014 (press release) – Jones Soda Co. (the Company) (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.

Industry Intelligence Editor's Note: This press release omits select charts and/or marketing language for editorial clarity. Click here to view the full report.

© 2024 Business Wire, Inc., All rights reserved.