Jones Soda reports Q3 results

Filed by Bill Bruce

Joth Ricci

© Seattle Times

The company reported a net loss of $1.5m, or ($0.06) per share, for the third quarter 2009, an improvement of 72% over the third quarter 2008 net loss of $5.3m, or ($0.20) per share.

“Our third-quarter bottom‐line results show meaningful improvement over the same period last year and represent our best performance in the last nine quarters, underscoring the positive progress we’ve made during the past 12 months to streamline our business,” said Joth Ricci, president & CEO.

Third-quarter review

• Revenue decreased 18% to $7.2m for the quarter ended 30 September 2009, compared to $8.7m in the third quarter of 2008.
• Gross profit increased 57% to $1.5m or 21% of sales for the quarter ended 30 September 2009, compared to $966,000, or 11% of sales in the corresponding period a year ago.
• Operating expenses decreased 51% to $3.0m, compared to the corresponding period a year ago and were benefited by cost containment measures undertaken over the last year, including an additional reduction in workforce during the third quarter of approximately 30%.
• Cash used in operations during the quarter decreased significantly to $823,000, vs cash used in operations of $3.8m during the prior year period.

“With emphasis on higher margin sales opportunities for our Jones Soda glass bottles, along with the restructuring of our sales and marketing platform, we’ve been able to drive improved bottom‐line results on planned lower case volumes,” added Ricci.

“Importantly, several new product extensions within our core glass business have performed well at retail, including Jones Jumble and Jones Refresco de Caña Pura. Additionally, our gross margin and operating expenses are both dramatically improved vs a year ago, and as a result, we significantly reduced our use of cash in the quarter.”

Source: Jones Soda Co