Jones Soda Co. Reports Fiscal 2014 First Quarter Results


The following excerpt is from the company's SEC filing.

SEATTLE--(BUSINESS WIRE)--May 8, 2014--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 an d 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.

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.

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.

            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

The above information was disclosed in a filing to the SEC. To see this filing in its entirety, click here.

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Other recent filings from the company include the following:

Jones Soda Co. Reports Fiscal 2014 Third Quarter Results - Nov. 6, 2014

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