- Revenue decreased 28% to $5.1 million for the quarter ended September 30, 2010, compared to $7.2 million in the third quarter of 2009.
- Gross profit decreased 8.5% to $1.4 million for the quarter ended September 30, 2010, compared to $1.5 million in the corresponding period a year ago. The third quarter 2010 included an additional write-down of excess GABA inventory totaling $166,000. For the quarter ended September 30, 2010, gross profit as a percentage of revenue increased to 27%, compared to 21% in the third quarter of 2009, with the difference being primarily the result of charges in 2009 as the result of packaging changes.
- Operating expenses decreased 22% to $2.4 million, compared to the corresponding period a year ago, and were benefited by cost containment measures including the reductions in workforce enacted during 2009.
- Provision for income taxes for the quarter ended September 30, 2010 and 2009 was a benefit of $370,000 and $87,000, respectively, and reflects a credit for the quarters ended September 30, 2010 and 2009 due to non-recurring tax refunds allowed from our Canadian operations.
- Net loss improved 61% to $578,000, or ($0.02) per share, for the quarter ended September 30, 2010, from the third quarter 2009 net loss of $1.5 million, or ($0.06) per share.
- Cash used in operations during the quarter was $1.0 million versus cash used in operations of $823,000 during the prior year period primarily due to sponsorship payments. Our cash for the quarter increased $40,000 as a result of completing our first draw down on our equity line for net proceeds of approximately $1.0 million.
Jones Soda Co. Reports Third Quarter 2010 Results
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