Jones Soda Co. Reports Third Quarter 2010 Results
The Company will discuss its results for the quarter ended September 30, 2010 and its business outlook on its scheduled conference call today, November 11, 2010 at 1:30 p.m., Pacific time (4:30 p.m. ET). This call is being webcast and can be accessed by visiting the Investor section of our website at www.jonessoda.com. Investors may also listen to the call via telephone by dialing (201) 689-8470 (confirmation code: 360249). In addition, a telephone replay will be available by dialing (858) 384-5517 (confirmation code: 360249) through November 18, 2010, at 11:59 p.m. Eastern Time.
About Jones Soda Co.
Headquartered in Seattle, Washington, Jones Soda Co. ® markets and distributes premium beverages under the Jones Soda, Jones Pure Cane Soda®, and Whoopass Energy Drink® brands and sells through its distribution network in markets primarily across North America. A leader in the premium soda category, Jones is known for its variety of flavors and innovative labeling technique that incorporates always-changing photos sent in from its consumers. Jones Soda is sold through traditional beverage retailers. 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, including, without limitation, statements regarding our long-term growth prospects and our ability to expand market share and return greater shareholder value in the future. Forward-looking statements include all passages containing words such as "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 in the forward-looking statements. Factors that could affect Jones Soda's actual results include, among others, its ability to successfully execute on its 2010 operating plan; its inability to secure additional financing, including making draw downs under its equity line of credit facility, or to generate sufficient cash flow from operations; its ability to use the net proceeds from future financings, including draw downs under its equity line of credit facility, to improve its financial condition or market value; the impact of the global economic crisis, which has continued to have a greater than expected impact on the Company's business; its inability to increase points of distribution for its products or to successfully innovate new products and product extensions; its inability to establish distribution arrangements with distributors, retailers or national retail accounts; its inability to maintain relationships with its co-packers; its inability to maintain a consistent and cost-effective supply of raw materials; its inability to receive returns on its trade spending and slotting fee expenditures; its inability to maintain brand image and product quality; its inability to protect its intellectual property; the impact of current and future litigation; and its inability to develop new products to satisfy customer preferences and the impact of intense competition from other beverage suppliers. More information about factors that potentially could affect Jones Soda's financial results is included in Jones Soda's most recent annual report on Form 10-K and in the Company’s quarterly reports on Form 10-Q filed with the Securities and Exchange Commission in 2010. 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, Jones Soda 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.
|JONES SODA CO. CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (In thousands, except share data) (Unaudited)|
|Three Months Ended September 30,||Nine Months Ended September 30,|
|Cost of goods sold||3,575||5,433||10,553||16,486|
|Write-down of excess GABA inventory||166||210||344||210|
|Gross profit %||27.0||%||21.1||%||24.2||%||23.1||%|
|Promotion and selling||1,109||1,590||3,411||6,151|
|General and administrative||1,256||1,446||4,685||5,006|
|Loss from operations||(974||)||(1,504||)||(4,585||)||(6,073||)|
|Other income (expense), net||26||(65||)||18||(65||)|
|Loss before income tax||(948||)||(1,569||)||(4,567||)||(6,138||)|
|Income tax benefit, net||370||87||303||88|
|Net loss per share, basic and diluted||$||(0.02||)||$||(0.06||)||$||(0.16||)||$||(0.23||)|
|Weighted average basic and diluted common shares outstanding||27,454,593||26,454,729||26,779,630||26,455,293|
|Three Months Ended September 30,||Nine Months Ended September 30,|
|Case Sale Data (288-ounce equivalent):||2010||2009||2010||2009|
|Finished products cases||394,800||538,500||1,095,900||1,691,800|
|JONES SODA CO. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share data) (Unaudited)|
|September 30, 2010||December 31, 2009|
|Cash and cash equivalents||$||2,562||$||4,975|
|Prepaid expenses and other current assets||595||487|
|Total current assets||9,317||11,692|
|Liabilities and Shareholders’ Equity|
|Note payable, current portion||—||125|
|Total current liabilities||2,402||3,162|
|Long-term liabilities — other||2||—|
|Common stock, no par value:|
|Issued and outstanding: 27,695,165 and 26,427,989 shares, respectively||45,133||43,925|
|Additional paid-in capital||6,388||5,771|
|Accumulated other comprehensive income||390||418|
|Total shareholders’ equity||7,685||10,153|
|Total liabilities and shareholders’ equity||$||10,089||$||13,534|
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV