Jones Soda Co. Reports Fiscal 2010 Fourth Quarter And Year-End Results

Conference Call

The Company will discuss its results for the quarter and year ended December 31, 2010 and its business outlook on its scheduled conference call today, March 10, 2011 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 [phone] (confirmation code: 7200608). In addition, a telephone replay will be available by dialing [phone] (confirmation code: 7200608) through March 17, 2011, 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 the continuing effectiveness of Jones Soda's turnaround strategy and cost-containment measures, Jones Soda's prospects for long-term growth, and Jones Soda's ability to increase demand and profitably expand market share 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 or implied in the forward-looking statements. Factors that could affect Jones Soda's actual results include, among others, its ability to successfully execute on its 2011 operating plan; its ability to secure additional financing or to generate sufficient cash flow from operations; its ability to use the net proceeds from any financings to improve its financial condition or market value; its ability to increase demand and points of distribution for its products or to successfully innovate new products and product extensions; its ability to establish distribution arrangements with distributors, retailers or national retail accounts; its ability to maintain relationships with co-packers; its ability to maintain a consistent and cost-effective supply of raw materials; its ability to receive returns on its trade spending and slotting fee expenditures; its ability to maintain brand image and product quality; its ability to protect its intellectual property; the impact of current and future litigation; and its ability 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. CONSOLIDATED STATEMENT OF OPERATIONS (In thousands, except share data)
		Three Months Ended December 31,								Twelve Months Ended December 31,
		(unaudited)
		2010				2009				2010				2009
Revenue		$	3,143			$	4,304			$	17,526			$	26,013
Cost of goods sold			2,424				3,390				12,978				19,875
Write-down of excess GABA inventory and impairment of fixed assets			162				2,038				506				2,248
Gross profit			557				(1,124	)			4,042				3,890
Gross profit %			17.7	%			(26.1	)%			23.1	%			15.0	%
Licensing revenue			6				11				31				81
Operating expenses:
Promotion and selling			1,265				1,669				4,676				7,820
General and administrative			1,298				1,589				5,983				6,596
			2,563				3,258				10,659				14,416
Loss from operations			(2,000	)			(4,371	)			(6,586	)			(10,445	)
Other income (expense), net			123				35				142				(30	)
Loss before income tax			(1,877	)			(4,336	)			(6,444	)			(10,475	)
Income tax benefit, net			35				(161	)			338				(72	)
Net loss		$	(1,842	)		$	(4,497	)		$	(6,106	)		$	(10,547	)
Net loss per share, basic and diluted		$	(0.06	)		$	(0.17	)		$	(0.22	)		$	(0.40	)
Weighted average basic and diluted common shares outstanding			28,342,274				26,426,171				27,172,697				26,433,645
		Three Months Ended December 31,								Twelve Months Ended December 31,
Case Sale Data (288-ounce equivalent):		2010				2009				2010				2009
Finished products cases			228,220				365,200				1,324,100				2,057,000
Concentrate cases			—				130,200				110,800				816,000
Total cases			228,200				495,400				1,434,900				2,873,000

JONES SODA CO. CONSOLIDATED BALANCE SHEETS (In thousands, except share data)
		December 31, 2010				December 31, 2009
Assets
Current assets:
Cash and cash equivalents		$	5,448			$	4,975
Accounts receivable			2,220				2,508
Tax receivable			480				11
Inventory, net			2,279				3,711
Prepaid expenses and other current assets			305				487
Total current assets			10,732				11,692
Fixed assets			296				807
Other assets			435				1,035
Total assets		$	11,463			$	13,534
Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable		$	853			$	1,397
Accrued liabilities			1,592				1,571
Taxes payable			146				69
Note payable, current portion			—				125
Total current liabilities			2,591				3,162
Note payable			—				219
Long-term liabilities — other			2				—
Shareholders’ equity
Common stock, no par value:
Authorized: 100,000,000
Issued and outstanding: 30,418,301 and 26,427,989 shares, respectively			47,917				43,925
Additional paid-in capital			6,570				5,771
Accumulated other comprehensive income			450				418
Accumulated deficit			(46,067	)			(39,961	)
Total shareholders’ equity			8,870				10,153
Total liabilities and shareholders’ equity		$	11,463			$	13,534

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