The Company will discuss its results for the quarter ended March 31, 2011 and its business outlook on its scheduled conference call today, May 12, 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 (719) 325-2122 (confirmation code: 1897213). In addition, a telephone replay will be available by dialing (858) 384-5517 (confirmation code: 1897213) through May 19, 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, which it refers to as its direct store delivery (DSD) channel, 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 and Jones Soda's prospects for long-term growth. 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; 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 for the year ended December 31, 2010, filed with the Securities and Exchange Commission on March 21, 2011. 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)
|Three Months Ended March 31,|
Cost of goods sold
|Gross profit %||24.5||%||20.8||%|
|Promotion and selling||1,280||1,224|
|General and administrative||1,480||1,684|
|Loss from operations||(1,755||)||(2,090||)|
|Other income (expense), net||72||(4||)|
|Loss before income tax||(1,683||)||(2,094||)|
|Income tax benefit (expense), net||13||(38||)|
|Net loss per share, basic and diluted||$||(0.05||)||$||(0.08||)|
|Weighted average basic and diluted common shares outstanding||31,453,016||26,427,972|
JONES SODA CO.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
|March 31, 2011||December 31, 2010|
|Cash and cash equivalents||$||5,584||$||5,448|
|Prepaid expenses and other current assets||483||305|
|Total current assets||11,035||10,732|
|Liabilities and Shareholders’ Equity|
|Capital lease obligations, current portion||21||—|
|Total current liabilities||2,182||2,591|
|Capital lease obligations||100||—|
|Long-term liabilities — other||2||2|
|Common stock, no par value:|
Issued and outstanding: 31,990,297 and 30,418,301
|Additional paid-in capital||6,745||6,570|
|Accumulated other comprehensive income||489||450|
|Total shareholders’ equity||9,585||8,870|
|Total liabilities and shareholders’ equity||$||11,869||$||11,463|
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