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Jones Soda Co. Reports Fiscal 2011 First Quarter Results Revenue Growth Driven By Core Products

Conference Call

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 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 or

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.



(In thousands, except share data)

    Three Months Ended March 31,
  2011       2010  
Revenue $ 4,087 $ 3,893

Cost of goods sold
  3,087     3,085  
Gross profit 1,000 808
Gross profit % 24.5 % 20.8 %
Licensing revenue 5 10
Operating expenses:
Promotion and selling 1,280 1,224
General and administrative   1,480     1,684  
  2,760     2,908  
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 $ (1,670 ) $ (2,132 )
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




(In thousands, except share data)

March 31, 2011   December 31, 2010
Current assets:
Cash and cash equivalents $ 5,584 $ 5,448
Accounts receivable 2,425 2,220
Taxes receivable 5 480
Inventory, net 2,538 2,279
Prepaid expenses and other current assets   483     305  
Total current assets 11,035 10,732
Fixed assets 411 296
Other assets   423     435  
Total assets $ 11,869   $ 11,463  
Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable $ 757 $ 853
Accrued expenses 1,386 1,592
Taxes payable 18 146
Capital lease obligations, current portion   21      
Total current liabilities 2,182 2,591
Capital lease obligations 100
Long-term liabilities — other 2 2
Shareholders’ equity
Common stock, no par value:
Authorized: 100,000,000

Issued and outstanding: 31,990,297 and 30,418,301

shares, respectively
50,088 47,917
Additional paid-in capital 6,745 6,570
Accumulated other comprehensive income 489 450
Accumulated deficit   (47,737 )   (46,067 )
Total shareholders’ equity   9,585     8,870  
Total liabilities and shareholders’ equity $ 11,869   $ 11,463  

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