Jones Soda Co. (the Company) (NASDAQ: JSDA), a leader in the premium soda category and known for its unique branding and innovative marketing, today announced results for the second quarter ended June 30, 2012. Revenue for the second quarter of 2012 increased 7.0% to $5.3 million compared to revenue of $4.9 million for the second quarter of 2011. The Company reported a net loss of $459,000, or $(0.01) per share, for the second quarter of 2012, compared to a net loss of $1.8 million, or $(0.06) per share, for the second quarter of 2011.
Jennifer Cue, Jones Soda’s Chief Executive Officer, commented, “The improvement in Jones’ financial performance demonstrates that the expense reduction initiatives started at the beginning of the year are taking hold. The Company’s operations are focused on a more disciplined approach to growing revenues, living within our means, and re-igniting the entrepreneurial spirit of the Company. Our entire team and our board of directors are committed to investing the Company’s resources in a way that will deliver sustainability through the combination of growth and judicious expense management.”
Chairman Mick Fleming added, “We are thrilled to have Jennifer Cue back at Jones. She has an impressive track record of operating and financial success at Jones as well as a true passion and understanding of our brand. Jennifer is highly motivated to lead the Company to its true potential.”
Second Quarter Review - Comparison of Quarters Ended June 30, 2012 and 2011
- Revenue increased 7.0% to $5.3 million, compared to $4.9 million last year.
- Gross margin increased to 30% of revenue, compared to 29% of revenue last year.
- Operating expenses decreased 37% to $2.0 million, compared to $3.2 million last year.
- Net loss improved to $459,000, or $(0.01) per share, for the second quarter of 2012, compared to a net loss of $1.8 million, or $(0.06) per share, last year.
- Revenue increased 1.3% to $9.1 million, compared to $9.0 million last year.
- Gross margin increased to 29% of revenue, compared to 27% of revenue last year.
- Operating expenses decreased 21% to $4.7 million, compared to $5.9 million last year.
- Net loss improved to $2.1 million, or $(0.06) per share, compared to a net loss of $3.5 million, or $(0.11) per share, last year.
JONES SODA CO.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
|Three Months Ended June 30,||Six Months Ended June 30,|
|(In thousands, except share data)|
|Cost of goods sold||3,696||3,497||6,510||6,584|
|Gross profit %||29.7||%||28.8||%||28.6||%||26.9||%|
|Promotion and selling||920||1,873||2,277||3,153|
|General and administrative||1,078||1,313||2,410||2,793|
|Loss from operations||(431||)||(1,762||)||(2,067||)||(3,517||)|
|Other (expense) income, net||(5||)||6||(16||)||78|
|Loss before income taxes||(436||)||(1,756||)||(2,083||)||(3,439||)|
|Income tax expense, net||(23||)||(64||)||(48||)||(51||)|
|Net loss per share - basic and diluted||$||(0.01||)||$||(0.06||)||$||(0.06||)||$||(0.11||)|
|Weighted average basic and diluted common shares outstanding||38,544,140||31,990,645||37,268,386||31,724,816|
Three Months Ended June 30,
Six Months Ended June 30,
Case sale data (288-ounce equivalent)
Finished product cases
JONES SODA CO.
CONDENSED CONSOLIDATED BALANCE SHEETS
|June 30, 2012||December 31, 2011|
|Cash and cash equivalents||$||2,500||$||1,709|
|Prepaid expenses and other current assets||203||204|
|Total current assets||8,112||6,265|
|Liabilities and Shareholders' Equity|
|Other current liabilities||51||48|
|Total current liabilities||3,533||2,713|
|Long-term liabilities - other||514||539|
|Common stock, no par value:|
|Issued and outstanding: 38,550,889 and 32,100,882 shares, respectively||52,904||50,090|
|Additional paid-in capital||7,252||7,116|
|Accumulated other comprehensive income||419||420|
|Total shareholders' equity||5,223||4,405|
|Total liabilities and shareholders' equity||$||9,270||$||7,657|
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