Jones Soda Co. (the Company) (OTCQB:JSDA), a leader in the premium soda category and known for its unique branding and innovative marketing, today announced results for the fourth quarter ended December 31, 2012.
Results for the fourth quarter reflect the efforts of our turnaround strategy that we implemented in the 2 nd half of the year. As part of our turnaround focus, we redeployed resources from certain markets while refocusing efforts on key core markets, and this resulted in a decrease in revenue for the fourth quarter of 2012 of 10% to $3.1 million compared to revenue of $3.4 million for the fourth quarter of 2011. Despite the revenue decline for the quarter, gross profit was slightly up for the comparable quarters due to our turnaround efforts. Also evidencing the turnaround is a 77% improvement in our bottom line performance, in which we reported a net loss of $448,000, or $(0.01) per share, for the fourth quarter of 2012, compared to a net loss of $2.0 million, or $(0.06) per share, for the fourth quarter 2011.
For the year, revenue decreased 6% to $16.4 million compared to $17.4 million in 2011. Again, even with the decline in revenue for the year, gross profit for the year improved to $4.5 million compared to gross profit for 2011 of $4.3 million, up 4%. We reported a net loss of $2.9 million, or $(0.08) per share, for 2012, compared to a net loss of $7.2 million, or $(0.22) per share for 2011, a 59% improvement.
“Our turnaround strategy is working. Over the 2 nd half of 2012, we have worked to bring our company back to its core entrepreneurial principles, while also reducing costly selling, general & administrative expenses. We have found the right balance for our operating expenses and are investing in distribution and product lines that we believe will drive longer term volume growth in a profitable way,” said Jennifer Cue, CEO of Jones Soda Co.Fourth Quarter Review - Comparison of Quarters Ended December 31, 2012 and 2011
- Revenue decreased 10% to $3.1 million, compared to $3.4 million last year.
- Gross profit increased to 23% of revenue, compared to 20% of revenue last year.
- Operating expenses decreased 59% to $1.1 million, compared to $2.7 million last year.
- Net loss improved 77%, to $448,000, or $(0.01) per share, for the fourth quarter of 2012, compared to a net loss of $2.0 million, or $(0.06) per share, last year.
- Revenue decreased 6% to $16.4 million compared to $17.4 million in the prior year.
- Gross profit increased to 27% of revenue, compared to 25% of revenue last year.
- Operating expenses decreased 37% to $7.3 million, compared to $11.5 million in the prior year.
- Net loss improved 59%, to $2.9 million, or $(0.08) per share, compared to a net loss of $7.2 million, or $(0.22) per share, last year.
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