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Jones Soda Co. Reports Fiscal 2012 Fourth Quarter And Year-End Results

Balance Sheet

As of December 31, 2012, we had cash and cash-equivalents of approximately $1.7 million and working capital of approximately $4.1 million. We had positive cash flow of $247,000 provided by operating activities during the quarter ended December 31, 2012.

Conference Call

The Company will discuss its results for the quarter and fiscal year ended December 31, 2012 on its scheduled conference call today, March 7, 2013 at 4:30 p.m. Eastern time (1:30 p.m. Pacific time). This call will be webcast and can be accessed by visiting our website at www.jonessoda.com or www.jonessoda.com/company/jones-press/webcasts. Investors may also listen to the call via telephone by dialing (719) 325-2329 (confirmation code: 9747246). In addition, a telephone replay will be available by dialing (858) 384-5517 (confirmation code: 9747246) through March 14, 2013, 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 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, highest-quality ingredients, including pure cane sugar, 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. Forward-looking statements include all passages containing words such as "will," "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 operating plans for 2013; its ability to maintain and expand distribution arrangements with distributors, independent accounts, retailers or national retail accounts while focusing on core geographic markets; its ability to generate sufficient cash flow from operations; its ability to streamline operations, reduce operating expenses, and reduce and slow its use of cash; its ability to successfully integrate management changes and reductions in operating expense and personnel; the effect on the market price and liquidity of its common stock and ability to raise capital subsequent to its delisting from The Nasdaq Capital Market and listing on the OTCQB Marketplace; its ability to develop and introduce new products to satisfy customer preferences; its ability to market and distribute brands on a national basis; changes in consumer demand or market acceptance for its products; its ability to increase demand and points of distribution for its products or to successfully innovate new products and product extensions; its ability to maintain relationships with co-packers; its ability to maintain a consistent and cost-effective supply of raw materials; its ability to maintain brand image and product quality; its ability to attract, retain and motivate key personnel; its ability to protect its intellectual property; the impact of future litigation; and the impact of intense competition from other beverage suppliers. More information about factors that potentially could affect Jones Soda's operations or financial results is included in Jones Soda's most recent annual report on Form 10-K for the year ended December 31, 2011, filed with the Securities and Exchange Commission on March 30, 2012, and in its quarterly reports on Form 10-Q filed in 2012. 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,
2012       2011 2012       2011
(Unaudited)       (Unaudited)        
Revenue $ 3,086       $ 3,427 $ 16,365 $ 17,401
Cost of goods sold 2,383   2,734   11,902   13,120  
Gross profit 703 693 4,463 4,281
Gross profit % 22.8 % 20.2 % 27.3 % 24.6 %
Licensing revenue 3 5 19 24
Operating expenses:
Promotion and selling 509 1,586 3,357 6,296
General and administrative 619   1,160   3,922   5,235  
1,128 2,746 7,279 11,531
Loss from operations (422 ) (2,048 ) (2,797 ) (7,226 )
Other (expense) income, net (8 ) 25   (15 ) 104  
Loss before income taxes (430 ) (2,023 ) (2,812 ) (7,122 )
Income tax (expense) benefit, net (18 ) 43   (91 ) (32 )
Net loss $ (448 ) $ (1,980 ) $ (2,903 ) $ (7,154 )
 
Net loss per share - basic and diluted $ (0.01 ) $ (0.06 ) $ (0.08 ) $ (0.22 )
Weighted average basic and diluted common shares outstanding 38,534,212 32,101,291 37,909,278 31,896,848
 
 
Three months ended December 31,   Twelve months ended December 31,
Case sale data (288-ounce equivalent) 2012 2011 2012 2011
Finished product cases 225,400 265,100 1,190,500 1,301,000
 

 
JONES SODA CO.
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
             
 
December 31, 2012 December 31, 2011
(Unaudited)
Assets
Current assets:
Cash and cash equivalents $ 1,654 $ 1,709
Accounts receivable 1,742 1,966
Inventory 2,223 2,386
Prepaid expenses and other current assets 264   204  
Total current assets 5,883 6,265
Fixed assets 497 844
Other assets 640   548  
Total assets $ 7,020   $ 7,657  
 
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable $ 885 $ 1,278
Accrued expenses 767 1,323
Taxes payable 45 64
Deferred rent, current portion 30 25
Capital lease obligations, current portion 24   23  
Total current liabilities 1,751 2,713
Capital lease obligations 58 82
Long-term liabilities - other 427 457
Shareholders' equity:
Common stock, no par value:
Authorized: 100,000,000
Issued and outstanding: 38,530,416 and 32,100,882 shares, respectively 52,867 50,090
Additional paid-in capital 7,590 7,116
Accumulated other comprehensive income 451 420
Accumulated deficit (56,124 ) (53,221 )
Total shareholders' equity 4,784   4,405  
Total liabilities and shareholders' equity $ 7,020   $ 7,657  




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