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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 second quarter ended June 30, 2013.
Results for the second quarter continue to reflect the efforts of our Turnaround Plan, which was initiated with the change in management in the second half of 2012.
For the second quarter of 2013, the Company achieved a 79% improvement in bottom line performance, reporting a net loss of $95,000, or $0.00 per share, compared to a net loss of $459,000, or $(0.01) per share, for the second quarter 2012. Revenue declined 19% to $4.3 million compared to revenue of $5.3 million for the second quarter of 2012 reflecting management's strategy to reallocate resources to certain targeted markets.
“Twelve months ago when I returned to Jones Soda as CEO, I stated that our priority was to become a financially-sustainable company by aligning our operating expenses with our capital resources and size of our Company. Our efforts are delivering results evident by the breakeven EPS this quarter as well as positive EBITDA. Jones Soda today is a stronger business because we act like owners and make decisions with an eye to the Company's long-term profitability,” stated Jennifer Cue, CEO of Jones Soda Co.
Ms. Cue added, “We will continue doing what we've been doing, maintaining our focus and discipline in executing our Turnaround Plan. With our emphasis on making our product more widely available in independent accounts, we believe we have a more balanced and diversified distribution strategy.”
Second Quarter Review - Comparison of Quarters Ended June 30, 2013 and 2012
Revenue decreased 19% to $4.3 million, compared to $5.3 million last year.
Gross margin decreased to 29% of revenue, compared to 30% of revenue last year.
Operating expenses decreased 34% to $1.3 million, compared to $2.0 million last year.
Net loss improved 79% to $95,000, or $0.00 per share, compared to a net loss of $459,000, or $(0.01) per share, last year.
EBITDA (earnings before interest, income taxes, depreciation and amortization and stock-based compensation) was $54,000, compared to negative EBITDA of $312,000 last year.
Year-to-Date Review - Comparison of Six Months Ended June 30, 2013 and 2012
Revenue decreased 19% to $7.4 million, compared to $9.1 million last year.
Gross margin decreased to 27% of revenue, compared to 29% of revenue last year.
Operating expenses decreased 47% to $2.5 million, compared to $4.7 million last year.
Net loss improved 77% to $494,000, or $(0.01) per share, compared to a net loss of $2.1 million, or $(0.06) per share, last year.
Negative EBITDA was $204,000, compared to $1.8 million last year.
The Company will discuss its results for the quarter ended June 30, 2013 on its scheduled conference call today, August 8, 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/company/jones-press/webcasts. Investors may also listen to the call via telephone by dialing (719) 325-2491 (confirmation code: 5875107). In addition, a telephone replay will be available by dialing (858) 384-5517 (confirmation code: 5875107) through August 15, 2013, at 11:59 p.m. Eastern Time.
Presentation of Non-GAAP Information
This press release contains disclosure of the Company's EBITDA, which is a non-GAAP financial measure. The difference between EBITDA (a non-GAAP measure) and Net Loss (the most comparable GAAP financial measure) is the exclusion of interest expense, income tax expense, depreciation and amortization expense and stock-based compensation. We have included a reconciliation of EBITDA to Net Loss in our Non-GAAP Reconciliation in this press release. There are material limitations to using EBITDA. In addition, because EBITDA may not be calculated identically by all companies, the presentation here may not be comparable to other similarly titled measures of other companies.