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Jones Soda Co. (the Company or Jones Soda) (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 and year ended December 31, 2013.
Results for 2013 continue to reflect the efforts of our Turnaround Plan, which was initiated with the change in management in the second half of 2012. These results also reflect investments to support our emerging partnerships with distributors and retailers in certain key markets, while continuing to work within a reduced and more prudent general and administrative cost structure.
For the year ended December 31, 2013, net loss improved to $1.9 million, or $(0.05) per share, compared to a net loss of $2.9 million, or $(0.08) per share, in the prior year. Cash at December 31, 2013 was $1.5 million compared to $1.7 million in the prior year, a decrease of $190,000.
“With six quarters into the Turnaround, we have made tremendous strides as evident in our dramatically-improved net operating results, stabilized balance sheet, cash position, and cash used in operations for the year approaching breakeven. The fourth quarter results are illustrative of the bumps along the way toward recalibrating a business to profitable growth in an industry that is undergoing rapid change,” stated Jennifer Cue, CEO of Jones Soda Co. Ms. Cue continued, “Still, the foundation for Jones’ future is very strong. We’ve got a powerful brand, an entrepreneurial team and a mindset to driving future growth through innovation once again.”
For the fourth quarter of 2013, revenues decreased by 32.1% to $2.1 million compared to the prior year quarter of $3.1 million. Net loss increased to $1.1 million, or $(0.03) per share, compared to a net loss of $448,000, or $(0.01) per share, for the fourth quarter 2012. The fourth quarter results were impacted by reduced revenue due to tradespend associated with a seasonal program, as well as general softness in sales across the CSD industry compared to a year ago. In addition, the results for 2012 were favorably impacted by sales of seasonal holiday packs.