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Jones Soda Co. Reports Fiscal 2013 Fourth Quarter And Year-End Results

Stocks in this article: JSDA

Full Year Review - Comparison of Years Ended December 31, 2013 and 2012

  • Revenue decreased 16.4% to $13.7 million, compared to $16.4 million last year.
  • Gross margin decreased to 23.8% of revenue, compared to 27.4% of revenue last year.
  • Operating expenses decreased 29.9% to $5.1 million, compared to $7.3 million last year.
  • Net loss decreased to $1.9 million, or $(0.05) per share, compared to a net loss of $2.9 million, or $(0.08) per share, last year, an improvement of 34.8%.
  • Cash used in operations was $317,000 compared to $2.9 million last year.




Fourth Quarter Review - Comparison of Quarters Ended December 31, 2013 and 2012
  • Revenue decreased 32.1% to $2.1 million, compared to $3.1 million last year.
  • Gross margin decreased to 12.2% of revenue, compared to 22.9% of revenue last year.
  • Operating expenses increased 15.2% to $1.3 million, compared to $1.1 million last year.
  • 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, last year, an increase of 138.6%.
  • Cash provided by operations was $306,000 versus cash provided by operations of $247,000 last year.

Conference Call

The Company will discuss its results for the quarter and fiscal year ended December 31, 2013, on its scheduled conference call today, March 6, 2014, 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) 325-2435 (confirmation code: 2097268). In addition, a telephone replay will be available by dialing (858) 384-5517 (confirmation code: 2097268) through March 13, 2014, at 11:59 p.m. Eastern time.

About Jones Soda Co.

Headquartered in Seattle, Washington, Jones Soda Co. ® markets and distributes its premium beverages under the Jones ® Soda, Jones Zilch ®, Natural Jones™ Soda and WhoopAss™ Energy Drink brands. A leader in the premium soda category, Jones Soda is known for its variety of flavors, high 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 in markets primarily across North America. 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 the Company's actual results include, among others: its ability to successfully execute on its operating plans for 2014; its ability to maintain and expand distribution arrangements with distributors, independent accounts, retailers or national retail accounts; its ability to manage operating expenses and generate sufficient cash flow from operations; its ability to increase revenues and achieve case sales goals on reduced operating expenses; 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; the impact of intense competition from other beverage suppliers; and its ability to access the capital markets for any future equity financing, and any actual or perceived limitations by being traded on the OTCQB Marketplace. More information about factors that potentially could affect the Company’s operations or financial results is included in its most recent annual report on Form 10-K for the year ended December 31, 2012, filed with the Securities and Exchange Commission on March 27, 2013, and in its quarterly reports on Form 10-Q filed in 2013. 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, the Company 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 STATEMENTS OF OPERATIONS (In thousands, except share data)

 
  Three months ended December 31,   Twelve months ended December 31,
2013   2012 2013   2012
(Unaudited) (Unaudited)
Revenue $ 2,096 $ 3,089 $ 13,696 $ 16,384
Cost of goods sold   1,841     2,383     10,433     11,902  
Gross profit 255 706 3,263 4,482
Gross profit % 12.2 % 22.9 % 23.8 % 27.4 %
 
Operating expenses:
Promotion and selling 578 509 2,322 3,357
General and administrative   722     619     2,779     3,922  
  1,300     1,128     5,101     7,279  
Loss from operations (1,045 ) (422 ) (1,838 ) (2,797 )
Other (expense) income, net   (8 )   (8 )   10     (15 )
Loss before income taxes (1,053 ) (430 ) (1,828 ) (2,812 )
Income tax expense, net   (16 )   (18 )   (65 )   (91 )
Net loss $ (1,069 ) $ (448 ) $ (1,893 ) $ (2,903 )
 
Net loss per share - basic and diluted $ (0.03 ) $ (0.01 ) $ (0.05 ) $ (0.08 )
Weighted average basic and diluted common shares outstanding 38,688,658 38,534,212 38,593,465 37,909,278
 
Three months ended December 31, Twelve months ended December 31,
Case sale data (288-ounce equivalent) 2013 2012 2013 2012
Finished product cases 178,000 225,400 1,036,000 1,190,500
 

 

JONES SODA CO. CONSOLIDATED BALANCE SHEETS (In thousands, except share data)

 
  December 31,
2013   2012
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 1,464 $ 1,654
Accounts receivable, net of allowance of $42 and $93 1,034 1,742
Inventory 2,315 2,223
Prepaid expenses and other current assets   410     264  
Total current assets 5,223 5,883
Fixed assets, net of accumulated depreciation of $1,194 and $1,787 232 497
Other assets   59     640  
Total assets $ 5,514   $ 7,020  
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 871 $ 885
Accrued expenses 892 767
Taxes payable 37 45
Deferred rent, current portion 35 30
Capital lease obligations, current portion   13     24  
Total current liabilities 1,848 1,751
Capital lease obligations 16 58
Long-term liabilities — other 390 427
Shareholders’ equity:
Common stock, no par value:
Authorized — 100,000,000; issued and outstanding shares — 38,710,416 and 38,530,416 shares, respectively 52,981 52,867
Additional paid-in capital 7,941 7,590
Accumulated other comprehensive income 355 451
Accumulated deficit   (58,017 )   (56,124 )
Total shareholders’ equity   3,260     4,784  
Total liabilities and shareholders’ equity $ 5,514   $ 7,020  
 




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