Jones Soda (JSDA) rose 6% late Thursday despite a decline in its first-quarter profit.
The Seattle-based maker of sugar water under the Jones Soda, Jones Energy, Jones Organics, Jones Naturals and WhoopAss brands made $2,542, or less than a penny a share, for the quarter ended March 31. That's down from the year-ago 16,928, or less than a penny a share. Earnings were 2 cents a share in the latest quarter, excluding stock-based compensation expense.
Revenue rose 28% from a year ago to $8.8 million.
"Our first-quarter results were fueled by strong demand across the board and represent a solid beginning to fiscal 2006," said CEO Peter van Stolk. "During the quarter we continued to take advantage of our enhanced sales and marketing platform to drive meaningful top-line growth, while at the same time we experienced a 310 basis-point improvement in gross margin. Equally important, our balance sheet is substantially improved compared to a year ago. As we approach the key summer selling season, we are encouraged by the pace of our business and our entire organization remains focused on successfully executing our strategic plan."
Late Thursday, Jones Soda rose 60 cents to $10.15.