On February 7, 2012, the Company closed the registered direct offering it announced on February 2, 2012, issuing 6,415,000 shares and warrants to purchase 3,207,500 shares. The Company received net proceeds of approximately $2.8 million.

Conference Call

The Company will discuss its results for the quarter and fiscal year ended December 31, 2011 and its business outlook on its scheduled conference call today, March 8, 2012 at 1:30 p.m., Pacific time (4:30 p.m. ET). This call is being webcast and can be accessed by visiting the Webcasts section of our website at www.jonessoda.com. Investors may also listen to the call via telephone by dialing (719) 955-1566 (confirmation code: 2492028). In addition, a telephone replay will be available by dialing (858) 384-5517 (confirmation code: 2492028) through March 15, 2012, 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, Jones Pure Cane 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 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 "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 plan; its ability to generate sufficient cash flow from operations; its ability to streamline operations and reduce operating expenses; its ability to secure additional financing should it fail to successfully execute on its operating plan; its ability to develop and introduce new products to satisfy customer preferences; changes in consumer demand or market acceptance for its products; its use of the net proceeds from any financings to improve its financial condition; its ability to maintain compliance with the continued listing requirements of The Nasdaq Capital Market, its ability to increase demand and points of distribution for its products or to successfully innovate new products and product extensions; its ability to establish, maintain and expand distribution arrangements with distributors, retailers or national retail accounts; 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 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 and in the Company’s quarterly reports on Form 10-Q filed with the Securities and Exchange Commission in 2011. 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.



(In thousands, except share data)
  Three Months Ended December 31,     Twelve Months Ended December 31,
2011   2010 2011   2010
(Unaudited) (Unaudited)  
Revenue $ 3,427 $ 3,143 $ 17,401 $ 17,526
Cost of goods sold 2,734 2,424 13,120 12,978
Write-down of excess GABA inventory   162     506  
Gross profit 693 557 4,281 4,042
Gross profit % 20.2 % 17.7

24.6 % 23.1 %
Licensing revenue 5 6 24 31
Operating expenses:
Promotion and selling 1,586 1,265 6,296 4,676
General and administrative 1,160   1,298   5,235   5,983  
2,746 2,563 11,531 10,659
Loss from operations (2,048 ) (2,000 ) (7,226 ) (6,586 )
Other income, net 25   123   104   142  
Loss before income taxes (2,023 ) (1,877 ) (7,122 ) (6,444 )
Income tax benefit (expense), net 43   35   (32 ) 338  
Net loss $ (1,980 ) $ (1,842 ) $ (7,154 ) $ (6,106 )
Net loss per share — basic and diluted $ (0.06 ) $ (0.06 ) $ (0.22 ) $ (0.22 )
Weighted average basic and diluted common shares outstanding 32,101,291 28,342,274 31,896,848 27,172,697
Three Months Ended December 31, Twelve Months Ended December 31,
Case sales data (288-ounce equivalent) 2011 2010

Finished product cases 265,100 228,000 1,301,000 1,324,000
Concentrate cases         111,000  
Total cases 265,100   228,000   1,301,000     1,435,000  




(In thousands, except share data)
December 31, 2011 December 31, 2010
Assets (Unaudited)
Current assets:
Cash and cash equivalents $ 1,709 $ 5,448
Accounts receivable 1,966 2,220
Taxes receivable 5 480
Inventory 2,386 2,279
Prepaid expenses and other current assets 199   305  
Total current assets 6,265 10,732
Fixed assets 844 296
Other assets 548   435  
Total assets $ 7,657   $ 11,463  
Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable $ 1,278 $ 853
Accrued expenses 1,323 1,592
Taxes payable 64 146
Deferred rent, current portion 25
Capital lease obligations, current portion 23    
Total current liabilities 2,713 2,591
Capital lease obligations 82
Long-term liabilities — other 457 2
Shareholders’ equity:
Common stock, no par value:
Authorized: 100,000,000
Issued and outstanding: 32,100,882 and 30,418,301 shares, respectively 50,090 47,917
Additional paid-in capital 7,116 6,570
Accumulated other comprehensive income 420 450
Accumulated deficit (53,221 ) (46,067 )
Total shareholders’ equity 4,405   8,870  
Total liabilities and shareholders’ equity $ 7,657   $ 11,463  

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