Tax benefit boosts income at Jones Soda Co.
August 03, 2006
by FoodBusinessNews.net Staff
SEATTLE — Jones Soda Co. reported significantly higher earnings for the second quarter ended June 30, due in part to a generous tax benefit.
Net earnings for the quarter totaled $2,313,795, a significant improvement from a loss of $160,433 in the same period last year. Net income benefited from a one-time tax benefit of $1,482,934.
Net sales also rose in the quarter, jumping 12% to $10,025,978 from $8,984,808 in the same period last year.
The company continues to emphasize the importance of licensing and distribution agreements in boosting sales and during the quarter extended its agreement with Target through the end of the year. During the quarter it also received a listing to sell its products in Kmart stores nationwide.
The company hopes to boosts sales in the future with the help of the newly acquired brand 24C, an effervescent vitamin drink mix that Jones Soda hopes will help it to strategically enter the bottled water market.
"We believe our strong performance in the first six months of 2006 bodes well for business throughout the remainder of the year," said Peter Van Stolk, president and chief executive officer of Jones. "We move forward with a solid financial position, and what I believe are some of the most unique and compelling products in today’s marketplace. Our management team remains focused on delivering long-term earnings growth and maximizing our shareholder value."