Jones Soda narrows loss in fiscal 2010
March 11, 2011
by Eric Schroeder
SEATTLE — Jones Soda Co. narrowed its loss in fiscal 2010 to $6,106,000 from $10,547,000 in fiscal 2009. The improved results reflected headway made in the company’s turnaround strategy, particularly during the fourth quarter, when Jones Soda’s loss was $1,842,000, which compared with a loss of $4,497,000 in the same period a year earlier.
Net sales in the fiscal year ended Dec. 31, 2010, totaled $17,526,000, down 33% from $26,013,000 in fiscal 2009. During the fourth quarter ended Dec. 31, 2010, net sales were $3,143,000, which compared with $4,304,000 in the same period a year ago.
“During the fourth quarter we continued to witness the positive effects of our turnaround strategy,” said William Meissner, president and chief executive officer. “With a greater emphasis on our core glass bottle business, our year-over-year gross profit as a percentage of revenue in the fourth quarter improved and our expenses continued to decline due to our cost control measures executed over the past year.”
Moving forward, Mr. Meissner said Jones Soda is committed to profitably expanding its glass bottles and reinvigorating demand for its recently re-launched WhoopAss Energy Drink.
“We believe that the turnaround strategy that we are executing has positioned us to now start strategically expanding our market share,” he said.