Jones Soda loss tops $15 million in fiscal '08
March 13, 2009
by Eric Schroeder
SEATTLE — Jones Soda Co. sustained a loss of $15,235,000 in the year ended Dec. 31, 2008, which compared with a loss of $11,629,000 in fiscal 2007. Net sales fell 10% to $35,918,000 from $39,831,000.
The declines came despite improved year-over-year results in the fourth quarter. While still sustaining a loss of $3,389,000 in the fourth quarter ended Dec. 31, 2008, results were better than the $10,205,000 loss suffered in the fourth quarter of fiscal 2007. Sales for the quarter were $6,131,000, up 4% from $5,893,000.
"The volatile economic conditions that began in earnest last September created a very difficult selling environment during the fourth quarter," said Stephen Jones, chief executive officer. "Management reacted swiftly to the rapid changes in the market by making further adjustments to our operating platform and cost structure in order to prepare Jones Soda for a successful 2009 and beyond."
Mr. Jones said the company enters 2009 with "a leaner infrastructure, a more efficient sales and operating platform, stronger alignment with our key top distributors, and sharpened channel, package and pricing strategies."