Jones Soda narrows loss in first quarter
May 08, 2009
by Eric Schroeder
SEATTLE — Jones Soda Co. sustained a loss of $2,601,000 in the first quarter ended March 31, which compared with a loss of $3,853,000 in the same period a year ago.
Net sales fell 25% to $7,071,000, reflecting the discontinuation of the Jones Soda glass bottles at some of the company’s major retailers, as well as reduced demand as a result of the economic downturn.
"Our first-quarter results reflect the challenging economic environment and our ongoing transition to a leaner organization as we continue to make adjustments to manage bottom-line improvement," said Joth Ricci, president and chief executive officer. "We had planned case sales to be down versus a year ago as we continue to realign our distribution and focus more resources on a higher margin, single-serve strategy for our product portfolio.
"Accordingly, we continued to right-size our infrastructure and effectively controlled spending, evidenced by the 30% reduction in operating expenses versus a year ago. This allowed us to lower our net loss both on a sequential and year-over-year basis and we remain on track to deliver continued bottom-line improvement through 2009."