Turnaround progressing, loss narrows at Jones Soda
November 12, 2010
by Eric Schroeder
SEATTLE — Indications that Jones Soda Co.’s turnaround strategy is beginning to pay off was noted in third-quarter results at the Seattle-based beverage maker, as the company narrowed its loss in the period ended Sept. 30 to $578,000 from $1,482,000 in the same period a year ago. Net sales fell 29% to $5,125,000 from $7,156,000.
“Our improved bottom-line performance in the third quarter is an indication that the initial phase of our turnaround strategy is tracking on plan,” said William Meissner, president and chief executive officer. “Over the past several months we have continued to exit unprofitable distribution channels and lower our general and administrative costs, while simultaneously investing in our sales and marketing teams and platforms to better support our core bottle business and our recently re-launched energy drink, WhoopAss.
“While there is still much work to be done, the recent sell-through results of our glass bottled soda are encouraging and give us a heightened degree of confidence about our long-term growth prospects.”
For the nine months ended Sept. 30 Jones Soda sustained a loss of $4,264,000, which compared with a loss of $6,050,000 in the same period a year ago. Net sales in the nine months totaled $14,383,000, down 34% from $21,710,000.