Jones Soda narrows loss in fiscal 2009
April 1, 2010
by Eric Schroeder
SEATTLE — Jones Soda Co., which is in the process of seeking a buyer for the company, sustained a loss of $10,547,000 in the year ended Dec. 31, 2009. The loss compared with a loss of $15,235,000 in the year ended Dec. 31, 2008, and a loss of $11,629,000 in fiscal 2007. Net sales fell 28% to $26,013,000 from $35,918,000.
For the fourth quarter ended Dec. 31, 2009, Jones Soda suffered a loss of $4,497,000 on sales of $4,304,000, which compared with a loss of $3,389,000 on sales of $6,131,000 in the same period a year ago.
“We have strived over the last 12 months to streamline our business by reducing costs and focusing on our core glass bottle business,” said Joth Ricci, president and chief executive officer. “We have achieved improved year-over-year bottom-line results on lower case volumes, and we believe in the strength of the Jones Soda brand. However, adverse economic conditions have continued to negatively impact our liquidity and financial condition and caused us to explore strategic alternatives in an effort to enhance shareholder value.
“While the board continues to conduct this process, we will continue to focus on executing our strategy, on delivering improved operating results in our core business — Jones Soda glass bottles, including our new Zitch zero calorie offering — and on regaining traction in our retail marketplace.”