Jones Soda loss widens in second quarter
August 12, 2011
by Eric Schroeder
SEATTLE — Jones Soda Co. suffered a loss of $1,820,000 in the second quarter ended June 30, which compared with a loss of $1,554,000 in the same period a year ago. Sales also were lower, falling 8% to $4,914,000 from $5,365,000. Jones Soda said the decline reflected discontinuation of underperforming product lines and stock-keeping unit offerings during the quarter.
Despite the lower earnings and sales, William Meissner, president and chief executive officer, was upbeat about the company’s ability to grow over the long term.
“Our legacy Jones Soda business and our newly re-launched WhoopAss Energy Drink continued to capture share in our North American markets,” Mr. Meissner said. “Since my arrival, we have repositioned resources and made additional investments in personnel to support growth of these two product lines and we remain optimistic that this strategy will lead to improved top- and bottom-line performance for the full year.
“Longer term, we are focused on leveraging our core competencies to develop and market exciting brand extensions to drive sustainable growth and profitability.”
Jones Soda narrowed its loss in the six months ended June 30, to $3,490,000 from $3,686,000. Sales fell 3% to $9,001,000 from $9,258,000.