SEATTLE, March 07, 2019 (GLOBE NEWSWIRE) -- Jones Soda Co. (the “Company”) (OTCQB: JSDA), a leader in the craft soda category and known for its unique branding and authentic connection to its consumers, today announced results for the fourth quarter and full year ended December 31, 2018.
Fourth Quarter 2018 Financial Summary vs. Year-Ago Quarter
- Revenue increased 5% to $2.3 million compared to $2.2 million.
- Gross profit as a percentage of sales increased 840 basis points to 17.9% compared to 9.5%.
- Net loss was $822,000, or $(0.02) per share, compared to a net loss of $808,000, or $(0.02) per share.
- Adjusted EBITDA1 improved to $(674,000) compared to $(720,000).
Full Year 2018 Financial Summary vs. 2017
- Revenue was $12.6 million compared to $13.3 million.
- Gross profit as a percentage of sales was 21.8% compared to 22.7%.
- Net loss was $2.1 million, or $(0.05) per share, compared to a net loss of $1.3 million, or $(0.03) per share.
- Adjusted EBITDA1 was $(1.6) million compared to $(1.0) million.
Management Commentary
“2018 was a pivotal year for Jones Soda as we leveraged our strengthened balance sheet to expand our sales team, resulting in strong revenue growth from our fountain initiative, and encouraging progress in our glass bottle business and Lemoncocco initiative,” said Jennifer Cue, CEO of Jones Soda. “During the fourth quarter, we continued to build out our independent account network for fountain, which helped drive 179% year-over-year revenue growth for that line of business.
“Moving to 2019, we have experienced a strong start to the year with the introduction of Jones Ginger Beer and the enhancement of our glass bottle portfolio through the addition of two new sugar free options and all-natural flavors and colors when possible. We believe consumers’ demand for craft soda also continues to shift in our favor, as we will begin rolling our products out to approximately 1,000 new regional chain accounts over the next several months. As customer preferences continue to evolve towards craft and premium sodas, we believe we have powerful brands and the necessary distribution to capitalize on this growth in 2019 and beyond.”
