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Jones Soda Co. announced results for the quarter ended Sept. 30, 2009. The company reported a net loss of $1.5 million, or ($0.06) per share, for the third quarter 2009, an improvement of 72 percent over the third quarter 2008 net loss of $5.3
million, or ($0.20) per share. "Our third quarter bottom‐line results show meaningful improvement over the same period last year and represent our best performance in the last nine quarters, underscoring the positive progress we have made
during the past 12 months to streamline our business," commented Joth Ricci, president and chief executive officer.
Third quarter revenue decreased 18 percent to $7.2 million for the quarter ended September 30, 2009, compared to
$8.7 million in the third quarter of 2008.
Gross profit increased 57 percent to $1.5 million or 21 percent of sales for the quarter ended Sept. 30, 2009, compared to $966,000, or 11 percent of sales in the corresponding period a year ago.
Operating expenses decreased 51 percent to $3.0 million, compared to the corresponding period a year ago and were benefited by cost containment measures undertaken over the last year, including an additional reduction in workforce during the third quarter of approximately 30 percent.
Cash used in operations during the quarter decreased significantly to $823,000, versus cash used in operations of $3.8 million during the prior year period.
"With emphasis on higher margin sales opportunities for our Jones Soda glass bottles along with the restructuring of our sales and marketing platform, we have been able to drive improved bottom-line results on planned lower case volumes," continued Ricci. "Importantly, several new product extensions within our core glass business have performed well at retail, including Jones Jumble and Jones Refresco de Caņa Pura. Additionally, our gross margin and operating expenses are both dramatically improved versus a year ago, and as a result, we significantly reduced our use of cash in the quarter."
Ricci, concluded, "We are proud of our year-over-year performance and are encouraged by a number of recent distribution wins. With the upcoming launch of new packaging and products, we are striving to generate top-line momentum as we head into next year."
