Jones Soda Co., a leader in the premium soda category and known for its unique branding and innovative marketing, announced results for the fourth quarter ended Dec. 31, 2012.
Results for the fourth quarter reflect the efforts of our turnaround strategy that we implemented in the second half of the year. As part of our turnaround focus, we redeployed resources from certain markets while refocusing efforts on key core markets, and this resulted in a decrease in revenue for the fourth quarter of 2012 of 10 percent to $3.1 million compared to revenue of $3.4 million for the fourth quarter of 2011. Despite the revenue decline for the quarter, gross profit was slightly up for the comparable quarters due to our turnaround efforts. Also evidencing the turnaround is a 77 percent improvement in our bottom line performance, in which we reported a net loss of $448,000, or $(0.01) per share, for the fourth quarter of 2012, compared to a net loss of $2.0 million, or $(0.06) per share, for the fourth quarter 2011.
For the year, revenue decreased 6 percent to $16.4 million compared to $17.4 million in 2011. Again, even with the decline in revenue for the year, gross profit for the year improved to $4.5 million compared to gross profit for 2011 of $4.3 million, up 4 percent. We reported a net loss of $2.9 million, or $(0.08) per share, for 2012, compared to a net loss of $7.2 million, or $(0.22) per share for 2011, a 59 percent improvement.
“Our turnaround strategy is working. Over the second half of 2012, we have worked to bring our company back to its core entrepreneurial principles, while also reducing costly selling, general and administrative expenses. We have found the right balance for our operating expenses and are investing in distribution and product lines that we believe will drive longer term volume growth in a profitable way,” said Jennifer Cue, CEO of Jones Soda Co in a prepared statement.