US: Jones Soda eats into losses in Q3
Jones Soda Co has posted a narrowing of its losses in the third quarter as sales continued to slow.
The US-based soft drinks company, which owns the Jones Soda brands, said yesterday (5 November) that net losses for the three months to the end of September were US$1.5m, a 72% improvement on the $5.3m reported a year earlier. Sales were down by 18% year-on-year at $7.2m. Operating losses were down to $1.5m from $5.2m in Q3 2008.
"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," said Jones' president and CEO, Joth Ricci.
For the first nine months of 2009, net losses are running at $6.1m compared to $11.8m, with sales down to $21.7m from $29.8m.
"We are proud of our year-over-year performance and are encouraged by a number of recent distribution wins," Ricci continued. "With the upcoming launch of new packaging and products, we are striving to generate top-line momentum as we head into next year."
To read Jones' full statement, click here.
For the company's Q2 results, click here.
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