US: Jones Soda narrows full-year net losses
- Reduces FY net losses by 42% to US$6.1m
- Net sales slide by 33% to $17.5m
- Operating losses narrow by 36.9% $6.6m
- Looking to expand market share
Jones Soda has narrowed its full-year profits loss to US$6.11m
Jones Soda saw its full-year net losses narrow in 2010 and has said that it is confident it can now begin expanding its market share in the US.
In the year to the end of December, the US soft drinks maker reduced its net losses by 42% to US$6.1m. Operating losses were also cut, by 37% to $6.6m, Jones reported yesterday (10 March). Sales in the period slid by 33% to $17.5m.
In the fourth quarter, net losses improved by 59% to $1.8m, while operating losses narrowed by 54% to $2m. However, sales dropped by 27% to $3.1m.
Jones said it was “pleased” with the progress it had made in 2010 towards stabilising the business.
“We believe that the turnaround strategy that we are executing, has positioned us to now start strategically expanding our market share,” said Jones' president and CEO, William Meissner.
Click here to view the original earnings release.
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