US: Jones Soda narrows H1 net losses
- First-half net losses improve by 5.4% to $3.5m
- Operating losses narrow to $3.5m from $3.6m in 2010
- Net sales decline by 3% to $9m
- Group says it is making progress
Jones Soda recorded a net loss of US$1.8m compared to a net loss of $1.6m last year
Jones Soda has said it remains optimistic on its full-year performance, after recording an improvement in first-half net losses.
For the six months to the end of June, net losses improved slightly to reach US$3.5m, compared to net losses of $3.7m last year. Operating losses also improved, to reach $3.5m from $3.6m.
Net sales declined by 3% to $9m, the firm reported yesterday (11 August).
For the second quarter, net losses widened to $1.8m compared to net losses of $1.6m last year. Operating losses widened to $1.8m from $1.5m in 2010.
Sales amounted to $4.9m, an 8% drop on the prior-year period.
The drop in sales was a result of the company's decision to scrap underperforming product lines and SKU offerings, Jones said.
"Our legacy Jones Soda business and our newly re-launched WhoopAss energy drink continued to capture share in our North American markets," said Jones Soda's president and CEO, William Meissner. "Since my arrival, we have repositioned resources and made additional investments in personnel to support growth of these two product lines and we remain optimistic that this strategy will lead to improved top and bottom line performances for the full-year."
Longer-term, the company said it is focused on developing and marketing brand extensions to improve profitability.
Click here to view the earnings release.
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