US: Jones Soda narrows Q1 losses
Jones Soda said it continues to explore strategic partnerships
Jones Soda has narrowed its losses in the first-quarter as a result of cost cutting measures.
For the three months to the end of March, the firm reported a net loss of US$2.1m, compared to a net loss of $2.6m in the prior year period.
Sales slumped, however, by 45% to $3.9m.
Michael O'Brien, CFO said on Friday (14 May): "Over the last 12 months we have streamlined our business by lowering overhead costs and focusing our resources on our core glass bottle business. With this focus, we have achieved improved year-over-year bottom-line results on lower case volumes and lower revenues."
The firm said it continues to explore strategic partnerships and financing options that would benefit the company and shareholders.
“Our plan going forward is to support our core brands at retail and compete in proven, high-growth segments with brand ideas that connect with consumers," said company president and CEO William Meissner.
The troubled company had originally agreed to be merged into Reed’s for about $9.8m in cash and stock, but has since terminated exclusive talks between the two firms in order to speak with an unnamed third party.
- Interview Berry Bros & Rudd CEO Dan Jago - Part I
- The threat of excess choice in beer is over-stated
- Key trends for the beer category in 2017 - Focus
- Key trends for the spirits sector in 2017 - Focus
- Signs of life in Japan's beer market - Comment
- Pernod Ricard's Method and Madness Irish whiskey
- Premium to counter mainstream in gin - research
- Bacardi lines up Canadian bottling plant closure
- Pernod unveils new St Patrick's Day Jameson bottle
- Wm Grant names Victor Jerez business director
- Global vodka insights - market forecasts, product innovation and consumer trends
- Global rum insights - market forecasts, product innovation and consumer trends
- Global Cognac insights - market forecasts, product innovation and consumer trends
- Battle of the Generations - The fight for iGen, Millennial, Gen X and Baby Boomer consumers
- Global gin insights - market forecasts, product innovation and consumer trends