US: Jones Soda narrows Q1 losses

By just-drinks.com editorial team | 17 May 2010

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.

Sectors: Company results, Soft drinks, Water