US: Jones Soda narrows Q3 losses, sales fall
Jones Soda recorded a drop in sales in the third quarter
Jones Soda has narrowed its losses in the third quarter of 2010, but sales continued to slide.
For the three months to the end of September, the soft drinks maker narrowed losses by 38.5% to US$578,000.
Sales slid by 28% to $5.1m in the quarter, Jones reported yesterday (11 November), while operating losses narrowed by 64.9% to $974,000 in the period.
William Meissner, group president and CEO, said: "Our improved bottom line performance in the third quarter is an indication that the initial phase of our turnaround strategy is tracking on plan. We move forward focused on expanding our market share in a strategic and profitable manner and committed to returning greater value to our shareholders in the future."
In the first nine months of the year, the firm saw profits slide by 29.6% to $4.26m, while sales dropped by 33.6% to $14.4m.
Check back later for further insight into Jones Soda’s third quarter results.
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