US: Jones Soda nine-month net losses increase
- Nine-month net losses increase by 21% to US$5.2m
- Operating losses widen by 13% to $5.2m
- Sales down by 3% to $14m
- Third-quarter net losses increase by 70% to $1.7m
Jones Soda saw its net losses increase in the first nine months of the year
Jones Soda has seen its net losses grow in the first nine months of the year as a result of "the discontinuation of underperforming product lines and SKU offerings".
For the period to the end of September, the US soft drinks maker saw its net losses increase by 21% to US$5.2m. The firm's operating losses also widened, by 13% to $5.2m, Jones said yesterday (10 November).
Sales were down by 3% to $14m. The company blamed the losses on the disposal of underperforming product offerings and the write-down of inventory totalling $344,000.
In the third quarter, Jones widened its net losses by 70% to $1.7m, while operating losses also increased, by 74% to $1.7m. Sales in the period were down by 3.9% to $4.9m.
"We believe we are on track for 2011 to achieve low double-digit annual revenue growth in our North American core products compared to 2010," said Jones Soda's president and CEO, William Meissner. "We remain optimistic that demand for our core products will continue as we move into 2012, while operating expense leverage will help create a sustainable business for the long-term with improved bottom line performance."
Click here to view the earnings release.
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