US: Jones Soda sees losses narrow in FY as "turnaround" continues
- Full-year net losses slow by 59% to US$2.9m
- Net sales in 12 months to end of December fall by 6% to $16.4m
- Operating losses cut by 61.3% to $2.8m
- Volumes slide by 8.5%
Will Jones Soda go back to black in 2013?
The much-vaunted turnaround at Jones Soda continued in the fourth quarter, as net losses in the year dropped markedly.
The company said late yesterday (7 March) that net losses for the 12 months of last year came in at US$2.9m, an improvement on the $7.2m posted in 2011. Net sales were down for the year, by 6% at $16.4m, with operating losses totalling $2.8m versus $7.2m for the previous year.
The full-year numbers correspond with the performance in the first nine months of 2012, when net losses were down by 53% and sales dipped by 5%.
For the last three months of 2012, net losses totalled $448,000 compared to $2m, as sales fell by 10% to $3.1m. Operating losses hit $422,000, compared to $2.1m.
A year ago, Jones Soda maintained that it was "on the right ... course", despite posting rising losses in 2011. The company, which owns the Jones Soda and WhoopAss Energy Drink brands, introduced a "turnaround strategy" in the second half of 2012. The programme included "redeploying resources from certain markets while refocusing efforts on key core markets".
"Our turnaround strategy is working," said CEO Jennifer Cue. Over the second half of 2012, we have worked to ... reduce costly selling, general & administrative expenses.
"We have found the right balance for our operating expenses and are investing in distribution and product lines that we believe will drive longer-term volume growth in a profitable way.”
To read the company's official statement, click here.
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