US: Jones Soda turns loss to profit in Q1

By | 30 April 2004

Jones Soda Co has announced yesterday that its revenue for the first quarter of fiscal 2004 increased 50.3% to US$5,802,247, compared to $3,860,620 for the first quarter last year.

Net earnings reached US$287,057, or $0.01 per basic diluted share, versus a loss of US$72,082 last year.

Peter van Stolk, president and CEO said: "These results, which exceeded both top and bottom line expectations, represent a great way to begin the new year. Our record performance was driven by robust growth in the majority of our key territories, increased direct to retail sales and further operating expense leverage. Importantly, our momentum continues into the second quarter.

"For the first time in three years, we achieved double-digit percentage increases in sales in our major markets including the Southwest and Midwest United States and Western Canada."

Van Stolk continued: "It is extremely gratifying to witness this type of sales growth and our recent success underscores the ongoing strength of the Jones brand and gives us heightened confidence about our prospects for the future.

"During the quarter we also substantially expanded our direct to retail business by securing an arrangement with Starbucks to distribute two flavours of Jones Soda in all of its domestic locations. This arrangement not only represents another meaningful source of revenue, but significantly enhances our brand exposure across the country and among diverse demographics. Our direct to retail business has grown considerably over the past year, and between Starbucks, Panera Bread and Barnes and Noble, we are now in more than 6,000 doors nationwide."
Van Stolk concluded: "Given the size of the beverage industry, our unique position in the market and our brand recognition, we believe there are significant opportunities to grow our core business. Additionally, because of the lifestyle nature of our brand, we believe we have the ability to expand into other consumable and non-consumable products and will explore these opportunities primarily through licensing agreements. At the same time, we will continue to focus on further improving operating efficiencies and generating increased profits. We remain committed to executing a strategy that will result in long-term growth and increased shareholder value."

Sectors: Soft drinks

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