US: Jones Soda Co sees FY losses slow, but sales dip
- Full-year net losses reduced by 34.8% at US$1.9m
- Net sales in 12 months of 2013 fall by 16.4% to $13.7m
- Operating losses narrow by 34.3%% to $1.8m
- Volumes in year decrease by 13%
Jones Soda Co reported its results for 2013 late yesterday
Jones Soda Co has reported a slowdown in its losses in 2013, although sales in the year struggled.
The US company, which owns the Jones range of soft drinks, said late yesterday (6 March) that net losses in the 12 months of 2013 improved by 34.8%, totalling US$1.9m. However, Jones Soda saw its sales in the year decrease by 16.4% to $13.7m.
Operating losses also narrowed last year, by 34.3% to $1.8m.
In the last three months of 2013, net losses leapt by 138.6% on the year previous, to $1.1m, with sales dropping by 32.2% to $2.1m. Operating losses also rose, by 147.6% to $1m.
The full-year's narrowed losses continued Jones Soda's turnaround that has seen the company return from losses as high as $15m in 2008. However, yesterday's fourth-quarter losses will be a disappointment for the company, which in the previous two quarters had neared break-even.
Jones Soda said Q4 was impacted by “general softness in sales” across the CSD industry and a strong comparison from last year.
“The fourth quarter results are illustrative of the bumps along the way toward recalibrating a business to profitable growth in an industry that is undergoing rapid change,” CEO Jennifer Cue said. “Still, the foundation for Jones’ future is very strong. We’ve got a powerful brand, an entrepreneurial team and a mindset to driving future growth through innovation once again.”
Jones Soda lost its NASDAQ listing in 2012 because its shares had traded below US$1 for too long.
To read an interview with Jennifer Cue about Jones Soda's turnaround, click here.
To read the company's official statement, click here.
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