SEATTLE, WA (May 4, 2017) /BUSINESS WIRE/ — Jones Soda Co. (OTCQB: JSDA), a leader in the premium soda category and known for its unique branding and innovative marketing, today announced results for the first quarter ended March 31, 2017.
“During the first quarter of 2017, we saw strong reorders of our new co-branded glass bottle product at 7-Eleven USA. Despite the positive customer acceptance of our 7-Eleven line up and growth in the Company’s emerging Lemoncocco and Fountain programs, this quarter’s revenue was lower than the comparable period primarily because of larger product load in shipments to 7-Eleven in the first quarter of 2016. We are pleased the beverage initiatives that represent the strongest growth opportunities for our shareholders are performing and in line with our expectations for the winter sales season,” stated Jennifer Cue, CEO of Jones Soda Co.
For the first quarter of 2017, the Company reported revenue of $3.5 million, compared to the prior year’s first quarter revenue of $4.3 million. The Company reported a net loss for the first quarter of 2017 of $197,000 or ($0.00) per share, compared to a net income of $49,000 or $0.00 per share, for the first quarter of 2016.
First Quarter Review – Comparison of Quarters Ended March 31, 2017 and 2016
Our current co-branded 7-Select® glass product was launched during the fourth quarter of 2016 and the first quarter of 2017, as compared to the significant pipeline fill of the PET co-branded 7-Select® product in the comparable first quarter of 2016.
- Revenue was approximately $3.5 million compared to $4.3 million for the prior year.
- Gross margin decreased to 24.1% of revenue, compared to 27.4% last year.
- Net loss was to $197,000 or $(0.00) per share, compared to a net income of $49,000 or $0.00 per share, last year.
Max Schroedl, the Company’s CFO, added, “We have the streamlined cost structure and balance sheet in place to operate efficiently and support our ongoing growth initiatives.”
About Jones Soda Co.
Headquartered in Seattle, Washington, Jones Soda Co.® (OTCQB: JSDA) markets and distributes premium beverages under the Jones® Soda, Jones Zilch®, Jones Stripped™ and LEMONCOCCO™ brands. A leader in the premium soda category, Jones Soda is known for its variety of flavors, made with cane sugar and other high quality ingredients and incorporating always-changing photos sent in from its consumers. The diverse product line of Jones offers something for everyone – pure cane sugar soda, zero-calorie soda and an all-naturally sweetened sparkling beverage with only 30 calories, and Lemoncocco™ non-carbonated premium refreshment. Jones Soda is sold across North America in glass bottles, cans and on fountain through traditional beverage outlets, restaurants and alternative accounts. For more information, visit www.jonessoda.com or www.myjones.com or www.drinklemoncocco.com.