SEATTLE--(BUSINESS WIRE)--Jones Soda Co. (the Company) (OTCQB: JSDA), a leader in the craft soda category and known for its unique branding and innovative marketing, today announced results for the second quarter ended June 30, 2017.
“Sales of Lemoncocco and Jones on Fountain, two higher margin initiatives, grew during the quarter. As mainstream soda consumption decreases, we are investing more resources in these on-trend products and opportunities that can deliver revenue growth and value for shareholders,” stated Jennifer Cue, the Company’s CEO.
For the second quarter of 2017, the Company reported revenue of $3.9 million, compared to the prior year’s second quarter revenue of $4.3 million. The Company reported a net loss for the second quarter of 2017 of $55,000 or ($0.00) per share, compared to a net loss of $65,000 or ($0.00) per share, for the second quarter of 2016.
Commenting on other major initiatives, Eric Chastain, the Company’s COO, added, “Our partnership with 7-Eleven USA is stronger than ever. Sell-through of our co-branded private label offerings is up year-over-year, and we continue to expand our relationships within their organization. Our success with 7-Eleven demonstrates that we have the operating capacity and service orientation to serve large partnerships.”
Second Quarter Review - Comparison of Quarters Ended June 30, 2017 and 2016
- Revenue was approximately $3.9 million compared to $4.3 million for the prior year.
- Gross margin increased to 27.0% of revenue, compared to 25.2% last year.
- Net loss improved to $55,000 or ($0.00) per share, compared to a net loss of $65,000 or ($0.00) per share, last year.
Year-to-date Review - Comparison of Six Months Ended June 30, 2017 and 2016
- Revenue was approximately $7.5 million compared to $8.6 million for the prior year.
- Gross margin remained relatively flat at 25.6% of revenue, compared to 26.3% last year.
- Net loss was $252,000 or ($0.01) per share, compared to a net loss of $16,000 or ($0.00) per share, last year.
The declines in revenue are attributable to increased competition in the craft soda segment at grocery, as well as the de-listing of our Jones 12-ounce cans by a major retailer in favor of their own competing private label product.
