Jones Soda Co. announced results for the third quarter ended Sept. 30, 2012. Revenue for the third quarter of 2012 decreased 16 percent to $4.2 million compared to revenue of $5.0 million for the third quarter of 2011. The company reported a net loss of $324,000, or $0.01 per share, for the third quarter of 2012, compared to a net loss of $1.7 million, or $0.05 per share, for the third quarter 2011.
"The quarter's results demonstrate our progress in reducing expenses and focusing on markets where we can generate the highest return within our available resources," said Jennifer Cue, CEO of Jones Soda Co., in a prepared statement. "Since rejoining the company four months ago, we have taken a hard look at our sales execution strategy and are making changes that we believe will be conducive to longer-term growth while operating within a more disciplined cost structure."
For the quarter, revenue declined by 16 percent due in part to shifting attention to higher priority core markets. While revenues declined, comparable gross profit for the quarter was down only 2 percent.
"Together we are enjoying the first signs of progress of our turnaround strategy with a renewed sense of our old Jones entrepreneurial spirit and a commitment to a sustainable and growing company," added Cue.
