By: Matt Rego
Jones Soda Co. (OTCQB: JSDA) is a developer, producer, market, and distributor of its line of Jones Soda, carbonated soft drinks. The company primarily operates in North America, Ireland, United Kingdom, and Costa Rica. Shares of the soda company were down 15% on heavy volume, during early trading on Friday, August 5, 2016. Over the past three months, Jones Soda Co. (OTCQB: JSDA) has seen average daily volume of around 38,773. However, nearly 272,500 shares or dollar volume of around $142,326, has already exchanged hands during the early trading session on Friday.
The big news that is sending shares of the soda maker lower on Friday comes after Jones Soda Co. (OTCQB: JSDA) released their fiscal second quarter earnings that showed fiscal second quarter earnings only grew 1% from fiscal first quarter to $4.3 million. Net loss was able to be reduced for the soda company, and gross margins increased from 24.7% during fiscal second quarter 2015 to 25.2% in fiscal second quarter in 2016. Here is the complete press release detailing of the soda company’s fiscal second quarter earnings situation:
Jones Soda Co. (the Company) (JSDA), a leader in the premium soda category and known for its unique branding and innovative marketing, today announced results for the second quarter ended June 30, 2016.
For the second quarter of 2016, the Company reported revenue of $4.3 million, up 1% over the second quarter of 2015, based on case volume growth of 7.0%. The Company improved to a net loss for the second quarter of 2016 of $65,000 or $(0.00) per share, compared to a net loss of $116,000 or $(0.01) per share, for the second quarter of 2015.
Commenting on the Company’s performance, CEO Jennifer Cue stated, “I continue to be excited about all of the opportunities for the Jones Soda brand, and for our new brand, Lemoncocco. During the second quarter of 2016, we made continued operational improvement resulting in positive operating income for the first six months of the year, a significant accomplishment.”
Second Quarter Review – Comparison of Quarters Ended June 30, 2016 and 2015
Revenue increased 1% compared to last year.
Case sales volume increased 7.0% compared to last year.
Gross margin increased to 25.2% of revenue, compared to 24.7% last year.
Net loss improved to $65,000 or $(0.00) per share, compared to a net loss of $116,000 or $(0.00) per share last year.
Year-to-date Review – Comparison of Six Months Ended June 30, 2016 and 2015
Revenue increased 19.9% compared to last year.
Case sales volume increased 34.6% compared to last year.
Gross margin increased to 26.3% of revenue, compared to 25.1% last year.
Net loss improved to $16,000 or $(0.00) per share, compared to a net loss of $394,000 or $(0.01) per share last year.
The Company will discuss its results for the quarter ended June 30, 2016, on its scheduled conference call today, August 4, 2016, at 4:30 p.m. Eastern time (1:30 p.m. Pacific time). This call will be webcast and can be accessed by visiting our website at www.jonessoda.com or http://www.jonessoda.com/pages/webcasts. Investors may also listen to the call via telephone by dialing (719) 457-2645 (confirmation code: 7486449) In addition, a telephone replay will be available by dialing (858) 384-5517 (confirmation code: 7486449) through August 11, 2016, at 11:59 p.m. Eastern Time.
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, high quality ingredients (including cane sugar), and innovative labeling technique that incorporates 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 8 grams of sugar. Jones Soda is sold across North America through traditional beverage retailers and in many retailers where you would not expect to find carbonated beverages. For more information, visit www.jonessoda.com or www.myjones.com.