Jones Soda reports quarterly loss, burning through cash
ones Soda burned through more than half its cash in the first quarter, ending March with $2.4 million, down from $5 million at the end of December.
Seattle Times business reporter
Jones Soda burned through more than half its cash in the first quarter, ending March with $2.4 million, down from $5 million at the end of December.
CFO Michael O'Brien said last month the company has enough cash to operate for a year.
The bleeding continued as the Seattle company racked up a net loss of $2.1 million, or 8 cents a share, for the first quarter, an 18 percent improvement from a year earlier.
Revenue fell 45 percent to $3.9 million, and operating expenses dropped 29 percent to $2.9 million partly because of job cuts last year.
"[O]ur failure to actively promote and create retail marketing programs has slowed our same-store sales in several markets," new CEO William Meissner said in a news release.
The company is addressing gaps in its product offerings and targeting money for new marketing programs, he said.
Jones also continues to "explore strategic partnerships and financing options," Meissner said.
In March, the company said it would pay $75,000 to back away from a possible acquisition by Los Angeles-based soft-drink company Reed's, saying it was considering another bid from an unnamed suitor.
Shortly after Meissner arrived last month, it filed a shelf registration to sell up to $30 million in stock and warrants sometime in the future to pay "for new marketing programs to secure and grow larger distributor and national retail accounts, working capital and other general corporate purposes," Meissner said in a release.
Melissa Allison: 206-464-3312 or email@example.com