Jones Soda reduces loss
The Seattle soda pop marketer cuts its quarterly loss, but sees drop in revenue as well. Its cash position remains precarious.
Seattle Times business reporter
Jones Soda’s loss narrowed to $399,000 for the first quarter, ended March 31, compared with $1.7 million a year earlier.
The improvement came despite a 20 percent drop in revenue, to $3.1 million.
The revenue decline was a result of “management’s strategy to reallocate resources from certain markets while focusing on key core markets, particularly during the upcoming busier summer selling season,” the company said in a news release.
It cut overhead almost in half, to $675,000 for the quarter.
The Seattle-based soda pop marketer has said for years that it might not be able to continue operating. It ended the quarter with $1.2 million in cash, down from $1.7 million three months earlier.
Jones shares fell so low, they are now traded over the counter rather than on a major stock exchange. They rose 3.6 cents Thursday to 56.6 cents before the earnings news and climbed a fraction of a penny in after-hours trading.
Melissa Allison: 206-464-3312 or firstname.lastname@example.org. Twitter @AllisonSeattle.