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Jones Soda Co. (JSDA)

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Previous Close0.1950
Open0.1980
Bid0.0000 x 0
Ask0.0000 x 0
Day's Range0.1815 - 0.1990
52 Week Range0.1500 - 0.6200
Volume135,926
Avg. Volume144,804
Market Cap12.118M
Beta (5Y Monthly)N/A
PE Ratio (TTM)N/A
EPS (TTM)-0.0550
Earnings DateAug 06, 2020
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target Est1.25
  • GlobeNewswire

    Jones Soda Reports Second Quarter 2020 Results

    SEATTLE, Aug. 06, 2020 (GLOBE NEWSWIRE) -- Jones Soda Co. (the “Company”) (OTCQB: JSDA), the original craft soda known for its unconventional flavors and user-generated label artwork, announced results for the second quarter ended June 30, 2020. Second Quarter 2020 Financial Summary vs. Year-Ago Quarter * Revenue was $3.1 million compared to $3.5 million. * Gross profit as a percentage of sales was 18.9% compared to 22.6%. * Net loss was $738,000 or $(0.01) per share, compared to a net loss of $576,000, or $(0.01) per share. * Adjusted EBITDA1 was $(653,000) compared to $(357,000).Management Commentary“The second quarter marked another period of progress, despite continued headwinds resulting from the COVID-19 pandemic,” said Jamie Colbourne, Jones Soda’s interim CEO. “In fact, the resurgence in demand for our core bottled soda products continued through the quarter, particularly in June, but this was offset by the expected decline in 7-Select revenue. During the quarter, we also made it a point to clean up our balance sheet through the discounted sales of slow-moving inventory, and we are confident in where our balance sheet sits today.“In the time since I have taken the helm as interim CEO, the organization has made significant strides in becoming more focused on its core competencies. We continue to work to optimize the cost structure by reducing non-essential expenses and aim to keep our spending as efficient as possible. Our marketing team has done an excellent job implementing several social media initiatives, including a recent partnership with legendary skateboarder Tony Hawk, that we believe are further driving consumer awareness.“As we move into the second half of 2020, we intend to build on the momentum from the year over year growth in our core bottled soda line that we experienced in June. We are seeing this momentum continue into July, and based on our new increased commercial focus, we expect this growth to continue in the future. Additionally, we remain steadfast in our commitment to bolstering Jones Soda’s brand awareness and driving growth in the core product lines. Although there are still uncertainties surrounding the global pandemic, our organization continues to be in constant contact with customers, distributors and supply chain partners to quickly respond to any changes that may arise. Everyone at Jones continues to be enthusiastic about the progress we have made so far and the various growth opportunities on the horizon.”Second Quarter 2020 Financial ResultsRevenue in the second quarter of 2020 was $3.1 million compared to $3.5 million in the year-ago quarter. This was primarily due to the expected decrease of $384,000 in 7-Select revenue as a result of the declining number of 7-Eleven stores carrying Jones 7-Select and one-time promotions for 7-Select in the prior-year quarter that bolstered revenue in such prior period. The decrease was partially offset by a 9% increase in revenues from Jones’ core bottled soda products, which we believe reflects continued positive momentum for this product line. Excluding the 7-Select segment, total revenue for the second quarter of 2020 remained flat at $2.9 million compared to the prior-year period.Gross profit as a percentage of sales was 18.9% for the second quarter of 2020 compared to 22.6% in the same year-ago quarter. The decrease was primarily driven by the one-time sell-off of slow-moving inventory at a discount, which recorded a negative gross margin for those products.Net loss for the second quarter of 2020 was $738,000, or $(0.01) per share, compared to a net loss of $576,000, or $(0.01) per share, in the same quarter a year ago.Adjusted EBITDA1 in the second quarter of 2020 was $(653,000) compared to $(357,000) in the same quarter a year ago.At June 30, 2020, cash and cash equivalents totaled $4.3 million compared to $6.0 million at December 31, 2019. Apart from an outstanding convertible debt instrument and its loan under the Paycheck Protection Program, the Company did not have any substantial debt and continues to actively evaluate a new line of credit.__________________ 1 Adjusted EBITDA is defined as net loss from operations before interest expense, interest income, taxes, depreciation, amortization and stock-based compensation and is a non-GAAP measure (reconciliation provided below).Conference Call Jones Soda will hold a conference call today at 4:30 p.m. Eastern time to discuss its results for the second quarter ended June 30, 2020.Date: Thursday, August 6, 2020 Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time) Toll-free dial-in number: 1-866-269-4266 International dial-in number: 1-323-347-3282 Conference ID: 6338661Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Investor Relations at 1-949-574-3860.The conference call will be broadcast live and available for replay here and via the investor relations section of the Company’s website at www.jonessoda.com.A replay of the conference call will be available after 7:30 p.m. Eastern time on the same day through August 13, 2020.Toll-free replay number: 1-844-512-2921 International replay number: 1-412-317-6671 Replay ID: 6338661Presentation of Non-GAAP InformationThis press release contains disclosure of the Company's Adjusted EBITDA, which is a not a United States Generally Accepted Accounting Principle (“GAAP”) financial measure. The difference between Adjusted EBITDA (a non-GAAP measure) and Net Loss (the most comparable GAAP financial measure) is the exclusion of interest expense, income tax expense, depreciation and amortization expense and stock-based compensation. We have included a reconciliation of Adjusted EBITDA to Net Loss in our Non-GAAP Reconciliation in this press release. This non-GAAP measure should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for or superior to GAAP. Adjusted EBITDA has certain limitations in that it does not take into account the impact of certain expenses to our consolidated statements of operations. In addition, because Adjusted EBITDA may not be calculated identically by all companies, the presentation here may not be comparable to other similarly titled measures of other companies. We believe that Adjusted EBITDA provides useful information to investors about the Company's results attributable to operations, in particular by eliminating the impact of non-cash charges related to stock-based compensation, amortization and depreciation that is consistent with the manner in which we evaluate the Company's performance. These adjustments to the Company's GAAP results are made with the intent of providing a more complete understanding of the Company's underlying operational results and provide supplemental information regarding our current ability to generate cash flow. This non-GAAP financial measure is not intended to be considered in isolation or as a replacement for, or superior to net loss as an indicator of the Company's operating performance, or cash flow, as a measure of its liquidity. Adjusted EBITDA should be reviewed in conjunction with Net Loss as calculated in accordance with GAAP.About Jones Soda Co.Headquartered in Seattle, Washington, Jones Soda Co.® (OTCQB: JSDA) markets and distributes premium beverages under the Jones® Soda and Lemoncocco® brands. A leader in the premium soda category, Jones Soda is made with pure cane sugar and other high-quality ingredients, and is known for packaging that incorporates ever-changing photos sent in from its consumers. Jones’ diverse product line offers something for everyone – pure cane sugar soda, zero-calorie soda and Lemoncocco non-carbonated premium refreshment. Jones is sold across North America in glass bottles, cans and on fountain through traditional beverage outlets, restaurants and alternative accounts. For more information, visit www.jonessoda.com or www.myjones.com or www.drinklemoncocco.com.Forward-Looking Statements DisclosureCertain statements in this press release are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all passages containing words such as “will,” “aims,” “anticipates,” “becoming,” “believes,” “continue,” “estimates,” “expects,” “future,” “intends,” “plans,” “predicts,” “projects,” “targets,” or “upcoming.” Forward-looking statements also include any other passages that are primarily relevant to expected future events or that can only be evaluated by events that will occur in the future. Forward-looking statements are based on the opinions and estimates of management at the time the statements are made and are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. Factors that could affect the Company's actual results, including its financial condition and results of operations and its ability to continue as a going concern, include, among others: its ability to successfully execute on its growth strategies and operating plans for the future; the ongoing negative impact that the novel coronavirus (COVID-19) pandemic has had and will likely continue to have on the Company’s business operations and sales; the Company’s ability to effectively utilize the proceeds from its 2019 strategic financing from HeavenlyRx; the Company’s ability to manage operating expenses and generate sufficient cash flow from operations; the Company’s ability to create and maintain brand name recognition and acceptance of its products; the Company’s ability to adapt and execute its marketing strategies, especially in light of the closures and delays caused by the COVID-19 pandemic;  the Company’s ability to compete successfully against much larger, well-funded, established companies currently operating in the beverage industry generally and in the craft beverage segment specifically; the Company’s ability to respond to changes in the consumer beverage marketplace, including potential reduced consumer demand due to health concerns (including obesity) and legislative initiatives against sweetened beverages (including the imposition of taxes); its ability to develop and launch new products and to maintain brand image and product quality; the Company’s ability to maintain and expand distribution arrangements with distributors, independent accounts, retailers or national retail accounts; the Company’s ability to maintain its relationship with 7-Eleven; its ability to manage inventory levels and maintain relationships with manufacturers of its products; its ability to maintain a consistent and cost-effective supply of raw materials and flavors and manage the impact of the COVID-19 pandemic on its supply chain; the Company’s ability to develop CBD-infused beverages; its ability to attract, retain and motivate key personnel; its ability to protect its intellectual property; the impact of future litigation and the Company’s ability to comply with applicable regulations; fluctuations in freight and fuel costs; the impact of currency rate fluctuations; its ability to access the capital markets for any future equity financing and to manage the impact that the COVID-19 pandemic may have on the Company’s ability to access capital; the Company’s ability to maintain disclosure controls and procedures and internal control over financial reporting; dilutive and other adverse effects from future potential securities issuances; and any actual or perceived limitations by being traded on the OTCQB Marketplace. More information about factors that potentially could affect the Company’s operations or financial results is included in its most recent annual report on Form 10-K for the year ended December 31, 2019 filed with the Securities and Exchange Commission (“SEC”) on March 30, 2020 and in the other reports filed with the SEC since that that date. Readers are cautioned not to place undue reliance upon these forward-looking statements that speak only as to the date of this release. Except as required by law, the Company undertakes no obligation to update any forward-looking or other statements in this press release, whether as a result of new information, future events or otherwise.Investor Relations ContactCody Slach Gateway Investor Relations 1-949-574-3860 JSDA@gatewayir.com finance@jonessoda.com   JONES SODA CO. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except share data)               Three months ended June 30, Six months ended June 30,   2020  2019  2020  2019          (In thousands, except share data) (In thousands, except share data)   (Unaudited) (Unaudited)      Revenue$3,098  $3,489  $5,890  $6,313   Cost of goods sold 2,512   2,702   4,722   4,959   Gross profit 586   787   1,168   1,354   Gross profit % 18.9%  22.6%  19.8%  21.4%                Operating expenses:             Selling and marketing 529   638   1,282   1,253   General and administrative 754   550   1,462   1,208     1,283   1,188   2,744   2,461   Loss from operations (697)  (401)  (1,576)  (1,107)  Interest income 4   -   21   -   Interest expense (38)  (173)  (76)  (262)  Other income, net 1   7   14   9   Loss before income taxes (730)  (567)  (1,617)  (1,360)  Income tax expense, net (8)  (9)  (12)  (12)  Net loss$(738) $(576) $(1,629) $(1,372)                Net loss per share - basic and diluted$(0.01) $(0.01) $(0.03) $(0.03)  Weighted average basic and diluted common shares outstanding 61,667,668   42,394,860   61,666,552   41,996,071                 JONES SODA CO. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share data)        June 30, 2020 December 31, 2019   (Unaudited)    ASSETS  (In thousands, except share data) Current assets:       Cash and cash equivalents $4,310  $5,969  Accounts receivable, net of allowance of $113 and $44  2,648   1,573  Inventory  1,623   1,788  Prepaid expenses and other current assets  204   310  Total current assets  8,785   9,640  Fixed assets, net of accumulated depreciation of $493 and $484  320   162  Other assets  33   33  Right of use lease asset  522   17  Total assets $9,660  $9,852  LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT)       Current liabilities:       Accounts payable $1,005  $554  Lease liability, current portion  98   18  Accrued expenses  711   663  Taxes payable  2   10  Total current liabilities  1,816   1,245  Convertible subordinated notes payable, net  1,359   1,333  Accrued interest expense  191   147  SBA Loan  335   -  Lease liability, net of current portion  427   -  Total liabilities  4,128   2,725  Shareholders’ equity (deficit):       Common stock, no par value:       Authorized — 100,000,000; issued and outstanding shares — 61,667,668 shares and 61,566,076 shares, respectively  73,846   73,773  Accumulated other comprehensive income  303   342  Accumulated deficit  (68,617)  (66,988) Total shareholders’ equity  5,532   7,127  Total liabilities and shareholders’ equity $9,660  $9,852          JONES SODA CO. NON-GAAP RECONCILIATION (Unaudited, in thousands)              Three months ended June 30,   Six months ended June 30,    2020  2019  2020  2019  GAAP net loss$  (738)  $  (576) $  (1,629) $   (1,372) Stock based compensation   32     26     73     89  Interest income   (4)    -     (21)    -  Interest expense   38     173     76     262  Income tax expense, net   8     9     12     12  Depreciation and Amortization   11     11     21     19  Non-GAAP Adjusted EBITDA$  (653) $  (357) $  (1,468) $  (990)

  • Jones Soda Kicks Off 25-Year Celebration as the Original Craft Soda by Reuniting with Tony Hawk to Launch ‘It’s My Craft’ Campaign
    GlobeNewswire

    Jones Soda Kicks Off 25-Year Celebration as the Original Craft Soda by Reuniting with Tony Hawk to Launch ‘It’s My Craft’ Campaign

    Jones Soda and Tony Hawk ItsMyCraft RV The "It's My Craft" campaign hit the road earlier this month in a fully wrapped Jones-branded RV carrying Tony Hawk and his family on a 10-day tour. Tony Hawk Performing His Signature Kick Flip in Jones Soda Apparel Jones Soda is reuniting with Tony Hawk, a legend known for his mastery of the skateboarding craft who was one of Jones’ first sponsored athletes.SEATTLE, July 29, 2020 (GLOBE NEWSWIRE) -- Jones Soda Co. (OTCQB: JSDA), the original craft soda known for its unconventional flavors and user-generated label artwork, is asking people to share the craft that inspires them every day for a chance to be featured on Jones Soda labels across North America. The company is launching a campaign called “It’s My Craft” by reuniting with Tony Hawk, a legend known for his mastery of the skateboarding craft who was one of Jones’ first sponsored athletes.The campaign reflects Jones Soda’s belief that everyone has a unique skill that energizes them and forms an integral part of their identity.  Despite pandemic restricting activities, people are finding creative ways to continue pursuing their craft, and the ItsMyCraft theme is offering an opportunity to celebrate that enthusiasm for personal expression.“It’s great to be reunited with Jones Soda because they share the same passion in pursuing excellence in one’s craft,” said Tony Hawk. “I believe our respective fans appreciate craft just as much.”The campaign hit the road earlier this month in a fully wrapped Jones-branded RV carrying Hawk and his family on a 10-day tour with stops that included a bison ranch, various national parks, and multiple skateparks. Along the way, Hawk created photo and video content showcasing his family’s adventures that will be featured on both Hawk’s and Jones’ social media channels. The ItsMyCraft RV will continue to celebrate craft with stops throughout the summer in select markets highlighting local talent and offering samples of Jones’ own craft, including trademark quirky flavors such as Fufu Berry, Blue Bubblegum and the recently launched Watermelon.The partnership between Hawk and Jones Soda also includes support for Hawk’s “The Skatepark Project” (formerly the Tony Hawk Foundation), which helps finance public skateparks in low-income communities. As part of the agreement, Jones Soda has made a substantial donation to support Hawk’s philanthropic efforts.“2021 will mark Jones’ 25th year as the original craft soda,” said Jamie Colbourne, Jones Soda’s interim CEO. “We’re kicking off the celebration by applauding the many forms that craft can take starting with one of the most recognizable athletes in the world. Tony has 15 million followers on social media. Even people who aren’t skateboarders know who he is and love him. With Tony in our camp, a graphically in-your-face RV serving as a moving billboard for the brand, and the ItsMyCraft campaign creating major visibility, we’re staking our claim as a brand that has a lot of air in the best skateboarding sense of the term.”Find out more about the ItsMyCraft campaign by visiting Jones Soda’s Facebook and Instagram pages.About Tony Hawk Inc. After more than 30 years of building a global brand ranging from apparel, toys, events, endorsements, social media, film production and one of the most successful video game franchises ever, legendary pro-skateboarder Tony Hawk remains one of the most popular athletes in the world. Hawk’s foundation, The Skatepark Project, helps finance public skateparks in low-income areas across the USA and other parts of the world. And he still skates regularly.About Jones Soda Co. Headquartered in Seattle, Washington, Jones Soda Co.® (OTCQB: JSDA) markets and distributes premium beverages under the Jones® Soda and Lemoncocco® brands. A leader in the premium soda category, Jones Soda is made with pure cane sugar and other high-quality ingredients, and is known for packaging that incorporates ever-changing photos sent in from its consumers. Jones’ diverse product line offers something for everyone – pure cane sugar soda, zero-calorie soda and Lemoncocco non-carbonated premium refreshment. Jones is sold across North America in glass bottles, cans and on fountain through traditional beverage outlets, restaurants and alternative accounts. For more information, visit www.jonessoda.com or www.myjones.com or www.drinklemoncocco.com.Investor Relations Contact Cody Slach Gateway Investor Relations 1-949-574-3860 JSDA@gatewayir.comPhotos accompanying this announcement are available at https://www.globenewswire.com/NewsRoom/AttachmentNg/aa58cb73-6130-4c65-8ed4-a6f30386e5f5https://www.globenewswire.com/NewsRoom/AttachmentNg/c6b43ec2-4735-4b2f-a3cf-ea3435c91b73

  • GlobeNewswire

    Jones Soda Sets Second Quarter 2020 Conference Call for Thursday, August 6, 2020, at 4:30 p.m. ET

    SEATTLE, July 28, 2020 (GLOBE NEWSWIRE) -- Jones Soda Co. (the “Company”) (OTCQB: JSDA), the original craft soda known for its unconventional flavors and user-generated label artwork, will hold a conference call on Thursday, August 6, 2020, at 4:30 p.m. Eastern time to discuss its financial results for the second quarter ended June 30, 2020. The financial results will be reported in a press release prior to the conference call. Jones Soda management will host the conference call, followed by a question and answer period. Investors and analysts are encouraged to submit questions they would like management to address during the discussion via email to JSDA@gatewayir.com by Wednesday, August 5, 2020, at 5:00 p.m. Eastern time. During the question and answer period, management will respond to appropriate and common themes submitted online.Date: Thursday, August 6, 2020 Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time) Toll-free dial-in number: 1-866-269-4266 International dial-in number: 1-323-347-3282 Conference ID: 6338661Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Investor Relations at 1-949-574-3860.The conference call will be broadcast live and available for replay here and via the investor relations section of the Company’s website at www.jonessoda.com.A replay of the conference call will be available after 7:30 p.m. Eastern time on the same day through August 13, 2020.Toll-free replay number: 1-844-512-2921 International replay number: 1-412-317-6671 Replay ID: 6338661About Jones Soda Co. Headquartered in Seattle, Washington, Jones Soda Co.® (OTCQB: JSDA) markets and distributes premium beverages under the Jones® Soda and Lemoncocco® brands. A leader in the premium soda category, Jones Soda is made with pure cane sugar and other high-quality ingredients, and is known for packaging that incorporates ever-changing photos sent in from its consumers. Jones’ diverse product line offers something for everyone – pure cane sugar soda, zero-calorie soda and Lemoncocco non-carbonated premium refreshment. Jones is sold across North America in glass bottles, cans and on fountain through traditional beverage outlets, restaurants and alternative accounts. For more information, visit www.jonessoda.com or www.myjones.com or www.drinklemoncocco.com.Investor Relations Contact: Cody Slach Gateway Investor Relations 1-949-574-3860 JSDA@gatewayir.com