Chart Events
Performance Outlook
| Previous Close | 0.1551 |
| Open | 0.1660 |
| Bid | 0.0000 x 0 |
| Ask | 0.0000 x 0 |
| Day's Range | 0.1600 - 0.1660 |
| 52 Week Range | 0.1300 - 0.4300 |
| Volume | 88,040 |
| Avg. Volume | 99,450 |
| Market Cap | 10.102M |
| Beta (5Y Monthly) | 0.97 |
| PE Ratio (TTM) | N/A |
| EPS (TTM) | -0.0490 |
| Earnings Date | Nov 05, 2020 |
| Forward Dividend & Yield | N/A (N/A) |
| Ex-Dividend Date | N/A |
| 1y Target Est | 1.25 |
- GlobeNewswire
Jones Soda Reports Third Quarter 2020 Results
Returned to Growth with 17% Year-Over-Year Increase in RevenueSEATTLE, Nov. 05, 2020 (GLOBE NEWSWIRE) -- Jones Soda Co. (the “Company”) (OTCQB: JSDA), the original craft soda company known for its unconventional flavors and user-generated label artwork, announced results for the third quarter ended September 30, 2020. Third Quarter 2020 Financial Highlights vs. Year-Ago Quarter * Revenue increased 17% to $3.5 million compared to $3.0 million. * Gross profit as a percentage of revenue increased 430 basis points to 26.0% compared to 21.7%. * Net loss improved to $(450,000) or $(0.01) per share, compared to a net loss of $(476,000), or $(0.01) per share. * Adjusted EBITDA1 improved to $(324,000) compared to $(352,000) after the Company invested significantly in marketing and sales efforts.Management Commentary“During the third quarter, we continued to focus on our core competencies and drive sales through our bottled soda products, which resulted in a return to year-over-year revenue growth after six consecutive quarters of decline,” said Jamie Colbourne, Jones Soda’s interim CEO. “In fact, overall awareness and demand for our products continued to accelerate throughout the quarter as our digital marketing and social media initiatives drove strong engagement among both existing and new consumers. Further, our retooled sales approach bolstered growth across our traditional retail channels for our core products.“Our team has continued to do an excellent job navigating the uncertainties brought on by the COVID-19 pandemic with the majority of our employees working remotely, while still providing best-in-class service to our customers and partners.“Most importantly, we strengthened our senior leadership team with the appointment of CPG and foodservice industry veteran Mark Murray as president. Prior to joining full-time in September, Mark spent the last few months working with our leadership team building a robust 3-year strategic plan. The Jones team has already begun implementing these strategic initiatives to revitalize our go-to-market approach and sustain growth into the future.“We are now looking forward and will continue building upon the momentum we have generated the past few quarters. Although broader uncertainties remain in our macro environment and there is still much work to be done, our organization is hyper-focused on accelerating growth while being highly calculated in our go-to-market strategy. With an improved balance sheet and a reinvigorated organization, we remain confident in both our financial and operational positioning and expect to close out the year with revenue growth and improved profitability compared to 2019.”Third Quarter 2020 Financial ResultsThe Company believes its turnaround is well on track as demonstrated by our revenue in the third quarter of 2020, which increased 17% to $3.5 million compared to $3.0 million in the year-ago quarter. The increase was primarily driven by a 40% increase in sales of Jones’ core bottled soda products, partially offset by the expected decline in 7-Select revenue.Gross profit as a percentage of revenue increased 430 basis points to 26.0% for the third quarter of 2020 compared to 21.7% in the same year-ago quarter. The increase was driven by a more favorable product mix, along with optimizing costs associated with transportation and warehousing. This will continue to be an area of focus, and the Company anticipates that margins will continue to improve in 2021.Net loss for the third quarter of 2020 improved to $(450,000), or $(0.01) per share, compared to a net loss of $(476,000), or $(0.01) per share, in the same quarter a year ago.Adjusted EBITDA1 in the third quarter of 2020 improved to $(324,000) compared to $(352,000) in the same quarter a year ago.At September 30, 2020, cash and cash equivalents totaled $4.3 million compared to $4.3 million at June 30, 2020, and $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 third quarter ended September 30, 2020.Date: Thursday, November 5, 2020 Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time) Toll-free dial-in number: 1-800-437-2398 International dial-in number: 1-323-289-6576 Conference ID: 3587622Please 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 November 12, 2020.Toll-free replay number: 1-844-512-2921 International replay number: 1-412-317-6671 Replay ID: 3587622Presentation 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 may 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 Three months ended September 30, Nine months ended September 30, 2020 2019 2020 2019 (In thousands, except share data) (In thousands, except share data) (Unaudited) (Unaudited) Revenue$3,541 $3,032 $9,431 $9,345 Cost of goods sold 2,619 2,374 7,341 7,333 Gross profit 922 658 2,090 2,012 Gross profit % 26.0% 21.7% 22.2% 21.5% Operating expenses: Selling and marketing 642 539 1,924 1,792 General and administrative 674 491 2,136 1,699 1,316 1,030 4,060 3,491 Loss from operations (394) (372) (1,970) (1,479) Interest income 2 22 23 22 Interest expense (40) (113) (116) (375) Other income (loss), net (11) (8) 3 1 Loss before income taxes (443) (471) (2,060) (1,831) Income tax expense, net (7) (5) (19) (17) Net loss$(450) $(476) $(2,079) $(1,848) Net loss per share - basic and diluted$(0.01) $(0.01) $(0.03) $(0.04) Weighted average basic and diluted common shares outstanding 61,857,555 58,777,185 61,730,684 47,651,245 JONES SODA CO. CONDENSED CONSOLIDATED BALANCE SHEETS September 30, 2020 December 31, 2019 (Unaudited) ASSETS (In thousands, except share data) Current assets: Cash and cash equivalents $4,251 $5,969 Accounts receivable, net of allowance of $84 and $44 2,414 1,573 Inventory 1,604 1,788 Prepaid expenses and other current assets 205 310 Total current assets 8,474 9,640 Fixed assets, net of accumulated depreciation of $529 and $484 299 162 Other assets 33 33 Right of use lease asset 497 17 Total assets $9,303 $9,852 LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT) Current liabilities: Accounts payable $923 $554 Lease liability, current portion 100 18 Accrued expenses 784 663 Taxes payable 6 10 Total current liabilities 1,813 1,245 Convertible subordinated notes payable, net 1,373 1,333 Accrued interest expense 214 147 SBA loan 335 - Lease liability, net of current portion 401 - Total liabilities 4,136 2,725 Shareholders’ equity (deficit): Common stock, no par value: Authorized — 100,000,000; issued and outstanding shares — 61,975,748 shares and 61,566,076 shares, respectively 73,906 73,773 Accumulated other comprehensive income 328 342 Accumulated deficit (69,067) (66,988) Total shareholders’ equity 5,167 7,127 Total liabilities and shareholders’ equity $9,303 $9,852 JONES SODA CO. NON-GAAP RECONCILIATION (Unaudited, in thousands) Three months ended September 30, Nine months ended September 30, 2020 2019 2020 2019 GAAP net loss$(450)$ (476) $(2,079)$ (1,848) Stock based compensation 57 14 130 103 Interest income (2) (22) (23) (22) Interest expense 40 113 116 375 Income tax expense, net 7 5 19 17 Depreciation and Amortization 24 14 45 33 Non-GAAP Adjusted EBITDA$(324) $(352) $(1,792) $(1,342)
- GlobeNewswire
Jones Soda Sets Third Quarter 2020 Conference Call for Thursday, November 5, 2020, at 4:30 p.m. ET
SEATTLE, Oct. 22, 2020 (GLOBE NEWSWIRE) -- Jones Soda Co. (the “Company”) (OTCQB: JSDA), the original craft soda known for its unconventional flavors and user-designed label artwork, will hold a conference call on Thursday, November 5, 2020, at 4:30 p.m. Eastern time to discuss its financial results for the third quarter ended September 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, November 4, 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, November 5, 2020 Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time) Toll-free dial-in number: 1-800-437-2398 International dial-in number: 1-323-289-6576 Conference ID: 3587622Please 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 November 12, 2020.Toll-free replay number: 1-844-512-2921 International replay number: 1-412-317-6671 Replay ID: 3587622About 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
- GlobeNewswire
Jones Soda Appoints Mark Murray as President
Proven Executive Brings Track Record of Driving Sales Growth and Operational Efficiencies for Notable CPG and Food Service CompaniesSEATTLE, Sept. 08, 2020 (GLOBE NEWSWIRE) -- Jones Soda Co. (OTCQB: JSDA), the original craft soda known for its unconventional flavors and user-designed label artwork, has appointed 38-year CPG and foodservice industry veteran Mark Murray as President, effective September 1, 2020. Murray most recently served as the president of JGC Foods, a 600-employee North American food manufacturer specializing in fresh soups, sauces, sides, and entrées. In his six years with JGC, including four as vice president of sales and marketing, Murray created and implemented a broad range of strategic initiatives that nearly tripled company sales, developed new channels, achieved significant cost savings, and led to the acquisition of JGC by a capital fund.Earlier in his career, Murray held various senior sales and marketing positions for well-known CPG and food service brands, including Harry’s Fresh Foods, SOLO Cup Company, Campbell’s Food Company and Kraft Heinz Food Service. At each of these companies, he substantially grew sales and operational efficiencies through strategic visioning, new business and key account development, change management and other executive leadership.“Bringing in a proven executive with nearly four decades of experience in implementing sales strategies and driving revenue growth is a pivotal step forward for Jones Soda,” said Jamie Colbourne, Interim CEO. “Mark has a proven track record with exceptional leadership traits and ability to implement the necessary tactics to increase sales. We look forward to having Mark’s expertise as we remain committed to resetting our go-to-market approach and evaluating strategies to drive profitability and sustain growth going forward.”Commenting on his appointment, Murray stated: “Having worked with Jones closely over the past several months, it is clear the company has made progress resetting the business and identifying its unique areas of strength. It is a pivotal time for the company as we look to capitalize on the notable marketing campaigns implemented a few months ago, and I firmly believe there is ample room for growth. Although we are still in the early innings of revitalizing the business, I look forward to leveraging my background, along with the company’s exceptional brand image and leadership team, to further expand its customer base and significantly increase sales.”In addition, interim CEO Jamie Colbourne has been appointed as a director to fill a current vacancy on Jones Soda’s board of directors.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.com
