The Jones Soda Nightmare Continues
After seeing some growth in the last quarter of 2011, Jones Soda (NASDAQ:JSDA) again had another bad three months as revenue for the first quarter fell 6 percent to $3.9 million from $4.1 million year-over-year. The maker of Jones Soda and WhoopAss Energy Drink reported a flat net loss of $1.7 million, or 5 cents per share. Operating expenses of $1.3 million were lower than the $2.1 million used during the first quarter of 2011.
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The company said it had a working capital of $4.9 million at the end of the quarter, as it added $1.6 million to its cash funds over the three quarters mostly because of a public offer in February. The company sold 6,415,000 shares of common stock, receiving net proceeds of approximately $2.8 million.
Chief executive William Meissner hoped for better summer months. “We have been working to increase the efficiency of our product portfolio, while decreasing the cost of getting our products to market,” he said. “Seeing the traction of these improvements just before we head into the warmer months where our products typically are consumed more rapidly is encouraging.”