Jones Soda narrows loss 72%, cuts expenses 51%

Seattle soda-pop marketer Jones Soda posted a loss of $1.5 million, or 6 cents a share, for the third quarter, a 72 percent improvement from its $5.3 million loss in the same quarter last year.

CEO Joth Ricci called it the company's best performance in nine quarters, and said it reflects the progress Jones Soda has made in streamlining its business.

Revenue was down 18 percent to $7.2 million, an improvement from the second quarter revenue decline of 36 percent.

Operating expenses fell 51 percent to $3 million partly because it laid off about 16 people in August, on top of roughly 60 layoffs during the previous year. Its head count is now about 40 people.

Jones said in a securities filing in August that there is "substantial doubt about our ability to continue as a going concern" and that it had enough cash at that time — $7.1 million — to operate if sales meet its new projections. At the Sept. 30 end of the third quarter, it had $6.1 million in cash.

Several new product extensions — including a "mixed flavor soda" called Jones Jumble and Jones Refresco de Caña Pura — have sold well, Ricci said.

Its earnings announcement came after the market closed. Jones stock rose a penny to 75 cents a share during regular trading, then gained 14 cents to 89 cents a share in after-hours trading.

Melissa Allison: 206-464-3312 or mallison@seattletimes.com