Vending

Jones Soda reports flat revenue for Q1

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May 8, 2020

Jones Soda Co., a provider of craft soda, reported revenue remained flat at $2.8 million for the first quarter ended March 31, 2020 compared to a year ago, according to a press release. This was primarily the result of a decrease of $206,000, or 66%, in 7-Select revenue due to declining 7-Eleven store counts, offset by a 3% increase in revenues from Jones' core bottled soda products and a 51% increase in fountain soda revenue. Excluding the 7-Select segment, total revenue for the first quarter of 2020 increased from $2.5 million to $2.7 million, or 7%, as compared to the prior year period, reflecting positive momentum across the company's other product lines.

Gross profit as a percentage of sales increased 70 basis points to 20.8% for the first quarter of 2020 compared to 20.1% in the same year-ago quarter. The improvement was primarily driven by retail price increases implemented in 2019 for our bottled soda products.  

Net loss for the first quarter of 2020 was $891,000, or $(0.01) per share, compared to a net loss of $796,000, or $(0.02) per share, in the same quarter a year ago.