PROSPECTUS SUPPLEMENT NO. 1 | Filed Pursuant to Rule 424(b)(3) |
(To Prospectus dated May 3, 2013) | Registration No. 333-166556 |
0-28820 | 52-2336602 |
(Commission File Number) | (IRS Employer Identification No.) |
1000 First Avenue South, Suite 100, Seattle, Washington | 98134 |
(Address of Principal Executive Offices) | (Zip Code) |
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 9.01. | Financial Statements and Exhibits. |
(d) | Exhibits. |
Exhibit No. | Exhibit Description | |
99.1 | Press Release, dated | May 9, 2013 |
JONES SODA CO. | ||||
Date: | May 9, 2013 | By: | /s/ Carrie L. Traner | |
Carrie L. Traner, Vice President of Finance |
• | Revenue decreased 20% to $3.1 million, compared to $3.9 million last year. |
• | Gross margin decreased to 24% of revenue, compared to 27% of revenue last year. |
• | Operating expenses decreased 57% to $1.1 million, compared to $2.7 million last year. |
• | Net loss improved 76% to $399,000, or $(0.01) per share, for the first quarter of 2013, compared to a net loss of $1.7 million, or $(0.05) per share, last year. |
Three Months Ended March 31, | |||||||
2013 | 2012 | ||||||
(In thousands, except share data) | |||||||
Revenue | $ | 3,087 | $ | 3,862 | |||
Cost of goods sold | 2,336 | 2,814 | |||||
Gross profit | 751 | 1,048 | |||||
Licensing revenue | 9 | 5 | |||||
Operating expenses: | |||||||
Promotion and selling | 473 | 1,357 | |||||
General and administrative | 675 | 1,332 | |||||
1,148 | 2,689 | ||||||
Loss from operations | (388 | ) | (1,636 | ) | |||
Other income (expense), net | 13 | (11 | ) | ||||
Loss before income taxes | (375 | ) | (1,647 | ) | |||
Income tax expense, net | (24 | ) | (25 | ) | |||
Net loss | $ | (399 | ) | $ | (1,672 | ) | |
Net loss per share - basic and diluted | $ | (0.01 | ) | $ | (0.05 | ) | |
Weighted average basic and diluted common shares outstanding | 38,530,416 | 35,978,771 |
Three Months Ended March 31, | ||||||
Case sale data (288-ounce equivalent): | 2013 | 2012 | ||||
Finished product cases | 225,000 | 296,000 |
March 31, 2013 | December 31, 2012 | ||||||
(Unaudited) | |||||||
(In thousands, except share data) | |||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 1,229 | $ | 1,654 | |||
Accounts receivable | 1,845 | 1,742 | |||||
Inventory | 2,864 | 2,223 | |||||
Prepaid expenses and other current assets | 242 | 264 | |||||
Total current assets | 6,180 | 5,883 | |||||
Fixed assets | 403 | 497 | |||||
Other assets | 629 | 640 | |||||
Total assets | $ | 7,212 | $ | 7,020 | |||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 1,578 | $ | 885 | |||
Accrued expenses | 673 | 767 | |||||
Taxes payable | 52 | 45 | |||||
Other current liabilities | 43 | 54 | |||||
Total current liabilities | 2,346 | 1,751 | |||||
Long-term liabilities — other | 445 | 485 | |||||
Shareholders’ equity: | |||||||
Common stock, no par value: | |||||||
Authorized — 100,000,000; issued and outstanding shares — 38,530,416 and 38,530,416 shares, respectively | 52,867 | 52,867 | |||||
Additional paid-in capital | 7,658 | 7,590 | |||||
Accumulated other comprehensive income | 419 | 451 | |||||
Accumulated deficit | (56,523 | ) | (56,124 | ) | |||
Total shareholders’ equity | 4,421 | 4,784 | |||||
Total liabilities and shareholders’ equity | $ | 7,212 | $ | 7,020 |
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