PROSPECTUS SUPPLEMENT NO. 3 | 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 | August 8, 2013 |
JONES SODA CO. | ||||
Date: | August 8, 2013 | By: | /s/ Carrie L. Traner | |
Carrie L. Traner, Vice President of Finance |
• | Revenue decreased 19% to $4.3 million, compared to $5.3 million last year. |
• | Gross margin decreased to 29% of revenue, compared to 30% of revenue last year. |
• | Operating expenses decreased 34% to $1.3 million, compared to $2.0 million last year. |
• | Net loss improved 79% to $95,000, or $0.00 per share, compared to a net loss of $459,000, or $(0.01) per share, last year. |
• | EBITDA (earnings before interest, income taxes, depreciation and amortization and stock-based compensation) was $54,000, compared to negative EBITDA of $312,000 last year. |
• | Revenue decreased 19% to $7.4 million, compared to $9.1 million last year. |
• | Gross margin decreased to 27% of revenue, compared to 29% of revenue last year. |
• | Operating expenses decreased 47% to $2.5 million, compared to $4.7 million last year. |
• | Net loss improved 77% to $494,000, or $(0.01) per share, compared to a net loss of $2.1 million, or $(0.06) per share, last year. |
• | Negative EBITDA was $204,000, compared to $1.8 million last year. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
(In thousands, except share data) | |||||||||||||||
Revenue | $ | 4,287 | $ | 5,263 | $ | 7,383 | $ | 9,130 | |||||||
Cost of goods sold | 3,053 | 3,696 | 5,389 | 6,510 | |||||||||||
Gross profit | 1,234 | 1,567 | 1,994 | 2,620 | |||||||||||
Operating expenses: | |||||||||||||||
Promotion and selling | 625 | 920 | 1,098 | 2,277 | |||||||||||
General and administrative | 690 | 1,078 | 1,365 | 2,410 | |||||||||||
1,315 | 1,998 | 2,463 | 4,687 | ||||||||||||
Loss from operations | (81 | ) | (431 | ) | (469 | ) | (2,067 | ) | |||||||
Other (expense) income, net | (9 | ) | (5 | ) | 4 | (16 | ) | ||||||||
Loss before income taxes | (90 | ) | (436 | ) | (465 | ) | (2,083 | ) | |||||||
Income tax expense, net | (5 | ) | (23 | ) | (29 | ) | (48 | ) | |||||||
Net loss | $ | (95 | ) | $ | (459 | ) | $ | (494 | ) | $ | (2,131 | ) | |||
Earnings (loss) per share - basic and diluted | $ | 0.00 | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.06 | ) | ||||
Weighted average basic and diluted common shares outstanding | 38,530,416 | 38,544,140 | 38,530,416 | 37,268,386 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||
Case sale data (288-ounce equivalent): | 2013 | 2012 | 2013 | 2012 | |||||||
Finished product cases | 306,000 | 376,200 | 531,000 | 672,200 |
June 30, 2013 | December 31, 2012 | ||||||
(Unaudited) | |||||||
(In thousands, except share data) | |||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 1,328 | $ | 1,654 | |||
Accounts receivable, net of allowance of $55 and $93 | 1,782 | 1,742 | |||||
Inventory | 2,800 | 2,223 | |||||
Prepaid expenses and other current assets | 178 | 264 | |||||
Total current assets | 6,088 | 5,883 | |||||
Fixed assets, net of accumulated depreciation of $1,871 and $1,787 | 348 | 497 | |||||
Other assets | 619 | 640 | |||||
Total assets | $ | 7,055 | $ | 7,020 | |||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 1,590 | $ | 885 | |||
Accrued expenses | 604 | 767 | |||||
Taxes payable | 20 | 45 | |||||
Other current liabilities | 45 | 54 | |||||
Total current liabilities | 2,259 | 1,751 | |||||
Long-term liabilities — other | 434 | 485 | |||||
Shareholders’ equity: | |||||||
Common stock, no par value: | |||||||
Authorized — 100,000,000; issued and outstanding shares — 38,530,416 shares | 52,867 | 52,867 | |||||
Additional paid-in capital | 7,737 | 7,590 | |||||
Accumulated other comprehensive income | 376 | 451 | |||||
Accumulated deficit | (56,618 | ) | (56,124 | ) | |||
Total shareholders’ equity | 4,362 | 4,784 | |||||
Total liabilities and shareholders’ equity | $ | 7,055 | $ | 7,020 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
(In thousands) | |||||||||||||||
GAAP net loss | $ | (95 | ) | $ | (459 | ) | $ | (494 | ) | $ | (2,131 | ) | |||
Other expense (income), net | 9 | 5 | (4 | ) | 16 | ||||||||||
Income tax expense, net | 5 | 23 | 29 | 48 | |||||||||||
Depreciation and amortization | 56 | 73 | 118 | 151 | |||||||||||
Stock-based compensation | 79 | 46 | 147 | 136 | |||||||||||
Non-GAAP EBITDA | $ | 54 | $ | (312 | ) | $ | (204 | ) | $ | (1,780 | ) |
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