SEATTLE (AP) — Premium soda maker Jones Soda Co. said Thursday that its first-quarter loss was roughly even with last year's as the company cut costs in the face of declining revenue.
Jones Soda said it reduced its operating expenses by 3 percent to $2.7 million in the quarter. That helped boost its gross profit margin to 27 percent from 24 percent of revenue last year.
CEO William Meissner said the cost-cutting could help the company boost results as it heads into the summer months.
"Seeing the traction of these improvements, just before we head into the warmer months where our products typically are consumed more rapidly, is encouraging," Meissner said in a statement.
The gains from cost-cutting offset out by a 6 percent drop in sales during the first quarter.
Revenue fell to $3.9 million in the quarter ended March 31, down from $4.1 million in the prior year period.
The company reported a net loss of $1.7 million, or 5 cents per share, matching its results in the prior-year quarter.
The company makes energy drinks, and sodas with flavors like green apple and strawberry-lime.
Shares dropped 1 cent to close at 41 cents. The stock has traded between 35 cents and $1.22 a share over the last year.