Local drink maker Jones Soda lost more than $10 million during the fourth quarter of last year, according to the PI.

For the quarter ended Dec. 31, the company posted a 39-cent-per-share loss -- 13 times the 3-cent loss that analysts were expecting. During the same period a year ago, the company posted net income of $2 million, or 8 cents a share.

That's a mighty big change in fortunes for a company that last year signed a deal to be the exclusive vendor of soft drinks during Seahawks games in Seattle. Contrary to what you might think, it doesn’t seem to have been the company's quirky drink flavors such as Turkey and Gravy, Candy Corn and Perspiration (apparently,a part of its Seahawks' promotion) that were the problem (though flavors like Dry Soda's lavender, lemongrass, kumquat and rhubarb do sound better to us).

Instead, the problems seem to stem from misguided efforts to spread the Jones Soda brand across the country. The company paid nearly $4 million to get its products placed in stores last year compared with just $300,000 or so the year before.

We're not sure if that expenditure is connected to last year's more than $1 million in severance packages or not, but we expect so. One of those packages is most likely for founder and former CEO Peter van Stolk, who stepped down near the end of the year. The company is keeping mum about his package.

Of course Jones is trying to put a positive spin on all this. There's an interim CEO and the director of sales left as well. There's talk about focusing on the Southwest and Northeast markets instead of nationwide. The company also got its vitamin-powder drink on Whole Foods' shelves and has a deal with Alaska Airlines as well. For 2008, the company says net revenue will grow by 20 percent.

It better.

We’re not an investor who takes big risks, but if you are, The Motley Fool seems to think now might be the time to buy some Jones Soda stock.

Photo of Jones Soda's Hanukkah 4-pack courtesy of the company. So that means they really made flavors called Latke and Jelly Donut.