Jamba, Inc. (NASDAQ:JMBA) today reported unaudited financial results for
the first fiscal quarter ended March 31, 2015. The Company achieved
significant accomplishments in several areas, highlighted by a strong
increase in same store sales with gains in premium juices and Energy
Bowls™. For the quarter, Jamba reported system-wide comparable store
sales increases of 5.0%, company-owned stores of 6.0%, and
franchise-operated stores of 4.2%.
On a GAAP basis, for the first quarter of 2015, net loss attributable to
Jamba, Inc. was approximately $(1.8) million, or $(0.11) diluted loss
per share, which included upfront costs incurred from the company’s
organizational restructuring, the transition of certain administrative
functions to third party service provider Capgemini and costs incurred
in the move to an asset-light business model. On a non-GAAP basis, which
excludes the upfront costs, adjusted net loss attributable to Jamba, Inc.(2)
was approximately $(1.0) million or $(0.06) diluted loss per share.
“Jamba’s results reflect value-creating accomplishments on several
fronts, ranging from increases for comparable store sales driven by our
premium juice platform to refranchising gains and new venture growth. We
advanced our priority to transform Jamba to an asset-light model with
our agreement to refranchise 100 California stores. Our plans for the
accelerated refranchising of other units will reduce company-owned
stores to around 10 percent of our total stores by year-end. That’s down
from approximately 30 percent company-owned stores we had just a year
ago,” said James D. White, chairman, president and chief executive
officer of Jamba, Inc. “These advances involved incremental transition
costs for organizational restructuring and outsourcing expenses plus
costs associated with moving to the asset-light model, which are
reflected in our net loss for the quarter. In addition, our first-ever
share repurchase program is well underway with 1.4 million shares
purchased since inception,” Mr. White said. “As these efforts unfold,
Jamba is also advancing in the marketplace with sales of our new juice
and Energy Bowl™ platforms growing and our new loyalty program and
mobile pay systems gaining new users.”
“We are pleased to affirm our guidance for the strong growth of
comparable store sales, operating margin and new stores for the full
year,” concluded Mr. White.
Highlights for the 13 weeks ended March 31, 2015, compared to the 13
weeks ended April 1, 2014:
-
Company-owned comparable store sales(1) increased 6.0% in
the first quarter compared to the prior year period;
-
System-wide comparable store sales(1) increased 5.0% and
franchise-operated comparable store sales(1) increased 4.2%
for the first quarter of 2015 compared to the prior year period;
-
Net loss was $(1.7) million, or $(0.11) diluted loss per share for the
first quarter of 2015, compared to a net loss of $(0.2) million or
$(0.01) diluted loss per share for the prior year period. Adjusted net
loss attributable to Jamba, Inc.(2) on a non-GAAP basis was
$(1.0) million, or $(0.06) diluted earnings per share for the first
quarter of 2015, excluding $0.7 million in upfront costs incurred for
organizational restructuring, the transition of certain administrative
functions to third party service provider Capgemini, and the move to
an asset-light business model;
-
Total revenue for the first quarter of 2015 was $52.5 million compared
to total revenue of $51.6 million for the prior year period;
-
General and administrative expenses for the 13 weeks ended March 31,
2015 increased 7.3% to $9.0 million compared with $8.4 million for the
prior year period. On a non-GAAP basis, adjusted general and
administration expense(2) was $8.5 million, which excludes
upfront general and administration expense, primarily related to costs
incurred for organizational restructuring, the transition of certain
administrative functions to Capgemini and the move to an asset-light
business model. General and administrative expenses for 2015 are
targeted for approximately $30 million as the Company moves toward the
asset-light business model;
-
Shares repurchased during the quarter were 445,414, utilizing $6.7
million under the $25 million share repurchase plan. Cumulatively
through the end of the first quarter, 1,356,227 shares, or $18.7
million worth have been repurchased under this plan; and,
-
Plans were accelerated to move to a greater than 90% franchise system
by the end of fiscal 2015. An agreement was reached to refranchise 100
company-owned stores in San Francisco, Sacramento and San Diego to the
Vitaligent group for $36 million in cash. Under its accelerated
initiative, Jamba plans to refranchise approximately 90-100 additional
stores by year-end which positions Jamba to reach its accelerated,
cumulative goal of a 90% franchise system. Jamba projects cash
proceeds of $55-70 million from these refranchises.
First Quarter Fiscal 2015 Results
Revenue
For the 13 weeks ended March 31, 2015, total revenue increased 1.7% to
$52.5 million from $51.6 million in the prior year period. The increase
is primarily due to the 6.0% increase in company-owned comparable store
sales(1) partially offset by the reduction in the number of
company-owned stores pursuant to the company’s refranchising strategy.
The increase in company-owned comparable store sales(1) of
6.0% was driven primarily by an increase in average check of 580 basis
points and an increase in transaction count of 20 basis points.
Franchise and other revenue increased 9.5% to $4.8 million from $4.4
million in the prior year period, primarily due to increased royalties
resulting from the franchise-operated comparable store sales(1)
increase of 4.2% during the 13 week period ended March 31, 2015.
JambaGO® revenue was $0.7 million and $0.6 million in the 13 week
periods ended March 31, 2015 and April 1, 2014, respectively.
Loss from Operations and Operating Margin
Jamba’s operating margin was (3.2)% for the first quarter of 2015
compared to (0.4)% for the quarter ended April 1, 2014. On a dollar
basis, the $(1.7) million loss from operations for the first quarter of
2015 was a $1.5 million increase from the $(0.2) million loss from
operations in the first quarter of 2014, resulting from the mix shift to
the made to order juice and bowl platforms, which have higher cost of
goods sold and labor and costs related to our transition to an
asset-light business model. On a non-GAAP basis which excludes the
upfront costs, adjusted loss from operations(2) was
approximately $(1.0) million or (1.8)% compared to (0.4)% from the prior
year. Initiatives have been operationalized at stores to improve store
level margins by 200-300 basis points for 2015, which we believe will
increase operating margin.
Retail Growth
As of March 31, 2015, there were 805 Jamba® stores system-wide in the
United States, of which 546 are franchise-operated stores, and 259 are
Company-owned. Franchise-operated stores include 40 Smoothie Stations™,
Jamba’s limited menu express format. During the quarter, Jamba opened
two new domestic franchise-operated stores, two non-traditional smoothie
stations, and two international store locations, one in the Middle East
and one in Mexico. No new Company-owned stores opened during the
quarter. During the quarter, seven stores were closed globally. As of
March 31, 2015 there were 62 international store locations, all of which
are franchise-operated. Growth continues at JambaGO® with units in
operation approaching 2,000.
Liquidity
On March 31, 2015, the Company held $8.1 million in cash and cash
equivalents as compared to $17.8 million cash and cash equivalents at
December 30, 2014. As of March 31, 2015 and April 1, 2014, the Company
did not have any restricted cash. During the quarter, the Company
repurchased 445,414 shares of common stock on the open market at an
average price of $15.00 per share. Subsequent to March 31, 2015, the
Company completed the transfers of two refranchising packages for
aggregate consideration of $4.9 million.
Outlook for 2015
The Company continues to expect to achieve the following results for
fiscal 2015:
-
Increase company-owned comparable store sales(1) to 3.0% to
5.0%;
-
Achieve non-GAAP operating margin of 4.0% - 6.0%;
-
Refranchise additional stores by end of 2015 for a franchise rate of
90%; and,
-
Open approximately 100 new locations globally.
Webcast and Conference Call Information
A conference call to review the first quarter 2015 results will be held
today, May 7, 2015 at 5:00 p.m. ET. The conference call can be accessed
live over the phone by dialing (877) 407-3982 or for international
callers by dialing (201) 493-6780. A replay will be available at 8:00
p.m. ET and can be accessed by dialing (877) 870-5176 or (858) 384-5517
for international callers; the pin number is 13606708. The replay will
be available until May 28, 2015. The call can be accessed from the
Company’s website at www.jambajuice.com
under the Corporate Investor Relations section or directly at http://ir.jambajuice.com.
About Jamba, Inc.
Jamba, Inc., owns and franchises Jamba Juice® stores through its
wholly-owned subsidiary, Jamba Juice Company. Jamba Juice Company is a
leading restaurant retailer of better-for-you, specialty beverage and
food offerings, which include great tasting, whole fruit smoothies,
fresh-squeezed juices and juice blends, hot teas and a variety of food
items including, hot oatmeal, breakfast wraps, sandwiches, Artisan
Flatbreads™, Energy Bowls™, baked goods and snacks. As of March 31,
2015, there were 867 store locations globally. There were 259
Company-owned and operated stores and 546 franchise-operated stores in
the United States, and 62 franchise-operated international stores. Jamba
Juice Company expanded the Jamba® brand by direct selling of consumer
packaged goods (“CPG”) and licensing its trademarks. CPG products for
at-home enjoyment are also available online, through select retailers
across the nation and in Jamba® outlets in the United States.
Fans of Jamba Juice® can find out more about Jamba Juice's locations as
well as specific offerings and promotions by visiting the Jamba Juice
website at www.jambajuice.com or
by contacting Jamba’s Guest Services team at 1-866-4R-FRUIT (473-7848).
Forward-Looking Statements
This press release (including information incorporated or deemed
incorporated by reference herein) contains “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act of
1995. Forward-looking statements are those involving future events and
future results that are based on current expectations, estimates,
forecasts, and projections as well as the current beliefs and
assumptions of the Company’s management. Words such as “outlook”,
“believes”, “expects”, “appears”, “may”, “will”, “should”,
“anticipates”, or the negative thereof or comparable terminology, are
intended to identify such forward-looking statements. Any statement that
is not a historical fact, including the statements made under the
caption “Outlook for 2015” and any other estimates, projections, future
trends and the outcome of events that have not yet occurred, is a
forward-looking statement. Forward-looking statements are only
predictions and are subject to risks, uncertainties and assumptions that
are difficult to predict. Therefore actual results may differ materially
and adversely from those expressed in any forward-looking statements.
Factors that might cause or contribute to such differences include, but
are not limited to factors discussed under the section entitled “Risk
Factors” in the Company’s reports filed with the SEC. Many of such
factors relate to events and circumstances that are beyond the Company’s
control. You should not place undue reliance on forward-looking
statements. The Company does not assume any obligation to update the
information contained in this press release.
Non-GAAP Financial Measures
The Company provides certain supplemental non-GAAP financial measures to
its investors as a complement to the most comparable GAAP measures. The
Company believes that providing these non-GAAP measures to its
investors, in addition to corresponding GAAP income statement measures,
provides investors the benefit of viewing the Company's performance
using the same financial metrics that the management team uses in making
many key decisions and understanding how the Company's core business
operations may perform and may look in the future. The non-GAAP
financial measures are discussed further in Footnotes below.
Non-GAAP financial measures are not in accordance with, or an
alternative for, generally accepted accounting principles in the United
States of America. Non-GAAP measures should not be considered in
isolation from or as a substitute for financial information presented in
accordance with generally accepted accounting principles, and may be
different from non-GAAP measures used by other companies.
Footnotes
(1) Comparable store sales are calculated using sales of
Jamba Juice® stores open more than one full year. Company-owned
comparable store sales percentages are based on sales from Company-owned
stores included in our store base. Franchise-operated comparable store
sales percentages are based on sales from franchised stores, as reported
by franchisees, which are included in our store base. System-wide sales
percentages are based on sales by both Company-owned and
franchise-operated stores, as reported by our franchisees, which are
included in our store base. Company-owned stores that were sold in
refranchising transactions are included in the Company-owned store base
for each accounting period of the fiscal year to the extent the sale is
consummated at least three days prior to the end of such accounting
period, but only for the days such stores have been Company-owned.
Thereafter, such stores are excluded from the store base until such
stores have been franchise-operated for at least one full fiscal period,
at which point such stores are included in the franchise-operated store
base and compared to sales in the comparable period of the prior year.
Comparable store sales exclude closed locations. Company-owned
comparable store sales percentages as used herein, may not be equivalent
to Company-owned comparable store sales as defined or used by other
companies. Franchise-operated comparable store sales percentages and
system-wide sales percentages as used herein are non-GAAP financial
measures and should not be considered in isolation or as substitute for
other measures of performance prepared in accordance with generally
accepted accounting principles in the United States. Management reviews
the increase or decrease in Company-owned comparable store sales,
franchise-operated comparable store sales and system-wide sales compared
with the same period in the prior year to assess business trends and
make certain business decisions. The Company believes the data is useful
in assessing the overall performance of the Jamba® brand and,
ultimately, the performance of the Company, the Company-owned stores,
and franchise-operated stores.
(2) Non-GAAP adjusted net income attributable to Jamba, Inc.
is calculated as net income attributable to Jamba, Inc. as determined in
accordance with GAAP excluding the cost items as specifically identified
in the non-GAAP reconciliation schedules set forth below associated with
the Company’s legal and, transition costs related to the Company’s move
to outsource specified services to Capgemini and the move to an
asset-light business model. Non-GAAP general and administration expense
is calculated as general and administration expense in accordance with
GAAP excluding $0.4 million of the portion of such transitional costs in
general and administration expenses. The Company believes that net
income attributable to Jamba, Inc. and general and administration
expense adjusted to exclude the costs of such items is a helpful
indicator of the Company's operating performance in that it shows the
net gain/loss without the impact of what the Company believes to be
upfront transitional costs. Management does not believe such costs are
reflective of the Company's ongoing performance and accordingly excludes
those items from non-GAAP adjusted net income/loss attributable to
Jamba, Inc. and general and administration expense.
|
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JAMBA, INC.
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
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(Unaudited)
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|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
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|
13 Week
|
|
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|
13 Week
|
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|
|
|
|
|
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Period Ended
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Period Ended
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(In thousands except share and per share amounts)
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March 31, 2015
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April 1, 2014
|
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Revenue:
|
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|
|
|
|
|
|
|
|
|
|
|
Company stores
|
|
|
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|
$
|
|
47,728
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|
|
|
|
$
|
|
47,272
|
|
|
|
Franchise and other revenue
|
|
|
|
|
|
|
4,776
|
|
|
|
|
|
|
4,361
|
|
|
|
Total revenue
|
|
|
|
|
|
|
52,504
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|
|
|
|
|
|
51,633
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Costs and operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales
|
|
|
|
|
|
|
12,407
|
|
|
|
|
|
|
11,582
|
|
|
|
Labor
|
|
|
|
|
|
|
|
16,088
|
|
|
|
|
|
|
14,330
|
|
|
|
Occupancy
|
|
|
|
|
|
|
6,835
|
|
|
|
|
|
|
6,967
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|
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Store operating
|
|
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|
|
|
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8,034
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|
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|
|
|
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7,402
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|
|
|
Depreciation and amortization
|
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|
|
1,873
|
|
|
|
|
|
|
2,618
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|
|
|
General and administrative
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|
|
|
|
|
|
8,963
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|
|
|
|
|
|
8,350
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|
Other operating, net
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|
(28
|
)
|
|
|
|
|
|
603
|
|
|
|
Total costs and operating expenses
|
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|
|
|
|
54,172
|
|
|
|
|
|
|
51,852
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|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from operations
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|
|
|
|
|
|
(1,668
|
)
|
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|
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(219
|
)
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Other income (expense), net:
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|
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Interest income
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|
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|
15
|
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|
16
|
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|
Interest expense
|
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|
|
|
|
(41
|
)
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|
(46
|
)
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Total other expense, net
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(26
|
)
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(30
|
)
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|
|
|
|
|
|
|
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|
|
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Loss before income taxes
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|
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|
|
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|
(1,694
|
)
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|
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(249
|
)
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|
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|
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Income tax (expense ) benefit
|
|
|
|
|
|
|
(26
|
)
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|
5
|
|
|
|
|
|
|
|
|
|
|
|
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|
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Net loss
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|
|
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|
|
(1,720
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)
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(244
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)
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|
|
|
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|
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Less: Net income attributable to noncontrolling interest
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31
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-
|
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|
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|
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Net loss attributable to common stockholders
|
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|
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|
$
|
|
(1,751
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)
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|
$
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|
(244
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)
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Weighted-average shares used in computation of loss per share:
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Basic
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16,370,885
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17,165,087
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Diluted
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16,370,885
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17,165,087
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Loss per share attributable to Jamba, Inc. common shareholders:
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Basic
|
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$
|
|
(0.11
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)
|
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|
$
|
|
(0.01
|
)
|
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Diluted
|
|
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|
$
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|
(0.11
|
)
|
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|
$
|
|
(0.01
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)
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JAMBA, INC.
|
|
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
|
Reconciliation of GAAP to Non-GAAP
|
|
|
(Unaudited)
|
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|
Adjusted for Transitional Costs Associated with Shift to Asset
Light Business Model
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Non-GAAP
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Reported
|
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As Adjusted
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|
|
|
|
|
|
|
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|
13 Week
|
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|
|
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|
13 Week
|
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|
13 Week
|
|
|
|
|
|
|
|
|
Period Ended
|
|
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|
Transitional
|
|
|
|
Period Ended
|
|
|
|
Period Ended
|
|
|
(In thousands except share and per share amounts)
|
|
|
|
|
March 31, 2015
|
|
|
|
Costs
|
|
|
|
March 31, 2015
|
|
|
|
April 1, 2014
|
|
|
|
|
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|
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|
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Revenue:
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company stores
|
|
|
|
|
$
|
47,728
|
|
|
|
|
$
|
|
|
-
|
|
|
|
|
$
|
47,728
|
|
|
|
|
|
$
|
47,272
|
|
|
|
Franchise and other revenue
|
|
|
|
|
|
4,776
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
4,776
|
|
|
|
|
|
|
4,361
|
|
|
|
Total revenue
|
|
|
|
|
|
52,504
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
52,504
|
|
|
|
|
|
|
51,633
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales
|
|
|
|
|
|
12,407
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
12,407
|
|
|
|
|
|
|
11,582
|
|
|
|
Labor
|
|
|
|
|
|
16,088
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
16,088
|
|
|
|
|
|
|
14,330
|
|
|
|
Occupancy
|
|
|
|
|
|
6,835
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
6,835
|
|
|
|
|
|
|
6,967
|
|
|
|
Store operating
|
|
|
|
|
|
8,034
|
|
|
|
|
|
|
|
(189
|
)
|
|
|
|
|
7,845
|
|
|
|
|
|
|
7,402
|
|
|
|
Depreciation and amortization
|
|
|
|
|
|
1,873
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
1,873
|
|
|
|
|
|
|
2,618
|
|
|
|
General and administrative
|
|
|
|
|
|
8,963
|
|
|
|
|
|
|
|
(440
|
)
|
|
|
|
|
8,523
|
|
|
|
|
|
|
8,350
|
|
|
|
Other operating, net
|
|
|
|
|
|
(28
|
)
|
|
|
|
|
|
|
(120
|
)
|
|
|
|
|
(148
|
)
|
|
|
|
|
|
603
|
|
|
|
Total costs and operating expenses
|
|
|
|
|
|
54,172
|
|
|
|
|
|
|
|
(749
|
)
|
|
|
|
|
53,423
|
|
|
|
|
|
|
51,852
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income from operations
|
|
|
|
|
|
(1,668
|
)
|
|
|
|
|
|
|
749
|
|
|
|
|
|
(919
|
)
|
|
|
|
|
|
(219
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense), net:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
|
|
|
15
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
15
|
|
|
|
|
|
|
16
|
|
|
|
Interest expense
|
|
|
|
|
|
(41
|
)
|
|
|
|
|
|
|
-
|
|
|
|
|
|
(41
|
)
|
|
|
|
|
|
(46
|
)
|
|
|
Total other expense, net
|
|
|
|
|
|
(26
|
)
|
|
|
|
|
|
|
-
|
|
|
|
|
|
(26
|
)
|
|
|
|
|
|
(30
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income before income taxes
|
|
|
|
|
|
(1,694
|
)
|
|
|
|
|
|
|
749
|
|
|
|
|
|
(945
|
)
|
|
|
|
|
|
(249
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax (expense ) benefit
|
|
|
|
|
|
(26
|
)
|
|
|
|
|
|
|
-
|
|
|
|
|
|
(26
|
)
|
|
|
|
|
|
5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income
|
|
|
|
|
|
(1,720
|
)
|
|
|
|
|
|
|
749
|
|
|
|
|
|
(971
|
)
|
|
|
|
|
|
(244
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Net income attributable to noncontrolling interest
|
|
|
|
|
|
31
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
31
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income attributable to Jamba, Inc.
|
|
|
|
|
$
|
(1,751
|
)
|
|
|
|
$
|
|
|
749
|
|
|
|
|
$
|
(1,002
|
)
|
|
|
|
|
$
|
(244
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares used in computation of loss per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
|
16,370,885
|
|
|
|
|
|
|
|
|
|
16,370,885
|
|
|
|
|
|
|
17,165,087
|
|
|
|
Diluted
|
|
|
|
|
|
16,370,885
|
|
|
|
|
|
|
|
|
|
16,370,885
|
|
|
|
|
|
|
17,165,087
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per share attributable to Jamba, Inc. common shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
$
|
(0.11
|
)
|
|
|
|
|
|
|
|
$
|
(0.06
|
)
|
|
|
|
|
$
|
(0.01
|
)
|
|
|
Diluted
|
|
|
|
|
$
|
(0.11
|
)
|
|
|
|
|
|
|
|
$
|
(0.06
|
)
|
|
|
|
|
$
|
(0.01
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JAMBA, INC.
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STORE COUNT
|
|
|
|
|
|
|
|
|
|
NUMBER OF STORES
|
|
|
|
|
|
|
|
|
|
COMPANY
|
|
|
|
|
FRANCHISE
|
|
|
|
|
|
TOTAL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic
|
|
|
|
International
|
|
|
|
|
|
|
|
|
For the 13 week period ended March 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At December 30, 2014
|
|
|
|
|
|
|
263
|
|
|
|
|
|
543
|
|
|
|
|
62
|
|
|
|
|
|
|
868
|
|
|
|
Opened
|
|
|
|
|
|
|
-
|
|
|
|
|
|
4
|
|
|
|
|
2
|
|
|
|
|
|
|
6
|
|
|
|
Closed
|
|
|
|
|
|
|
-
|
|
|
|
|
|
(5
|
)
|
|
|
|
(2
|
)
|
|
|
|
|
|
(7
|
)
|
|
|
Acquired
|
|
|
|
|
|
|
-
|
|
|
|
|
|
4
|
|
|
|
|
-
|
|
|
|
|
|
|
4
|
|
|
|
Refranchised
|
|
|
|
|
|
|
(4
|
)
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
|
(4
|
)
|
|
|
At March 31, 2015
|
|
|
|
|
|
|
259
|
|
|
|
|
|
546
|
|
|
|
|
62
|
|
|
|
|
|
|
867
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the 13 week period ended April 1, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At December 31, 2013
|
|
|
|
|
|
|
268
|
|
|
|
|
|
535
|
|
|
|
|
48
|
|
|
|
|
|
|
851
|
|
|
|
Opened
|
|
|
|
|
|
|
-
|
|
|
|
|
|
9
|
|
|
|
|
2
|
|
|
|
|
|
|
11
|
|
|
|
Closed
|
|
|
|
|
|
|
(1
|
)
|
|
|
|
|
(4
|
)
|
|
|
|
(3
|
)
|
|
|
|
|
|
(8
|
)
|
|
|
Acquired
|
|
|
|
|
|
|
-
|
|
|
|
|
|
4
|
|
|
|
|
-
|
|
|
|
|
|
|
4
|
|
|
|
Refranchised
|
|
|
|
|
|
|
(4
|
)
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
|
(4
|
)
|
|
|
At April 1, 2014
|
|
|
|
|
|
|
263
|
|
|
|
|
|
544
|
|
|
|
|
47
|
|
|
|
|
|
|
854
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMPARABLE STORE SALES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13 Week
|
|
|
|
13 Week
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period Ended
|
|
|
|
Period Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2015
|
|
|
|
April 1, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage Change in Comparable store sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company stores
|
|
|
|
|
|
|
|
|
|
|
|
6.0
|
%
|
|
|
|
0.6
|
%
|
|
|
|
|
|
|
|
|
Franchise stores
|
|
|
|
|
|
|
|
|
|
|
|
4.2
|
%
|
|
|
|
0.1
|
%
|
|
|
|
|
|
|
|
|
System-wide
|
|
|
|
|
|
|
|
|
|
|
|
5.0
|
%
|
|
|
|
0.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage Change in Comparable Company store sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Traffic effect
|
|
|
|
|
|
|
|
|
|
|
|
0.2
|
%
|
|
|
|
-5.8
|
%
|
|
|
|
|
|
|
|
|
Average check effect
|
|
|
|
|
|
|
|
|
|
|
|
5.8
|
%
|
|
|
|
6.4
|
%
|
|
|
|
|
|
|
|
|
Total Comparable Company store sales
|
|
|
|
|
|
|
|
|
|
|
|
6.0
|
%
|
|
|
|
0.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JAMBA, INC.
|
|
|
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
|
|
|
|
December 30,
|
|
|
(In thousands, except share and per share amounts)
|
|
|
|
|
2015
|
|
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
|
$
|
|
8,116
|
|
|
|
|
|
$
|
|
17,750
|
|
|
|
Receivables, net of allowances of $272 and $280
|
|
|
|
|
|
|
16,226
|
|
|
|
|
|
|
|
16,977
|
|
|
|
Inventories
|
|
|
|
|
|
|
2,267
|
|
|
|
|
|
|
|
2,300
|
|
|
|
Prepaid and refundable taxes
|
|
|
|
|
|
|
329
|
|
|
|
|
|
|
|
474
|
|
|
|
Prepaid rent
|
|
|
|
|
|
|
2,931
|
|
|
|
|
|
|
|
504
|
|
|
|
Assets held for sale
|
|
|
|
|
|
|
22,875
|
|
|
|
|
|
|
|
24,351
|
|
|
|
Prepaid expenses and other current assets
|
|
|
|
|
|
|
7,554
|
|
|
|
|
|
|
|
8,105
|
|
|
|
Total current assets
|
|
|
|
|
|
|
60,298
|
|
|
|
|
|
|
|
70,461
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property, fixtures and equipment, net
|
|
|
|
|
|
|
16,002
|
|
|
|
|
|
|
|
16,445
|
|
|
|
Goodwill
|
|
|
|
|
|
|
897
|
|
|
|
|
|
|
|
982
|
|
|
|
Trademarks and other intangible assets, net
|
|
|
|
|
|
|
1,295
|
|
|
|
|
|
|
|
2,360
|
|
|
|
Other long-term assets
|
|
|
|
|
|
|
1,969
|
|
|
|
|
|
|
|
2,241
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
|
|
$
|
|
80,461
|
|
|
|
|
|
$
|
|
92,489
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
|
|
$
|
|
2,310
|
|
|
|
|
|
$
|
|
3,926
|
|
|
|
Accrued compensation and benefits
|
|
|
|
|
|
|
4,813
|
|
|
|
|
|
|
|
6,325
|
|
|
|
Workers' compensation and health insurance reserves
|
|
|
|
|
|
|
1,680
|
|
|
|
|
|
|
|
1,311
|
|
|
|
Accrued jambacard liability
|
|
|
|
|
|
|
32,368
|
|
|
|
|
|
|
|
38,184
|
|
|
|
Other current liabilities
|
|
|
|
|
|
|
21,005
|
|
|
|
|
|
|
|
16,454
|
|
|
|
Total current liabilities
|
|
|
|
|
|
|
62,176
|
|
|
|
|
|
|
|
66,200
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred rent and other long-term liabilities
|
|
|
|
|
|
|
8,643
|
|
|
|
|
|
|
|
9,544
|
|
|
|
Total liabilities
|
|
|
|
|
|
|
70,819
|
|
|
|
|
|
|
|
75,744
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commitments and contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, $0.001 par value, 30,000,000 shares authorized;
|
|
|
|
|
|
|
|
17,523,014 and 16,166,869 shares issued and outstanding at March
|
|
|
|
|
|
|
|
31, 2015, respectively and 16,567,803 shares issued and
|
|
|
|
|
|
|
|
outstanding at December 30, 2014
|
|
|
|
|
$
|
|
18
|
|
|
|
|
|
$
|
|
17
|
|
|
|
Additional paid-in-capital
|
|
|
|
|
|
|
397,928
|
|
|
|
|
|
|
|
396,629
|
|
|
|
Treasury shares at cost
|
|
|
|
|
|
|
(18,674
|
)
|
|
|
|
|
|
|
(11,991
|
)
|
|
|
Accumulated deficit
|
|
|
|
|
|
|
(369,792
|
)
|
|
|
|
|
|
|
(368,041
|
)
|
|
|
Total equity attributable to Jamba, Inc.
|
|
|
|
|
|
|
9,480
|
|
|
|
|
|
|
|
16,614
|
|
|
|
Noncontrolling interest
|
|
|
|
|
|
|
162
|
|
|
|
|
|
|
|
131
|
|
|
|
Total stockholders' equity
|
|
|
|
|
|
|
9,642
|
|
|
|
|
|
|
|
16,745
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders' equity
|
|
|
|
|
$
|
|
80,461
|
|
|
|
|
|
$
|
|
92,489
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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