Company-owned Comparable Sales Increased 5.7%
and System-wide Comparable Sales Increased 4.2%
Opened 12 New Global Stores
Share Repurchase Authorization of $20
Million
Jamba, Inc. (NASDAQ:JMBA) today reported unaudited financial
results for the second quarter ended June 28, 2016.
Financial Highlights
- Total revenue for the quarter decreased
60.2% to $21.5 million from $54.1 million for the prior year,
primarily due to the reduction in the number of Company stores as
part of the Company’s refranchising strategy.
- Company-owned comparable store sales
(1) increased 5.7% for the quarter. Franchise-operated comparable
store sales (1) increased 4.0% for the quarter. System-wide
comparable store sales (1) increased 4.2% for the quarter.
- GAAP net loss attributable to Jamba,
Inc. was $(2.5) million for the second quarter or $(0.16) per share
compared to GAAP net income of $6.3 million, or $0.38 per share for
the prior year. Non-GAAP Adjusted Net Income attributable to Jamba,
Inc.(2), was $1.3 million for the second quarter, or $0.09 per
share compared to $3.1 million, or $0.19 per share for the prior
year period.
- General and administrative expenses for
the quarter increased 11.8% to $9.4 million compared with $8.4
million for the prior year period primarily due to transition costs
in 2016 of $3.8 million. Non-GAAP adjusted general and
administrative expense(2) for the quarter was $5.6 million compared
with $7.8 million for the prior year period.
- Adjusted EBITDA(3) was $3.8 million for
the second quarter of 2016 and $6.1 million for the second quarter
of 2015.
- Total Company-owned stores at the end
of the second quarter of 2016 was 68, compared to 206 stores at the
end of the second quarter of 2015.
- Franchisees opened 10 new Jamba Juice
stores globally, one Express Store and one Company-owned during the
quarter. At June 28, 2016, Jamba’s global store base consisted of
68 Company Stores and 817 Franchise Stores, of which 751 are
located domestically and 66 stores are located
internationally.
- The Board of Directors approved a new
$20 million share repurchase authorization for the Company’s common
stock over a two year period, subject to available cash
resources.(4)
“We are making steady progress against our five core strategies
outlined earlier this year”, said David A. Pace, Chief Executive
Officer of Jamba, Inc. “Our 4.2% system-wide comp sales, outpaced
the industry by 550 basis points against the Knapp Track Fast
Casual benchmark and we are especially pleased with our Company
store comparable sales growth of 5.7%. Through our continued focus
on building a strong foundation, we will capture the opportunity to
grow this iconic brand and inspire healthy living.”
Second Quarter Fiscal 2016 Results
Revenue
The Company ended the second quarter of 2016 with a total of 68
company locations and 817 franchise locations, as a result of the
completion of the Company’s shift to an asset light franchise
business model through a refranchising initiative during 2015 that
included the sale of 179 company locations. The comparisons to the
prior year will be skewed due to the significant number of company
locations that were sold during 2015.
For the Company’s fiscal quarter ended June 28, 2016, total
revenue decreased 60.2% to $21.5 million from $54.1 million for the
fiscal quarter ended June 30, 2015. The decrease is primarily due
to the reduction in the number of Company-owned stores pursuant to
the Company’s refranchising strategy and was partially offset by an
increase in Company-owned comparable store sales(1) of 5.7% which
was primarily due to both an increase in average check of
approximately 430 basis points and an increase in transaction count
of approximately 140 basis points.
Franchise and other revenue increased 33.0% to $7.7 million for
the quarter from $5.8 million in the prior year period, primarily
due to the increase in royalties associated with the net increase
in the number of franchise stores both domestically and
internationally plus an increase of Franchise-operated comparable
store sales(1) of 4.0%. Other revenue, which includes JambaGO® and
CPG, was $1.1 million in the second quarter of 2016 compared to
$1.2 million in the second quarter of 2015.
Loss from Operations
Loss from Operations was $(2.5) million for the second quarter
of 2016 compared to an income from operations of $6.5 million for
the second quarter of 2015. Non-GAAP Adjusted Income from
Operations(2) which excludes gains and costs associated with
refranchising and severance related to the shift to the asset-light
business model was approximately $1.3 million for the second
quarter 2016, compared to $3.3 million in the prior year period.
Non-GAAP Adjusted Income from Operations was negatively impacted by
unexpected downtime of the Company’s labor management system, which
unfavorably impacted labor hours at Company-owned locations.
Retail Growth
As of June 28, 2016, there were 885 Jamba® stores System-wide,
of which 817 are Franchise-operated stores and 68 are
Company-owned. Franchise-operated stores include 43 express
formats. During the quarter, Jamba opened eight new domestic
Franchise-operated stores, one Express unit, and two international
stores. One new Company-owned store opened during the quarter.
There were approximately 2,000 JambaGO® units in operation
nationwide.
Liquidity
As of June 28, 2016, the Company held $15.8 million in cash and
cash equivalents as compared to $19.7 million cash and cash
equivalents at December 29, 2015. As of June 28, 2016 and March 31,
2015, the Company did not have any restricted cash.
Chief Financial Officer Transition
Marie Perry will assume the role of Executive Vice President,
Chief Financial and Administrative Officer effective August 5,
2016. Karen Luey, the Company’s current Chief Financial and
Administrative Officer, will be named special advisor to the Chief
Financial Officer, as of August 5, 2016 and is anticipated to
remain with the Company until March 2017.
“Marie is a strong addition to the executive leadership team,
and her prior experience in the restaurant sector will complement
our management team very well. She has already begun to assemble an
excellent finance team in Texas”, said Pace. “We would like to
thank Karen for her contribution to the Company and appreciate her
staying on board to assure a smooth transition in the midst of our
move to Frisco, Texas.”
Ms. Perry was most recently Senior Vice President, Treasurer and
Controller at Brinker International. She has held roles leading all
aspects of the Brinker finance team including having served as
interim CFO during a 12 month period. She also held senior finance
roles at American Airlines and brings an extensive leadership
profile to the Jamba team.
2016 Outlook
The Company continues to expect to achieve the following
results:
- Total revenues of $80-$82 million
- Annual system-wide comparable sales
growth of 1-3%
- 100 new store openings, 75%
Domestic/25% International
- We will begin operations in two new
international markets – Thailand and Indonesia
- Non-GAAP Adjusted G&A(2) of $24.3
million, exiting 2016 with a run rate of no more than $21.7;
and,
- Non-GAAP Adjusted EBITDA(3) of $12-$13
million
Conference Call
A conference call to review the second quarter 2016 results will
be held today, August 4, 2016 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 13640661. The replay will be available until August
25, 2016. 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.
Inducement Grants
The Company today announced that Rachel Phillips-Luther, its new
Senior Vice President, Chief Marketing Officer has been granted
awards effective August 9, 2016 of (i) 5,000 restricted stock
units, vesting annually over three years subject to continued
employment with Jamba and/or its affiliates; and (ii) 70,000
restricted stock units of which 35,000, 20,000 and 15,000 would
vest upon achievement of stock price targets of $19.50, $24.00 and
$28.50 during the three-year period after grant, respectively
(targeting an approximate 15%, 22.5% and 30% total stockholder
return over a three-year period), so long as Ms. Philipps-Luther
remains an employee of Jamba Juice Company and/or its affiliates.
Additionally, the Company granted effective August 9, 2016
nonqualified stock options to two new employees who are not
executive officers of the Company to purchase an aggregate of up to
15,000 shares of the Company's common stock at an exercise price
per share equal to the closing price of the Company’s common stock
on the date of each grant, in each case vesting annually over four
years so long as each employee remains an employee of Jamba Juice
Company and/or its affiliates. The grants were made as an
inducement that was a material component of each person’s
compensation and subsequent acceptance of employment with the
Company and was granted as an employment inducement award pursuant
to NASDAQ Listing Rule 5635(c)(4) approved by the Compensation and
Executive Development Committee of the Company’s board of
directors.
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, and a
variety of food items including, hot oatmeal, breakfast wraps,
sandwiches, Artisan Flatbreads™, Energy Bowls™, baked goods and
snacks. As of June 28, 2016, there were 885 store locations
globally. There were 68 Company-owned and operated stores and 751
Franchise-operated stores in the United States, and 66
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
estimates, projections, future trends and the outcome of events
that have not yet occurred, is a forward-looking statement,
including each of the statements made above under “2016 Outlook”.
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. The Company is unable to provide a
quantitative reconciliation of its forward-looking estimate of
Non-GAAP Adjusted G&A Non-GAAP Adjusted EBITDA to
forward-looking estimates of G&A or net income because certain
information needed to make a reasonable forward-looking estimate of
G&A or net income for the full fiscal year 2016 is difficult to
predict and estimate and is often dependent on future events which
may be uncertain or outside of the Company's control.
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 opened 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 and do not include
International Stores, 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. System-wide
comparable store sales do not include International Stores and
JambaGO® locations. Company Store comparable sales represents the
change in year-over-year sales for all Company Stores opened for at
least one full year. Franchise Store comparable sales, a non-GAAP
financial measure, represents the change in year-over-year sales
for all Franchise Stores opened for at least one full year, as
reported by franchisees and excludes International Stores.
System-wide comparable store sales, a non-GAAP financial measure,
represents the change in year-over-year sales for all Company and
Franchise Stores opened for at least one full year and is based on
sales by both company-owned and domestic franchise-operated stores,
as reported by franchisees, which are in the store base. 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 (loss) 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 transition costs
related to the Company’s move to outsource specified services to
Capgemini, refranchise and severance costs associated with the move
to an asset-light business model, charges related to the executive
organization changes and the gain associated with refranchising.
Non-GAAP Adjusted General and Administration Expense is calculated
as general and administration expense in accordance with GAAP
excluding portion of such transitional costs in general and
administration expenses for the fiscal year. 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 attributable to Jamba, Inc. and Non-GAAP
Adjusted General and Administration Expense. Non-GAAP Adjusted
Income from Operations is calculated as loss from operations as
determined in accordance with GAAP excluding costs associated with
the shift to the asset light business model and the gain associated
with refranchising.
(3) The Company used the non-GAAP financial measure of Adjusted
EBITDA in its statements made in this release and believes that
these are useful in measuring the operating performance of the
Company. Adjusted EBITDA is equal to net income, adjusted for: (a)
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; (b) the Company’s corporate office
relocation to Frisco, TX, (c) gain from disposal of assets relating
to refranchising; (d) depreciation and amortization; (e) interest
income; (f) interest expense; (g) income taxes; and (h) stock based
compensation expense.
(4) Under the share repurchase program, the Company may
repurchase shares on the open market, through privately negotiated
transactions or otherwise, at times, in amounts and at prices
considered appropriate by the Company. The number of shares to be
purchased and the timing of any purchases are subject to various
factors, including the price of the Company’s common stock, capital
position, amount of retained earnings, general market conditions
and other economic factors and corporate and regulatory
requirements, and may be modified, suspended or terminated at any
time.
JAMBA, INC. CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS (Unaudited) (in thousands, except share
and per share amounts)
13-Week Period Ended 26-Week Period Ended June 28,
2016 June 30, 2015 June 28, 2016 June 30,
2015 Revenue: Company stores $ 13,874 $ 48,360 $ 25,827 $
96,088 Franchise and other revenue 7,666 5,766
14,467 10,542 Total
revenue 21,540 54,126 40,294
106,630 Costs and operating expenses:
Cost of sales 3,321 11,474 6,283 23,881 Labor 4,668 14,876 8,826
30,964 Occupancy 1,900 6,131 3,936 12,966 Store operating 2,272
8,059 4,634 16,093 Depreciation and amortization 1,674 1,344 3,176
3,217 General and administrative 9,423 8,427 17,033 17,390 Loss
(gain) on disposal of assets 188 (4,480 ) 297 (5,258 ) Store
pre-opening 326 166 650 188 Impairment of long-lived assets 127 295
127 295 Store lease termination and closure costs (56 ) 40 64 62
Other operating, net 245 1,333
516 2,039 Total costs and operating
expenses 24,088 47,665 45,542
101,837 (Loss) Income from operations
(2,548 ) 6,461 (5,248 ) 4,793
Other income (expense), net: Interest income 74 14
145 29 Interest expense (59 ) (68 ) (118 )
(109 ) Total other income (expense), net 15
(54 ) 27 (80 ) (Loss)
Income before income taxes (2,533 ) 6,407 (5,221 ) 4,713 Income tax
benefit (expense) 54 (57 ) (78 )
(83 ) Net (loss) income (2,479 ) 6,350 (5,299 ) 4,630 Less:
Net income attributable to noncontrolling interest -
21 - 52 Net (loss)
income attributable to Jamba, Inc. $ (2,479 ) $ 6,329 $
(5,299 ) $ 4,578 Weighted-average shares used in
computation of earnings per share attributable to Jamba, Inc.:
Basic 15,168,348 16,073,667
15,126,192 16,222,276 Diluted
15,168,348 16,573,444 15,126,192
16,723,127 Net (loss) earnings per share
attributable to common stockholders attributable to Jamba, Inc.:
Basic $ (0.16 ) $ 0.39 $ (0.35 ) $ 0.28 Diluted $
(0.16 ) $ 0.38 $ (0.35 ) $ 0.27
JAMBA, INC. CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS Reconciliation of GAAP
to Non-GAAP (Unaudited) Adjusted for Transitional
Costs Associated with Shift to Asset-Light Business Model
(In thousands except share and per share amounts)
GAAP Non-GAAP GAAP Non-GAAP
Reported As Adjusted Reported As
Adjusted 13 Week Gains and 13 Week 13
Week Gains and 13 Week Period Ended
Transitional Period Ended Period Ended
Transitional Period Ended June 28, 2016
Costs June 28, 2016 June 30, 2015 Costs
June 30, 2015 Revenue: Company stores $ 13,874 $ - $
13,874 $ 48,360 $ - $ 48,360 Franchise and other revenue
7,666 - 7,666 5,766
- 5,766 Total revenue
21,540 - 21,540
54,126 - 54,126 Costs and
operating expenses: Cost of sales 3,321 - 3,321 11,474 - 11,474
Labor 4,668 - 4,668 14,876 - 14,876 Occupancy 1,900 - 1,900 6,131 -
6,131 Store operating 2,272 - 2,272 8,059 (42 ) 8,017 Depreciation
and amortization 1,674 - 1,674 1,344 - 1,344 General and
administrative 9,423 (3,818 ) 5,605 8,427 (588 ) 7,839 Loss (gain)
on disposal of assets 188 - 188 (4,480 ) 4,515 35 Store pre-opening
326 - 326 166 - 166 Impairment of long-lived assets 127 - 127 295 -
295 Store lease termination and closure costs (56 ) - (56 ) 40 - 40
Other operating, net 245 - 245
1,333 (700 ) 633
Total costs and operating expenses 24,088
(3,818 ) 20,270 47,665 3,185
50,850 (Loss) Income from operations
(2,548 ) 3,818 1,270
6,461 (3,185 ) 3,276 Other
income (expense), net: Interest income 74 - 74 14 - 14 Interest
expense (59 ) - (59 ) (68 )
- (68 ) Total other income (expense),
net 15 - 15 (54 )
- (54 ) (Loss) Income before income
taxes (2,533 ) 3,818 1,285 6,407 (3,185 ) 3,222 Income tax benefit
(expense) 54 - 54
(57 ) - (57 ) Net (loss) income (2,479
) 3,818 1,339 6,350 (3,185 ) 3,165 Less: Net income attributable to
noncontrolling interest - - -
21 - 21 Net
(loss) income attributable to Jamba, Inc. $ (2,479 ) $ 3,818
$ 1,339 $ 6,329 $ (3,185 ) $ 3,144
Weighted-average shares used in computation of earnings per share
attributable to Jamba, Inc.: Basic 15,168,348
15,168,348 16,073,667 16,073,667
Diluted 15,168,348 15,438,552
16,573,444 16,573,444 Net (loss)
earnings per share attributable to common stockholders attributable
to Jamba, Inc.: Basic $ (0.16 ) $ 0.09 $ 0.39 $ 0.20
Diluted $ (0.16 ) $ 0.09 $ 0.38 $ 0.19
JAMBA, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Reconciliation of GAAP to Non-GAAP (Unaudited)
Adjusted for Transitional Costs Associated with Shift to
Asset-Light Business Model (In thousands except share and
per share amounts) GAAP Non-GAAP
GAAP Non-GAAP Reported As Adjusted
Reported As Adjusted 26 Week Gains and
26 Week 26 Week Gains and 26 Week
Period Ended Transitional Period Ended
Period Ended Transitional Period Ended June
28, 2016 Costs June 28, 2016 June 30, 2015
Costs June 30, 2015 Revenue: Company stores $
25,827 $ - $ 25,827 $ 96,088 $ - $ 96,088 Franchise and other
revenue 14,467 - 14,467
10,542 - 10,542
Total revenue 40,294 - 40,294
106,630 - 106,630
Costs and operating expenses: Cost of sales 6,283 - 6,283
23,881 - 23,881 Labor 8,826 - 8,826 30,964 - 30,964 Occupancy 3,936
- 3,936 12,966 - 12,966 Store operating 4,634 - 4,634 16,093 (231 )
15,862 Depreciation and amortization 3,176 - 3,176 3,217 - 3,217
General and administrative 17,033 (5,469 ) 11,564 17,390 (1,027 )
16,363 Loss (gain) on disposal of assets 297 - 297 (5,258 ) 5,371
113 Store pre-opening 650 - 650 188 - 188 Impairment of long-lived
assets 127 - 127 295 - 295 Store lease termination and closure
costs 64 - 64 62 - 62 Other operating, net 516
- 516 2,039 (820 )
1,219 Total costs and operating expenses
45,542 (5,469 ) 40,073 101,837
3,293 105,130 (Loss)
Income from operations (5,248 ) 5,469
221 4,793 (3,293 ) 1,500
Other income (expense), net: Interest income 145 - 145 29 -
29 Interest expense (118 ) - (118 )
(109 ) - (109 ) Total other
income (expense), net 27 - 27
(80 ) - (80 ) Income
(Loss) before income taxes (5,221 ) 5,469 248 4,713 (3,293 ) 1,420
Income tax benefit (expense) (78 ) -
(78 ) (83 ) - (83 ) Net (loss)
income (5,299 ) 5,469 170 4,630 (3,293 ) 1,337 Less: Net income
attributable to noncontrolling interest - -
- 52 - 52
Net (loss) income attributable to Jamba, Inc. $
(5,299 ) $ 5,469 $ 170 $ 4,578 $ (3,293 ) $
1,285 Weighted-average shares used in computation of
earnings per share attributable to Jamba, Inc.: Basic
15,126,192 15,126,192 16,222,276
16,222,276 Diluted 15,126,192
15,418,815 16,723,127 16,723,127
Net (loss) earnings per share attributable to common
stockholders attributable to Jamba, Inc.: Basic $ (0.35 ) $ 0.01
$ 0.28 $ 0.08 Diluted $ (0.35 ) $ 0.01
$ 0.27 $ 0.08
JAMBA, INC. (Unaudited) STORE COUNT
NUMBER OF STORES COMPANY FRANCHISE
TOTAL Domestic International For the
26-Week Period Ended June 28, 2016 At December 29, 2015 70 748
75 893 Opened 1 22 5 28 Acquired - - - - Closed (3) (19) (14) (36)
Refranchised - - - - At March 29, 2016 68 751 66 885
For the 26-Week Period Ended June 30, 2015 At December 30,
2014 263 543 62 868 Opened - 14 8 22 Acquired - 53 - 53 Closed (4)
(9) (2) (15) Refranchised (53) - - (53) At June 30, 2015 206 601 68
875
COMPARABLE STORE SALES
13 Week Period Ended 26 Week Period Ended
Increase/(Decrease)
June 28, 2016 June 30, 2015
June 28, 2016 June 30, 2015 Percentage Change
in Comparable store sales Company stores 5.7% (5.9%) 3.0% (0.4%)
Franchise stores 4.0% (2.6%) 1.1% 0.3% System-wide 4.2% (3.9%) 1.3%
0.1% Percentage Change in Comparable Company store
sales Traffic effect 1.4% (11.5%) (1.6%) (5.7%) Average check
effect 4.3% 5.6% 4.6% 5.3% Total Comparable Company store sales
5.7% (5.9%) 3.0% (0.4%)
JAMBA, INC. (Unaudited) REVENUE 13 Week
Period Ended 26 Week Period Ended June 28, 2016
June 30, 2015 June 28, 2016 June 30, 2015
Revenue (in thousands): Company stores $ 13,874 $ 48,360 $
25,827 $ 96,088 Franchise revenue 6,441 4,381 11,922 8,057 Other
revenue 1,225 1,385 2,545
2,485
Total revenue $ 21,540 $ 54,126
$ 40,294 $ 106,630
JAMBA, INC. (Unaudited) RECONCILIATION OF NET
INCOME TO ADJUSTED EBITDA 13 Week Period Ended
26 Week Period Ended June 28, 2016 June 30,
2015 June 28, 2016 June 30, 2015 Net
loss attributable to Jamba, Inc. (in thousands) $ (2,479 ) $
6,329 $ (5,299 ) $ 4,578 Adjustments related to gains and
transitional costs 3,818 (3,185 ) 5,469 (3,293 ) Depreciation and
amortization 1,674 1,344 3,176 3,217 Interest income (74 ) (14 )
(145 ) (29 ) Interest expense 59 68 118 109 Income taxes (54 ) 57
78 83 Stock based compensation 867 1,480
1,698 2,626
Adjusted
EBITDA $ 3,811 $ 6,079 $ 5,095 $ 7,291
JAMBA, INC. CONDENSED
CONSOLIDATED BALANCE SHEETS (Unaudited) (In
thousands, except share and per share amounts)
June 28, December 29, 2016 2015
(Dollars in thousands, except share and per share amounts)
ASSETS Current Assets: Cash and cash equivalents $ 15,773 $
19,730 Receivables, net of allowances of $369 and $618 12,259
16,932 Inventories 704 818 Prepaid expenses and other current
assets 4,217 6,533 Total current
assets 32,953 44,013
Property, fixtures and equipment, net of
accumulated depreciation of $37,876 and $36,815
17,775 18,744 Goodwill 1,184 1,184 Trademarks and other intangible
assets, net 1,390 1,464 Other long-term assets 3,159
4,211 Total assets $ 56,461 $ 69,616
LIABILITIES AND STOCKHOLDERS’ EQUITY Current
Liabilities: Accounts payable $ 1,812 $ 3,815 Accrued compensation
and benefits 4,645 3,788 Workers’ compensation and health insurance
reserves 344 633 Accrued jambacard liability 25,230 29,306 Accrued
expenses 8,237 9,977 Other current liabilities 7,208
8,116 Total current liabilities 47,476 55,635
Deferred rent and other long-term liabilities 7,162
8,990 Total liabilities 54,638
64,625 Commitments and contingencies (Note 9)
Stockholders’ equity:
Common stock, $0.001 par value—30,000,000
shares authorized; 18,112,896 and 15,254,079 shares issued and
outstanding at June 28, 2016, respectively, and 17,938,820 and
15,080,003 shares issued and outstanding at December 29, 2015,
respectively,
18 18 Additional paid-in capital 405,736 403,605 Treasury shares,
at cost (40,009 ) (40,009 ) Accumulated deficit (363,922 )
(358,623 ) Total stockholders’ equity 1,823 4,991
Total liabilities and stockholders’ equity $ 56,461 $
69,616
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160804006371/en/
Investor RelationsICRDara Dierks,
646-277-1212investors@jambajuice.com
Jamba, Inc. (delisted) (NASDAQ:JMBA)
Historical Stock Chart
From Mar 2024 to Apr 2024
Jamba, Inc. (delisted) (NASDAQ:JMBA)
Historical Stock Chart
From Apr 2023 to Apr 2024