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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Jamba - Warrants (MM) | NASDAQ:JMBAW | NASDAQ | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.0023 | 0 | 01:00:00 |
From Jun 2019 to Jun 2024
Jamba, Inc. (NASDAQ:JMBA; NASDAQ:JMBAU; NASDAQ:JMBAW) today reported audited financial results for the fourth quarter and fiscal year ended December 30, 2008.
Company reports, for the 12 week fiscal fourth quarter of 2008 compared to the 11 week fiscal fourth quarter of 2007:
Company reports, for the 52 week fiscal year 2008 compared to the 51 week fiscal year 2007:
“While we are disappointed with the results for fiscal 2008, the Company’s board of directors and new management team have taken significant steps to improve long-term performance. As previously announced, we are making significant progress implementing our strategic priorities. Our strategic priorities are focused on a disciplined expense reduction effort, building a customer-first and operationally focused service culture across the company, assembling a retail food capability across all day-parts, accelerating franchise and non-traditional store growth, and enhancing our licensing platform,” stated James White, president and chief executive officer, Jamba, Inc.
“In my short time as CEO, I am very pleased with the progress we are making. In January we announced the national rollout of the Steel Cut Oatmeal with Fruit menu item, which we believe is a successful first step in our plan to assemble a retail food capability across all day-parts. To help enhance our consumer products platform and other relationships to accelerate our consumer product initiatives, we hired Susan Shields in January, a well-respected consumer products industry veteran. Also, consistent with our strategic priority of franchise and non-traditional store growth, on March 10, 2009, we completed the sale of 10 company-owned stores in Arizona to a franchisee and in February we announced the opening of new Jamba Juice airport locations at Chicago O’Hare, San Diego International and George Bush Intercontinental in Houston,” continued Mr. White.
“While we expect the economic environment to remain challenging in 2009, we are confident that we have the right strategy in place to revitalize Jamba and create long-term shareholder value,” concluded Mr. White.
Outlook
The Company continues to expect negative comparable sales trends based on the current environment and has targeted 2009 expense goals as follows:
In addition, the Company has planned minimal, if any, Company store development and up to 50 new franchise stores in 2009.
Liquidity
On December 30, 2008, the Company held $28.5 million in cash, equivalents and restricted cash and had a total outstanding debt balance of $22.8 million.
The Company is subject to a number of customary covenants under its financing agreement, including limitations on additional indebtedness, liens, asset sales, acquisitions, dividend payments, and requirements to maintain certain financial covenants. The two financial covenants the Company is required to maintain are to retain $3 million of cash in the bank and a trailing 13 period of Store-level EBITDA of $35 million. As of December 30, 2008, the Company was in compliance with all debt covenants and expects to remain in compliance through fiscal year 2009.
Footnotes
(1) Comparable store sales are calculated using sales of stores open at least thirteen full fiscal periods. Management reviews the increase or decrease in comparable store sales compared with the same period in the prior year to assess business trends and make certain business decisions.
* - Use of Non-GAAP Financial Measures
The Company uses non-GAAP financial measures in its statements made in this release. Income (loss) from operations and net income (loss) are presented excluding certain non-cash activities, which presentation the Company believes is a helpful indicator of the Company’s financial performance. The statements are reconciled to the GAAP presentation of income (loss) from operations and net income (loss) in the same statement in which the non-GAAP financial measures are presented. The Company also uses a non-GAAP financial measure for adjusted diluted earnings (loss) per share, which presentation the Company believes is a helpful indicator of the Company’s financial performance. [For a reconciliation of diluted earnings (loss), please see the table at the end of this release.] In addition, the Company uses the non-GAAP financial measure of store-level EBITDA. The Company defines store-level EBITDA, which is consistent with the definition under the Company’s financing agreement, as net income (loss) from operations and other income less: (a) depreciation and amortization, (b) general and administrative expenses; (c) store pre-opening expenses; (d) trademark impairment; (e) store lease termination and closure expenses; (f) store impairment expenses; (g) other operating expenses and (h) income taxes. The Company believes that store-level EBITDA is an important measure of financial performance because it is a useful indicator of compliance under the Company’s financing agreement. For a reconciliation of Store-level EBITDA to net income (loss), please see the table at the end of this release. The adjusted income (loss) from operations, net income (loss) and Store-level EBITDA are not measurements determined in accordance with GAAP and should not be considered in isolation or as an alternative to income (loss) from operations or net income (loss) as indicators of financial performance. Each non-GAAP financial measure used as presented may not be comparable to other similarly titled measures of other companies.
Webcast and Conference Call Information
A conference call to review fourth quarter and fiscal 2008 results will be held on March 16, 2009 at 5:00 p.m. ET. Participating on the call with be James White, Chief Executive Officer and President and Karen Luey, Chief Financial Officer. The conference call can be accessed live over the phone by dialing (877) 852-6573 or for international callers by dialing (719) 325-4818. A simultaneous web cast of the call will be available by visiting http://www.jamba.com. A replay will be available at 8:00 p.m. ET and can be accessed by dialing (888) 203-1112 or (719) 457-0820 for international callers; the pin number is 4770450. The replay will be available until April 6, 2009.
About Jamba, Inc.
Jamba, Inc. (NASDAQ:JMBA) (NASDAQ:JMBAU) (NASDAQ:JMBAW) is a holding company and through its wholly-owned subsidiary, Jamba Juice Company, owns and franchises JAMBA JUICE® stores. JAMBA JUICE is the leading blender of fruit and other naturally healthy ingredients. Founded in 1990, Jamba strives to inspire and simplify healthy living for its customers and employees. As of February 20, 2009, JAMBA JUICE had 733 stores, of which 510 were company-owned and operated. For the nearest location or a complete menu including our new oatmeal made with organic, steel cut oats and served with fruit and brown sugar crumble, visit the JAMBA JUICE website at www.jamba.com or call 1-866-4R-FRUIT.
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 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 projects as well as the current beliefs and assumptions of our 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. 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, those discussed under the section entitled “Risk Factors” in our reports filed with the SEC. Many of such factors relate to events and circumstances that are beyond our 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.
JAMBA, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) December 30, January 1, (In thousands, except share and per share amounts) 2008 2008 Assets Current assets: Cash and cash equivalents $ 20,822 $ 23,016 Restricted cash and investments 5,059 1,916 Receivables, net of allowances of $416 and $133 4,594 6,402 Inventories 3,435 3,582 Prepaid and refundable taxes 5,670 5,814 Prepaid rent 185 3,261 Prepaid expenses and other current assets 1,328 1,607 Deferred income taxes - 6,928 Total current assets 41,093 45,598 Property, fixtures and equipment, net 95,154 128,861 Trademarks and other intangible assets, net 2,998 87,599 Restricted cash 2,659 2,950 Deferred income taxes 354 - Other long-term assets 3,462 3,066 Total assets $ 145,720 $ 268,074 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 8,089 $ 14,487 Accrued compensation and benefits 7,667 6,490 Workers' compensation and health self-insurance reserves 1,922 1,796 Accrued jambacard liability 30,764 28,576 Other accrued expenses 12,074 8,277 Current portion of capital lease obligations 246 - Derivative liabilities 2,098 9,290 Total current liabilities 62,860 68,916 Note payable 22,829 - Long-term capital lease obligations 281 - Long-term workers' compensation and health insurance reserves 2,659 2,950 Deferred income tax - 7,269 Deferred rent and other long-term liabilities 16,670 12,359 Commitments and contingencies - - Total liabilities 105,299 91,494 Stockholders' equity:Common stock, $0.001 par value, 150,000,000 shares authorized and 54,690,728 and 52, 637,131 shares issued and outstanding at December 30, 2008 and January 1, 2008
55 53 Additional paid-in-capital 358,258 352,184 Accumulated deficit (317,892 ) (168,729 ) Total stockholders' equity 40,421 183,508 Total liabilities and stockholders' equity $ 145,720 $ 275,002 JAMBA, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) 12 Week Period Ended 11 Week Period Ended Fiscal Year Ended December 30, January 1, December 30, January 1, (In thousands except share and per share amounts) 2008 2008 2008 2008 Revenue: Company stores $ 54,413 $ 52,617 $ 333,784 $ 306,035 Franchise and other revenue 1,691 1,959 9,106 11,174 Total revenue 56,104 54,576 342,890 317,209 Costs and operating expenses: Cost of sales 14,704 14,529 89,163 84,226 Labor 22,709 21,515 120,251 102,661 Occupancy 10,254 8,777 44,868 37,458 Store operating 8,409 8,830 43,714 39,942 Depreciation and amortization 5,386 4,981 24,717 19,168 General and administrative 10,829 10,787 48,057 48,384 Store pre-opening 124 1,879 2,044 5,863 Impairment of long-lived assets 14,604 1,153 27,802 1,550 Store lease termination and closure 7,130 521 10,029 718 Trademark and goodwill impairment 1,461 200,624 84,061 200,624 Other operating 269 647 3,817 4,806 Total costs and operating expenses 95,879 274,243 498,523 545,400 Loss from operations (39,775 ) (219,667 ) (155,633 ) (228,191 ) Other income (expense): Gain (loss) on derivative liabilities 285 20,673 7,895 59,424 Interest income 50 427 365 3,517 Interest expense (1,361 ) (26 ) (2,064 ) (181 ) Total other income (expense) (1,026 ) 21,074 6,196 62,760 Loss before income taxes (40,801 ) (198,593 ) (149,437 ) (165,431 ) Income tax benefit (373 ) 48,625 274 52,135 Net loss $ (41,174 ) $ (149,968 ) $ (149,163 ) $ (113,296 ) Weighted-average shares used in the computation of loss per share: Basic 54,690,728 52,617,488 53,252,855 52,323,898 Diluted 54,690,728 52,617,488 53,252,855 52,323,898 Loss per share: Basic $ (0.75 ) $ (2.85 ) $ (2.80 ) $ (2.17 ) Diluted $ (0.75 ) $ (2.85 ) $ (2.80 ) $ (2.17 ) JAMBA, INC. Reconciliation of GAAP Net Loss to Store-Level EBITDA (Unaudited) (In thousands) 12 Week Period Ended 11 Week Period Ended 52 Week Period Ended December 30, 2008 January 1, 2008 December 30, 2008 January 1, 2008 Company stores revenue $ 54,413 $ 52,617 $ 333,784 $ 306,035 Franchise revenue 1,691 1,959 9,106 11,174 Cost of sales (14,704 ) (14,529 ) (89,163 ) (84,226 ) Labor (22,709 ) (21,515 ) (120,251 ) (102,661 ) Occupancy (10,254 ) (8,777 ) (44,868 ) (37,458 ) Store operating (8,409 ) (8,830 ) (43,714 ) (39,942 ) Store Level EBITDA $ 28 $ 925 $ 44,894 $ 52,922 Store Level EBITDA $ 28 $ 925 $ 44,894 $ 52,922 Less: Depreciation and amortization (5,386 ) (4,981 ) (24,717 ) (19,168 ) Less: General and administrative (10,829 ) (10,787 ) (48,057 ) (48,384 ) Less: Store pre-opening (124 ) (1,879 ) (2,044 ) (5,863 ) Less: Store impairment (14,604 ) (1,153 ) (27,802 ) (1,550 ) Less: Store lease termination and closure (7,130 ) (521 ) (10,029 ) (718 ) Less: Trademark and goodwill impairment (1,461 ) (200,624 ) (84,061 ) (200,624 ) Less: Other (269 ) (648 ) (3,817 ) (4,806 ) Add (less): Other income (expense) (1,026 ) 21,074 6,196 62,760 Add (less): Income tax benefit (expense) (373 ) 48,626 274 52,135 Net loss $ (41,174 ) $ (149,968 ) $ (149,163 ) $ (113,296 )
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