Strong System-Wide Comparable Store Sales
Growth of +5.6%
Three Refranchising Deals Closed
Operational Improvements Lower COGS
$45 million Share Repurchase Program
Continues
Reaffirms Full-Year Guidance
Jamba, Inc. (NASDAQ:JMBA) today reported unaudited financial
results for the third fiscal quarter ended September 29, 2015.
Highlights include strong sales gains across the country with a
system-wide increase in comparable store sales of 5.6%.
Additionally, Jamba completed three refranchising deals during the
quarter for 111 store locations and one additional refranchising
deal subsequent to the end of the quarter, which have continued
Jamba’s transformation to an asset-light model. As of today, 91% of
Jamba locations are operated by our franchisee partners.
Company-owned comparable store sales increased 6.6% driven by a
sequential improvement in average ticket due to reduction of
promotional discounting. “Our quarterly results showed strong
progress on all our priorities. With the completion of four more
refranchising deals, we have virtually finalized our transformation
to an asset-light model. Strong sales momentum resumed across the
country with very solid gains in our core California market plus
double digit increases in our less developed Chicago and New York
markets.” said James D. White, chairman, president and CEO of
Jamba, Inc.
"Our sales growth was matched by our operational improvements
with gains in our speed of service, lower COGS, and full
implementation of our made-to-order juice and energy bowl
optimization initiatives. Our new product initiative was
highlighted with the extension of our organic, GMO-free line of
cold pressed, ready-to-drink premium juices to 527 stores
system-wide and the introduction of our limited time Almond Milk
Smoothies."
"During the quarter, I also announced my plan to retire from
Jamba, but I will remain with Jamba until the Board and its
executive recruiter secure a new CEO. With Jamba successfully
transformed to our new asset- light model, it’s the right time for
the Board to transfer leadership," Mr. White said.
Third Quarter Financial Highlights
- Company-owned comparable store sales
increased 6.6% for the quarter. System-wide comparable sales(1)
increased 5.6% and Franchise comparable store sales(1) increased
5.3% for the quarter. Net income attributable to Jamba, Inc. was
$13.1 million for the 13-week period ended September 29, 2015
compared to a net loss of $1.7 million for the 13-week period ended
September 30, 2014.
- Total revenue for the quarter decreased
39.1% to $35.5 million from $58.3 million for the prior year,
primarily due to the reduction in the number of Company stores as
part of our refranchising initiative, partially offset by the 5.6%
increase in System-wide comparable store sales and net new global
Franchise locations. The number of Company-owned stores at the end
of the third quarter of 2015 was 94, compared to 272 at the end of
the third quarter of 2014.
- Income from operations was $13.3
million and operating margin was 37.5% for the quarter.
- General and administrative expenses for
the 13-week period ended September 29, 2015 decreased 5.1% to $9.0
million compared with $9.5 million for the prior year period.
Non-GAAP Adjusted General and administrative expenses,(2) for the
13-week period decreased 11.7% to $7.3 million.
- Shares repurchased during 13-week
period ended September 29, 2015 were 1,174,882, utilizing $16.3
million under the current $45 million Stock Repurchase Program.
Cumulatively, from inception through the end of the third quarter,
2,726,280 shares were repurchased for $38.1 million under this
program.
- Jamba closed three refranchising
transactions during the 13-week period ended September 29, 2015 for
proceeds of approximately $36.1 million and one refranchise deal
closed subsequent to the end of the quarter for $3.3 million.
- Franchisees opened 23 new Jamba Juice
stores globally. At September 29, 2015, there were 884 stores
globally consisting of 94 Company Stores, 720 Franchise Stores and
70 International Stores.
- Non-GAAP Adjusted Net Income(2)
adjusted for costs associated with the shift to the asset-light
business model and the gain associated with refranchising was $1.6
million for the third quarter, or $0.10 diluted earnings per share
compared to Non-GAAP Adjusted Net Income(2) of $0.5 million, or
$0.03 diluted earnings per share for the prior year period.
- Generated Non-GAAP adjusted EBITDA of
$4.0 million(3).
G&A Optimization Continues
- Jamba expects $30 million of Non-GAAP
Adjusted G&A expense(2) in 2015 down from $33.7 million of
G&A in 2014.
- Jamba expects to further reduce G&A
expense to $25-$26 million in 2016, which is expected to be 4% of
system-wide sales for the core store operations.
- Jamba’s long-term goal is G&A of 3%
or less of system-wide sales for the core store operations.
Refranchising Continues
- During the third quarter, three
refranchising transactions closed totaling 110 company-owned stores
and one unopened company owned store.
- Jamba closed one additional
refranchising transaction for 16 company-owned stores during the
fourth quarter of this fiscal year.
- On a global basis, the company expects
to have approximately 865-875 franchise-owned and operated
stores and 50-60 company-owned stores by end of fiscal 2015.
- Jamba continues to project total
proceeds of approximately $60 million from refranchising
transactions.
Capital Allocation Update
- The Company’s board of directors
authorized a $25 million share repurchase program in October 2014,
with increases to $40 million in May 2015 and to $45 million in
August 2015.
- During the quarter, the Company
repurchased 1,174,882 shares of common stock on the open market at
an average price of $13.87 per share.
- Cumulatively through the end of the
third quarter, 2,726,280 shares have been repurchased under this
plan for a total cost of $38.1 million, reducing share count by
approximately 15.2% since inception of plan.
- There is $6.9 million of capacity left
under the current repurchase authorization.
Third Quarter Fiscal 2015 Results
Revenue
For the 13 weeks ended September 29, 2015, total revenue
decreased 39.1% to $35.5 million from $58.3 million in the prior
year period. The decrease is primarily due to the reduction in the
number of company-owned stores pursuant to the company’s
refranchising strategy, partially offset by increases in
system-wide comparable store sales of 5.6%(1). The increase in
company-owned comparable store sales(1) of 6.6% consists of an
increase in average check of 740 basis points offset by a decrease
in transaction count of 80 basis points. Jamba continues to reduce
the amount of promotional activity compared to the prior year which
resulted in almost all of the traffic decrease. Franchise and other
revenue increased 48.4% to $7.3 million from $4.9 million in the
prior year period, primarily due to increased royalties resulting
from the increase in franchise operated stores and the increase in
franchise-operated comparable store sales(1) of 5.3% during the
13-week period ended September 29, 2015. Other revenue, which
includes JambaGO® and CPG, was $1.8 million and $1.4 million in the
13-week periods ended September 29, 2015 and September 30, 2014,
respectively. The increase revenue was primarily due to new
JambaGO® customers from the K-12 and university channels along with
higher royalty revenue from the Company’s international
business.
Income from Operations and Operating Margin
Jamba’s operating margin was 37.5% for the third quarter of 2015
compared to (3.1)% for the quarter ended September 30, 2014. Income
from Operations was $13.3 million for the third quarter of 2015
compared to a loss from operations of $1.8 million in 2014.
Included in the results are gains on disposal of assets of $16.1
million. On a non-GAAP basis, Adjusted Income from Operations(2)
which excludes costs associated with the shift to the asset-light
business model and the gain associated with refranchising was
approximately $1.8 million or 5.1% of revenue, compared to $0.7
million, or 1.1% of revenue, from the prior year. During the
quarter, cost optimization initiatives were implemented to reduce
supply chain costs, which improved cost of sales by 250 basis
points as compared to the beginning of 2015.
Retail Growth
As of September 29, 2015, there were 884 Jamba® stores
system-wide in the United States, of which 790 are
franchise-operated stores, and 94 are Company-owned.
Franchise-operated stores include 42 express formats. During the
quarter, Jamba opened 17 new domestic franchise-operated stores and
six international store locations. No new Company-owned stores
opened during the quarter. During the quarter, eight stores were
closed globally. As of September 29, 2015 there were 70
international store locations, all of which are franchise-operated.
Growth continues at JambaGO® with units in operation exceeding
2,000.
Liquidity
On September 30, 2015, the Company held $25.2 million in cash
and cash equivalents as compared to $17.8 million cash and cash
equivalents at December 30, 2014. As of September 29, 2015 and
September 30, 2014, the Company did not have any restricted cash.
During the quarter, the Company repurchased 1,174,882 shares of
common stock on the open market at an average price of $13.87 per
share.
Summary Guidance Table
The Company expects to achieve the
following results:
Outlook
Component 2015
2016
Long-Term System-wide Same Store Sales
2%-4% 2%-4%
2%-4% Global Openings 80-90
100-125
100-125 System-wide Sales $525-550M
$600-625M
10-12% growth
Avg. Unit Volume
(traditional/domestic)
$645K $665K
$700-$750K Company Adjusted G&A
$30M
$25-26M
3% or less of
system-wide sales for
core store business
Non-GAAP Adjusted EBITDA* $10-12M
$15-20M
30-40% margins Capital Expenditures
$8-10M $4-6M
$3-5M Effective Tax Rate 2%-3%
2%-3% 2%-3%
Non-GAAP Adjusted Free Cash Flow* -$2M
to $2M $9-16M
90-110% of Net Income
* Excludes the impact of non-cash stock
based compensation
A conference call to review the third quarter 2015 results will
be held today, November 9, 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 13621531. The replay will be available until
November 30, 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 September 29, 2015, there were 884 store
locations globally. There were 94 Company-owned and operated stores
and 720 franchise-operated stores in the United States, and 70
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 “Summary Guidance Table” 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 other
transition costs related to the Company’s move to outsource
specified services to Capgemini, costs associated with the move to
an asset-light business model 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 $3.0 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. Adjusted Income from
Operations is calculated as income 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 and Adjusted Free Cash Flow 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)
gain from disposal of assets relating to refranchising; (c)
depreciation and amortization; (d) interest income; (e) interest
expense; (f) income taxes; and (g) stock based compensation
expense. Adjusted Free Cash Flow is equal to net cash provided by
operating activities, 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; and (b) capital expenditures.
JAMBA, INC. CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS (Unaudited) (in thousands, except share
and per share amounts)
13-Week Period Ended 39-Week
Period Ended September 29, 2015
September 30, 2014 September 29, 2015
September 30, 2014 Revenue: Company stores $ 28,213 $ 53,377
$ 124,301 $ 159,281 Franchise and other revenue 7,284
4,907 17,826 14,834
Total revenue 35,497 58,284
142,127 174,115 Costs and
operating expenses: Cost of sales 6,626 14,611 30,507 39,780 Labor
8,843 16,793 39,807 47,366 Occupancy 3,980 6,917 16,946 20,783
Store operating 5,901 9,400 21,994 25,297 Depreciation and
amortization 1,143 2,617 4,360 7,915 General and administrative
9,003 9,487 26,393 27,419 Gain on disposal of assets (16,076 ) (555
) (21,334 ) (1,601 ) Other operating, net 2,776
821 5,360 2,576
Total costs and operating expenses 22,196
60,091 124,033 169,535
Income (loss) from operations 13,301 (1,807 )
18,094 4,580 Other income
(expense), net: Interest income 49 21 78 55 Interest expense
(53 ) (49 ) (162 ) (143 ) Total
other expense, net (4 ) (28 ) (84 ) (88
) Income (loss) before income taxes 13,297 (1,835 ) 18,010
4,492 Income tax (expense) benefit (194 ) 156
(277 ) (62 ) Net income (loss) 13,103
(1,679 ) 17,733 4,430 Less: Net income attributable to
noncontrolling interest - 22 52
39 Net income (loss) attributable to
Jamba, Inc. $ 13,103 $ (1,701 ) $ 17,681 $ 4,391
Weighted-average shares used in
computation of
earnings per share:
Basic 15,808,680 17,291,287
16,084,411 17,219,043 Diluted
16,214,943 17,291,287 16,558,680
17,663,050
Earnings per share attributable to Jamba,
Inc.
common stockholders
Basic $ 0.83 $ (0.10 ) $ 1.10 $ 0.26
Diluted $ 0.81 $ (0.10 ) $ 1.07 $ 0.25
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)
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 (In
thousands except share and per share amounts)
September 29,
2015 Costs September 29, 2015 September 30,
2014 Costs September 30, 2014 Revenue:
Company stores $ 28,213 $ - $ 28,213 $ 53,377 $ 11 $ 53,388
Franchise and other revenue 7,284 - 7,284 4,907 450 5,357
Total revenue 35,497
- 35,497 58,284
461 58,745 Costs and operating
expenses: Cost of sales 6,626 - 6,626 14,611 (138 ) 14,473 Labor
8,843 (783 ) 8,060 16,793 (109 ) 16,684 Occupancy 3,980 - 3,980
6,917 - 6,917 Store operating 5,901 0 5,901 9,400 (414 ) 8,986
Depreciation and amortization 1,143 - 1,143 2,617 - 2,617 General
and administrative 9,003 (1,712 ) 7,291 9,487 (1,227 ) 8,260 Gain
on disposal of assets (16,076 ) 15,892 (184 ) (555 ) - (555 ) Other
operating, net 2,776 (1,907 ) 869
821 (118 ) 703 Total
costs and operating expenses 22,196 11,490
33,686 60,091 (2,006 )
58,085 Income (loss) from operations 13,301
(11,490 ) 1,811 (1,807 ) 2,467 660 Other income (expense),
net: Interest income 49 - 49 21 - 21 Interest expense (53 )
- (53 ) (49 ) - (49 )
Total other expense, net (4 ) - (4 )
(28 ) - (28 ) Income (loss)
before income taxes 13,297 (11,490 ) 1,807 (1,835 ) 2,467 632
Income tax (expense) benefit (194 ) - (194 ) 156 (222 ) (66
) Net income (loss)
13,103 (11,490 ) 1,613 (1,679 ) 2,245 566 Less: Net income
attributable to noncontrolling interest 0 - - 22 - 22
Net income (loss) attributable to
Jamba, Inc. $ 13,103 $ (11,490 ) $ 1,613 $ (1,701 ) $
2,245 $ 544 Weighted-average shares used in
computation of earnings per share: Basic 15,808,680
15,808,680 17,291,287 17,291,287
Diluted 16,214,943 16,214,943
17,291,287 17,291,287
Earnings per share attributable to Jamba,
Inc. common shareholders:
Basic $ 0.83 $ 0.10 $ (0.10 ) $ 0.03 Diluted $
0.81 $ 0.10 $ (0.10 ) $ 0.03
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)
Reported As
Adjusted Reported
As Adjusted 39-Week Gains and
39-Week 39-Week Gains and 39-Week
Period Ended Transitional Period Ended
Period Ended Transitional Period Ended (In
thousands except share and per share amounts)
September 29,
2015 Costs September 29, 2015 September 30,
2014 Costs September 30, 2014 Revenue:
Company stores $ 124,301 $ - $ 124,301 $ 159,281 $ 11 $ 159,292
Franchise and other revenue 17,826 - 17,826 14,834 615 15,449
Total revenue
142,127 - 142,127 174,115
626 174,741 Costs and
operating expenses: Cost of sales 30,507 - 30,507 39,780 (615 )
39,165 Labor 39,807 (783 ) 39,024 47,366 (528 ) 46,838 Occupancy
16,946 - 16,946 20,783 - 20,783 Store operating 21,994 (231 )
21,763 25,297 (447 ) 24,850 Depreciation and amortization 4,360 -
4,360 7,915 - 7,915 General and administrative 26,393 (3,004 )
23,389 27,419 (1,530 ) 25,889 Gain on disposal of assets (21,334 )
21,288 (46 ) (1,601 ) - (1,601 ) Other operating, net 5,360 (2,727
) 2,633 2,576 (118 ) 2,458
Total costs and operating expenses 124,033
14,543 138,576 169,535
(3,238 ) 166,297 Income from operations
18,094 (14,543 ) 3,551 4,580 3,864 8,444 Other income
(expense), net: Interest income 78 - 78 55 - 55 Interest
expense (162 ) - (162 ) (143 ) - (143 )
Total other expense, net (84 ) -
(84 ) (88 ) - (88 )
Income before income taxes 18,010 (14,543 ) 3,467 4,492 3,864 8,356
Income tax expense (277 ) - (277 ) (62 ) (269.41 ) (331 )
Net income 17,733 (14,543
) 3,190 4,430 3,595 8,025 Less: Net income attributable to
noncontrolling interest 52 - 52
39 - 39 Net income
attributable to Jamba, Inc. $ 17,681 $ (14,543 ) $ 3,138
$ 4,391 $ 3,595 $ 7,986
Weighted-average shares used in computation of earnings per share:
Basic 16,084,411 16,084,411
17,219,043 17,219,043 Diluted
16,558,680 16,558,680 17,663,050
17,663,050 Earnings per share attributable to
Jamba, Inc. common shareholders: Basic $ 1.10 $ 0.20
$ 0.26 $ 0.46 Diluted $ 1.07 $ 0.19 $
0.25 $ 0.45
(1) Includes gain on disposal of assets
relating to refranchising
(2) Includes transitional costs
JAMBA, INC. (Unaudited) STORE
COUNT NUMBER OF STORES
COMPANY FRANCHISE
TOTAL Domestic
International For the 39-Week Period Ended
September 29, 2015 At December 30, 2014 263 543 62 868 Opened -
31 15 46 Closed (6 ) (17 ) (7 ) (30 ) Acquired (163 ) 163 - -
Refranchised - - - - At September 29,
2015 94 720 70 884
For
the 39-Week Period Ended September 30, 2014 At December 31,
2013 268 535 48 851 Opened - 34 17 51 Closed (6 ) (24 ) (10 ) (40 )
Acquired 23 (23 ) - - Refranchised (13 ) 13 - -
At September 30, 2014 272 535 55 862
COMPARABLE STORE SALES
13-Week Period Ended 39-Week Period Ended
Sept 29, 2015 Sept 30, 2014 Sept 29, 2015
Sept 30, 2014 Percentage Change in Comparable store
sales Company stores 6.6 % 3.7 % 1.1 % 2.3 % Franchise stores 5.3 %
3.9 % 2.5 % 2.1 % System-wide 5.6 % 3.8 % 2.0 % 2.2 %
Percentage Change in Comparable Company store sales Traffic effect
(0.8 %) (0.7 %) (4.4 %) (2.6 %) Average check effect 7.4 % 4.4 %
5.5 % 4.9 % Total Comparable Company store sales 6.6 % 3.7 % 1.1 %
2.3 %
JAMBA, INC. (Unaudited)
REVENUE 13-Week Period
Ended 39-Week Period Ended
September 29, 2015 September 30, 2014
September 29, 2015 September 30, 2014
Revenue (in thousands): Company-owned stores $ 28,213 $
53,377 $ 124,301 $ 159,281 Franchise-owned stores 5,307 3,549
13,578 10,924 Other revenue 1,977 1,358
4,248 3,910
Total revenue $ 35,497 $
58,284 $ 142,127 $ 174,115
JAMBA,
INC. (Unaudited) RECONCILIATION OF NET INCOME TO
ADJUSTED EBITDA 13-Week Period Ended 39-Week
Period Ended September 29, 2015 September 29,
2015 Net Income (in thousands) $ 13,103
$ 17,733
Adjustments related to gains and transitional costs (11,490 )
(14,543 ) Depreciation and amortization 1,143 4,360 Interest income
(49 ) (78 ) Interest expense 53 162 Income taxes 194 277 Stock
based compensation 1,007 3,633
Adjusted EBITDA $ 3,961 $ 11,544
View source
version on businesswire.com: http://www.businesswire.com/news/home/20151109006670/en/
ICRDara Dierks, 646-277-1212Investor Relationsinvestors@jambajuice.com
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