UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
Date of report (date of earliest event reported):
November 9, 2015
Jamba, Inc.
(Exact name of registrant as specified in
its charter)
| Delaware |
001-32552 |
20-2122262 |
(State or other jurisdiction
of incorporation) |
(Commission
File No.) |
(I.R.S. Employer
Identification No.) |
6475 Christie Avenue, Suite 150, Emeryville,
California 94608
(Address of principal executive offices)
Registrant's telephone number, including
area code:
(510) 596-0100
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ¨ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 Results of Operations and Financial Condition.
On November 9, 2015, Jamba, Inc. (the “Company”) issued
a press release announcing its financial results for the third quarter ended September 29, 2015. A copy of the Company’s
press release is attached hereto as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit
No. |
|
Description |
| 99.1 |
|
Press release dated November 9, 2015, regarding the financial results
for the third quarter ended September 29, 2015.
|
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| |
JAMBA, INC. |
| |
|
| Date: November 9, 2015 |
By: |
/s/ Karen L. Luey |
| |
|
Karen L. Luey
Chief Financial Officer, Chief Administrative Officer,
Executive Vice President and Secretary |
Exhibit
99.1
Jamba, Inc. Announces Third Quarter 2015
Financial Results
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
EMERYVILLE, Calif., November 9, 2015 —
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.
Contact:
Investor Relations
Dara Dierks
ICR
646-277-1212
investors@jambajuice.com
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 | | |
| - | | |
| 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 | |
| - | | |
| - | | |
| - | | |
| 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 | ) | |
| (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 | |
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 | |
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