JMBA Jamba, Inc. (delisted)

Completion of Refranchise Initiative Sets Up Asset Light Business Model For 2016

Strong System-Wide Comparable Store Sales Growth of 3.9% for the Fourth Quarter of 2015

Adjusted EBITDA Targets Met for Full Year 2015

Jamba, Inc. (NASDAQ:JMBA) today reported unaudited financial results for the fourth quarter and fiscal year ended December 29, 2015.

Financial Highlights

• Company-owned comparable store sales increased 5.4% for the quarter. System-wide comparable sales(1) increased 3.9% and Franchise comparable store sales(1) increased 3.7% for the quarter.
• Total revenue for the quarter decreased 55.5% to $19.5 million from $43.9 million for the prior year, primarily due to the reduction in the number of Company stores as part of the Company’s refranchising initiative, partially offset by the 3.9% increase in System-wide comparable store sales and net new global Franchise locations.
• Total Company-owned stores at the end of the fourth quarter of 2015 was 70, compared to 263 at the end of the fourth quarter of 2014.
• GAAP net loss attributable to Jamba, Inc. was $(8.3) million for the fourth quarter or $(0.55) loss per share compared to $(8.0) million, or $(0.47) loss per share for the prior year. Non-GAAP net loss attributable to Jamba, Inc.(2), adjusted for refranchising and severance costs associated with the shift to the asset-light business model, charges taken for the early closure of eight stores and the gain associated with refranchising was $(4.2) million for the fourth quarter, or $(0.28) loss per share compared to $(4.7) million, or $(0.27) loss per share for the prior year.
• General and administrative expenses for the quarter increased 6.3% to $10.5 million compared with $9.9 million for the prior year period. Non-GAAP adjusted general and administrative expense(2) for the quarter was $8.0 million compared with $7.8 million for the prior year.
• Adjusted EBITDA(3) was $(0.1) million for the fourth quarter of 2015 and $10.4 million for fiscal 2015.
• Shares repurchased during the fourth quarter of 2015 were 132,537, utilizing $1.9 million under the current $45 million Stock Repurchase Program. Cumulatively, from inception through the end of the fourth quarter, 2,858,817 shares were repurchased for $40 million under this program.
• Jamba closed one refranchising transaction for 16 stores during the fourth quarter for proceeds of approximately $3.3 million.
• Franchisees opened 27 new Jamba Juice stores globally during the quarter. At December 29, 2015, Jamba’s global store base consisted of 70 Company Stores, 748 Franchise Stores and 75 International Stores.

Refranchising Completed

• During 2015, 12 refranchising transactions closed totaling 179 company-owned stores and one unopened company owned store. Jamba received total proceeds of $53.1 million from refranchising transactions, slightly below earlier guidance due to the Company’s decision to retain 43 stores in the San Diego, CA and Chicago, IL markets.

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 September 2015.
• During the quarter, the Company repurchased 132,537 shares of common stock on the open market at an average price of $14.31 per share.
• Cumulatively through the end of fiscal 2015, 2,858,817 shares have been repurchased under this plan for a total cost of $40.0 million, reducing share count by approximately 15.9% since inception of plan.
• There is $5.0 million of capacity left under the current repurchase authorization.

“2015 was a productive year for the Company. We ended the year reporting System-wide same store sales growth of 2.3% and Adjusted EBITDA(3) of $10.4 million, both in line with our expectations. We also continued our transition to an asset-light model in 2015, refranchising a total of 179 stores for proceeds totaling $53.1 million. Finally, we rewarded our shareholders with our ongoing share repurchase program,” said Richard L. (Rick) Federico, Chairman of the Board of Directors of the Company.

“I could not be more excited to start my new position at Jamba and truly believe that the best days for the Company are to come,” said David A. Pace, Chief Executive Officer of the Company. “In the year ahead I look forward to further enhancing our already phenomenal brand and working with our engaged franchisees and a talented team to further accelerate Jamba’s success to benefit our customers, employees, and shareholders.”

Fourth Quarter Fiscal 2015 Results

Revenue

The Company ended fiscal 2015 with a total of 70 company locations and 823 franchise locations, as a result of the completion of the Company’s shift to an asset light franchise business model through a refranchising initiative 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.

For the 13 weeks ended December 29, 2015, total revenue decreased 55.5% to $19.5 million from $43.9 million for the 13 week period ended December 30, 2014. 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(1) of 3.9%. The increase in company-owned comparable store sales(1) of 5.4% was primarily due to an increase in average check of 380 basis points and an increase in transaction count of 160 basis points.

Franchise and other revenue increased 52.4% to $6.8 million from $4.5 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 3.7%. Other revenue, which includes JambaGO® and CPG, was $1.6 million and $1.4 million in the fourth quarter of 2015 and fourth quarter of 2014, respectively. The increase in revenue was primarily due to the Company’s cold-pressed RTD juice business along with higher royalty revenue from the Company’s international business.

Loss from Operations

Loss from Operations was $(7.8) million for the fourth quarter of 2015 compared to a loss from operations of $(7.9) million for the fourth quarter of 2014. On a non-GAAP basis, Loss from Operations(2) which excludes costs associated with refranchising and severance related to the shift to the asset-light business model, charges taken for the early closure of eight stores and the gain associated with refranchising, was approximately $(3.8) million, compared to $(4.6) million in the prior year.

Retail Growth

As of December 29, 2015, there were 893 Jamba® stores system-wide, of which 823 are franchise-operated stores, and 70 are Company-owned. Franchise-operated stores include 42 express formats. During the quarter, Jamba opened 20 new domestic franchise-operated stores and seven international stores, and purchased two stores from a franchisee. No new Company-owned stores opened during the quarter. During the quarter, 18 stores were closed globally. Growth continues at JambaGO® with units in operation exceeding 2,000.

Results for Fiscal Year 2015

Revenue

For the 52 weeks ended December 29, 2015, total revenue decreased 25.9% to $161.7 million from $218.0 million for the 52 week period ended December 30, 2014. 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(1) sales of 2.3%. The increase in company-owned comparable store sales(1) of 1.5% was primarily due to an increase in average check of 500 basis points offset by a decrease in transaction count of 350 basis points.

Franchise and other revenue increased 27.7% to $24.7 million from $19.3 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 2.7% during the 52-week period ended December 29, 2015. Other revenue, which includes JambaGO® and CPG, was $5.4 million and $5.1 million in fiscal year 2015 and fiscal 2014, respectively. The increase revenue was primarily due to the Company’s cold-pressed RTD juice business along with higher royalty revenue from the Company’s international business.

Income (Loss) from Operations and Adjusted EBITDA(3)

Income from Operations was $10.3 million for fiscal year 2015 compared to a loss from operations of $(3.3) million in fiscal year 2014. Included in the results are gains on disposal of assets of $21.6 million related to the refranchising initiative. On a non-GAAP basis, Income (Loss) from Operations(2) which excludes costs associated with refranchising and severance related to the shift to the asset-light business model, charges taken for the early closure of eight stores and the gain associated with refranchising, was approximately $(1.3) million compared to $3.8 million from the prior year.

Adjusted EBITDA(3) for the fiscal year 2015 was $10.4 million.

Retail Growth

During the fiscal year, Jamba opened 51 new domestic franchise-operated stores and 22 international store locations and purchased two stores from a franchisee. During the fiscal year, 48 stores were closed globally. No new company-owned stores opened during the year. As of December 29, 2015 there were 75 international store locations, all of which are franchise-operated.

Liquidity

As of December 29, 2015, the Company held $19.7 million in cash and cash equivalents as compared to $17.8 million cash and cash equivalents at December 30, 2014. As of December 29, 2015 and December 30, 2014, the Company did not have any restricted cash.

Conference Call

A conference call to review the fourth quarter and fiscal year 2015 results will be held today, March 14, 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 13630254. The replay will be available until April 4, 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.

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 December 29, 2015, there were 893 store locations globally. There were 70 company-owned and operated stores and 748 franchise-operated stores in the United States, and 75 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. 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 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-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, refranchise and severance costs associated with the move to an asset-light business model, charges taken on the early closure of eight store locations, 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 $5.0 million of the 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/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 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) charges related to the early lease termination for eight stores; (e) interest income; (f) interest expense; (g) income taxes; and (h) stock based compensation expense.

JAMBA, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (in thousands, except share and per share amounts)       13 Week Period Ended   52 Week Period Ended December 29, 2015   December 30, 2014 December 29, 2015   December 30, 2014 Revenue: Company stores $ 12,724 $ 39,456 $ 137,025 $ 198,737 Franchise and other revenue   6,825     4,477     24,651     19,311     Total revenue   19,549     43,933     161,676     218,048     Costs and operating expenses (income): Cost of sales 3,230 12,456 33,737 52,236 Labor 4,925 14,383 44,732 61,749 Occupancy 2,005 6,847 18,951 27,630 Store operating 3,158 7,792 25,152 33,089 Depreciation and amortization 2,209 2,169 6,569 10,084 General and administrative 10,479 9,859 36,872 37,278 Gain on disposal of assets (275 ) (1,356 ) (21,609 ) (2,957 ) Store pre-opening 556 177 1,031 763 Impairment of long-lived assets 321 - 2,523 175 Store lease termination and closure 1,400 337 1,669 575 Other operating, net   (619 )   (851 )   1,795     726     Total costs, operating expenses, and gain   27,389     51,813     151,422     221,348     (Loss) income from operations   (7,840 )   (7,880 )   10,254     (3,300 )   Other income (expense):   Interest income 59 19 137 74 Interest expense   (58 )   (52 )   (220 )   (195 )   Total other income (expense), net   1     (33 )   (83 )   (121 )   (Loss) income before income taxes (7,839 ) (7,913 ) 10,171 (3,421 )   Income tax expense   (424 )   (106 )   (701 )   (168 )   Net (loss) income (8,263 ) (8,019 ) 9,470 (3,589 ) Less: Net income attributable to noncontrolling interest   -     4     52     43     Net (loss) income attributable to Jamba, Inc. $ (8,263 ) $ (8,023 ) $ 9,418   $ (3,632 )   Weighted-average shares used in computation of (loss) earnings per share: Basic   14,897,991     17,134,490     15,787,806     17,197,904   Diluted   14,897,991     17,134,490     16,228,033     17,197,904     (Loss) earnings per share attributable to Jamba, Inc. common stockholders: Basic $ (0.55 ) $ (0.47 ) $ 0.60   $ (0.21 ) Diluted $ (0.55 ) $ (0.47 ) $ 0.58   $ (0.21 )  

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 December 29, 2015 Costs December 29, 2015 December 30, 2014 Costs December 30, 2014   Revenue: Company stores $ 12,724 $ - $ 12,724 $ 39,456 $ 157 $ 39,613 Franchise and other revenue 6,825 - 6,825 4,477 330 4,807             Total revenue   19,549     -     19,549     43,933     487     44,420     Costs and operating expenses (income): Cost of sales 3,230 - 3,230 12,456 (314 ) 12,142 Labor 4,925 - 4,925 14,383 - 14,383 Occupancy 2,005 - 2,005 6,847 - 6,847 Store operating 3,158 - 3,158 7,792 (290 ) 7,502 Depreciation and amortization 2,209 - 2,209 2,169 - 2,169 General and administrative 10,479 (2,517 ) 7,962 9,859 (2,040 ) 7,819 Gain on disposal of assets (275 ) 327 52 (1,356 ) - (1,356 ) Store pre-opening 556 (215 ) 341 177 - 177 Impairment of long-lived assets 321 (321 ) - - - - Store lease termination and closure 1,400 (1,311 ) 89 337 - 337 Other operating, net (619 ) - (619 ) (851 ) (117 ) (968 )             Total costs, operating expenses, and gain   27,389     (4,037 )   23,352     51,813     (2,761 )   49,052     (Loss) income from operations (7,840 ) 4,037 (3,803 ) (7,880 ) 3,248 (4,632 )   Other income (expense):   Interest income 59 - 59 19 - 19 Interest expense (58 ) - (58 ) (52 ) - (52 )             Total other income (expense), net   1     -     1     (33 )   -     (33 )   (Loss) income before income taxes (7,839 ) 4,037 (3,802 ) (7,913 ) 3,248 (4,665 )   Income tax (expense) benefit (424 ) - (424 ) (106 ) 65 (41 )             Net (loss) income (8,263 ) 4,037 (4,226 ) (8,019 ) 3,313 (4,706 ) Less: Net income attributable to noncontrolling interest - - - 4 - 4             Net (loss) income attributable to Jamba, Inc. $ (8,263 ) $ 4,037   $ (4,226 ) $ (8,023 ) $ 3,313   $ (4,710 )   Weighted-average shares used in computation of (loss) earnings per share: Basic   14,897,991     14,897,991     17,134,490     17,134,490   Diluted   14,897,991     14,897,991     17,134,490     17,134,490     (Loss) earnings per share attributable to Jamba, Inc. common stockholders: Basic $ (0.55 ) $ (0.28 ) $ (0.47 ) $ (0.27 ) Diluted $ (0.55 ) $ (0.28 ) $ (0.47 ) $ (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 52 Week Gains and 52 Week 52 Week Gains and 52 Week Period Ended Transitional Period Ended Period Ended Transitional Period Ended December 29, 2015 Costs December 29, 2015 December 30, 2014 Costs December 30, 2014   Revenue: Company stores $ 137,025 $ - $ 137,025 $ 198,737 $ 168 $ 198,905 Franchise and other revenue 24,651 - 24,651 19,311 945 20,256             Total revenue   161,676     -     161,676     218,048     1,113     219,161    

Costs and operating expenses (income):

Cost of sales 33,737 - 33,737 52,236 (921 ) 51,315 Labor 44,732 (533 ) 44,199 61,749 (523 ) 61,226 Occupancy 18,951 - 18,951 27,630 - 27,630 Store operating 25,152 (231 ) 24,921 33,089 (715 ) 32,374 Depreciation and amortization 6,569 - 6,569 10,084 - 10,084 General and administrative 36,872 (5,026 ) 31,846 37,278 (3,602 ) 33,676 Gain on disposal of assets (21,609 ) 21,794 185 (2,957 ) - (2,957 ) Store pre-opening 1,031 (240 ) 791 763 - 763 Impairment of long-lived assets 2,523 (2,228 ) 295 175 - 175 Store lease termination and closure 1,669 (1,311 ) 358 575 - 575 Other operating, net 1,795 (700 ) 1,095 726 (235 ) 491             Total costs, operating expenses, and gain   151,422     11,525     162,947     221,348     (5,996 )   215,352     Income (loss) from operations 10,254 (11,525 ) (1,271 ) (3,300 ) 7,109 3,809   Other income (expense):   Interest income 137 - 137 74 - 74 Interest expense (220 ) - (220 ) (195 ) - (195 )             Total other expense, net   (83 )   -     (83 )   (121 )   -     (121 )   Income (loss) before income taxes 10,171 (11,525 ) (1,354 ) (3,421 ) 7,109 3,688   Income tax (expense ) benefit (701 ) - (701 ) (168 ) 142 (26 )             Net income (loss) 9,470 (11,525 ) (2,055 ) (3,589 ) 7,251 3,662 Less: Net income attributable to noncontrolling interest   52     -     52     43     -     43   Net income (loss) attributable to Jamba, Inc. $ 9,418   $ (11,525 ) $ (2,107 ) $ (3,632 ) $ 7,251   $ 3,619    

Weighted-average shares used in computation of earnings (loss) per share:

Basic   15,787,806     15,787,806     17,197,904     17,197,904   Diluted   16,228,033     15,787,806     17,197,904     17,653,716     Earnings (loss) per share attributable to Jamba, Inc. common stockholders: Basic $ 0.60   $ (0.13 ) $ (0.21 ) $ 0.21   Diluted $ 0.58   $ (0.13 ) $ (0.21 ) $ 0.20     JAMBA, INC. (Unaudited)   STORE COUNT         NUMBER OF STORES COMPANY FRANCHISE TOTAL Domestic International For the 52-Week Period Ended December 29, 2015 At December 30, 2014 263 543 62 868 Opened - 51 22 73 Acquired 2 (2 ) - - Closed (16 ) (23 ) (9 ) (48 ) Refranchised (179 ) 179   -   -   At December 29, 2015 70   748   75   893       For the 52-Week Period Ended December 30, 2014 At December 31, 2013 268 535 48 851 Opened - 43 24 67 Acquired 26 (26 ) - - Closed (13 ) (27 ) (10 ) (50 ) Refranchised (18 ) 18   -   -   At December 30, 2014 263   543   62   868       COMPARABLE STORE SALES   13 Week Period Ended 52 Week Period Ended Increase/(Decrease) December 29, 2015 December 30, 2014 December 29, 2015 December 30, 2014   Percentage Change in Comparable store sales Company stores 5.4 % 4.2 % 1.5 % 2.8 % Franchise stores 3.7 % 5.4 % 2.7 % 2.7 % System-wide 3.9 % 4.9 % 2.3 % 2.7 %     Percentage Change in Comparable Company store sales Traffic effect 1.6 % 0.5 % (3.5 )% (1.8 )% Average check effect 3.8 % 3.7 % 5.0 % 4.6 % Total Comparable Company store sales 5.4 % 4.2 % 1.5 % 2.8 %   JAMBA, INC. (Unaudited)   REVENUE   13 Week Period Ended   52 Week Period Ended December 29, 2015   December 30, 2014 December 29, 2015   December 30, 2014 Revenue (in thousands): Company stores $ 12,724 $ 39,456 $

137,025

 

$

198,737

 

Franchise revenue 5,189 3,119 19,221 14,169 Other revenue   1,636     1,358     5,430     5,142   Total revenue $ 19,549   $ 43,933   $ 161,676   $ 218,048       JAMBA, INC. (Unaudited)   RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA   13 Week Period Ended 52 Week Period Ended December 29, 2015 December 29, 2015   Net (loss) income attributable to Jamba, Inc. (in thousands) $ (8,263 )

 

$ 9,418 Adjustments related to gains and transitional costs 4,037 (11,525 ) Depreciation and amortization 2,209 6,569 Interest income (59 ) (137 ) Interest expense 58 220 Income taxes 424 701 Stock based compensation   1,529     5,162   Adjusted EBITDA $ (65 ) $ 10,408     JAMBA, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)   (Dollars in thousands, except share and per share amounts)   December 29, 2015   December 30, 2014 ASSETS Current assets: Cash and cash equivalents $ 19,730 $ 17,750 Receivables, net of allowances of $618 and $280 16,932 16,977 Inventories 818 2,300 Prepaid and refundable taxes 356 474 Prepaid rent 1,682 504 Assets held for sale - 22,845 Prepaid expenses and other current assets   4,495     8,105   Total current assets 44,013 68,955 Property, fixtures and equipment, net 18,744 17,988 Goodwill 1,184 945 Trademarks and other intangible assets, net 1,464 2,360 Notes receivable and other long-term assets   4,211     2,241   Total assets $ 69,616   $ 92,489   LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 3,815 $ 3,926 Accrued compensation and benefits 3,788 6,325 Workers’ compensation and health insurance reserves 633 1,311 Accrued jambacard liability 29,306 38,184 Other current liabilities   18,093     16,454   Total current liabilities 55,635 66,200 Deferred rent and other long-term liabilities   8,990     9,544   Total liabilities   64,625     75,744   Commitments and contingencies (Notes 8 and 17) Stockholders’ equity: Common stock, $.001 par value, 30,000,000 shares authorized; 18 17 17,938,820 and 17,478,616 shares issued, respectively Additional paid-in capital 403,605 396,629 Treasury shares, at cost, 1,948,004 and 910,813, respectively (40,009 ) (11,991 ) Accumulated deficit   (358,623 )   (368,041 ) Total equity attributable to Jamba, Inc. 4,991 16,614 Noncontrolling interest   -     131   Total stockholders’ equity   4,991     16,745   Total liabilities and stockholders’ equity $ 69,616   $ 92,489  

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Investor RelationsICRDara Dierks, 646-277-1212investors@jambajuice.com