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):
March 14, 2016
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 March 14, 2016, Jamba, Inc. (the “Company”) issued
a press release announcing its preliminary unaudited financial results for the fourth quarter and fiscal year ended December 29,
2015. A copy of the Company’s press release is attached hereto as Exhibit 99.1.
| Item 9.01 | Financial Statements and Exhibits. |
|
Exhibit
No. |
|
Description |
| 99.1 |
|
Press release dated March 14, 2016 regarding the Company’s preliminary unaudited financial results for the fourth quarter and fiscal year ended December 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: March 14, 2016 |
|
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 Preliminary Unaudited
Fourth Quarter and Fiscal Year 2015 Financial Results
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
EMERYVILLE, Calif., March 14, 2016 -- 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.
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 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 | | |
| | |
| |
| (in thousands) | |
| | |
| | |
| | |
| |
| Net (loss) income attributable to Jamba, Inc. | |
$ | (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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