Jamba, Inc. (NASDAQ:JMBA; NASDAQ:JMBAU; NASDAQ:JMBAW) today
reported audited financial results for the fourth quarter and
fiscal year ended December 30, 2008.
Company reports, for the 12 week
fiscal fourth quarter of 2008 compared to the 11 week fiscal fourth
quarter of 2007:
- Total revenue for 4Q08 increased
2.8% to $56.1 million from $54.6 million for 4Q07.
- Loss from operations for 4Q08
was $(39.8) million as compared to a loss of $(219.7) million in
4Q07. Loss from operations would have been $(16.3) million as
compared to $(16.3) million in 4Q07, excluding the impact of
goodwill and other intangible asset impairment, store impairment,
lease termination and closure costs and non-cash
share-based�compensation�of $23.5 million compared to $203.4
million in 4Q07. *
- Net loss for 4Q08 of $(41.2)
million compared to a net loss for 4Q07 of $(150.0) million.
Included in the net loss for 4Q08 is a non-cash, derivative
liability gain of $0.3 million associated with a change in the fair
value of the Company�s warrants and derivatives. Included in the
net loss for 4Q07 is a non-cash derivative liability gain of $20.7
million associated with a change in the fair value of the Company�s
warrants.
- Diluted loss per share for 4Q08
of $(0.75) compared to a diluted loss per share for 4Q07 of
$(2.85).
- Company-owned comparable store
sales for 4Q08 decreased 12.0%.
- No new company-owned stores were
opened in fiscal fourth quarter�of 2008, compared to 31 new
company-owned stores in fiscal fourth quarter of 2007. The total
number of stores increased to 729, including 511 company-owned
stores and 218 franchised stores.
Company reports, for the 52 week
fiscal year 2008 compared to the 51 week fiscal year
2007:
- Total revenue for fiscal 2008
increased 8.1% to $342.9 million from $317.2 million in fiscal
2007.
- Diluted loss per share for
fiscal 2008 of $(2.80) compared to a diluted loss per share for
fiscal 2007 of $(2.17).
- Company-owned comparable store
sales for fiscal 2008 decreased 8.1% (1)
- 35 new company-owned stores were
opened in fiscal 2008, compared to 99 new company-owned stores in
fiscal 2007.
�While we are disappointed with the results for fiscal 2008, the
Company�s board of directors and new management team have taken
significant steps to improve long-term performance. As previously
announced, we are making significant progress implementing our
strategic priorities. Our strategic priorities are focused on a
disciplined expense reduction effort, building a customer-first and
operationally focused service culture across the company,
assembling a retail food capability across all day-parts,
accelerating franchise and non-traditional store growth, and
enhancing our licensing platform,� stated James White, president
and chief executive officer, Jamba, Inc.
�In my short time as CEO, I am very pleased with the progress we
are making. In January we announced the national rollout of the
Steel Cut Oatmeal with Fruit menu item, which we believe is a
successful first step in our plan to assemble a retail food
capability across all day-parts. To help enhance our consumer
products platform and other relationships to accelerate our
consumer product initiatives, we hired Susan Shields in January, a
well-respected consumer products industry veteran. Also, consistent
with our strategic priority of franchise and non-traditional store
growth, on March 10, 2009, we completed the sale of 10
company-owned stores in Arizona to a franchisee and in February we
announced the opening of new Jamba Juice airport locations at
Chicago O�Hare, San Diego International and George Bush
Intercontinental in Houston,� continued Mr. White.
�While we expect the economic environment to remain challenging
in 2009, we are confident that we have the right strategy in place
to revitalize Jamba and create long-term shareholder value,�
concluded Mr. White.
Outlook
The Company continues to expect negative comparable sales trends
based on the current environment and has targeted 2009 expense
goals as follows:
- Cost of sales at or below 26.0%
of company store revenue;
- Labor costs at or below 34.0% of
company store revenue;
- Other controllable expenses
included in store operating, at or below 3.5% of company store
revenue and
- General and administrative costs
at or below 10%, before share-based compensation expense
In addition, the Company has planned minimal, if any, Company
store development and up to 50 new franchise stores in 2009.
Liquidity
On December 30, 2008, the Company held $28.5 million in cash,
equivalents and restricted cash and had a total outstanding debt
balance of $22.8 million.
The Company is subject to a number of customary covenants under
its financing agreement, including limitations on additional
indebtedness, liens, asset sales, acquisitions, dividend payments,
and requirements to maintain certain financial covenants. The two
financial covenants the Company is required to maintain are to
retain $3 million of cash in the bank and a trailing 13 period of
Store-level EBITDA of $35 million. As of December 30, 2008, the
Company was in compliance with all debt covenants and expects to
remain in compliance through fiscal year 2009.
- Store-level EBITDA* decreased to
$44.9 million for fiscal 2008 compared to $52.9 million for fiscal
2007 and Store-level EBITDA* was zero in 4Q08 compared to $0.9
million in 4Q07. For a reconciliation of Store-level EBITDA*, a
non-GAAP financial measure, to net income (loss), a GAAP financial
measure please see the table at the end of this release.
Footnotes
(1) Comparable store sales are calculated using sales of stores
open at least thirteen full fiscal periods. Management reviews the
increase or decrease in comparable store sales compared with the
same period in the prior year to assess business trends and make
certain business decisions.
* - Use of Non-GAAP Financial Measures
The Company uses non-GAAP financial measures in its statements
made in this release.�Income (loss) from operations and net income
(loss) are presented excluding certain non-cash activities, which
presentation the Company believes is a helpful indicator of the
Company�s financial performance.�The statements are reconciled to
the GAAP presentation of income (loss) from operations and net
income (loss) in the same statement in which the non-GAAP financial
measures are presented.�The Company also uses a non-GAAP financial
measure for adjusted diluted earnings (loss) per share, which
presentation the Company believes is a helpful indicator of the
Company�s financial performance. [For a reconciliation of diluted
earnings (loss), please see the table at the end of this
release.]�In addition, the Company uses the non-GAAP financial
measure of store-level EBITDA.�The Company defines store-level
EBITDA, which is consistent with the definition under the Company�s
financing agreement, as net income (loss) from operations and other
income less: (a)�depreciation and amortization, (b)�general and
administrative expenses; (c)�store pre-opening expenses;
(d)�trademark impairment; (e)�store lease termination and closure
expenses; (f)�store impairment expenses; (g)�other operating
expenses and (h)�income taxes.�The Company believes that
store-level EBITDA is an important measure of financial performance
because it is a useful indicator of compliance under the Company�s
financing agreement.�For a reconciliation of Store-level EBITDA to
net income (loss), please see the table at the end of this
release.�The adjusted income (loss) from operations, net income
(loss) and Store-level EBITDA are not measurements determined in
accordance with GAAP and should not be considered in isolation or
as an alternative to income (loss) from operations or net income
(loss) as indicators of financial performance.�Each non-GAAP
financial measure used as presented may not be comparable to other
similarly titled measures of other companies.
Webcast and Conference Call Information
A conference call to review fourth quarter and fiscal 2008
results will be held on March 16, 2009 at 5:00 p.m. ET.
Participating on the call with be James White, Chief Executive
Officer and President and Karen Luey, Chief Financial Officer. The
conference call can be accessed live over the phone by dialing
(877) 852-6573 or for international callers by dialing (719)
325-4818. A simultaneous web cast of the call will be available by
visiting http://www.jamba.com. A replay will be available at 8:00
p.m. ET and can be accessed by dialing (888) 203-1112 or (719)
457-0820 for international callers; the pin number is 4770450. The
replay will be available until April 6, 2009.
About Jamba, Inc.
Jamba, Inc. (NASDAQ:JMBA) (NASDAQ:JMBAU) (NASDAQ:JMBAW) is a
holding company and through its wholly-owned subsidiary, Jamba
Juice Company, owns and franchises JAMBA JUICE� stores. JAMBA JUICE
is the leading blender of fruit and other naturally healthy
ingredients. Founded in 1990, Jamba strives to inspire and simplify
healthy living for its customers and employees. As of February 20,
2009, JAMBA JUICE had 733 stores, of which 510 were company-owned
and operated. For the nearest location or a complete menu including
our new oatmeal made with organic, steel cut oats and served with
fruit and brown sugar crumble, visit the JAMBA JUICE website at
www.jamba.com or call 1-866-4R-FRUIT.
Forward-looking Statements
This press release (including information incorporated or deemed
incorporated by reference herein) contains �forward-looking
statements� within the meaning of the Private Litigation Reform Act
of 1995. Forward-looking statements are those involving future
events and future results that are based on current expectations,
estimates, forecasts, and projects as well as the current beliefs
and assumptions of our management. Words such as �outlook�,
�believes�, �expects�, �appears�, �may�, �will�, �should�,
�anticipates�, or the negative thereof or comparable terminology,
are intended to identify such forward looking statements. Any
statement that is not a historical fact, including estimates,
projections, future trends and the outcome of events that have not
yet occurred, is a forward-looking statement. Forward-looking
statements are only predictions and are subject to risks,
uncertainties and assumptions that are difficult to predict.
Therefore actual results may differ materially and adversely from
those expressed in any forward-looking statements. Factors that
might cause or contribute to such differences include, but are not
limited to, those discussed under the section entitled �Risk
Factors� in our reports filed with the SEC. Many of such factors
relate to events and circumstances that are beyond our control. You
should not place undue reliance on forward-looking statements. The
Company does not assume any obligation to update the information
contained in this press release.
JAMBA, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) � �
December 30, �
January 1, (In thousands, except share
and per share amounts)
2008 2008 �
Assets
Current assets: Cash and cash equivalents $ 20,822 $ 23,016
Restricted cash and investments 5,059 1,916 Receivables, net of
allowances of $416 and $133 4,594 6,402 Inventories 3,435 3,582
Prepaid and refundable taxes 5,670 5,814 Prepaid rent 185 3,261
Prepaid expenses and other current assets 1,328 1,607 Deferred
income taxes � - � � 6,928 � Total current assets 41,093 45,598 �
Property, fixtures and equipment, net 95,154 128,861 Trademarks and
other intangible assets, net 2,998 87,599 Restricted cash 2,659
2,950 Deferred income taxes 354 - Other long-term assets � 3,462 �
� 3,066 � � Total assets $ 145,720 � $ 268,074 � �
Liabilities
and Stockholders' Equity Current liabilities: Accounts payable
$ 8,089 $ 14,487 Accrued compensation and benefits 7,667 6,490
Workers' compensation and health self-insurance reserves 1,922
1,796 Accrued jambacard liability 30,764 28,576 Other accrued
expenses 12,074 8,277 Current portion of capital lease obligations
246 - Derivative liabilities � 2,098 � � 9,290 � Total current
liabilities 62,860 68,916 � Note payable 22,829 - Long-term capital
lease obligations 281 - Long-term workers' compensation and health
insurance reserves 2,659 2,950 Deferred income tax - 7,269 Deferred
rent and other long-term liabilities 16,670 12,359 Commitments and
contingencies - - � � Total liabilities 105,299 91,494
Stockholders' equity:
Common stock, $0.001 par value,
150,000,000 shares authorized and 54,690,728 and 52, 637,131 shares
issued and outstanding at December 30, 2008 and January 1, 2008
55 53 Additional paid-in-capital 358,258 352,184 Accumulated
deficit � (317,892 ) � (168,729 ) Total stockholders' equity �
40,421 � � 183,508 � � Total liabilities and stockholders' equity $
145,720 � $ 275,002 �
JAMBA, INC. CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS (Unaudited) � �
12 Week
Period Ended �
11 Week Period Ended �
Fiscal Year
Ended December 30, January 1, December 30,
�
January 1, (In thousands except share and per share
amounts) 2008 2008 2008 2008 �
Revenue: Company stores $ 54,413 $ 52,617 $ 333,784 $
306,035 Franchise and other revenue � 1,691 � � 1,959 � � 9,106 � �
11,174 � Total revenue � 56,104 � � 54,576 � � 342,890 � � 317,209
� �
Costs and operating expenses: Cost of sales 14,704
14,529 89,163 84,226 Labor 22,709 21,515 120,251 102,661 Occupancy
10,254 8,777 44,868 37,458 Store operating 8,409 8,830 43,714
39,942 Depreciation and amortization 5,386 4,981 24,717 19,168
General and administrative 10,829 10,787 48,057 48,384 Store
pre-opening 124 1,879 2,044 5,863 Impairment of long-lived assets
14,604 1,153 27,802 1,550 Store lease termination and closure 7,130
521 10,029 718 Trademark and goodwill impairment 1,461 200,624
84,061 200,624 Other operating � 269 � � 647 � � 3,817 � � 4,806 �
Total costs and operating expenses � 95,879 � � 274,243 � � 498,523
� � 545,400 � �
Loss from operations (39,775 ) (219,667 )
(155,633 ) (228,191 ) �
Other income (expense): Gain (loss)
on derivative liabilities 285 20,673 7,895 59,424 Interest income
50 427 365 3,517 Interest expense � (1,361 ) � (26 ) � (2,064 ) �
(181 ) Total other income (expense) � (1,026 ) � 21,074 � � 6,196 �
� 62,760 � �
Loss before income taxes (40,801 ) (198,593 )
(149,437 ) (165,431 ) �
Income tax benefit (373 ) 48,625 274
52,135 � � � �
Net loss $ (41,174 ) $ (149,968 ) $ (149,163
) $ (113,296 ) � �
Weighted-average shares used in the
computation of loss per share: Basic 54,690,728 52,617,488
53,252,855 52,323,898 Diluted 54,690,728 52,617,488 53,252,855
52,323,898 �
Loss per share: Basic $ (0.75 ) $ (2.85 ) $
(2.80 ) $ (2.17 ) Diluted $ (0.75 ) $ (2.85 ) $ (2.80 ) $ (2.17 )
JAMBA, INC. Reconciliation of GAAP Net Loss to
Store-Level EBITDA (Unaudited) �
(In thousands) �
12 Week Period Ended �
11 Week Period Ended �
52
Week Period Ended December 30, 2008 January 1,
2008 December 30, 2008 �
January 1, 2008 �
Company stores revenue $ 54,413 $ 52,617 $ 333,784 $ 306,035
Franchise revenue 1,691 1,959 9,106 11,174 Cost of sales (14,704 )
(14,529 ) (89,163 ) (84,226 ) Labor (22,709 ) (21,515 ) (120,251 )
(102,661 ) Occupancy (10,254 ) (8,777 ) (44,868 ) (37,458 ) Store
operating � (8,409 ) � (8,830 ) � (43,714 ) � (39,942 ) Store Level
EBITDA $ 28 � $ 925 � $ 44,894 � $ 52,922 � � Store Level EBITDA $
28 $ 925 $ 44,894 $ 52,922 Less: Depreciation and amortization
(5,386 ) (4,981 ) (24,717 ) (19,168 ) Less: General and
administrative (10,829 ) (10,787 ) (48,057 ) (48,384 ) Less: Store
pre-opening (124 ) (1,879 ) (2,044 ) (5,863 ) Less: Store
impairment (14,604 ) (1,153 ) (27,802 ) (1,550 ) Less: Store lease
termination and closure (7,130 ) (521 ) (10,029 ) (718 ) Less:
Trademark and goodwill impairment (1,461 ) (200,624 ) (84,061 )
(200,624 ) Less: Other (269 ) (648 ) (3,817 ) (4,806 ) Add (less):
Other income (expense) (1,026 ) 21,074 6,196 62,760 Add (less):
Income tax benefit (expense) � (373 ) � 48,626 � � 274 � � 52,135 �
Net loss $ (41,174 ) $ (149,968 ) $ (149,163 ) $ (113,296 )
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