Jamba, Inc. Reports Financial Results for the 12 Week and 40 Week Periods Ended October 16, 2007
12 Week Period Ended October 16, 2007 Total Revenues of $83.6 Million, Up 24.2% over Prior Year Same Period, and Addition of 24 Company-Owned Stores
EMERYVILLE, Calif., Nov 20, 2007 (BUSINESS WIRE) -- Jamba, Inc. (NASDAQ:JMBA; NASDAQ:JMBAU; NASDAQ:JMBAW) (the "Company") today reported financial results for the 12 week period ended October 16, 2007.
The Company's GAAP-financial statements include the results of its wholly owned subsidiary, Jamba Juice Company, for the 12 and 40 week periods ended October 16, 2007.
Highlights of the Company's 12 week period ended October 16, 2007:
-- Same store comparable sales increase of 3.8% for company-owned stores; system-wide same store comparable sales increase of 3.3%*.
-- 12 week period total revenue of $83.6 million and 40 week period revenue of $262.6 million.
-- Third quarter openings of 24 company-owned stores, bringing the total store count to 672 system-wide.
Jamba is releasing the following information regarding the geographic make-up of its same store comparable sales:
Company-owned Same Store Comparable Sales
1Q07 2Q07 3Q07
----------------------- --------------- --------------- --------------
California 4.9% (7.0%) 1.2%
----------------------- --------------- --------------- --------------
Non-California 1.8% 8.2% 12.3%
----------------------- --------------- --------------- --------------
"The Company continues to focus on increasing sales and building the foundation for future growth. This year we made investments in product development, marketing and training in order to attract new customers and increase the frequency of current customer visits. Our strategy of enhancing relevance started with the repositioning our core product platforms. In January, we featured Jamba Light(TM), a line of blended beverages "under 200 calories", and in the Spring, we refreshed our no-sugar added, non-dairy All Fruit(TM) platform which included the Pomegranate Paradise, the most successful new beverage introduction in Jamba's history. In the Fall, we launched our new functional beverages and boosts, and we are now preparing to expand our core platforms with the roll-out of Jamba breakfast early in 2008.
"Another element of our strategy is to make Jamba more accessible and thereby making it easier for our customers to enjoy Jamba. Year to date, we have opened 68 company stores and 22 franchised stores focusing on non-traditional development including our second airport location in Portland, Oregon. We have also made significant progress with Jamba ready-to-drink and are hopeful we can make a more definitive announcement by the end of 2007," said Paul Clayton, Chief Executive Officer of the Company.
"As we continue to transform Jamba into the leading blender of fruit and other healthy ingredients, we are facing the same macro economic pressures that others are experiencing, particularly in California. The current environment is having an impact on our transaction counts and store-level margins. While we are focused on growing transactions, we believe it is appropriate to moderate new store growth next year to 55-65 company stores. We are absolutely committed to building a foundation based on strong unit level economics and the sound deployment of our internal resources," concluded Mr. Clayton.
The Company's Financial Results for the 12 Week Period Ended October 16, 2007
Following the completion of the acquisition of Jamba Juice Company on November 29, 2006 and the subsequent name change from Services Acquisition Corp. International ("SACI") to Jamba, Inc., the Company changed its fiscal year reporting period. The Company now operates on a fiscal 16-12-12-12 week operating calendar year ending on the Tuesday closest to December 31st of each year. Because fiscal 2007 will be a transition year to the new fiscal calendar, the fourth quarter of fiscal year 2007 will be an 11-week operating period ending January 1, 2008.
In the 12 week period ended October 16, 2007, 24 new company-owned stores were opened, compared to 9 new company-owned stores in the prior year period, increasing the total number of stores in the system to 672, with 470 company-owned stores and 202 franchised stores. For the 40 week period ended October 16, 2007, 68 new company-owned stores were opened, compared to 37 new company-owned stores in the prior year period. We expect to end the year with approximately 95-100 new company-owned stores opened in 2007.
Total revenue was $83.6 million and is primarily attributable to smoothie and juice sales.
Cost of sales was $22.5 million, or 27.7% of company-owned store revenue.
Labor costs were $25.8 million, or 31.8% of company-owned store revenue.
Occupancy costs were $9.1 million, or 11.3% of company-owned store revenue.
Store operating expense was $9.2 million, or 11.4% of company-owned store revenue. Store operating expense includes all costs to operate the store, including costs for advertising and marketing.
General and administrative expenses were $12.1 million, or 14.5% of total revenue. General and administrative expense includes stock-based compensation expenses as a result of the Company's adoption of SFAS No. 123(R), "Share-Based Payment" ("SFAS 123(R)"), and costs associated with being a public company, including audit and legal fees, consulting fees, and investments in personnel and infrastructure.
Store pre-opening expenses were $1.4 million, or 1.6% of total revenue, attributable to opening 24 company-owned stores in the 12 week period ended October 16, 2007.
Other operating expenses were $1.7 million, or 2.1% of total revenue. These costs include franchise support expense, asset disposal, asset impairment and the effect of a purchase accounting adjustment related to jambacard redemptions and jambacard breakage income in the 12 week period ended October 16, 2007.
For the 12 week period ended October 16, 2007, the Company reported net income of $22.4 million, or $0.40 per fully diluted share, which includes a pre-tax non-cash gain of $23.3 million, or $0.42 per fully diluted share, related to the change in the fair value of derivative liabilities. The derivative liability relates to warrants issued in the 2005 initial public offering of SACI.
The Company's Financial Results for the 40 Week Period Ended October 16, 2007
In the 40 week period ended October 16, 2007, 68 new company-owned stores were opened, compared to 37 new company-owned stores opened in the 40 week period ended October 17, 2006.
Total revenue was $262.6 million and is primarily attributable to smoothie and juice sales.
Cost of sales was $69.7 million, or 27.5% of company-owned store revenue.
Labor costs were $81.1 million, or 32.0% of company-owned store revenue.
Occupancy costs were $28.7 million, or 11.3% of company-owned store revenue.
Store operating expense was $31.2 million, or 12.3% of company-owned store revenue. Store operating expense includes all costs to operate the store, including costs for advertising and marketing.
General and administrative expenses were $37.6 million, or 14.3% of total revenue. General and administrative expense includes stock-based compensation expenses as a result of the Company's adoption of SFAS 123(R), and costs associated with being a public company, including audit and legal fees, consulting fees, and investments in personnel and infrastructure.
Store pre-opening expenses were $4.0 million, or 1.5% of total revenue, attributable to opening 68 company-owned stores in the 40 week period ended October 16, 2007.
Other operating expenses were $4.7 million, or 1.8% of total revenue. These costs include a $1.7 million effect of a purchase accounting adjustment relating to jambacard redemptions in the 40 week period ended October 16, 2007.
For the 40 week period ended October 16, 2007, the Company reported net income of $36.7 million, or $0.63 per fully diluted share, which includes a pre-tax non-cash gain of $38.8 million, or $0.67 per fully diluted share, related to the change in the fair value of derivative liabilities. The derivative liability relates to warrants issued in the 2005 initial public offering of SACI.
The Company's Pro Forma Results of Operations for the 12 Week Period Ended October 16, 2007 Compared to Combined Results of Operations for the 12 Week Period Ended October 17, 2006**
To provide a more meaningful comparison of operating results from the third fiscal quarter to the operating results of the same period a year ago, the Company has provided the following discussion of the pro forma results of operations for the 12 week period ended October 16, 2007 as compared to the combined results of operations for the 12 week period ended October 17, 2006. The pro forma adjustments for 2007 are a result of certain purchase accounting adjustments related to the Company's acquisition of Jamba Juice Company in November 2006 and the effects of the adoption of SFAS 123(R) in fiscal 2006. The combined results of operations for the prior year include the results of operations of Jamba Juice Company and SACI for the 12 week period ended October 17, 2006. The combined results do not include the effect of the purchase accounting adjustments resulting from the purchase of Jamba Juice Company.
Revenue increased 24.2% to $83.6 million from $67.4 million in the prior year period. The growth in revenue was primarily attributable to revenue from new stores.
Company-owned store comparable store sales increase was 3.8% compared to a decrease (3.6%) in the prior year period. Comparable store sales were primarily due to the impact of price increases of 5.4% and strong performance outside of California.
Costs of sales increased to $22.5 million, or 27.7% of company-owned store revenue, as compared with 25.5% in the prior year period. Costs as a percent of company-owned revenue were negatively impacted by continued effects of the January citrus freeze and higher dairy and distribution costs for fruit and juice.
Labor costs increased to $25.8 million, or 31.8% of company-owned store revenue, as compared with 31.2% in the prior year period. The percent increase was due to higher wage rates in California due to minimum wage rate increases and the effect of discounting, offset by our previous price increase and new store openings.
Occupancy costs increased to $8.8 million, or 10.8% of company-owned store revenue, as compared with 10.6% in the prior year period. The higher percentage was primarily due to the record high number of 80 new company-owned stores opened between October 18, 2006 and October 16, 2007.
Store operating expense increased to $9.2 million, or 11.4% of company-owned store revenue, as compared with 11.5% in the prior year period. The costs as a percent of company-owned store revenue were driven primarily by increased marketing, and maintenance costs offset by lower store equipment operating cost during the quarter.
General and administrative expenses increased to $11.1 million, or 13.2% of total revenue, compared to 12.6% in the prior year period. On a comparable period basis the Company has incurred higher costs associated with being a public company (including legal, audit, and consulting fees) and has made the investments in personnel and infrastructure to aid in accelerating the Company's growth plans.
Store pre-opening expenses increased to $1.4 million, or 1.6% of total revenue, compared to 0.7% in the prior year period. This increase is a direct result of more store openings as well as the preparation for a greater number of new store openings in the upcoming quarters. In the third fiscal quarter of 2007, the Company opened 24 new company-owned stores as compared to 9 in the prior year period.
Other operating expenses decreased to $1.2 million, or 1.4% of total revenue, as compared to 2.8% of total revenue in the prior year period. The majority of this decrease is due to lower franchise support expenses and increased income from jambacard breakage.
Capital Resources
On October 16, 2007, the Company had cash and cash equivalents of $44.5 million. The Company intends to use its available cash resources to invest in its core business, primarily through building out new locations or upgrading existing locations and other new business opportunities related to its core business.
Conference Call
Steve Berrard, Chairman; Paul Clayton, CEO; and Don Breen, CFO will conduct a conference call to discuss financial results on November 20, 2007 at 5:00 p.m. ET. The earnings call can be accessed live over the phone by dialing (888) 262-8770 or for international callers by dialing (913) 312-0820. A simultaneous web cast of the call will be available by visiting http://www.jambajuice.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 5443971. The replay will be available until December 4, 2007.
ABOUT JAMBA, INC.
Jamba, Inc. is a holding company and through its wholly-owned subsidiary, Jamba Juice Company, owns and franchises JAMBA JUICE (R) stores. Founded in 1990, JAMBA JUICE is the category-defining leader in healthy blended beverages, juices, and good-for-you snacks. As of the end of 3Q07, JAMBA JUICE has 672 stores, of which 470 are company-owned and operated. For the nearest location or a complete menu of smoothies, please call: 1-866-4R-FRUIT or visit the new JAMBA JUICE website at http://www.jambajuice.com.
Forward-looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts. Forward-looking statements in this release include those related to revenue growth and expectations regarding store openings, customer frequency, market development and commodity and other costs. Such forward-looking statements, based upon the current beliefs and expectations of Jamba, Inc.'s management, are subject to risks and uncertainties, which could cause actual results to differ from the forward looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: demand for the products and services that Jamba, Inc. provides; continued compliance with government regulations; legislation or regulatory environments, requirements or changes adversely affecting the businesses in which Jamba, Inc. is engaged; general economic conditions; geopolitical events and regulatory changes, as well as other relevant risks detailed in the Company's filings with the Securities and Exchange Commission. The information set forth herein should be read in light of such risks. The Company does not assume any obligation to update the information contained in this press release.
*System comparable sales include sales at all Company and franchise-operated stores in operation at the beginning of their fourteenth full period. Included in system comparable sales are franchise-operated and Company comparable sales percentages. Management reviews the increase or decrease in comparable 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
In this earnings release, conference calls, slide presentations, or webcasts, the Company may use or discuss pro forma financial results for the 12 week and 40 week periods ended October 16, 2007 for the Company as compared to the combined operating results for the 12 week and 40 week periods ended October 17, 2006 for Jamba Juice Company and SACI. The pro forma financial information for both periods of 2007 uses non-GAAP financial measures as defined by SEC Regulation G, including certain purchase accounting adjustments and the effects of the adoption of SFAS 123(R) in 2006. Since the Company was not an operating company prior to its acquisition of Jamba Juice Company, management believes the combined financial information for both periods of 2006 is a more meaningful and informative measure of the Company's financial performance. Management believes the pro forma and combined financial information are useful to investors in evaluating and comparing the Company's operating performance. The Company does not intend for the pro forma and combined financial information to be considered in isolation or as a substitute for any GAAP measure. This financial information, as presented, may not be comparable to similarly titled measures of other companies.
JAMBA, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
October 16, January 9,
(In thousands, except share and per share
amounts) 2007 2007
------------ ----------
Assets
Current assets:
Cash and cash equivalents $ 44,526 $ 87,379
Restricted cash and investments 4,848 -
Receivables, net of allowances of $98 and
$96 3,450 3,420
Inventories 3,606 2,356
Deferred income taxes 6,152 6,170
Prepaid rent 1,575 1,880
Prepaid expenses and other current assets 6,160 3,563
------------ ----------
Total current assets 70,317 104,768
------------ ----------
Property, fixtures and equipment, net 120,795 85,305
Goodwill 112,139 94,162
Trademarks and other intangible assets, net 177,546 177,580
Other long-term assets 3,178 5,738
------------ ----------
Total assets $ 483,975 $ 467,553
============ ==========
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $ 16,240 $ 10,456
Accrued compensation and benefits 9,053 6,702
Workers' compensation and health self-
insurance reserves 4,781 3,917
Accrued store value cards 18,548 19,712
Litigation settlement payable - 614
Other accrued expenses 8,810 4,749
Derivative liabilities 29,964 71,197
------------ ----------
Total current liabilities 87,396 117,347
Deferred franchise revenue 163 50
Deferred income tax 55,346 60,331
Deferred rent and other long-term liabilities 8,718 3,950
Commitments and contingencies - -
Stockholders' equity:
Common stock, $0.001 par value,
150,000,000 shares authorized, and
52,602,756 and 51,881,616 issued and
outstanding at October 16, 2007 and
January 9, 2007 53 52
Additional paid-in-capital 351,059 341,256
Accumulated deficit (18,760) (55,433)
------------ ----------
Total stockholders' equity 332,352 285,875
------------ ----------
Total liabilities and stockholders'
equity $ 483,975 $ 467,553
============-==========
JAMBA, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
12 Week Period Ended 40 Week Period Ended
------------------------- -------------------------
October 16, October 17, October 16, October 17,
(In thousands
except share and
per share amounts) 2007 2006 2007 2006
------------ ------------ ------------ ------------
Revenue:
Company stores $ 81,044 $ - $ 253,418 $ -
Franchise and
other revenue 2,594 - 9,215 -
------------ ------------ ------------ ------------
Total
revenue 83,638 - 262,633 -
------------ ------------ ------------ ------------
Operating expenses:
Cost of sales 22,486 - 69,697 -
Labor costs 25,803 - 81,144 -
Occupancy costs 9,138 - 28,681 -
Store operating
expense 9,220 - 31,184 -
Depreciation and
amortization 4,923 - 14,187 -
General and
administrative
expense 12,103 - 37,598 -
Store pre-opening
expense 1,359 - 3,984 -
Other operating
expense 1,721 4,680
Formation and
operating costs - 136 - 462
------------ ------------ ------------ ------------
Total
operating
expenses 86,753 136 271,155 462
------------ ------------ ------------ ------------
Loss from
operations (3,115) (136) (8,522) (462)
Other income
(expense):
Gain (loss) from
derivative
liabilities 23,271 (20,228) 38,750 (72,398)
Interest income 775 1,011 3,091 3,197
Interest expense (21) - (155)
------------ ------------ ------------ ------------
Total
other
income
(expense) 24,025 (19,217) 41,686 (69,201)
------------ ------------ ------------ ------------
Income (loss)
before income
taxes 20,910 (19,353) 33,164 (69,663)
Income tax
(expense) benefit 1,487 (48) 3,509 (184)
------------ ------------ ------------ ------------
Net income (loss) $ 22,397 $ (19,401) $ 36,673 $ (69,847)
------------ ------------ ------------ ------------
Weighted-average shares used in the
computation of earnings (loss) per share:
Basic 52,576,948 21,000,000 52,243,161 21,000,000
Diluted 55,468,235 21,000,000 57,871,913 21,000,000
Earnings (loss) per
share:
Basic $ 0.43 $ (0.92) $ 0.70 $ (3.33)
Diluted $ 0.40 $ (0.92) $ 0.63 $ (3.33)
PROFORMA 2007 JAMBA INC. (W/OUT PURCHASE ACCT & SFAS 123(R)) TO
COMBINED RESULTS OF OPERATIONS FOR 2006
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE 12 WEEK PERIODS ENDED OCTOBER 16, 2007 AND OCTOBER 17, 2006
(Unaudited)
PROFORMA
2007
12 Week 12 Week
Period Effect of Period
Ended Purchase Ended
October Accounting October
16, % of and FAS 16, % of
(In thousands) 2007 Revenue 123(R) 2007 Revenue
-------- ------- -----------------------------
Revenue:
Company stores $81,044 96.9 % $81,044 96.9 %
Franchise and other
revenue 2,594 3.1 2,594 3.1
-------- ------- -------- ------------------
Total revenue 83,638 100.0 - 83,638 100.0
-------- ------- -------- -------- ------
Operating expenses:
Cost of sales 22,486 27.7 (1) 22,486 27.7 (1)
Labor costs 25,803 31.8 (1) 25,803 31.8 (1)
Occupancy costs 9,138 11.3 (1)$ (359)(5) 8,779 10.8 (1)
Store operating
expense 9,220 11.4 (1) 9,220 11.4 (1)
Depreciation and
amortization 4,923 5.9 (169)(2) 4,754 5.7
General and
administrative
expense 12,103 14.5 (1,038)(3) 11,065 13.2
Store pre-opening
expense 1,359 1.6 1,359 1.6
Other operating
expense 1,721 2.1 (533)(4) 1,188 1.4
Formation and
operating costs
---------------- -------- ------------------
Total operating
expenses 86,753 103.7 (2,099) 84,654 101.2
-------- ------- -------- -------- ------
Income (loss) from
operations (3,115) (3.7) 2,099 (1,016) (1.2)
Other income
(expense):
Gain (loss) from
derivative
liabilities 23,271 27.8 - 23,271 27.8
Interest income 775 0.9 - 775 0.9
Interest expense (21) (0.0) - (21) (0.0)
---------------- -------- ------------------
Total other
income (expense) 24,025 28.7 - 24,025 28.7
-------- ------- -------- -------- ------
Income (loss) before
income tax 20,910 25.0 2,099 23,009 27.5
Income tax benefit
(expense) 1,487 1.8 (829) 658 0.8
--------------------------- ------------------
Net income (loss) $22,397 26.8 % $ 1,270 $23,667 28.3 %
================ ======== ==================
2006 Combined
Results of
Operations (6)
12 Week Period
Ended
October 17, % of
(In thousands) 2006 Revenue
------------------------------
Revenue:
Company stores $ 64,642 96.0 %
Franchise and
other revenue 2,715 4.0
---------------------------
Total revenue 67,357 100.0
---------------------------
Operating expenses:
Cost of sales 16,475 25.5 (1)
Labor costs 20,154 31.2 (1)
Occupancy costs 6,847 10.6 (1)
Store operating
expense 7,435 11.5 (1)
Depreciation and
amortization 3,291 4.9
General and
administrative
expense 8,489 12.6
Store pre-opening
expense 502 0.7
Other operating
expense 1,718 2.6
Formation and
operating costs 136 0.2
---------------------------
Total operating
expenses 65,047 96.6
---------------------------
Income (loss) from
operations 2,310 3.4
Other income
(expense):
Gain (loss) from
derivative
liabilities (20,228) (30.0)
Interest income 1,062 1.6
Interest expense (163) (0.2)
---------------------------
Total other
income
(expense) (19,329) (28.7)
---------------------------
Income (loss) before
income tax (17,019) (25.3)
Income tax benefit
(expense) (1,203) (1.8)
---------------------------
Net income (loss) $ (18,222) (27.1)%
===========================
Notes
(1) Percent of Company Store revenue.
(2) Adjustment to eliminate the effect of amortization of acquisition
related intangible assets.
(3) Adjustment to eliminate the effect of non-cash stock-based
compensation expense related to stock options and restricted
stock awards granted.
(4) Adjustment to eliminate the current period expense effect of
acquisition write down of our jambacard liability.
(5) Adjustment to eliminate the effect of the acquisition write off of
deferred rent balances.
(6) Represents the combined results of operations of Jamba Juice
Company and Services Acquisition Corp. International for the 12-
week period ended October 17, 2006. The combined results do not
include the effect of the purchase accounting adjustments
resulting from the purchase of Jamba Juice Company.
PROFORMA 2007 JAMBA INC. (W/OUT PURCHASE ACCT & SFAS 123(R)) TO
COMBINED RESULTS OF OPERATIONS FOR 2006
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE 40 WEEK PERIODS ENDED OCTOBER 16, 2007 AND OCTOBER 17, 2006
(Unaudited)
PROFORMA
2007
40 Week Effect of 40 Week
Period Purchase Period
Ended % of Accounting Ended % of
and
(In thousands) October Revenue FAS 123(R) October Revenue
16, 2007 16, 2007
Revenue:
Company stores $253,418 96.5 % $253,418 96.5 %
Franchise and
other revenue 9,215 3.5 9,215 3.5
---------------- ---------- --------------------
Total revenue 262,633 100.0 - 262,633 100.0
---------------- ---------- --------- -------
Operating
expenses:
Cost of sales 69,697 27.5 (1) 69,697 27.5 (1)
Labor costs 81,144 32.0 (1) 81,144 32.0 (1)
Occupancy costs 28,681 11.3 (1)$(1,197) (5) 27,484 10.8 (1)
Store operating
expense 31,184 12.3 (1) 31,184 12.3 (1)
Depreciation and
amortization 14,187 5.4 (575) (2) 13,612 5.2
General and
administrative
expense 37,598 14.3 (3,090) (3) 34,508 13.1
Store pre-opening
expense 3,984 1.5 3,984 1.5
Other operating
expense 4,680 1.8 (1,671) (4) 3,009 1.1
Formation and
operating costs -
---------------- ---------- --------------------
Total
operating
expenses 271,155 103.2 (6,533) 264,622 100.8
---------------- ---------- --------- -------
Income (loss) from
operations (8,522) (3.2) 6,533 (1,989) (0.8)
Other income
(expense):
Gain (loss) from
derivative
liabilities 38,750 14.8 38,750 14.8
Interest income 3,091 1.2 - 3,091 1.2
Interest expense (155) (0.1) - (155) (0.1)
----------------------------- --------------------
Total other
income
(expense) 41,686 15.9 - 41,686 15.9
---------------- ---------- --------- -------
Net income /
(loss) before
income tax 33,164 12.6 6,533 39,697 15.1
Income tax benefit
(expense) 3,509 1.3 (2,581) 928 0.4
---------------- ---------- --------------------
Net income (loss) $ 36,673 14.0 % $ 3,952 $ 40,625 15.5 %
================ ========== ====================
2006
Combined
Results of
Operations (6)
40 Week
Period
Ended % of
(In thousands) October 17, Revenue
2006
Revenue:
Company stores $ 210,814 96.1 %
Franchise and other
revenue 8,502 3.9
--------------------
Total revenue 219,316 100.0
--------------------
Operating expenses:
Cost of sales 53,472 25.4 (1)
Labor costs 66,286 31.4 (1)
Occupancy costs 22,149 10.5 (1)
Store operating
expense 23,302 11.1 (1)
Depreciation and
amortization 10,335 4.7
General and
administrative
expense 25,154 11.5
Store pre-opening
expense 2,048 0.9
Other operating
expense 5,095 2.3
Formation and
operating costs 463 0.2
--------------------
Total operating
expenses 208,304 95.0
--------------------
Income (loss) from
operations 11,012 5.0
Other income (expense):
Gain (loss) from
derivative liabilities (72,398) (33.0)
Interest income 3,324 1.5
Interest expense (880) (0.4)
--------------------
Total other
income
(expense) (69,954) (31.9)
--------------------
Net income / (loss)
before income tax (58,942) (26.9)
Income tax benefit
(expense) (5,187) (2.4)
--------------------
Net income (loss) $ (64,129) (29.2)%
====================
Notes
(1) Percent of Company Store revenue.
(2) Adjustment to eliminate the effect of amortization of acquisition
related intangible assets.
(3) Adjustment to eliminate the effect of non-cash stock-based
compensation expense related to stock options and restricted
stock awards granted.
(4) Adjustment to eliminate the current period expense effect of
acquisition write down of our jambacard liability.
(5) Adjustment to eliminate the effect of the acquisition write off of
deferred rent balances.
(6) Represents the combined results of operations of Jamba Juice
Company and Services Acquisition Corp. International for the 40-
week period ended October 17, 2006. The combined results do not
include the effect of the purchase accounting adjustments
resulting from the purchase of Jamba Juice Company.
SOURCE: Jamba, Inc.
###
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