Jamba, Inc. Reiterates Fiscal Year 2011 Guidance
Expects to Report Fourth Consecutive Quarter of Positive Company-Owned Comparable Stores Sales for Q311: Announces Q311 Earnings Release Date
EMERYVILLE, Calif., Oct 05, 2011 (BUSINESS WIRE) --Jamba, Inc. (NASDAQ:JMBA) reiterates its fiscal year 2011 guidance.
For fiscal year 2011 the Company expects to deliver positive Company-owned comparable store sales(1) of 2-4%; achieve adjusted operating profitmargin(2) of 18-20%; develop 50-70 U.S. locations in traditional, non-traditional, and express franchise formats; and maintain general and administrative expenses, in dollars (excluding litigation charges and other one-time expenses), consistent with 2010 levels.
″We are pleased with our third quarter sales performance and expect that Q311 will represent our fourth consecutive quarter of positive Company-owned comparable store sales growth. We continue to make solid gains against our strategic initiatives which gives us confidence to reiterate our guidance for FY11,″ stated James D. White, chairman, president and CEO, Jamba, Inc. ″Our actions and achievements are facilitating the transformation of Jamba into a leading health-and-wellness brand.″
The Company will release third quarter earnings after the close of market and conduct a conference call to discuss financial results on November 9, 2011 at 5:00 p.m. ET. The conference call can be accessed live over the phone by dialing (888) 846-5003 or for international callers by dialing (480) 629-9856. 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 4478440. The replay will be available until November 30, 2011. The call will be webcast live from the Company's website at www.jambajuice.com under the investor relations section. The earnings release will provide additional details on revenue and related reconciliations to reflect the impact of the Company's refranchising initiative.
About Jamba, Inc.
Jamba, Inc. (NASDAQ:JMBA) 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 a leading restaurant retailer of better-for-you food and beverage offerings, including great tasting fruit smoothies, juices, and teas, hot oatmeal made with organic steel cut oats, wraps, salads, sandwiches, and California Flatbreads(TM), and a variety of baked goods and snacks. As of July 12, 2011, Jamba Juice had 746 locations in the United States consisting of 436 franchise-operated stores, 310 Company-owned stores and six international stores. For the nearest location or a complete menu, visit the Jamba Juice website at www.jambajuice.com or call 1-866-4R-FRUIT (473-7848).
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.
(1) Comparable store sales are calculated using sales of Jamba Juice stores open at least thirteen full fiscal periods. Company-owned comparable store sales percentages are based on sales from Company-owned stores included in our store base. Franchise-operated comparable store sales percentages are based on sales from franchised stores, as reported by franchisees, which are included in our store base. System-wide sales percentages are based on sales by both Company-owned and franchise-operated stores, as reported by our franchisees, which are included in our store base. Company-owned stores that were sold in refranchising transactions are included in the stores base for each accounting period of the fiscal quarter 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 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 the franchise-operated stores.
(2) Non-GAAP adjusted operating profit is calculated as net loss as determined in accordance with GAAP, excluding the items described below and as specifically identified in the non-GAAP reconciliation schedules set forth below. Non-GAAP adjusted operating profit margin is calculated as non-GAAP adjusted operating profit as a percentage of GAAP total revenue. The Company evaluates its performance using non-GAAP adjusted operating profit margin to assess the Company's historical and prospective operating financial performance, as well as its core operating performance relative to its competitors. Specifically, management uses this non-GAAP measure to further understand the Company's core business operating performance. The Company believes its core business operating performance represents the Company's on-going performance in the ordinary course of its core operations. Accordingly, the Company excludes from its core operating performance those items whose impact are not reflective of its core operations such as (a) interest income, (b) interest expense, (c) income taxes, (d) depreciation and amortization, (e) impairment of long-lived assets, (f) other operating, net, and (g) general and administrative expenses. This definition of adjusted operating profit margin is the same definition previously used by the Company to define operating profit margin in its 2011 outlook.
SOURCE: Jamba, Inc.