Jamba, Inc. Announces Fourth Quarter 2012 and Fiscal Year 2012 Financial Results
Jamba, Inc. Announces Fourth Quarter 2012 and Fiscal Year 2012 Financial
Results
Jamba Reports First Fiscal Year of Net Income since Becoming a Public Company
Comparable Store Sales Growth for Second Consecutive Year – 5.1% Company and
System-Wide in Fiscal Year 2012
Number of International Stores Increases by 16 in Fiscal Year 2012
Business Wire
EMERYVILLE, Calif. -- March 5, 2013
Jamba, Inc. (NASDAQ:JMBA) today reported unaudited financial results for the
fourth quarter and fiscal year ended January 1, 2013.
For the year, Jamba delivered on all its targets and strategic objectives for
strengthening the business model, recording its first year of net income since
becoming a public company with an $8.6 million swing in year over year
profitability and a second consecutive year of comparable store sales gains
for Company-owned stores, attaining 5.1% in fiscal year 2012. Along with the
core Jamba business, three key areas showed solid gains in becoming growth
drivers for the future – Jamba branded consumer products, the JambaGO express
business and international expansion.
For the quarter, Jamba recorded a system-wide comparable store sales increase
and significant revenue growth for the portfolio of Jamba-branded CPG
products. In addition, Jamba opened 23 franchise-operated stores in the U.S.
and international markets and announced plans for adding up to 125 stores in
California over the next several years.
“Jamba achieved significant growth and record accomplishments in fiscal 2012
and we look forward to the momentum continuing in 2013. Our annual net income,
Jamba’s first since the Company became public, signals that we have a business
model designed for accelerated, sustained profitable growth. Our new BLEND
Plan 3.0, introduced earlier this year, will broaden and strengthen our
efforts to become a globally recognized $1 billion globally recognized,
healthy active lifestyle brand by 2015,” said James D. White, chairman,
president and CEO of Jamba, Inc.
“We expect our growth will come on several fronts including our core business
that will have an innovative, extended beverage and food portfolio across all
day parts; an expanded retail footprint with new concepts, formats and
markets; increased growth for Jamba-branded CPG products; and global expansion
for both retail stores and CPG products,” Mr. White said. “And we will
continue to relentlessly pursue new ways to reduce costs, increase engagement
throughout our organization and drive productivity.”
Highlights for the 52 weeks ended January 1, 2013, compared to the 53 weeks
ended January 3, 2012:
* Net income was $0.3 million compared to a net loss of $(8.3) million for
the prior year. It marks the first time Jamba has recorded annual net
income since becoming a public company.
* Company-owned comparable store sales^(1) increased 5.1% for the year
compared to the prior year, reflecting a second consecutive fiscal year
comparable store sales growth.
* Both system-wide and franchise-operated comparable store sales^(1)
increased 5.1% for the year compared to the prior year.
* Total revenue for the year increased 1.0% to $228.8 million from $226.4
million for the prior year, primarily due to the 5.1% increase in
Company-owned comparable store sales^(1), an increase in franchise
revenues and increased CPG branded product revenues, partially offset by
customer value-price promotions and the approximately $3.6 million effect
of 52 weeks in fiscal 2012 compared to 53 weeks in fiscal 2011.
* Jamba’s non-GAAP adjusted operating profit^(2) increased $7.3 million to
$52.4 million for fiscal 2012, reflecting Company-owned store comparable
sales growth and the impact of ongoing cost savings initiatives. Non-GAAP
adjusted operating profit margin^(2) increased by 300 basis points to
22.9% for fiscal 2012 compared to the prior year.
* General and administrative expenses were $40.8 million for the year
compared to $37.8 million for the prior year. On a non-GAAP adjusted
basis, general and administrative expenses for the year were $32.2 million
compared to $32.1 for the prior year. ^ (3)
* 29 new franchise-operated stores opened in the U.S., net, during the year.
* Jamba’s international franchise operators opened 16 stores, net, during
the year.
Highlights for the 13 weeks ended January 1, 2013, compared to the 13 weeks
ended January 3, 2012:
* Net loss was $(6.9) million compared to a net loss of $(9.8) million for
the prior year period.
* System-wide comparable store sales^(1) increased 0.6% for the quarter
compared to the prior year period. Franchise-operated comparable store
sales^(1) increased 2.3% for the quarter compared to the prior year
period. Company-owned comparable store sales^(1) decreased 1.2% for the
quarter compared to the prior year period.
* Total revenue for the fourth quarter was essentially flat at $44.2 million
compared to the $44.3 million in the prior year period, primarily due to
increased franchise revenues related to the increase in franchise-operated
comparable store sales^(1) and the opening of an additional 45 domestic
and international franchise-operated stores, net, from the prior year
offsetting the decrease in Company-owned store sales^(1).
* Jamba’s non-GAAP adjusted operating profit^(2) increased $0.2 million to
$5.6 million from prior year period, reflecting increased franchise
revenues related to franchise-operated comparable store sales growth and
the addition of 45 domestic and international franchise-operated stores,
net, from the prior year and the impact of the ongoing cost savings
initiatives. Non-GAAP adjusted operating profit margin^(2) also increased
by 50 basis points from the prior year period.
* General and administrative expenses for the quarter decreased $0.3 million
to $11.6 million from $11.9 million for the prior year period. On a
non-GAAP adjusted basis, general and administrative expenses for the
quarter were $8.3 million compared to $8.4 million for the prior year
period. ^ (3)
* 19 new franchise-operated stores opened in the U.S., net, during the
quarter. Jamba announced plans for new stores in 100 trade areas and 25
mall locations throughout California to be opened by the Company and
franchisees. Jamba’s international franchisees opened two stores, net,
during the quarter.
Results for Fiscal Year 2012
Revenue
For the fiscal year ended January 1, 2013, total revenue increased 1.0% to
$228.8 million from $226.4 million in the prior year. The increase is
primarily due to the 5.1% increase in Company-owned comparable store sales^(1)
and increased CPG revenues, partially offset by $6.8 million increase in
customer value-price promotions and the approximately $3.6 million effect of
52 weeks in fiscal 2012 compared to 53 weeks in fiscal 2011. The increase in
Company-owned comparable store sales^(1) of 5.1% was driven primarily by an
increase in transaction count of 250 basis points and an average check
increase of 260 basis points. During fiscal year ended January 1, 2013,
franchise-operated comparable store sales^(1) increased 5.1%. Franchise and
other revenue increased 17.8% to $13.7 million from $11.6 million in the prior
year. Jamba’s CPG revenue was $2.1 million in fiscal 2012, compared to $1.1
million in the prior year.
Non-GAAP Adjusted Operating Profit^(2) and Non-GAAP Adjusted Operating Profit
Margin^(2)
Jamba’s non-GAAP adjusted operating profit^(2) increased $7.3 million to $52.4
million for fiscal 2012, reflecting Company-owned store comparable sales
growth and the impact of the Company’s cost savings initiatives. Non-GAAP
adjusted operating profit margin^(2) increased by 300 basis points to 22.9%
for fiscal 2012 as compared to the prior year, primarily as a result of
improved leverage of its fixed costs resulting from the positive Company-owned
comparable store sales increase.
General and Administrative (G&A) Expense
The general and administrative expense increase of $3.0 million from the prior
year primarily resulted from the grant of increased amounts of performance and
stock based compensation and the Company’s accelerated investments in growth
initiatives during fiscal 2012, including JambaGO, the Talbott Teas business
and research on development concepts. The increase was partially offset by the
approximately $0.5 million effect of 52 weeks in fiscal 2012 compared to 53
weeks in fiscal 2011. On a non-GAAP adjusted basis^(3), excluding these
factors, G&A increased $0.1 million.
Fourth Quarter Fiscal 2012 Results
Revenue
For the fourth quarter ended January 1, 2013, total revenue was essentially
flat at $44.2 million compared to the $44.3 million in the prior year period.
The slight decrease in Company-owned comparable store sales^(1) was offset by
the increase in franchise revenues relating to the 2.3% increase in
franchise-operated comparable store sales^(1) and the opening of 45 additional
domestic and international franchise-operated stores, net, from the prior year
and a 200% increase in CPG revenue. Jamba’s CPG revenue was $0.8 million in
the fourth quarter of 2012, compared to $0.3 million in the prior year period.
Franchise and other revenue increased 24.5% to $3.4 million from $2.8 million
in the prior year period. In the fourth quarter of 2012, the system-wide
comparable store sales^(1) increase of 0.6% was driven primarily by an
increase in average check of 460 basis points, partially offset by a decrease
in transaction count of 400 basis points.
Non-GAAP Adjusted Operating Profit^(2) and Non-GAAP Adjusted Operating Profit
Margin^(2)
Jamba’s non-GAAP adjusted operating profit^(2) increased $0.2 million to $5.6
million from the fourth quarter of 2011 reflecting increased franchise
revenues relating to franchise-operated comparable store sales^(1) growth and
the addition of 45 domestic and international franchise-operated stores, net,
from the prior year and impact of the Company’s cost savings initiatives.
Non-GAAP adjusted operating profit margin^(2) increased by 50 basis points to
12.7% for the fourth quarter of 2012 compared to 12.2% in the prior year
period, primarily as a result of continuing improvement in store labor
efficiencies.
General and Administrative (G&A) Expense
General and administrative expense decreased from $11.9 million to $11.6
million from the fourth quarter of fiscal 2011. The decrease primarily
resulted from the decrease in performance-based compensation and litigation
settlement and fees, partially offset by accelerated investment in growth
initiatives during the fourth quarter of 2012. On a non-GAAP adjusted basis
^(3), excluding these factors, G&A decreased $0.2 million.
Retail Growth
As of January 1, 2013, system-wide, Jamba has 774 stores in the United States,
of which 473 are franchise-operated stores and 301 are Company-owned.
Franchise-operated stores include 14 Jamba Smoothie Stations™, the new limited
menu express format. During the quarter, Jamba opened 20 new domestic
franchise-operated stores, four traditional and 16 non-traditional, and three
international store locations, two in the Philippines and one in South Korea.
One new Company-owned store opened. As of January 1, 2013, there were 35
international store locations, all of which are franchise-operated. During the
fourth quarter, the total number of JambaGO served locations increased to 404
from 35 in the prior year fourth quarter.
Change in the Fiscal Quarter
Effective for Fiscal 2012, which began on January 4, 2012, the Company changed
the end of its fiscal quarters. Each quarter now has 13 weeks, resulting in a
12 period fiscal year. Prior to fiscal 2012, the first quarter had 16 weeks
and the three subsequent quarters had 12 weeks. The Company’s year-end
continues to be the Tuesday closest to December 31.
Liquidity
On January 1, 2013, the Company held $31.5 million in cash and cash
equivalents compared to $19.6 million cash and cash equivalents at January 3,
2012. On January 1, 2013, the Company had a restricted cash balance of $0.2
million compared to $1.4 million at the end of fiscal 2011.
Outlook for 2013
The Company continues to expect to achieve the following results for fiscal
2013:
* Deliver positive Company-owned comparable store sales^(1) of 4%-6% and
store-level margin of 20%;
* Achieve income from operations of 2.5%-3.0% of revenue;
* Deliver CPG revenue of $4 million - $5 million;
* Develop 60-80 U.S. and international locations;
* Add 1,000 JambaGO served locations.
Webcast and Conference Call Information
A conference call to review the fourth quarter and full year 2012 results will
be held today, March 5, 2013 at 5:00 p.m. ET. The conference call can be
accessed live over the phone by dialing (877) 941-4774 or for international
callers by dialing (480) 629-9760. 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 4602860. The replay will be available
until March 26, 2013. 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., (the “Company”) 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, hot coffee and teas, hot oatmeal, breakfast wraps,
sandwiches and mini-wraps, California Flatbreads™, frozen yogurt, and a
variety of baked goods and snacks. As of January 1, 2013, there were 809 store
locations globally. There were 301 Company-owned and operated stores and 473
franchise-operated stores in the United States, and 35 international stores.
Jamba Juice Company has expanded the Jamba brand by direct selling of consumer
packaged goods (“CPG”) and licensing its trademark. 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”, “guidance”, “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 the statements made under the caption
“Outlook for 2013” and any other estimates, projections, future trends and the
outcome of events that have not yet occurred, is a forward-looking statement.
Forward-looking statements are only predictions and are subject to risks,
uncertainties and assumptions that are difficult to predict. Therefore actual
results may differ materially and adversely from those expressed in any
forward-looking statements. Factors that might cause or contribute to such
differences include, but are not limited to factors discussed under the
section entitled “Risk Factors” in the Company’s reports filed with the SEC.
Many of such factors relate to events and circumstances that are beyond the
Company’s control. You should not place undue reliance on forward-looking
statements. The Company does not assume any obligation to update the
information contained in this press release.
Non-GAAP Financial Measures
The Company provides certain supplemental non-GAAP financial measures to its
investors as a complement to the most comparable GAAP measures. The GAAP
measure most directly comparable to non-GAAP adjusted operating profit is net
income/loss. An explanation and reconciliation of this non-GAAP financial
measure to GAAP information is set forth below.
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 Company’s core business operations comprise
Company-owned and franchise-operated stores and consumer packaged goods (CPG)
operations. The Company believes its core business performance represents the
Company's on-going performance in the ordinary course of its operations.
Management excludes from the Company’s core business performance those items,
such as impairment charges, income taxes, restructuring and severance programs
and costs relating to specific major projects which are non-routine, expenses
or income from certain legal actions, settlements and related costs, general
and administrative expense, including non-cash compensation related to stock
and options. Management does not believe these items, including non-cash
items, are reflective of the Company's ongoing core operations and accordingly
excludes those items from non-GAAP adjusted operating profit and non-GAAP
adjusted operating profit margin. Additionally, each non-GAAP measure has
historically been presented by the Company as a complement to its most
comparable GAAP measure, and the Company believes that the continuation of
this practice increases the consistency and comparability of the Company's
earnings releases. The non-GAAP adjustments are discussed further 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
Comparable store sales are calculated using sales of Jamba Juice stores
open at least one full fiscal 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, 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
(1) 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.
Non-GAAP adjusted operating profit is calculated as net income (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 these non-GAAP measures to further understand the
(2) 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. The
definition of adjusted operating profit margin is the same definition
previously used by the Company to define operating profit margin in its
2012 guidance.
Non-GAAP adjusted G&A expense is calculated as G&A, as determined in
accordance with GAAP, excluding the items described below and as
specifically identified in the non-GAAP reconciliation schedules set
forth below. The Company believes that G&A expense adjusted for
non-routine items and performance compensation is a helpful indicator of
the Company’s operating performance in that it shows the G&A expense
without the impact of the non-routine items and performance
(3) compensation, the costs incurred for accelerated growth initiatives,
charges for share-based compensation, the semi-annual performance-based
compensation for achieving its strategic objectives, as well as the
impact of one less week in the 52-week period ended January 1, 2013 and
one additional week in the 53 week period ended January 3, 2012.
Management does not believe these items are reflective of the Company’s
ongoing performance and accordingly excludes those items from non-GAAP
adjusted G&A expense.
JAMBA, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
January 1, January 3,
(Dollars in thousands, except share and per 2013 2012
share amounts)
ASSETS
Current assets:
Cash and cash equivalents $ 31,486 $ 19,607
Restricted cash 205 1,352
Receivables, net of allowances of $103 and $294 11,327 13,040
Inventories 3,143 2,228
Prepaid and refundable taxes 655 574
Prepaid rent 3,080 2,761
Prepaid expenses and other current assets 1,681 1,509
Total current assets 51,577 41,071
Property, fixtures and equipment, net 38,442 44,760
Goodwill 1,336 -
Trademarks and other intangible assets, net 1,412 1,130
Other long-term assets 846 1,332
Total assets $ 93,613 $ 88,293
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 8,206 $ 4,155
Accrued compensation and benefits 7,566 6,566
Workers' compensation and health insurance 1,087 1,092
reserves
Accrued jambacard liability 33,634 33,256
Other current liabilities 9,728 9,961
Total current liabilities 60,221 55,030
Deferred rent and other long-term liabilities 11,880 13,079
Total liabilities 72,101 68,109
Commitments and contingencies
Series B redeemable preferred stock, $.001 par
value, 304,348 shares authorized; 72,889 and
168,389 shares issued and outstanding at January $ 7,916 $ 17,880
1, 2013 and January 3, 2012, respectively.
Stockholders' equity:
Common stock, $.001 par value, 150,000,000
shares authorized; 77,408,909 and 67,280,485
shares issued and outstanding at January 1, 2013 78 68
and January 3, 2012, respectively.
Additional paid-in-capital 380,007 369,027
Accumulated deficit (366,489 ) (366,791 )
Total stockholders' equity 13,596 2,304
Total liabilities and stockholders' equity $ 93,613 $ 88,293
JAMBA, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
13 Week 13 Week 52 Week 53 Week
Period Ended Period Ended Period Ended Period Ended
(Dollars in
thousands except January 1, January 3, January 1, January 3,
share and per 2013 2012 2013 2012
share amounts)
Revenue:
Company Stores $ 40,775 $ 41,563 $ 215,125 $ 214,837
Franchise and 3,441 2,763 13,664 11,597
other revenue
Total 44,216 44,326 228,789 226,434
revenue
Costs and
operating expenses
(income):
Cost of sales 9,711 9,675 50,215 49,503
Labor 14,073 14,729 63,086 67,868
Occupancy 7,376 7,385 29,473 31,092
Store operating 7,454 7,119 33,612 32,847
Depreciation
and 2,534 2,842 11,062 12,463
amortization
General and 11,646 11,917 40,771 37,798
administrative
Impairment of
long-lived 75 77 711 1,291
assets
Other (1,334 ) 393 (754 ) 1,896
operating, net
Total
costs and 51,535 54,137 228,176 234,758
operating
expenses
Income (loss) from (7,319 ) (9,811 ) 613 (8,324 )
operations
Other income
(expense):
Interest income - 33 61 159
Interest (70 ) (17 ) (217 ) (473 )
expense
Total
other (70 ) 16 (156 ) (314 )
expense,
net
Income (loss)
before income (7,389 ) (9,795 ) 457 (8,638 )
taxes
Income tax 479 (40 ) (155 ) 340
(expense) benefit
Net income (loss) (6,910 ) (9,835 ) 302 (8,298 )
Redeemable
preferred stock (105 ) (477 ) (2,181 ) (2,331 )
dividends and
deemed dividends
Net loss
attributable to $ (7,015 ) $ (10,312 ) $ (1,879 ) $ (10,629 )
common
stockholders
Weighted-average
shares used in
computation of
loss per share:
Basic 77,372,081 67,190,892 70,699,438 66,310,654
Diluted 77,372,081 67,190,892 70,699,438 66,310,654
Loss per share:
Basic $ (0.09 ) $ (0.15 ) $ (0.03 ) $ (0.16 )
Diluted $ (0.09 ) $ (0.15 ) $ (0.03 ) $ (0.16 )
JAMBA, INC.
(Unaudited)
Reconciliation of GAAP Net Income (Loss) to Non-GAAP Adjusted Operating
Profit, Non-GAAP Adjusted Operating Profit Margin
(Dollars in 13 Week 13 Week 52 Week 53 Week
thousands)
Period Ended Period Ended Period Period
Ended Ended
January 1, January 3, January 1, January 3,
2013 2012 2013 2012
Net income (loss) $ (6,910 ) $ (9,835 ) $ 302 $ (8,298 )
Interest income - (33 ) (61 ) (159 )
Interest expense 70 17 217 473
Income tax (479 ) 40 155 (340 )
(expense) benefit
Depreciation and 2,534 2,842 11,062 12,463
amortization
Impairment of 75 77 711 1,291
long-lived assets
Other operating, (1,334 ) 393 (754 ) 1,896
net
General and 11,646 11,917 40,771 37,798
administrative
Non-GAAP Adjusted $ 5,602 $ 5,418 $ 52,403 $ 45,124
operating profit
Non-GAAP Adjusted
operating profit
margin
Total Revenue $ 44,216 $ 44,326 $ 228,789 $ 226,434
Non-GAAP Adjusted
operating profit 12.7 % 12.2 % 22.9 % 19.9 %
margin
Reconciliation of GAAP General & Administrative (G&A) Expense to Non-GAAP
General & Administrative Expense adjusted
13 Week 13 Week 52 Week 53 Week
Period Ended Period Ended Period Period
Ended Ended
(Dollars in January 1, January 3, January 1, January 3,
thousands) 2013 2012 2013 2012
G&A expense $ 11,646 $ 11,917 $ 40,771 $ 37,798
Adjustment for
same weeks for - 619 - -
each period ended
53rd week in - (494 ) - (494 )
fiscal 2011
Litigation
settlement and - (753 ) - (1,013 )
related fees
Charges for
accelerated growth (586 ) - (2,301 ) -
initiatives
Share-based (662 ) (452 ) (2,091 ) (1,285 )
compensation
Performance-based (2,133 ) (2,411 ) (4,183 ) (2,922 )
compensation
Non-GAAP G&A $ 8,265 $ 8,426 $ 32,196 $ 32,084
expense adjusted
JAMBA, INC.
(Unaudited)
STORE COUNT
NUMBER OF STORES
COMPANY FRANCHISE TOTAL
Domestic International
52 week period ended January
1, 2013
At January 3, 2012 307 443 19 769
Opened 1 39 19 59
Closed (6 ) (10 ) (3 ) (19 )
Refranchised (1 ) 1 - -
At January 1, 2013 301 473 35 809
53 week period ended January
3, 2012
At December 28, 2010 351 391 1 743
Opened 9 22 18 49
Closed (11 ) (12 ) - (23 )
Refranchised (42 ) 42 - -
At January 3, 2012 307 443 19 769
COMPARABLE STORE SALES
13 Week 13 Week 52 Week 53 Week
Period Ended Period Ended Period Ended Period
Ended
January 1, January 3, January 1, January 3,
2013 2012 2013 2012
Percentage Change
in Comparable
store sales
Company stores -1.2% 7.7% 5.1% 4.0%
Franchise stores 2.3% 4.0% 5.1% 3.4%
System-wide 0.6% 5.7% 5.1% 3.7%
Percentage Change
in Comparable
Company store
sales
Traffic effect -5.5% 4.1% 2.5% -0.8%
Average check 4.3% 3.6% 2.6% 4.8%
effect
Total Comparable
Company store -1.2% 7.7% 5.1% 4.0%
sales
Contact:
Investor Relations
ICR
Dara Dierks, 203-682-8200
investors@jambajuice.com
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