EMERYVILLE, Calif.--(BUSINESS WIRE)--May. 21, 2012--
Jamba, Inc. (NASDAQ: JMBA) today announced that it has raised its
guidance for company-owned comparable store sales and adjusted operating
profit for fiscal year 2012. The Company now expects that company-owned
comparable store sales(1) for fiscal year 2012 will be in the
range of 4-6%, compared to the previously guided range of 3-4%. The
Company is also increasing its guidance for adjusted operating profit
margin(2) for fiscal year 2012 to between 20-23% from the
previously guided range of 19-22%.
“After a strong first quarter and continued momentum into the second
quarter we are raising our guidance for same store sales and adjusted
operating profit for the remainder of the year,” said James D. White,
Chairman, President and CEO of Jamba, Inc. “Our Blend Plan 2.0 strategic
priorities continue to guide us as we focus on making Jamba a
top-of-mind healthy food and beverage brand. Our new fresh squeezed
juice blends along with increased attachment, the deepening of
nutritional expertise available to our consumers and systems to improve
productivity in our stores are all contributing to our success.”
The Company maintains its fiscal year 2012 guidance for the following:
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Develop 40-50 U.S. locations, plus 10-15 new stores at international
locations, all excluding JambaGo™ units;
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Maintain general and administrative expenses flat, in dollars with
fiscal 2011, excluding performance compensation;
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Deliver CPG licensing revenue of approximately $3 million.
About Jamba, Inc.
Jamba, Inc. is a holding company which owns and franchises, on a global
basis, Jamba Juice stores through its wholly-owned subsidiary, Jamba
Juice Company. Jamba Juice Company is a leading restaurant retailer of
better-for-you specialty beverages and food offerings which include
great tasting fruit smoothies, fresh-squeezed juices and juice blends,
hot teas, hot oatmeal made with organic steel cut oats, fruit and veggie
smoothies, Fit’n FruitfulTM smoothies with Weight Burner BoostTM,
Whirl’ns™ Frozen Yogurt, breakfast wraps, sandwiches, California
Flatbreads™, and a variety of baked goods and snacks. As of April 3,
2012, there were 773 store locations globally, consisting of 305
Company-owned and operated stores (“Company Stores”) and 444
franchise-operated stores (“Franchise Stores”) in the United States and
24 international stores (“International Stores). As of April 3, 2012,
Jamba Juice also had nine license agreements in place covering a variety
of consumer packaged goods. 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 our statements on guidance 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) licensing 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
(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. 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. Management
reviews the increase or decrease in company-owned comparable store 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.
(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 these non-GAAP measures 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. The
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.
ICR
Don Duffy, 203-682-8200
investors@jambajuice.com
