7. Jamba (JMBA), operating through its wholly owned subsidiary, Jamba Juice Company, owns and franchises Jamba Juice stores. Jamba Juice is a restaurant retailer of food and beverage offerings, including fruit smoothies, juices, teas, hot oatmeal made with organic steel cut oats, wraps, salads, sandwiches, and a variety of baked goods and snacks.
Non-GAAP revenue increased marginally to $60.9 million from $60.6 million in the prior year. Company-owned comparable store sales increased 2.2% from the prior year period. System-wide comparable store sales improved 3.1%, while comparable store sales at franchised locations were up 4.1%. Non-GAAP net loss stood at $5.4 million, or 11 cents a share, vs. $6.4 million, or 13 cents a share, in the first quarter of 2010.
The company recently announced the opening of its fifth Jamba Juice location in Seocho, a residential and commercial district in Seoul, South Korea. Prior to this, early May, the company signed a master development agreement with Canada Juice to develop 80 stores across Canada over the next 10 years. The first Jamba Juice Canadian locations are likely to open in late 2011.
As part of its summer promotion, the company launched its "What Would You Blend?" consumer engagement campaign for its smoothie product line on the social networking website Facebook. Going forward, the company expects to deliver company-owned comparable store sales of 2% to 4% and realize adjusted operating profit margin of 18% to 20% during 2011. Jamba plans to develop 50 to 70 U.S. locations in traditional, nontraditional, and express franchise formats.Of the eight analysts covering the stock, 63% recommend a buy and 25% rate a hold. On average, analysts estimate 39.7% upside to $3.02 in value from current levels.
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