James D. White
Thank you, Karen, and welcome to our first quarter call. On our last earnings call, I said the strong same-store sales trend that marked the end of 2011 was continuing in the early weeks of 2012. And as you can see from our 12.7% increase in company-owned store sales and 11.6% increase system-wide, the positive trend actually accelerated through the quarter, so we are off to a great start.
I'll highlight some of our quarterly accomplishments and then expand on a few of them later. Our same-store sales have now been positive for 6 consecutive quarters for company-owned stores and 7 for franchise stores. Both improved traffic and higher average check drove these increases in all day parts. Store profitability improved by more than 1,000 basis points during the quarter, versus a year ago. Our balance sheet remained strong with 0 debt and $19 million in cash. All of our strategic initiatives in our BLEND Plan 2.0 that we unveiled last year are being initiated to accelerate our growth. Product and menu innovation is accelerating around fresh juice blends and better-for-you smoothies, like our fruit and vegetable offerings. Our JambaGo express units are being installed, and we are planning 400 to 500 installations by year end. We added 6 international units in Q1 and will double our international stores to more than 40 during 2012. We acquired the premium boutique company, Talbott Teas, a lifestyle specialty brand that fits well with our brand positioning as a leading health and wellness company, and our CPG revenues are growing with a very strong showing in the Inventure Foods line. CPG royalties are on track to reach around $3 million this year. Our unrelenting focus on taking costs out of the system and managing our cost structure continue to yield excellent results. With that overview, I'll now ask Karen to take us through the financials.