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Jamba Management Discusses Q2 2012 Results - Earnings Call Transcript

Stocks in this article: JMBA

Our target for JambaGo now has moved up to 1,500 by the end of 2013. Our international units have reached 30 and our on track to reach our annual target of 10 to 15 locations. Our CPG platform is now strengthened with our acquisition of the intellectual property and planned relaunch of Jamba Energy and the opportunistic expansion of Talbott Teas. CPG revenue is on track to reach around $3 million this year. Our unrelenting focus on taking cost 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.

Karen L. Luey

Thank you, James. The press release that was issued today has comparisons against prior-year GAAP results and prior-year pro forma results. The 10-Q, which will be filed on or around August 2, 2012, will only include comparisons against prior-year GAAP results. The pro forma results compare the 13-week quarter of 2012 to the comparable 13-week period in 2011. A supplemental schedule was provided in today's press release. I will focus most of my comments on the pro forma comparison. We continue to make progress on strengthening the financial health of our company especially in our core restaurant business and it is reflected in our second quarter results. Our quarter-over-quarter comparisons on both the GAAP and pro forma basis reflects significant improvement in comparable same-store sales, total revenue, 4-wall store margins, adjusted operating profit, and we continue to improve on our bottom-line results.

Our restaurant business is strengthening and it's reflected in our improved of 4-wall store results which includes Company Store revenue less total Company Store expenses of cost of sales, labor, occupancy and other store operating expenses. Our store level profitability on a pro forma basis improved by $2.1 million to $15.1 million or 24.2% of Company Store revenue for the second quarter of 2012. That's compared to $13 million or 21.5% of Company Store revenue from the prior year. The 270 basis point improvement in 4-wall store margin is attributable to our company same-store sales increase of 5.1% and the continued disciplined focus on all expenses.

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