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Jamba, Inc. Announces Third Quarter 2012 Financial Results

Stocks in this article: JMBA

Third Quarter Fiscal 2012 Results

Revenue

For the third quarter ended October 2, 2012, total revenue increased 14.7% to $65.5 million from $57.1 million in the third quarter ended October 4, 2011. The increase is primarily due to the inclusion of 13 weeks in the fiscal 2012 third quarter compared to 12 weeks in the fiscal 2011 third quarter. The increase in company-owned comparable store sales of 3.9% was driven primarily by an increase in transaction count of 510 basis points, partially offset by an average check decrease of 120 basis points. This represents the Company’s eighth consecutive quarter of positive company-owned comparable store sales growth. In the third quarter of 2012, franchise-operated comparable store sales increased 1.0% and system-wide comparable store sales increased 2.5%. Franchise and other revenue increased 23.9% to $3.7 million from $3.0 million in the 12-week period ended October 4, 2011. Jamba’s CPG revenue was $0.6 million in the third quarter of 2012, compared to $0.3 million in the prior year period.

Non-GAAP Adjusted Operating Profit (2) and Non-GAAP Adjusted Operating Profit Margin (2)

Jamba’s non-GAAP adjusted operating profit increased $2.1 million to $17.4 million from the third quarter of 2011 reflecting Company-operated store comparable sales growth and the impact of the Company’s cost savings initiatives. Non-GAAP adjusted operating profit margin (2) decreased by 30 basis points to 26.6% for the 13-week third quarter of 2012 compared to 26.9% in the 12-week quarter ended October 4, 2011, primarily due to increased investment in targeted customer value-price promotions and higher commodity costs.

General and Administrative (G&A) Expense

General and administrative expense increase resulted from the additional week included in the 13-week third quarter of 2012 and accelerated investments in growth initiatives, including JambaGO, the Talbott Teas business and research on development concepts. On a non-GAAP adjusted basis (3), excluding these factors, G&A increased $0.4 million.

Number of Stores

System-wide, Jamba has 755 stores in the United States, of which 454 are franchise-operated stores and 301 are company-owned. During the quarter, the Company opened eight new domestic franchise stores, all of which were non-traditional. No new company-owned stores were opened. Internationally, there are 33 stores locations, all of which are franchise-operated. The Company’s international franchise partners opened four Jamba Juice stores - two in Canada, one in South Korea and one in the Philippines.

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