Jamba Inc. (NASDAQ:JMBA; NASDAQ:JMBAU; NASDAQ:JMBAW) today reported audited financial results for the fourth quarter and fiscal year ended December 30, 2008.
Company reports, for the 12 week fiscal fourth quarter of 2008 compared to the 11 week fiscal fourth quarter of 2007:
- Total revenue for 4Q08 increased 2.8 percent to $56.1 million from $54.6 million for 4Q07.
- Loss from operations for 4Q08 was $(39.8) million as compared to a loss of $(219.7) million in 4Q07. Loss from operations would have been $(16.3) million as compared to $(16.3) million in 4Q07, excluding the impact of goodwill and other intangible asset impairment, store impairment, lease termination and closure costs and non-cash share-based compensation of $23.5 million compared to $203.4 million in 4Q07.
- Net loss for 4Q08 of $(41.2) million compared to a net loss for 4Q07 of $(150.0) million. Included in the net loss for 4Q08 is a non-cash, derivative liability gain of $0.3 million associated with a change in the fair value of the Company’s warrants and derivatives. Included in the net loss for 4Q07 is a non-cash derivative liability gain of $20.7 million associated with a change in the fair value of the Company’s warrants.
- Diluted loss per share for 4Q08 of $(0.75) compared to a diluted loss per share for 4Q07 of $(2.85).
- Company-owned comparable store sales for 4Q08 decreased 12.0 percent.
- No new company-owned stores were opened in fiscal fourth quarter of 2008, compared to 31 new company-owned stores in fiscal fourth quarter of 2007. The total number of stores increased to 729, including 511 company-owned stores and 218 franchised stores.
Company reports, for the 52 week fiscal year 2008 compared to the 51 week fiscal year 2007:
- Total revenue for fiscal 2008 increased 8.1 percent to $342.9 million from $317.2 million in fiscal 2007.
- Diluted loss per share for fiscal 2008 of $(2.80) compared to a diluted loss per share for fiscal 2007 of $(2.17).
- Company-owned comparable store sales for fiscal 2008 decreased 8.1 percent (1)
- 35 new company-owned stores were opened in fiscal 2008, compared to 99 new company-owned stores in fiscal 2007.
“While we are disappointed with the results for fiscal 2008, the Company’s board of directors and new management team have taken significant steps to improve long-term performance," says James White, president and CEO, Jamba Inc. As previously announced, we are making significant progress implementing our strategic priorities. Our strategic priorities are focused on a disciplined expense reduction effort, building a customer-first and operationally focused service culture across the company, assembling a retail food capability across all day-parts, accelerating franchise and non-traditional store growth, and enhancing our licensing platform."