Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - JAMBA, INC. | v409303_8k.htm |
Exhibit 99.1
| JAMBA INC. |
|
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEETS DECEMBER 30, 2014 |
| (Dollars in thousands, except share and per share amounts) |
| Reported December 30, 2014 | Pro
Forma Adjustments | Pro Forma December 30, 2014 | ||||||||||||||
| ASSETS | ||||||||||||||||
| Current assets: | ||||||||||||||||
| Cash and cash equivalents | $ | 17,750 | $ | 4,259 | (a) | $ | 22,009 | |||||||||
| Receivables, net of allowances of $280 and $291 | 16,977 | - | 16,977 | |||||||||||||
| Inventories | 2,300 | (131 | ) | (b) | 2,169 | |||||||||||
| Prepaid and refundable income taxes | 474 | - | 466 | |||||||||||||
| Prepaid rent | 504 | - | 504 | |||||||||||||
| Assets held for sale | 11,221 | - | 11,221 | |||||||||||||
| Prepaid expenses and other current assets | 8,105 | (95 | ) | (b) | 8,010 | |||||||||||
| Total current assets | 57,331 | 4,033 | 61,349 | |||||||||||||
| Property, fixtures and equipment, net | 29,575 | (3,256 | ) | (c) | 26,319 | |||||||||||
| Goodwill | 982 | (18 | ) | (c) | 964 | |||||||||||
| Trademarks and other intangible assets, net | 2,360 | - | 2,360 | |||||||||||||
| Other long-term assets | 2,241 | - | 2,241 | |||||||||||||
| Total assets | $ | 92,489 | $ | 759 | $ | 93,233 | ||||||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||||
| Current liabilities: | ||||||||||||||||
| Accounts payable | $ | 3,926 | $ | - | $ | 3,926 | ||||||||||
| Accrued compensation and benefits | 6,325 | - | 6,325 | |||||||||||||
| Workers' compensation and health insurance reserves | 1,311 | - | 1,311 | |||||||||||||
| Accrued jambacard liability | 38,184 | - | 38,184 | |||||||||||||
| Other current liabilities | 16,454 | - | 16,454 | |||||||||||||
| Total current liabilities | 66,200 | - | 66,200 | |||||||||||||
| Deferred revenue and other long-term liabilities | 9,544 | - | 9,544 | |||||||||||||
| Total liabilities | 75,744 | - | 75,744 | |||||||||||||
| Stockholders' equity: | ||||||||||||||||
| Common stock, $.001 par value, 30,000,000 shares authorized; 16,567,803 and 17,154,655 shares issued and outstanding, respectively | $ | 17 | $ | - | $ | 17 | ||||||||||
| Additional paid-in-capital | 396,629 | - | 396,629 | |||||||||||||
| Treasury Shares at cost | (11,991 | ) | - | (11,991 | ) | |||||||||||
| Accumulated deficit | (368,041 | ) | 875 | (e) | (367,166 | ) | ||||||||||
| Total equity attributable to Jamba, Inc. | $ | 16,614 | $ | 875 | $ | 17,489 | ||||||||||
| Noncontrolling interest | 131 | (131 | ) | (d) | - | |||||||||||
| Total stockholders' equity | 16,745 | 744 | 17,489 | |||||||||||||
| Total liabilities and stockholders' equity | $ | 92,489 | $ | 744 | $ | 93,233 | ||||||||||
See accompanying notes to unaudited pro forma condensed consolidated financial statements.
| 1 |
| JAMBA INC. |
|
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS DECEMBER 30, 2014 |
| (Dollars in thousands, except share and per share amounts) |
Reported Year ended December 30, 2014 | Pro Forma Adjustments | Pro Forma Year ended December 30, 2014 | ||||||||||||||
| Revenue: | ||||||||||||||||
| Company Stores | $ | 198,737 | 16,114 | A | $ | 182,623 | ||||||||||
| Franchise and other revenue | 19,311 | - | 19,311 | |||||||||||||
| Total revenue | 218,048 | 16,114 | 201,934 | |||||||||||||
| Costs and operating expenses (income): | ||||||||||||||||
| Cost of sales | 52,236 | 4,052 | B | 48,184 | ||||||||||||
| Labor | 61,749 | 4,972 | B | 56,777 | ||||||||||||
| Occupancy | 27,630 | 2,005 | B | 25,625 | ||||||||||||
| Store operating | 33,089 | 2,319 | B | 30,770 | ||||||||||||
| Depreciation and amortization | 10,084 | 650 | B | 9,434 | ||||||||||||
| General and administrative | 37,278 | - | B | 37,278 | ||||||||||||
| Other operating, net | (718 | ) | - | (718 | ) | |||||||||||
| Total costs and operating expenses | 221,348 | 13,998 | 207,350 | |||||||||||||
| (Loss) income from operations | (3,300 | ) | 2,116 | (5,416 | ) | |||||||||||
| Other income (expense): | ||||||||||||||||
| Interest income | 74 | - | 74 | |||||||||||||
| Interest expense | (195 | ) | - | (195 | ) | |||||||||||
| Total other expense, net | (121 | ) | - | (121 | ) | |||||||||||
| (Loss) income before income taxes | (3,421 | ) | 2,116 | (5,537 | ) | |||||||||||
| Income tax (expense) benefit | (168 | ) | - | (168 | ) | |||||||||||
| Net (Loss) income | $ | (3,589 | ) | $ | 2,116 | $ | (5,705 | ) | ||||||||
| Less: Net income attributable to noncontrolling interest | 43 | 43 | C | - | ||||||||||||
| Net (Loss) income attributable to common stockholders | $ | (3,632 | ) | $ | 2,073 | $ | (5,705 | ) | ||||||||
See accompanying notes to unaudited pro forma condensed consolidated financial statements.
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Jamba Inc.
Notes to Unaudited Pro Forma Condensed Consolidated Financial Statements
| 1. | Basis of Presentation |
On April 28, 2015, Jamba completed the refranchising of a group of stores under its ongoing refranchising program, for consideration of $4.9 million. The effect of the refranchising is reflected in the unaudited pro forma condensed consolidated financial statements.
The unaudited pro forma condensed consolidated financial statements were prepared in accordance with GAAP and pursuant to U.S. Securities and Exchange Commission Regulation S-X Article 11, and present the pro forma financial position and results of operations of the combined companies based upon the historical information after giving effect to the disposal and adjustments described in the Notes to the Unaudited Pro Forma Condensed Consolidated Financial Statements. The unaudited pro forma condensed consolidated balance sheet is presented as if the disposal had occurred on December 30, 2014, and the unaudited pro forma condensed consolidated statement of operations for the year ended December 30, 2014 is presented as if the disposal had occurred on January 1, 2014.
The unaudited pro forma condensed consolidated financial information is presented for informational purposes only and is not indicative of the Company's financial results or financial position as if the transactions reflected herein had occurred, or been in effect during the pro forma periods. This unaudited pro forma condensed consolidated financial information should not be viewed as indicative of the Company's expected financial results for future periods.
| 2. | Adjustments to Unaudited Pro Forma Condensed Consolidated Balance Sheet |
Adjustments in the column titled "Pro Forma Adjustments" represent the following:
(a) - Represents the pro forma adjustment for the proceeds received, net of costs to sell, offset by store-related cash balances at the end of the year (in thousands):
| Amount | ||||
| Proceeds received | $ | 4,850 | ||
| Cost to sell | (565 | ) | ||
| Store-related assets | (26 | ) | ||
| $ | 4,259 | |||
(b) - Represents the pro forma adjustment for the store-related current assets that will no longer be on Jamba's balance sheet as a result of the disposal of the stores to the franchise partners.
(c) - Represents the pro forma adjustment for the estimated net book value of the capital assets and goodwill purchased by the franchise partners from Jamba.
(d) - Represents the pro forma adjustment to eliminate the 12% noncontrolling interest in Jamba Juice Southern California ("JJSC"), since the owner of the noncontrolling interest is acquiring the remaining interest in the JJSC stores.
(e) - Represents the pro forma adjustment for net gain on disposal of fixed assets, partially offset by the cost to sell the stores sold to the franchise partners and the assets that will no longer exist after the disposal of the stores as follows (in thousands):
| Amount | ||||
| Proceeds received | $ | 4,850 | ||
| Less: Cost to sell | (565 | ) | ||
| Property, fixtures and equipment | (3,256 | ) | ||
| Goodwill & current assets | (270 | ) | ||
| Noncontrolling interest | 131 | |||
| $ | 890 | |||
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| 3. | Adjustments to Unaudited Pro Forma Condensed Consolidated Statement of Operations |
A - Reflects the pro forma adjustment for the full year of revenue from the stores sold to franchise partners.
B - Reflects the pro forma adjustment for the expenses related to the stores sold to franchise partners.
C - Reflects the pro forma adjustment to eliminate the 12% noncontrolling interest in JJSC, since the owner of the noncontrolling interest is acquiring the remaining interest on the JJSC stores.
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