Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 30, 2014 | Mar. 20, 2015 | Jul. 01, 2014 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 30-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | JMBA | ||
Entity Common Stock, Shares Outstanding | 16,436,696 | ||
Entity Registrant Name | JAMBA, INC. | ||
Entity Central Index Key | 1316898 | ||
Current Fiscal Year End Date | -18 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $210,830,710 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $17,750 | $32,386 |
Receivables, net of allowances of $280 and $291 | 16,977 | 14,110 |
Inventories | 2,300 | 2,670 |
Prepaid and refundable taxes | 474 | 483 |
Prepaid rent | 504 | 307 |
Assets held for sale | 11,221 | 9,719 |
Prepaid expenses and other current assets | 8,105 | 6,727 |
Total current assets | 57,331 | 66,402 |
Property, fixtures and equipment, net | 29,575 | 27,961 |
Goodwill | 982 | 1,038 |
Trademarks and other intangible assets, net | 2,360 | 1,317 |
Other long-term assets | 2,241 | 1,198 |
Total assets | 92,489 | 97,916 |
Current liabilities: | ||
Accounts payable | 3,926 | 5,086 |
Accrued compensation and benefits | 6,325 | 5,538 |
Workers’ compensation and health insurance reserves | 1,311 | 1,046 |
Accrued jambacard liability | 38,184 | 37,121 |
Other current liabilities | 16,454 | 13,082 |
Total current liabilities | 66,200 | 61,873 |
Deferred rent and other long-term liabilities | 9,544 | 9,201 |
Total liabilities | 75,744 | 71,074 |
Commitments and contingencies (Notes 8 and 17) | ||
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 | 391,234 |
Treasury shares, at cost | -11,991 | 0 |
Accumulated deficit | -368,041 | -364,409 |
Total equity attributable to Jamba, Inc. | 16,614 | 26,842 |
Noncontrolling interest | 131 | 0 |
Total stockholders’ equity | 16,745 | 26,842 |
Total liabilities and stockholders’ equity | $92,489 | $97,916 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS [Parenthetical] (USD $) | Dec. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Receivables, allowances (in dollars) | $280 | $291 |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 30,000,000 | 30,000,000 |
Common stock, shares issued | 16,567,803 | 17,154,655 |
Common stock, shares outstanding | 16,567,803 | 17,154,655 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 30, 2014 | Dec. 31, 2013 | Jan. 01, 2013 |
Revenue: | |||
Company stores | $198,737 | $212,887 | $215,125 |
Franchise and other revenue | 19,311 | 16,362 | 13,664 |
Total revenue | 218,048 | 229,249 | 228,789 |
Costs and operating expenses (income): | |||
Cost of sales | 52,236 | 52,211 | 50,215 |
Labor | 61,749 | 62,015 | 63,086 |
Occupancy | 27,630 | 29,350 | 29,473 |
Store operating | 33,089 | 34,802 | 33,524 |
Depreciation and amortization | 10,084 | 10,974 | 11,062 |
General and administrative | 37,278 | 37,771 | 40,771 |
Other operating, net | -718 | -242 | 45 |
Total costs and operating expenses | 221,348 | 226,881 | 228,176 |
(Loss) income from operations | -3,300 | 2,368 | 613 |
Other income (expense): | |||
Interest income | 74 | 9 | 61 |
Interest expense | -195 | -242 | -217 |
Total other expense, net | -121 | -233 | -156 |
(Loss) income before income taxes | -3,421 | 2,135 | 457 |
Income tax expense | -168 | -55 | -155 |
Net (loss) income | -3,589 | 2,080 | 302 |
Redeemable preferred stock dividends and deemed dividends | 0 | -588 | -2,181 |
Less: Net income attributable to noncontrolling interest | 43 | 0 | 0 |
Net (loss) income attributable to common stockholders | ($3,632) | $1,492 | ($1,879) |
Weighted-average shares used in the computation of (loss) earnings per share: | |||
Basic (in shares) | 17,197,904 | 16,793,235 | 14,139,888 |
Diluted (in shares) | 17,197,904 | 17,222,030 | 14,139,888 |
(Loss) earnings per share attributable to Jamba, Inc. common stock stockholders: | |||
Basic (in dollars per share) | ($0.21) | $0.09 | ($0.13) |
Diluted (in dollars per share) | ($0.21) | $0.09 | ($0.13) |
CONSOLIDATED_STATEMENTS_OF_STO
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (USD $) | Total | Common Stock [Member] | Additional Paid in Capital [Member] | Retained Earnings [Member] | Parent [Member] | Noncontrolling Interest [Member] |
In Thousands, except Share data | ||||||
Balance at Jan. 02, 2012 | $2,304 | $68 | ($369,027) | ($366,791) | $2,304 | $0 |
Balance (in shares) at Jan. 02, 2012 | 13,456,097 | |||||
Share-based compensation expense | 2,091 | 0 | 2,091 | 0 | 2,091 | 0 |
Issuance of common stock pursuant to stock plans | 98 | 1 | 97 | 0 | 97 | 0 |
Issuance of common stock pursuant to stock plans (in shares) | 57,284 | |||||
Conversion of redeemable preferred stock | 10,982 | 9 | 10,973 | 0 | 10,982 | 0 |
Conversion of redeemable preferred stock (in shares) | 1,910,000 | |||||
Accretion of redeemable preferred stock | -1,018 | 0 | -1,018 | 0 | -1,018 | 0 |
Redeemable preferred stock dividends | -1,163 | 0 | -1,163 | 0 | -1,163 | 0 |
Exercise of warrant | 0 | 0 | 0 | 0 | 0 | 0 |
Exercise of warrant (in shares) | 58,400 | |||||
Net loss income | 302 | 0 | 0 | 302 | 302 | 0 |
Balance at Jan. 01, 2013 | 13,596 | 78 | -380,007 | -366,489 | 13,596 | 0 |
Balance (in shares) at Jan. 01, 2013 | 15,481,782 | |||||
Share-based compensation expense | 2,550 | 0 | 2,550 | 0 | 2,550 | 0 |
Issuance of common stock pursuant to stock plans | 828 | 1 | 827 | 0 | 828 | 0 |
Issuance of common stock pursuant to stock plans (in shares) | 215,505 | |||||
Conversion of redeemable preferred stock | 8,382 | 7 | 8,375 | 0 | 8,382 | 0 |
Conversion of redeemable preferred stock (in shares) | 1,457,780 | |||||
Accretion of redeemable preferred stock | -466 | 0 | -466 | 0 | -466 | 0 |
Redeemable preferred stock dividends | -122 | 0 | -122 | 0 | -122 | 0 |
Repurchase of fractional shares due to reverse stock split | -6 | -69 | -63 | 0 | -6 | 0 |
Repurchase of fractional shares due to reverse stock split (in shares) | -412 | |||||
Net loss income | 2,080 | 0 | 0 | 2,080 | 2,080 | 0 |
Balance at Dec. 31, 2013 | 26,842 | 17 | -391,234 | -364,409 | 26,842 | 0 |
Balance (in shares) at Dec. 31, 2013 | 17,154,655 | |||||
Share-based compensation expense | 3,069 | 0 | 3,069 | 0 | 3,069 | 0 |
Issuance of common stock pursuant to stock plans | 1,707 | 0 | 1,707 | 0 | 1,707 | 0 |
Issuance of common stock pursuant to stock plans (in shares) | 323,961 | |||||
Conversion of redeemable preferred stock | 0 | |||||
Accretion of redeemable preferred stock | 0 | |||||
Gain on sale of noncontrolling interest | 750 | 0 | 662 | 0 | 662 | 88 |
Paid to noncontrolling interest | -42 | 0 | -42 | 0 | -42 | 0 |
Due to noncontrolling interest | -1 | 0 | -1 | 0 | -1 | 0 |
Treasury shares purchased, not retired | -11,991 | 0 | -11,991 | 0 | 11,991 | 0 |
Treasury shares purchased, not retired (in shares) | -910,813 | |||||
Net loss income | -3,589 | 0 | 0 | -3,632 | -3,632 | 43 |
Balance at Dec. 30, 2014 | $16,745 | $17 | $384,638 | ($368,041) | $16,614 | $131 |
Balance (in shares) at Dec. 30, 2014 | 16,567,803 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 30, 2014 | Dec. 31, 2013 | Jan. 01, 2013 |
Cash provided by (used in) operating activities: | |||
Net (loss) income attributable to common stockholders | ($3,589) | $2,080 | $302 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Depreciation and amortization | 10,084 | 10,974 | 11,062 |
Lease termination, store closure costs, impairment and gain on disposals | -2,420 | -2,580 | 1,531 |
Gain from sale of investment in joint venture | 0 | 0 | -545 |
Contingent consideration fair value measurement | -397 | -651 | -57 |
Jambacard breakage income | -4,744 | -3,177 | -4,275 |
Share-based compensation | 3,069 | 2,550 | 2,091 |
Bad debt, purchase obligation reserves and trade credits | 358 | 645 | 600 |
Deferred rent | -397 | -1,186 | -1,138 |
Equity income from joint ventures | 0 | 0 | -70 |
Changes in operating assets and liabilities: | |||
Receivables | -2,853 | -2,998 | 1,637 |
Inventories | 387 | -157 | -1,348 |
Prepaid and refundable taxes | 9 | 172 | -319 |
Prepaid rent | -197 | 2,773 | -81 |
Prepaid expenses and other current assets | -2,369 | -2,842 | -172 |
Other long-term assets | -1,654 | 243 | -215 |
Restricted cash from operating activities | 0 | 205 | 1,147 |
Accounts payable | -2,145 | -2,809 | 3,115 |
Accrued compensation and benefits | -58 | -2,028 | 1,000 |
Workers’ compensation and health insurance reserves | 265 | -41 | -5 |
Accrued jambacard liability | 5,807 | 6,664 | 4,653 |
Other current liabilities | 3,319 | 2,387 | -517 |
Other long-term liabilities | 1,068 | 246 | -828 |
Cash provided by operating activities | 3,543 | 10,470 | 17,568 |
Cash used in investing activities: | |||
Capital expenditures | -14,280 | -14,711 | -5,249 |
Acquisitions, net of cash acquired | -694 | 0 | -390 |
Purchase of investment | 0 | -300 | 0 |
Proceeds from the sale of stores | 5,557 | 4,777 | 4 |
Proceeds from sale of investment in joint venture | 0 | 0 | 1,032 |
Capital distributions from investment, net | 0 | 0 | 105 |
Cash used in investing activities | -9,417 | -10,234 | -4,498 |
Cash provided by (used in) financing activities: | |||
Proceeds pursuant to stock plans | 1,707 | 822 | 98 |
Proceeds from sale of noncontrolling interest | 750 | 0 | 0 |
Paid to noncontrolling interest | -42 | ||
Payments for treasury Shares | -11,146 | 0 | 0 |
Payments on capital lease obligations | -31 | 0 | 0 |
Redeemable preferred stock dividends paid | 0 | -158 | -1,289 |
Cash (used in) provided by financing activities | -8,762 | 664 | -1,191 |
Net (decrease) increase in cash and cash equivalents | -14,636 | 900 | 11,879 |
Cash and cash equivalents at beginning of period | 32,386 | 31,486 | 19,607 |
Cash and cash equivalents at end of period | 17,750 | 32,386 | 31,486 |
Supplemental cash flow information: | |||
Cash paid for interest | 30 | 51 | 168 |
Income taxes paid | 178 | 187 | 277 |
Noncash investing and financing activities: | |||
Noncash property, fixtures and equipment additions | 1,192 | 311 | 937 |
Noncash purchase of shares of Jamba, Inc. | 845 | 0 | 0 |
Accretion of redeemable preferred stock | 0 | 466 | 1,018 |
Accrued redeemable preferred stock dividends | 0 | 0 | 36 |
Conversion of redeemable preferred stock | $0 | $8,382 | $10,982 |
BUSINESS_AND_SUMMARY_OF_SIGNIF
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 30, 2014 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies [Text Block] | 1. BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
Business — Jamba, Inc. consummated its initial public offering in July 2005. On March 10, 2006, Jamba, Inc. entered into an Agreement and Plan of Merger with Jamba Juice Company (the “Merger Agreement”). On November 29, 2006 (the “Merger Date”), the Jamba, Inc. consummated the merger with Jamba Juice Company (the “Merger”) whereby Jamba Juice Company became its wholly owned subsidiary. Jamba, Inc. was incorporated in January 2005, and went public through an initial public offering later that year. In November 2006, the Company completed its acquisition of Jamba Juice Company, which first began operations in 1990. | |
Jamba, Inc. through its wholly-owned subsidiary, Jamba Juice Company, is a healthy, active lifestyle brand with a robust global business driven by a portfolio of franchised and company-owned Jamba Juice® stores and licensed JambaGO® and Jamba Smoothie StationTM formats. The Jamba® brand includes innovative product platforms and both licensed and company driven consumer packaged goods. We are a leading restaurant retailer of “better-for-you” specialty food and beverage offerings which include great tasting, whole fruit smoothies, fresh squeezed juices and juice blends, Energy BowlsTM, hot teas, and a variety of food items including, hot oatmeal, breakfast wraps, sandwiches, Artisan FlatbreadsTM , baked goods, and snacks. Jamba Juice Company continues to expand the Jamba brand by direct selling of consumer packaged goods (“CPG”) products, and by licensing its trademarks for CPG products sold through retail channels such as grocery stores, warehouse clubs, and convenience stores. | |
As of December 30, 2014, there were 868 Jamba Juice stores globally, consisting of 263 Company-owned and operated stores (Company Stores), 543 franchise-operated stores (Franchise Stores) in the United States, and 62 franchise-operated stores at international locations (International Stores). | |
Basis of Presentation — The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, Jamba Juice Company. On June 4, 2014, the Company sold a 12% equity position in its subsidiary JJSC, LLC, to a partner in Southern California. As a result, the Company has a remaining interest of 88% in JJSC, LLC. The Company consolidates its subsidiary in which there is a noncontrolling interest and in which the Company’s ownership is less than 100 percent. All intercompany balances and transactions have been eliminated. The equity method of accounting is used to account for the joint ventures owned by Jamba Juice Company because Jamba Juice Company exercises significant influence over the operations and financial policies of its partners. Accordingly, the carrying value of this investment is reported in other long-term assets, and the Company’s equity in the net income and losses of its equity investment is reported in other operating, net. | |
Fiscal Year End — Our fiscal year ends on the Tuesday closest to December 31. The Company’s most recently completed fiscal year, referred to as fiscal 2014, started on January 1, 2014, and ended on December 30, 2014, and had 52 weeks. The Company’s fiscal 2013, started on January 2, 2013, and ended on December 31, 2013, and had 52 weeks, and fiscal 2012, started on January 4, 2012 and ended on January 1, 2013, and had 52 weeks. | |
Significant Estimates — The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates, and such differences could affect the results of operations reported in future periods. | |
Reverse Stock Split — Effective May 31, 2013, the Company filed a Certificate of Amendment to its Amended and Restated Certificate of Incorporation, as amended, and consummated a five-for-one reverse stock split (“Reverse Stock Split”) of its issued and outstanding common stock, $0.001 par value per share. The Reverse Stock Split and the Certificate of Amendment were approved by the Company’s stockholders at the Company’s Annual Meeting of Stockholders held on May 14, 2013 for stockholders of record as of the close of business on March 20, 2013. | |
On the effective date of the Reverse Stock Split, every five shares of the Company's issued and outstanding common stock were combined into one issued and outstanding share of the Company's common stock, without any change in the par value per share. No fractional shares were issued as a result of the Reverse Stock Split. Stockholders who otherwise were entitled to receive a fractional share in connection with the Reverse Stock Split instead were eligible to receive a cash payment, which was not material in the aggregate, instead of shares. All share and per share information in the accompanying financial statements have been restated retroactively to reflect the stock split. | |
Reclassifications — Certain prior year amounts have been reclassified to conform to current year presentation in the consolidated financial statements. | |
Concentrations of Risk — From fiscal 2012 through October 2014, the Company maintained food distribution contracts primarily with one supplier. In October 2014, the Company began working exclusively with Gordon Food Services (“GFS”) in the Eastern United States and Systems Services of America (“SSA”) in the Western United States to distribute food sold in the majority of Company and Franchise Stores. From fiscal 2013 through October 2014, the one supplier was SSA, which supplied approximately 92% of the food and products sold in Company Stores. In fiscal 2012, Southwest Traders, Inc. supplied approximately 98% of the food and products sold in Company Stores . The Company's limited supplier relationships could have an adverse effect on the Company’s operations. | |
Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents. The Company places its cash and cash equivalents with high-quality financial institutions. Balances in the Company’s cash accounts frequently exceed the Federal Deposit Insurance Corporation insurance limit. The Company has not experienced any losses related to these balances and believes the credit risk to be minimal. | |
Cash and Cash Equivalents — The Company considers all highly liquid instruments with maturities of three months or less when purchased to be cash equivalents. | |
Receivables — Receivables primarily represent amounts due from sale of jambacards®, royalty fees, advertising fees, construction allowances, amounts receivable from suppliers and CPG customers, jambacards issued by the franchisees and rent receivable from franchisees. The allowance for doubtful accounts is the Company’s estimate of the amount of probable credit losses in the Company’s existing accounts receivable. | |
Inventories — Inventories are stated at the lower of cost or market. Cost is determined using the first-in, first-out method (FIFO). Inventories consist of food, beverages and available-for-sale promotional products. The Company records inventory reserves for obsolete and slow-moving inventory and for estimated shrinkage between physical inventory counts. | |
Property, Fixtures and Equipment — Property, fixtures and equipment are recorded at cost. Expenditures for major additions and improvements are capitalized and minor replacements, maintenance and repairs are charged to expense as incurred. Depreciation is computed using the straight-line method over the estimated useful life. The estimated useful life for leasehold improvements is the lesser of 10 years or the term of the underlying lease. The estimated useful life for furniture, fixtures and equipment is three to 10 years. | |
Business Combinations — The Company accounts for business combinations using the acquisition method. Under the acquisition method, the purchase price of the acquisition is allocated to the underlying tangible and intangible assets acquired based on their respective fair values. Fair values are derived from various observable and unobservable inputs and assumptions. The Company utilizes third-party valuation specialists to assist in the allocation. Initial purchase price allocations are preliminary and are subject to revision within the measurement period, not to exceed one year from the date of acquisition. The costs of the business acquisitions are expensed as incurred. These costs may include fees for accounting, legal, professional consulting and valuation specialists. | |
Assets Held For Sale — The Company classifies assets as held for sale and suspend depreciation and amortization when approval at the appropriate level has been provided, the assets can be immediately removed from operations, an active program has begun to locate a buyer, the assets are being actively marketed for sale at or near their current fair value, significant changes to the plan of sale are not likely and the sale is probable within one year. Upon classification as held for sale, long-lived assets are no longer depreciated, and an assessment of impairment is performed to identify and expense any excess of carrying value over fair value less costs to sell. Subsequent changes to the estimated fair value less the costs to sell will impact the measurement of assets held for sale. To the extent fair value increases, any impairment previously taken is reversed. If the carrying value of the assets held for sale exceeds the fair value less costs to sell, the Company will record an expense for the amount of the excess. The Company also reclassifies the associated prior year balances. At December 30, 2014, the fair value of assets held for sale exceeded the carrying value. | |
Impairment of long-lived assets — The Company evaluates long-lived assets for impairment when facts and circumstances indicate that the carrying values of long-lived assets may not be recoverable. The impairment evaluation is generally performed at the individual store asset group level. The Company first compares the carrying value of the asset to the asset’s estimated future undiscounted cash flows. If the estimated future cash flows are less than the carrying value of the asset, the Company measures an impairment loss based on the asset’s estimated fair value. The fair value of a store’s assets is estimated using a discounted cash flow model based on internal projections and taking into consideration the view of a market participant. The estimate of cash flows is based on, among other things, certain assumptions about expected future operating performance. Factors considered during the impairment evaluation include factors related to actual operating cash flows, the period of time since a store has been opened or remodeled, refranchising expectations and the maturity of the relevant market. The Company recorded impairment charges of $0.2 million, $0.7 million and $0.7 million for fiscal 2014, fiscal 2013 and fiscal 2012, respectively. | |
Goodwill, Trademarks and Other Intangible Asset Impairment — Goodwill is evaluated for impairment on an annual basis during the Company’s fourth fiscal quarter, or more frequently if circumstances, such as material deterioration in performance, indicate carrying values may exceed their fair values. The goodwill impairment analysis is a two-step process: First, the reporting unit’s estimated fair value is compared to its carrying value, including goodwill. If the Company determines that the estimated fair value of the reporting unit is less than its carrying value, it moves to the second step to determine the implied fair value of the reporting unit’s goodwill. If the carrying amount of the reporting unit’s goodwill exceeds its implied fair value, an impairment loss is recognized. In September 2011, the FASB issued new guidance allowing an entity the option to make a qualitative evaluation about the likelihood of goodwill impairment to determine whether it should calculate the fair value of a reporting unit. If impairment is deemed more likely than not, management would perform the currently prescribed two-step goodwill impairment test. Otherwise, the two-step goodwill impairment test is not required. The Company applies the qualitative approach when appropriate. When reviewing goodwill for impairment, the Company assesses whether goodwill should be allocated to operating levels lower than its single operating segment for which discrete financial information is available and reviewed for decision-making purposes. These lower levels are referred to as reporting units. Currently, the Company’s one operating segment was determined to be one reporting unit. During the fiscal year ended December 30, 2014 no goodwill impairment was recorded. | |
Intangible assets not subject to amortization (primarily trademarks) are evaluated for impairment on an annual basis during the fourth fiscal quarter, or more frequently if events or changes in circumstances indicate that the asset might be impaired. The Company qualitatively assesses the impairment for other intangible assets not subject to amortization to determine whether it is more likely than not that the fair value of intangible assets are less than their carrying amount. For other intangible assets not subject to amortization not assessed qualitatively, a quantitative approach is utilized. The Company compares the carrying value of the applicable asset to its fair value, which the Company estimates using a discounted cash flow analysis or by comparison with the market values of similar assets. If the carrying amount of the asset exceeds its estimated fair value, the Company determines the impairment loss, if any, as the excess of the carrying value of the intangible asset over its fair value. An impairment loss is generally recognized when the carrying amount of the trademarks exceeds the fair value. The fair value of trademarks was estimated using the income approach, which is based on assumptions about future cash flows resulting from our franchise, license agreements and acquired businesses. | |
Intangible assets subject to amortization (primarily franchise agreements, reacquired franchise rights, favorable lease intangible assets and acquired customer relationships) are tested for impairment if changes in circumstances indicate that their carrying amounts may not be recoverable. The Company first compares the carrying value of the asset to the asset’s estimated future undiscounted cash flows. If the estimated future cash flows are less than the carrying value of the asset, the Company measures an impairment loss based on the asset’s estimated fair value. Intangible assets are amortized over their estimated useful lives using a method of amortization that reflects the pattern in which the economic benefits of the intangible assets are consumed or otherwise realized. The useful life for the franchise agreements is approximately 13.4 years. The useful life of reacquired franchise rights represents the remaining term of the franchise agreement. The useful life of the favorable lease portfolio intangible is based on the related lease term. At December 30, 2014, the Company recorded intangible assets of $0.8 million, net, relating to its acquisition of 26 stores in the Midwest from a former franchise partner pursuant to a Settlement and General Release Agreement. | |
Jambacards® — The Company, through its subsidiary, Jamba Juice Company, sells jambacards to its customers in its retail stores, through its website and through resellers. The Company’s jambacards do not have an expiration date. An obligation is recorded at the time of either an initial load or a subsequent reload in accrued jambacard liability on the Company’s consolidated balance sheets. The Company recognizes income from jambacards when (i) the jambacard is redeemed by the customer or (ii) the likelihood of the jambacard being redeemed by the customer is remote (also referred to as “breakage”) and the Company determines that it does not have a legal obligation to remit the unredeemed jambacards to the relevant jurisdictions. The Company determines the jambacard breakage amount based upon its historical redemption patterns. When the likelihood of redemption becomes remote, the Company recognizes breakage income. Jambacard breakage income is included in other operating, net in the consolidated statements of operations. | |
Self-Insurance Reserves —The Company is self-insured for healthcare benefits. The estimated accruals for these liabilities are based on statistical analyses of historical industry data as well as actual historical trends. For its workers’ compensation benefits, it is self-insured for existing and prior years’ exposures through September 30, 2008. Liabilities associated with the risks that the Company retains for workers compensation benefits are estimated in part, by considering historical claims experience, demographic factors, severity factors, and other actuarial assumptions. The Company’s estimates use this actuarial data in conjunction with known industry trends and Company experience. | |
Rent Expense — Under the provisions of certain of our leases, there are rent holidays and/or escalations in payments over the base lease term, as well as renewal periods. The effects of rent holidays and escalations are reflected in rent costs on a straight-line basis over the expected lease term, which includes cancelable option periods when it is deemed to be reasonably assured that the Company will exercise such option periods due to the fact that the Company would incur an economic penalty for not doing so. The lease term commences on the date when the Company becomes legally obligated for the rent payments which generally coincides with the time when the landlord delivers the property for the Company to develop. All rent costs recognized during construction periods are classified as pre-opening expenses. The Company recorded liabilities for rent concessions over the remaining term of certain store leases of refranchised stores. | |
Construction Allowances — The Company receives construction allowances from certain landlords, which are deferred and amortized on a straight-line basis over the lease term as a reduction of rent expense. Construction allowances are recorded in deferred rent and other long-term liabilities. | |
Revenue Recognition — Revenue from Company Stores is recognized when product is sold. Revenue is presented net of any taxes collected from customers and remitted to government entities. In February 2014, the Company initiated a point loyalty program for its customers, which allows them to earn points based on the volume of their purchases. Under the loyalty program, a customer receives a discount on future purchases when a defined number of points have been earned. Revenue for the points earned by customers is recognized when the points are redeemed in exchange for the discounts. The estimated amount for points redeemable in exchange for discounts is recorded in deferred revenue and recognized when the customers redeem the points they earned. At December 30, 2014, the amount in deferred revenue for unredeemed points under the loyalty program was $0.7 million. | |
Revenue from jambacards is recognized upon redemption in exchange for product. Until redemption, outstanding customer balances are recorded as a liability. See “jambacards” section above for discussion on recognition of jambacard breakage. | |
The Company generally executes franchise agreements for each store that establishes the terms of its arrangement with the franchisee. The franchise agreements typically require the franchisee to pay an initial, non-refundable fee and continuing fees based upon a percentage of sales. Subject to the Company’s approval and the franchisee’s payment of a renewal fee, a franchisee may generally renew the franchise agreement upon its expiration. | |
Franchise revenue is generated from royalties, development fees, initial franchise fees and revenue from sales at franchise-operated Smoothie Stations and JambaGO ® units. Royalties from Franchise Stores are determined as a percentage of Franchise Store revenue and are recognized in the same period as the related Franchise Store sales occur. If collection of the franchise royalty fee is doubtful, revenue is recognized at the time of collection. | |
Development fees are paid to the Company as part of an agreement to open and operate a specific number of stores in a specified territory. The amount of the fee is based on the number of stores to be opened pursuant to the development agreement and secures the territory for exclusivity during the development. The nonrefundable fees collected for these services are recognized as the franchise stores under these agreements open. The Company’s multi-unit development agreements specify the number of stores to be opened. Any changes to the specific number of stores would be stated in a subsequent contractual agreement (see Note 2). | |
The Company charges an initial franchise fee for providing operational materials, new store opening planning, and functional training courses. Initial franchise fees, if any, are due for payment at the time the franchise agreement for a particular store is executed. Franchise fees are recognized as revenue when all material services or conditions have been substantially performed or satisfied and no other material conditions or obligations related to the determination of substantial performance exist. Duties and services that are completed prior to approval include training, facilities inspection, receipt of operating license(s), and clearance from appropriate agencies. These duties and services are substantially complete prior to the approval of the opening of a store. Duties and services relating to the earning of the franchise fees are necessary for the stores to open. Revenue is recognized when the store opens. Revenue from sales at the Company’s flexible format franchise locations are recognized when the products are delivered to the operators of the Smoothie Stations or JambaGO ® units. | |
Other revenue primarily consists of revenue from sales of CPG products sold to retail outlets and online and royalties from licensed CPG products. Revenue from sale of CPG products is recognized when the products are delivered to the customer. License revenue from CPG products is based on a percentage of product sales and is recognized as revenue upon the sale of the product to retail outlets. | |
Cost of Sales — The Company includes in cost of sales, costs incurred to acquire fruit, dairy and other products used to make smoothies and juices, other food offerings, paper products, as well as the costs related to managing our system-wide procurement program, and payments received from vendors. | |
Advertising Fund — The Company participates with its franchisees in an advertising fund, established in fiscal 2010, to collect and administer funds contributed for use in advertising and promotional programs, which are designed to increase sales and enhance the reputation of the Company and its franchise owners. Contributions to the advertising fund are required for Company Stores and traditional Franchise Stores and are generally based on a percent of store sales. The Company has control of the advertising fund. The fund is consolidated and the Company reports all assets and liabilities of the fund. | |
The advertising fund assets, consisting primarily of cash received from the Company and franchisees and accounts receivable from franchisees, can only be used for selected purposes and are considered restricted. The advertising fund liabilities represent the corresponding obligation arising from the receipts of the marketing program. In accordance with ASC Topic 952-605-25 , Franchisors – Revenue Recognition, the receipts from the franchisees are recorded as a liability against which specified advertising costs are charged. The Company does not reflect franchisee contributions to the fund as revenue in its consolidated statements of operations or consolidated statements of cash flows. | |
Advertising fund assets as of December 30, 2014 include $1.2 million of receivables from franchisees, which is recorded in receivables on the consolidated balance sheet. Advertising fund liabilities as of December 30, 2014, of $1.0 million are reported in other current liabilities and accounts payable on the consolidated balance sheet. | |
Advertising fund assets as of December 31, 2013 include $0.8 million of receivables from franchisees, which is recorded in receivables on the consolidated balance sheet. Advertising fund liabilities as of December 31, 2013, of $0.6 million are reported in other current liabilities and accounts payable on the consolidated balance sheet. | |
Advertising Costs — Advertising costs are expensed as incurred and were $10.0 million, $10.4 million and $8.5 million in fiscal 2014, fiscal 2013 and fiscal 2012, respectively, and are included in store operating expenses. The Company received advertising contributions from its franchisees, which contributions were recorded as an offset to advertising expense, and were $6.1 million, $4.8 million and $3.1 million for fiscal 2014, fiscal 2013 and fiscal 2012, respectively. | |
Store Pre-opening Costs — Costs incurred in connection with start-up and promotion of new store openings as well as rent from possession date to store opening date are expensed as incurred. | |
Comprehensive Income — Comprehensive income is defined as the change in equity during a period from transactions and other events, excluding changes resulting from investments from owners and distributions to owners. The Company currently has no components of Comprehensive Income other than net income, therefore no separate statement of comprehensive income is presented. | |
Income Taxes — Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Any effect on deferred tax assets and liabilities due to a change in tax rates is recognized in income in the period that includes the enactment date. In establishing deferred income tax assets and liabilities, judgments and interpretations are made based on enacted tax laws and published tax guidance applicable to our operations. The Company records deferred tax assets and liabilities and evaluate the need for valuation allowances to reduce deferred tax assets to amounts more likely than not of being realized. Changes in the valuation of the deferred tax assets or changes in the income tax provision may affect the Company’s annual effective income tax rate. | |
Uncertain tax positions are recognized as the greatest amount more than 50% likely of being sustained upon audit based on the technical merits of the position. On a quarterly basis, the Company reviews and updates its inventory of tax positions as necessary to add any new uncertain tax positions taken, or to remove previously identified uncertain positions that have been effectively settled. Additionally, uncertain positions may be re-measured as warranted by changes in facts or law. Accounting for uncertain tax positions requires significant judgments, including estimating the amount, timing and likelihood of ultimate settlement. Although the Company believes that these estimates are reasonable, actual results could differ from these estimates. The Company classifies interest and penalties related to income taxes as a component of income taxes in the consolidated statements of operations. | |
A liability related to an unrecognized tax benefit is offset against a deferred tax asset for a net operating loss carryforward, a similar tax loss or a tax credit carryforward if such settlement is required or expected in the event the uncertain tax position is disallowed. In situations in which a net operating loss carryforward, a similar tax loss or a tax credit carryforward is not available at the reporting date under the tax law of a jurisdiction or the tax law of a jurisdiction does not require it, and the Company does not intend to use the deferred tax asset for such purpose, the unrecognized tax benefit is presented in the financial statement as a liability and is not combined with deferred tax assets. | |
Earnings (Loss) Per Share — Basic earnings (loss) per share is computed based on the weighted-average of common shares outstanding during the period. Diluted earnings (loss) per share is computed based on the weighted-average number of common shares and potentially dilutive securities, which includes preferred stock outstanding, outstanding warrants and outstanding options and restricted stock awards granted under the Company’s stock option plans. | |
For purposes of determining the net income available (loss attributable) to common stockholders used in the computation of earnings (loss) per share, the amount of the income (loss) was increased (decreased) by the preferred stock dividends and deemed dividends and net income (loss) attributable to noncontrolling interest. The deemed dividend represents the accretion of the issuance costs and beneficial conversion feature of the Company’s preferred stock. | |
All outstanding shares of preferred stock were converted to shares of common stock as of June 14, 2013. For fiscal 2013, the impact of the assumed conversion of preferred stock, calculated using the ‘as-if converted’ method, is anti-dilutive and the incremental shares from assumed exercise of restricted stock awards, warrants and stock options were dilutive. The number of incremental shares from the assumed exercise of restricted stock awards, warrants and options was calculated by applying the treasury stock method. Shares and per share data have been adjusted for all periods presented to reflect the Reverse Stock Split effective May 31, 2013 During fiscal 2014, the Company repurchased 910,813 shares (see Note 12), which reduced the basic weighted average shares outstanding. For fiscal 2014, the Company’s basic weighted average shares outstanding were equal to its diluted weighted average shares outstanding, since the Company experienced a net loss. | |
For fiscal 2012 and fiscal 2014, the Company had net loss attributable to common stockholders and as a result, incremental shares from assumed exercise of restricted stock awards, warrants and options and from the assumed conversion of preferred stock were anti-dilutive. For fiscal 2012, net loss attributable to common stockholders has not been decreased by preferred stock dividends and related deemed dividends. Also the number of preferred shares and common stock equivalents associated with the assumed exercise of restricted stock awards, warrants and options have not been included in the diluted earnings per share calculation as they are anti-dilutive, resulting in the Company’s basic weighted-average shares outstanding being equal to its diluted weighted-average shares outstanding. | |
Anti-dilutive common stock equivalents of 1.5 million, 2.0 million and 4.1 million have been excluded from diluted weighted-average shares outstanding in fiscal 2014, fiscal 2013 and fiscal 2012, respectively. | |
Share-based compensation — The Company measures and recognizes all share-based compensation under the fair value method. | |
Stock options for a fixed number of shares are granted to certain employees and directors with an exercise price based on the grant date fair value of the Company’s common stock. The Company also grants restricted stock with a fair value determined based on the closing price of the Company’s common stock on the date of grant (see Note 12). Stock options generally vest over a four-year period. Share-based compensation expense is recognized ratably over the service period. | |
The fair value of restricted stock units is determined based on the Company’s closing stock price on the date of grant. For employees, these restricted stock units typically vest and become unrestricted over the three year period following the date of grant. For non-employee directors, these restricted stock units typically vest and become unrestricted one year after the date of grant. Share-based compensation expense is recognized ratably over the vesting periods for restricted stock units. | |
The fair value of performance stock units (PSUs) is determined based on fair value at the date of grant, and is based on the total shareholder return of the Company's common stock relative to a defined group of peer companies over a three-year performance period. The Company records compensation expense on PSUs with criteria based on market performance by recognizing grant date fair value over the vesting period. For PSUs with criteria based on predetermined internal performance targets such as EBITDA, the Company records compensation expense when it is probable that the performance criteria will be met. | |
Fair Value of Financial Instruments — The following instruments are not measured at fair value on the Company’s consolidated balance sheets but require disclosure of their fair values: cash and cash equivalents, accounts receivables and accounts payable. The estimated fair value of such instruments approximates their carrying value as reported on the consolidated balance sheets due to the short-term nature. The fair value of such financial instruments is determined using the income approach based on the present value of estimated future cash flows. The fair value of these instruments would be categorized as Level 2 in the fair value hierarchy, with the exception of cash and cash equivalents, which would be categorized as Level 1. | |
Segment Reporting — The Company has one reportable retail segment. | |
Recent Accounting Pronouncements | |
In May 2014, the Financial Accounting Standards Board (the “FASB”) issued new accounting guidance related to revenue recognition. This new standard will replace current U.S. GAAP guidance on this topic and eliminate all industry-specific guidance. The new revenue recognition standard provides a unified model to determine when and how revenue is recognized. The core principle is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration for which the entity expects to be entitled in exchange for those goods or services. This guidance will be effective for the beginning of fiscal year 2017 and can be applied either retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. We are evaluating the impact of adopting this new accounting standard on our financial statements. | |
The FASB issued ASU 2013-11 “Presentation of an Unrecognized Tax Benefit when a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists,” in July 2013. This guidance became effective for fiscal years beginning after December 15, 2013. This guidance was adopted and did not have a material impact on the Company’s financial statements. | |
DEVELOPMENT_AGREEMENTS
DEVELOPMENT AGREEMENTS | 12 Months Ended | |||||||
Dec. 30, 2014 | ||||||||
Business Combinations [Abstract] | ||||||||
Development Agreements [Text Block] | 2. DEVELOPMENT AGREEMENTS | |||||||
The Company’s wholly owned subsidiary, Jamba Juice Company, has entered into multi-unit license agreements with area developers to develop stores in certain geographic regions. Under typical multi-unit license agreements, the area developer generally pays one-half of the initial nonrefundable fee multiplied by each store to be developed as a nonrefundable development fee upon execution of the multi-unit development agreement. The agreements are generally for a term of 10 years. Each time a store is opened under the multi-unit license agreement, the Company credits the franchisee one-half of the initial fee paid as part of the development fee and the franchisee is required to pay the remaining one-half of the initial fee. | ||||||||
The following table summarizes data about the development agreements for Franchise and International Stores as of December 30, 2014 and December 31, 2013: | ||||||||
December 30, 2014 | December 31, 2013 | |||||||
Number of developers with Franchise Store contractual commitments | 30 | 35 | ||||||
Number of Franchise Stores for which commitments exist | 188 | 161 | ||||||
Number of developers with International Stores contractual commitments | 5 | 5 | ||||||
Number of International Stores for which commitments exist | 388 | 432 | ||||||
Deferred franchise revenue is included in other current liabilities and other long-term liabilities on the consolidated balance sheets. As of December 30, 2014 and December 31, 2013 deferred franchise revenue included $1.1 million and $1.3 million, respectively, relating to non-refundable development fees and initial fees paid by domestic franchisees whose stores have not yet opened. In addition, deferred franchise revenue as of December 30, 2014 and December 31, 2013 included $1.2 million and $0.9 million, respectively, relating to non-refundable international development fees. | ||||||||
PROPERTY_FIXTURES_AND_EQUIPMEN
PROPERTY, FIXTURES AND EQUIPMENT | 12 Months Ended | |||||||
Dec. 30, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property, Plant and Equipment Disclosure [Text Block] | 3. PROPERTY, FIXTURES AND EQUIPMENT | |||||||
Property, fixtures, and equipment as of December 30, 2014 and December 31, 2013 consisted of the following (in thousands): | ||||||||
December 30, 2014 | December 31, 2013 | |||||||
Leasehold improvements | $ | 34,840 | $ | 34,812 | ||||
Furniture, fixtures and equipment | 43,980 | 42,370 | ||||||
Construction in progress (primarily stores under construction) | 428 | 164 | ||||||
Total | 79,248 | 77,346 | ||||||
Less accumulated depreciation and amortization | -49,673 | -49,385 | ||||||
Total | $ | 29,575 | $ | 27,961 | ||||
Depreciation expense related to property, fixtures and equipment for fiscal 2014, fiscal 2013 and fiscal 2012 was $10.0 million, $10.9 million, and $11.0 million, respectively. | ||||||||
ACQUISITION_AND_ASSETS_HELD_FO
ACQUISITION AND ASSETS HELD FOR SALE | 12 Months Ended | ||||
Dec. 30, 2014 | |||||
Business Combination and Assets Held for sale [Abstract] | |||||
Business Combination and Assets Held for sale Disclosure [Text Block] | 4. ACQUISITION AND ASSETS HELD FOR SALE | ||||
Acquisition | |||||
In September 2014, the Company acquired 26 domestic stores, of which three were immediately closed, in the Midwest from a former franchise partner pursuant to a Settlement and General Release Agreement. The purchase was accounted for using the acquisition method of accounting. Under the acquisition method, the purchase price is allocated to the underlying tangible and intangible assets acquired based on their respective fair values. A summary of the purchase price, the fair value of the net assets acquired and the gain on the purchase follows (in thousands): | |||||
Cash paid to acquire stores | $ | 725 | |||
Additional consideration resulting from termination of pre-existing relationships | 369 | ||||
Total purchase consideration | $ | 1,094 | |||
Net assets acquired: | |||||
Current assets | $ | 145 | |||
Fixed assets | 365 | ||||
Re-acquired franchise rights | 476 | ||||
Other assets and liabilities | 343 | ||||
Net assets acquired | $ | 1,329 | |||
Bargain purchase gain | $ | 235 | |||
The bargain purchase price and resulting gain was the result of a reacquisition of stores from a franchisor due to their failure to comply with the franchise agreement. The gain is recorded in Other operating, net on the consolidated statement of operations. In addition, there was a gain on termination of pre-existing relationships that was recorded directly in the consolidated statement of operations, and resulted in an increase in the purchase price consideration and a decrease in the bargain purchase gain. The pro forma effect of the acquisition on the Company’s results of operations was not significant. | |||||
The fair value of the fixed assets acquired is classified as level 3 and is based on unobservable inputs including projected future operating results at the store level and assumed discount rates are applied to calculate the present value of the assets. The fair value of re-acquired franchise rights is classified as level 3, and it is based on significant unobservable inputs and assumptions such as management’s estimate of operating profit and assumed discount rates. Significant changes in the inputs or assumptions would increase or decrease the fair value measurements for future impairment of the fixed assets and reacquired franchise rights. | |||||
The fixed assets acquired include leasehold improvements which have an estimated useful life of the lesser of 10 years or the term of the underlying lease. The estimated useful life for furniture, fixtures and equipment acquired is three to 10 years. | |||||
The Company began actively marketing the stores in February 2015, after which it was determined that the criteria for classification of assets held for sale were met. As a result, the 22 store locations will be reclassified to assets held for sale during the first quarter of 2015. | |||||
Assets Held for Sale | |||||
In November 2014, the Company announced plans to refranchise 114 Company Stores during the first half of 2015 in order to accelerate its transition to an asset-light business model. As of December 30, 2014, the accompanying consolidated balance sheets include $11.2 million of assets held for sale representing 100 stores that met the criteria as of that date, and is recorded in Assets held for sale. As of December 31, 2013, these assets had a carrying value of $9.7 million and they have been reclassified in the prior year balance sheet in order to conform to the current year presentation. | |||||
GOODWILL_TRADEMARKS_AND_OTHER_
GOODWILL, TRADEMARKS AND OTHER INTANGIBLE ASSETS | 12 Months Ended | ||||||||||
Dec. 30, 2014 | |||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||
Goodwill and Intangible Assets Disclosure [Text Block] | 5. GOODWILL, TRADEMARKS AND OTHER INTANGIBLE ASSETS | ||||||||||
A summary of the changes in Goodwill for fiscal 2013 and 2014 follows (in thousands): | |||||||||||
Amount | |||||||||||
Balance as of January 1, 2013 | $ | 1,233 | |||||||||
Reclassification to assets held for sale | -195 | ||||||||||
Balance as of December 31, 2013 | 1,038 | ||||||||||
Disposals and reclassification to assets held for sale | -56 | ||||||||||
Balance as of December 30, 2014 | $ | 982 | |||||||||
The carrying amount and accumulated amortization of trademarks and other intangible assets as of December 30, 2014 and December 31, 2013, were as follows (in thousands): | |||||||||||
Gross Amount | Accumulated Amortization | Net Amount | |||||||||
Intangible Assets | |||||||||||
As of December 30, 2014 | |||||||||||
Favorable leases | $ | 2,440 | $ | -1,860 | $ | 580 | |||||
Trademarks | 929 | — | 929 | ||||||||
Franchise agreements and customer lists | 943 | -561 | 382 | ||||||||
Reacquired franchise rights | 651 | -182 | 469 | ||||||||
Total | $ | 4,963 | $ | -2,603 | $ | 2,360 | |||||
Gross Amount | Accumulated Amortization | Net Amount | |||||||||
As of December 31, 2013 | |||||||||||
Favorable leases | $ | 1,971 | $ | -1,965 | $ | 6 | |||||
Trademarks | 716 | — | 716 | ||||||||
Franchise agreements and customer lists | 1,059 | -474 | 585 | ||||||||
Reacquired franchise rights | 275 | -265 | 10 | ||||||||
Total | $ | 4,021 | $ | -2,704 | $ | 1,317 | |||||
Intangible assets, other than trademarks, are amortized over their expected useful lives, ranging from two to seven years. Amortization expense for intangible assets for fiscal 2014, fiscal 2013 and fiscal 2012 was $0.1 million, $0.1 million and $0.2 million, respectively. The intangible assets of $1.1 million, acquired in the acquisition mentioned in Note 4 above will be reclassified to assets held for sale during the first quarter of fiscal 2015. The remaining intangible assets, subject to amortization of $0.4 million will continue to be amortized over their estimated useful lives. Expected annual amortization expense for the remaining intangible assets recorded as of December 30, 2014 is as follows (in thousands): | |||||||||||
Fiscal Year | Amortization Expense | ||||||||||
2015 | $ | 74 | |||||||||
2016 | 73 | ||||||||||
2017 | 73 | ||||||||||
2018 | 72 | ||||||||||
2019 | 72 | ||||||||||
Thereafter | 20 | ||||||||||
Trademarks are not subject to amortization and the Company evaluates for impairment on an annual basis during the fourth quarter or more frequently if events or changes in circumstances indicate that the asset might be impaired. There was no impairment charge for trademarks in fiscal 2014 and fiscal 2013. The Company had trademarks of approximately $0.9 million at December 30, 2014 and at December 31, 2013. | |||||||||||
OTHER_LONGTERM_ASSETS
OTHER LONG-TERM ASSETS | 12 Months Ended | |||||||
Dec. 30, 2014 | ||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||||||||
Other Assets Disclosure [Text Block] | 6. OTHER LONG-TERM ASSETS | |||||||
As of December 30, 2014 and December 31, 2013, other long-term assets consisted of the following (in thousands): | ||||||||
December 30, 2014 | December 31, 2013 | |||||||
Notes receivables | $ | 1,256 | $ | 300 | ||||
Deposits and other | 985 | 898 | ||||||
Total | $ | 2,241 | $ | 1,198 | ||||
As of December 30, 2014, notes receivables include $1.3 million due from a franchise partner. This Note has a maturity date of June 1, 2016 and the monthly adjustable interest rate is federal funds prime rate plus 1%. As of December 31, 2013, notes receivables include $0.3 million note with a 0.5% per annum interest rate that was converted into common stock. | ||||||||
DEFERRED_RENT_AND_OTHER_LONGTE
DEFERRED RENT AND OTHER LONG-TERM LIABILITIES | 12 Months Ended | |||||||
Dec. 30, 2014 | ||||||||
Other Liabilities Disclosure [Abstract] | ||||||||
Other Liabilities Disclosure [Text Block] | 7. DEFERRED RENT AND OTHER LONG-TERM LIABILITIES | |||||||
As of December 30, 2014 and December 31, 2013, other long-term liabilities consisted of the following (in thousands): | ||||||||
December 30, 2014 | December 31, 2013 | |||||||
Deferred rent | $ | 3,762 | $ | 4,033 | ||||
Deferred revenue | 3,380 | 2,598 | ||||||
Construction allowance | 1,234 | 1,359 | ||||||
Contingent consideration | 156 | 553 | ||||||
Other liabilities | 1,012 | 658 | ||||||
Total deferred rent and other long-term liabilities | $ | 9,544 | $ | 9,201 | ||||
LEASE_COMMITMENTS
LEASE COMMITMENTS | 12 Months Ended | |||||||
Dec. 30, 2014 | ||||||||
Leases [Abstract] | ||||||||
Leases of Lessor Disclosure [Text Block] | 8. LEASE COMMITMENTS | |||||||
The Company leases its office, retail stores, and some equipment under operating leases, with terms expiring through 2025. Most store leases have an initial term of 10 years, with renewal options of up to 10 years and provide for payment of common area operating expenses and real estate taxes. When the Company refranchises Company Stores, usually the franchisees become sublessees and the Company continues to be obligated under the existing lease agreements for the remainder of the lease terms. | ||||||||
Rental expense, net of sublease income was $22.3 million, $23.5 million and $23.5 million in fiscal 2014, fiscal 2013 and fiscal 2012, respectively, and was recorded in occupancy costs, cost of goods sold and general and administrative expenses in the statements of operations. The Company recognized sublease income of $9.2 million, $8.3 million and $8.4 million in fiscal 2014, fiscal 2013 and fiscal 2012, respectively. | ||||||||
Contingent rent included in occupancy costs in the statements of operations was $0.5 million, $0.5 million and $0.4 million in fiscal 2014, fiscal 2013 and fiscal 2012, respectively. | ||||||||
The aggregate future minimum noncancelable lease payments and minimum rentals to be received from sublessees as of December 30, 2014, were as follows (in thousands): | ||||||||
Fiscal Year Ending: | Minimum lease payments | Minimum rentals to be received | ||||||
2015 | $ | 29,326 | $ | -8,394 | ||||
2016 | 24,848 | -7,445 | ||||||
2017 | 20,083 | -5,889 | ||||||
2018 | 14,365 | -3,729 | ||||||
2019 | 10,274 | -2,491 | ||||||
Thereafter | 18,504 | -3,467 | ||||||
Total | $ | 117,400 | $ | -31,415 | ||||
CREDIT_AGREEMENT
CREDIT AGREEMENT | 12 Months Ended |
Dec. 30, 2014 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | 9. CREDIT AGREEMENT |
On February 14, 2012, the Company entered into a Credit Agreement with Wells Fargo Bank, National Association (the “Lender”), which, as amended on November 1, 2012, July 22, 2013, November 4, 2013 and December 30, 2014 (as amended, the “Credit Agreement”), makes available to the Company a revolving line of credit in the amount of $15.0 million. The outstanding balance under the amended credit facility bears interest at a LIBOR Market Index Rate based upon the rate for one month U.S. dollar deposits, plus 2.50% per annum. Under the terms of the Credit Agreement, the Company is required to either maintain minimum cash and consolidated EBITDA levels or maintain maximum consolidated leverage ratios, minimum levels of tangible net worth and a minimum fixed charge coverage ratio. The Credit Agreement terminates July 22, 2016 or may be terminated earlier by the Company or by the Lender. This credit facility is subject to customary affirmative and negative covenants for credit facilities of this type, including limitations on the Company with respect to liens, indebtedness, guaranties, investments, distributions, mergers and acquisitions and dispositions of assets. The credit facility is evidenced by a revolving note made by the Company in favor of the Lender, is guaranteed by the Company and is secured by substantially all of its assets including the assets of its subsidiaries and a pledge of stock of its subsidiaries. In addition, the Credit Agreement replaced restricted cash requirements established in prior periods, as the line of credit also collateralizes the Company’s outstanding letters of credit of $1.7 million as of December 30, 2014. | |
During fiscal 2014, there were no borrowings under the Credit Agreement. To acquire the credit facility, the Company incurred upfront fees, which are being amortized over the term of the Credit Agreement. As of December 30, 2014 and December 31, 2013, the unamortized commitment fee amount was not material and is recorded in prepaid expenses and other current assets on the consolidated balance sheet. As of December 30, 2014, the Company was in compliance with the financial covenants to the Credit Agreement. The unused borrowing capacity under the agreement on December 30, 2014, was $13.3 million. | |
REDEEMABLE_PREFERRED_STOCK
REDEEMABLE PREFERRED STOCK | 12 Months Ended |
Dec. 30, 2014 | |
Temporary Equity Disclosure [Abstract] | |
Redeemable Preferred Stock [Text Block] | 10. REDEEMABLE PREFERRED STOCK |
On June 16, 2009, the Company issued (i) 170,000 shares of its Series B-1 Convertible Preferred Stock, par value $0.001, (the “Series B-1 Preferred”) to affiliates of Mistral Equity Partners at a price of $115 per share, for an aggregate purchase price of approximately $19.6 million, and (ii) 134,348 shares of its Series B-2 Convertible Preferred Stock, par value $0.001, (the “Series B-2 Preferred”) to CanBa Investments, LLC at a price of $115 per share, for an aggregate purchase price of approximately $15.4 million. The issuance of shares of the Series B-1 Preferred and the B-2 Preferred (together the “Series B Preferred Stock” or “Preferred Stock”) for $35 million, less approximately $3.1 million in total transaction costs, which included $2.2 million in transaction fees and $885,000 paid to investors, was completed through a private placement to the purchasers as accredited investors and pursuant to the exemptions from the registration requirements of the Securities Act. | |
The Series B Preferred Stock was classified as temporary stockholders’ equity, since the shares were (i) redeemable at the option of the holder in the future after satisfaction of the requisite holding period and (ii) had conditions for redemption, which were not solely within the control of the Company. | |
During fiscal 2013, holders of 19,649 shares of outstanding Series B-1 Preferred Stock and 53,240 shares of outstanding Series B-2 Preferred Stock converted such stock into an aggregate of 1,457,780 shares of common stock at the conversion price of $5.75 per share (as adjusted for the Reverse Stock Split). During fiscal 2013, the Company paid cash dividends on the Series B Preferred Stock of $0.1 million. Accretion related to the Series B Preferred Stock in fiscal 2013 was $0.5 million, including the acceleration of accretion on converted shares. Accretion is fully amortized as of December 31, 2013. As of December 31, 2013 and December 30, 2014, there were no shares of Series B Preferred Stock outstanding. | |
During fiscal 2012, holders of 93,500 shares of outstanding Series B-1 Preferred Stock and 2,000 shares of outstanding Series B-2 Preferred Stock converted such stock into an aggregate of 1,910,000 shares of common stock at the conversion price of $5.75 per share. | |
During fiscal 2012, the Company paid cash dividends on the Series B Preferred Stock totaling $1.3 million. Accretion related to the Series B Preferred Stock for the fiscal years ended January 1, 2013 was $1.0 million, including the acceleration of accretion on converted shares. | |
SHAREBASED_COMPENSATION
SHARE-BASED COMPENSATION | 12 Months Ended | |||||||||||||||
Dec. 30, 2014 | ||||||||||||||||
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | ||||||||||||||||
Disclosure Of Compensation Related Costs Share Based Payments [Text Block] | 11. SHARE-BASED COMPENSATION | |||||||||||||||
On May 14, 2013, at its 2013 Annual Meeting of Stockholders (the “Annual Meeting”), the Company’s stockholders, upon the recommendation of the Board of Directors, approved the Jamba, Inc. 2013 Equity Incentive Plan (the “2013 Plan”). The 2013 Plan authorizes the Company to provide incentive compensation in the form of stock options, stock appreciation rights (SARs), restricted stock and stock units, performance shares and units, other stock-based awards, cash-based awards and deferred compensation awards. The 2013 Plan authorizes up to 3,145,122 shares (adjusted for the Reverse Stock Split). | ||||||||||||||||
As of December 30, 2014, under the Company’s 2013 Plan, there remained 1,460,080 shares available for grant, and under its 2006 Employee, Director and Consultant Stock Plan (the "2006 Plan"), 47,931 shares remained available for grant. There have been no options granted under the 2013 Plan. Options granted under the 2006 Plan have an exercise price equal to the closing price of the Company’s common stock on the grant date. Options under Jamba Juice Company's 2001 Plan and 1994 Plan (assumed in the Merger) were granted at an exercise price equal to or greater than the fair market value of the common stock at the date of the grant, are exercisable for up to 10 years, and vest annually over a four year period. Options outstanding under the 1994 Plan and the 2001 Plan became fully vested in 2010. | ||||||||||||||||
Stock Options — The fair value of options granted was estimated at the date of grant using a Black-Scholes option-pricing model. Option valuation models, including Black-Scholes, require the input of highly subjective assumptions. The Black-Scholes option-pricing model was developed for use in estimating fair value of traded options, which do not have vesting restrictions and are transferable. The Company’s employee stock options have different characteristics from those of traded options, and changes in the subjective assumptions used can materially affect the grant date fair value of a stock option award. | ||||||||||||||||
These assumptions include the risk-free interest rate, the expected life of the award, expected volatility and expected dividend yield. The risk-free interest rate is based on the zero coupon U.S. Treasury rates appropriate for the expected life of the award. For expected life of the award, the Company applies the guidance provided by the SEC Staff Accounting Bulletin No. 110. Expected volatility is based on historic daily stock price observations of the Company’s common stock since its inception. Expected dividends are zero based on the history of not paying cash dividends on the Company’s common stock and its intention not to make dividend payments in the future. The Company makes assumptions for the number of awards that will ultimately not vest (“forfeitures”) in determining the share-based compensation expense for these awards. The Company uses historical data to estimate expected employee behaviors related to option exercises and forfeitures. | ||||||||||||||||
The fair value of stock options was estimated at the date of grant using a Black-Scholes option pricing model with the following weighted-average assumptions for fiscal 2014, fiscal 2013 and fiscal 2012: | ||||||||||||||||
Fiscal Year Ended | Fiscal Year Ended | Fiscal Year Ended | ||||||||||||||
December 30, 2014 | December 31, 2013 | January 1, 2013 | ||||||||||||||
Weighted-average risk-free interest rate | 0.12 | % | 1.31 | % | 0.83 | % | ||||||||||
Expected life of options (years) | 0.8 | 6.25 | 6.25 | |||||||||||||
Expected stock volatility | 60.8 | % | 63.8 | % | 68.7 | % | ||||||||||
Expected dividend yield | 0 | % | 0 | % | 0 | % | ||||||||||
A summary of the stock option activities for fiscal years 2014 and 2013 is presented below (shares and dollars in thousands): | ||||||||||||||||
Weighted-Average Contractual Term | ||||||||||||||||
Number of Options | Weighted-Average Exercise Price | Remaining | Aggregate Intrinsic Value | |||||||||||||
Options outstanding at January 1, 2013 | 1,250 | $ | 11.25 | |||||||||||||
Options granted | 30 | 10.79 | ||||||||||||||
Options exercised | -98 | 7.42 | ||||||||||||||
Options canceled | -56 | 15.04 | ||||||||||||||
Options outstanding at December 31, 2013 | 1,126 | $ | 11.2 | 5.68 | $ | 5,255 | ||||||||||
Options granted | 5 | 5.64 | ||||||||||||||
Options exercised | -201 | 5.11 | ||||||||||||||
Options canceled | -41 | 19.28 | ||||||||||||||
Options outstanding at December 30, 2014 | 889 | $ | 10.89 | 4.74 | $ | 6,110 | ||||||||||
Options vested or expected to vest at December 30, 2014 | 884 | $ | 10.9 | 4.74 | $ | 6,091 | ||||||||||
Options exercisable at December 30, 2014 | 818 | $ | 11 | 4.5 | $ | 5,763 | ||||||||||
The intrinsic value of stock options is defined as the difference between the current market value and the exercise price, which is equal to the market value at the time of the grant. Information regarding options outstanding and exercisable at December 30, 2014 is as follows: | ||||||||||||||||
Range of Exercise Prices | Number Outstanding | Weighted-Average Remaining Contractual Life | Weighted-Average Exercise Price | Number Exercisable | Weighted-Average Exercise Price | |||||||||||
$1.80 – $1.80 | 5,700 | 4.22 years | $ | 1.8 | 5,700 | $ | 1.8 | |||||||||
$3.00 – $3.00 | 278,008 | 3.92 years | 3 | 278,008 | 3 | |||||||||||
$5.40 – $5.40 | 15,000 | 4.49 years | 5.4 | 15,000 | 5.4 | |||||||||||
$6.55 – $6.55 | 109,096 | 3.68 years | 6.55 | 109,096 | 6.55 | |||||||||||
$8.05 – $8.05 | 99,323 | 6.78 years | 8.05 | 73,477 | 8.05 | |||||||||||
$8.95 – $10.75 | 98,145 | 5.74 years | 9.48 | 80,045 | 9.28 | |||||||||||
$10.79 – $11.05 | 49,000 | 7.87 years | 10.89 | 23,375 | 10.96 | |||||||||||
$11.10 – $11.10 | 89,130 | 5.84 years | 11.1 | 89,130 | 11.1 | |||||||||||
$11.35 – $47.55 | 110,478 | 3.86 years | 25.79 | 109,478 | 25.91 | |||||||||||
$50.25 – $58.85 | 34,638 | 1.79 years | 55.95 | 34,638 | 55.95 | |||||||||||
888,518 | 10.89 | 817,947 | 11 | |||||||||||||
The weighted-average fair value of options granted was $5.64 in fiscal 2014 due to a modified stock option grant, $6.39 in fiscal 2013 and $6.55 in fiscal 2012. At December 30, 2014, stock options vested or expected to vest over the next three years totaled 0.9 million. The remaining expense to amortize is approximately $0.3 million at December 30, 2014. The weighted average remaining recognition period is approximately 2 years. | ||||||||||||||||
Restricted Stock — Information regarding activities during fiscal 2014 and fiscal 2013 for outstanding RSUs granted under the 2006 and 2013 Plans is as follows (shares in thousands): | ||||||||||||||||
Weighted-Average Grant Date Fair | ||||||||||||||||
Number of shares of RSUs | Value (per share) | |||||||||||||||
RSUs outstanding as of January 1, 2013 | 115 | $ | 15.16 | |||||||||||||
RSUs granted | 190 | $ | 10.17 | |||||||||||||
RSUs forfeited (canceled) | -33 | $ | 13.25 | |||||||||||||
RSU vested | -63 | $ | 13.63 | |||||||||||||
RSUs outstanding as of December 31, 2013 | 209 | $ | 11.39 | |||||||||||||
RSUs granted | 270 | $ | 13.21 | |||||||||||||
RSUs forfeited (canceled) | -36 | $ | 13.52 | |||||||||||||
RSUs vested | -102 | $ | 13.5 | |||||||||||||
RSUs outstanding as of December 30, 2014 | 341 | $ | 12.5 | |||||||||||||
During fiscal 2014, the Company granted 0.3 million RSUs to participants in its 2012 Management Incentive Plan at a weighted average grant date fair value of $13.21 and a vesting period over three years. During fiscal 2013, the Company granted 0.2 million RSUs to participants in its 2012 Management Incentive Plan at a weighted average grant date fair value of $10.17 and a vesting period over three years. During fiscal 2012, the Company granted 0.1 million RSUs to participants in its 2012 Management Incentive Plan at a weighted average grant date fair value of $12.30 and a vesting period over three years. The aggregate grant date fair value of the RSUs granted during the year ended December 30, 2014 was $3.3 million. The aggregate intrinsic value of RSUs outstanding as of December 30, 2014, was $4.0 million. The aggregate grant date fair value of the RSUs granted during the year ended December 31, 2013 was $2.5 million. The aggregate intrinsic value of RSUs outstanding as of December 31, 2013, was $2.4 million | ||||||||||||||||
Performance Stock — Information regarding activities during fiscal 2014 and fiscal 2013 for outstanding performance stock units (“PSUs”) under the 2006 and 2013 Plans is as follows (shares in thousands): | ||||||||||||||||
Weighted-Average Grant Date Fair | ||||||||||||||||
Number of shares of PSUs | Value (per share) | |||||||||||||||
PSUs outstanding as of January 1, 2013 | 68 | $ | 12.7 | |||||||||||||
PSUs granted | 84 | $ | 13.49 | |||||||||||||
PSUs forfeited (canceled) | -23 | $ | 13.19 | |||||||||||||
PSUs vested | -22 | $ | 12.88 | |||||||||||||
PSUs outstanding as of December 31, 2013 | 107 | $ | 13.18 | |||||||||||||
PSUs granted | 95 | $ | 14.37 | |||||||||||||
PSUs forfeited (canceled) | -46 | $ | 14.16 | |||||||||||||
PSUs vested | -18 | $ | 14.39 | |||||||||||||
PSUs outstanding as of December 30, 2014 | 138 | $ | 14.96 | |||||||||||||
The Company issued 95,000 and 84,000 market based performance stock units (PSUs) in 2014 and 2013, respectively. | ||||||||||||||||
These PSUs are RSUs with performance requirements based on external performance criteria, and were granted to Plan participants at the levels of Vice President and above. These PSUs vesting schedule is based on the Company’s total shareholder return (TSR), relative to a defined group of peer companies over a three-year performance period. The Company records expenses related to the PSUs with criteria based on market performance by recognizing grant date fair value over the service period. Fair value was determined using Monte Carlo Simulation Analysis, which incorporated the Company’s TSR relative to the defined peer group at the end of each of the three years of performance. No market based performance stock units vested during fiscal 2014 and 2013. | ||||||||||||||||
The aggregate grant date fair value of the PSUs granted during fiscal 2014, 2013 and 2012 was $1.2 million, $0.7 million and $0.9 million, respectively. The aggregate intrinsic value of the PSUs outstanding as of December 30, 2014 and December 31, 2013, was $1.9 million and $1.5 million, respectively. | ||||||||||||||||
Share-based compensation expense was $3.1 million, $2.6 million, and $2.1 million for fiscal 2014, fiscal 2013 and fiscal 2012, respectively, and is included in cost of goods sold and general and administrative expenses in the consolidated statements of operations. No income tax benefit was recorded in fiscal 2014, 2013 and 2012. At December 30, 2014, non-vested share-based compensation for stock options and restricted stock awards, net of forfeitures totaled $4.1 million. This expense will be recognized over the remaining weighted average vesting period of approximately two years. | ||||||||||||||||
STOCK_REPURCHASES
STOCK REPURCHASES | 12 Months Ended | |||||||||||||
Dec. 30, 2014 | ||||||||||||||
Equity [Abstract] | ||||||||||||||
Treasury Stock [Text Block] | 12. Stock Repurchases | |||||||||||||
On October 29, 2014, the Board of Directors authorized the repurchase of up to $25 million of shares of common stock (the "2014 Stock Repurchase Program") over an 18-month period. During the fourth quarter of fiscal 2014, the Company repurchased in the open market 910,813 shares under this program at an aggregate cost of $12.0 million. Shares purchased under the 2014 Stock Repurchase Program are considered treasury stock until retired. The following table presents information related to repurchases of shares of the Company's common stock during the fourth quarter of 2014. | ||||||||||||||
Total Number of Shares Purchased as | Maximum Amount Yet to be Purchased | |||||||||||||
Total Number of Shares Purchased | Average Price Paid per Share(1) | Part of Publicly Announced Plans | Under 2014 Stock Purchase Plan(1) | |||||||||||
October 29, 2014 – November 25, 2014 | 401,526 | $ | 12.66 | 401,526 | $ | 19,915,000 | ||||||||
November 26, 2014 – December 30, 2014 | 509,287 | $ | 13.56 | 509,287 | $ | 13,009,000 | ||||||||
Total | 910,813 | $ | 13.17 | 910,813 | ||||||||||
(1) The amounts exclude commission costs. | ||||||||||||||
INCOME_TAXES
INCOME TAXES | 12 Months Ended | ||||||||||
Dec. 30, 2014 | |||||||||||
Income Tax Disclosure [Abstract] | |||||||||||
Income Tax Disclosure [Text Block] | 13. INCOME TAXES | ||||||||||
The components of the income tax (expense) benefit are as follows (in thousands): | |||||||||||
December 30, 2014 | December 31, 2013 | January 1, 2013 | |||||||||
Current: | |||||||||||
Federal | $ | — | $ | 79 | $ | -81 | |||||
State | -37 | -27 | -10 | ||||||||
Foreign | -131 | -107 | -64 | ||||||||
$ | -168 | $ | -55 | $ | -155 | ||||||
Deferred: | |||||||||||
Federal | $ | — | $ | — | $ | — | |||||
State | — | — | — | ||||||||
Foreign | — | — | — | ||||||||
$ | — | $ | — | $ | — | ||||||
Income tax benefit (expense) | $ | -168 | $ | -55 | $ | -155 | |||||
The difference between the effective income tax rate and the United States federal income tax rate is summarized as follows: | |||||||||||
December 30, 2014 | December 31, 2013 | January 1, 2013 | |||||||||
Statutory federal rate | -34 | % | 34 | % | 34 | % | |||||
State income taxes less federal benefit | -5.9 | 6.1 | 6.1 | ||||||||
Foreign income taxes | 2.5 | 3.5 | 9.2 | ||||||||
Change in valuation allowance | 31.5 | -47.4 | -36.1 | ||||||||
Meals | 1.2 | 0.8 | 9 | ||||||||
Stock options | — | — | -1 | ||||||||
Write-off of goodwill | — | — | -0.7 | ||||||||
Business Gain on Acquisition | -8.5 | — | — | ||||||||
Executive compensation exclusion | — | 1.9 | — | ||||||||
Alternative minimum taxes | 1 | 0.8 | 22.3 | ||||||||
Expired tax attribute carryforwards | 17 | 6.3 | 8.7 | ||||||||
Tax credits generated | -0.3 | -0.1 | -14.3 | ||||||||
Other | 0.3 | -3.3 | -3.3 | ||||||||
4.8 | % | 2.6 | % | 33.9 | % | ||||||
Deferred income taxes are provided for the temporary differences between the carrying values of the Company’s assets and liabilities for financial reporting purposes and their corresponding income tax bases. The temporary differences give rise to either a deferred tax asset or liability in the financial statements that is computed by applying current statutory tax rates to taxable and deductible temporary differences based upon the classification (i.e., current or noncurrent) of the asset or liability in the financial statements that relates to the particular temporary difference. Deferred taxes related to differences that are not attributable to a specific asset or liability are classified in accordance with the future period in which they are expected to reverse and be recognized for income tax purposes. The deferred tax assets (liabilities) consisted of the following temporary differences as of December 30, 2014 and December 31, 2013 (in thousands): | |||||||||||
December 30, 2014 | December 31, 2013 | ||||||||||
Reserves and accruals | $ | 10,595 | $ | 9,111 | |||||||
Total current deferred tax asset | 10,595 | 9,111 | |||||||||
Net operating losses | 51,006 | 48,680 | |||||||||
Deferred rent | 1,654 | 1,881 | |||||||||
Tax credit attributes | 1,196 | 1,530 | |||||||||
Basis difference in intangibles | 3,982 | 3,918 | |||||||||
Share-based compensation | 2,541 | 2,153 | |||||||||
Basis difference in fixed assets | 8,513 | 11,164 | |||||||||
Basis difference in investments | 3 | 19 | |||||||||
Reserves and accruals | -6 | — | |||||||||
Total non-current deferred tax asset | 68,889 | 69,345 | |||||||||
Valuation allowance | -79,484 | -78,456 | |||||||||
Total net deferred tax asset | $ | — | $ | — | |||||||
Realization of the future tax benefits is dependent on the Company’s ability to generate sufficient taxable income within the carryforward period. A valuation allowance is provided for deferred tax assets when it is “more likely than not” that some portion of the deferred tax asset will not be realized. Because of the Company’s recent history of operating losses, management believes the recognition of the deferred tax assets arising from the above-mentioned future tax benefits is currently not likely to be realized and, accordingly, has provided a valuation allowance. A valuation allowance has been recorded for the net deferred tax assets at December 30, 2014, which increases the valuation allowance by $1.0 million for the fiscal year ended December 30, 2014. | |||||||||||
At December 30, 2014, the Company has federal and state net operating loss carryovers (NOL) of $123.3 million and $131.8 million, respectively, which, if not used earlier, will expire between 2018 and 2034. In addition, the Company also has tax credit carryforwards for federal and state purposes of $0.8 million and $0.6 million, respectively. Of the federal tax credit carryforwards, approximately $0.3 million will start to expire in 2031 if unused before that year. The remaining federal tax credits and the state tax credits do not expire. | |||||||||||
The Company underwent an “ownership change” as defined in section 382 of the Internal Revenue Code during the second quarter of our 2009 fiscal year, as a result of our issuance of Series B-1 Convertible Preferred Stock and Series B-2 Convertible Preferred Stock and other prior trading in our stock. The amount of our taxable income for tax years ending after our ownership change which may be offset by NOL and tax credits from pre-change years will be subject to an annual limitation, known as a section 382 limitation. The section 382 limitation may cause NOL’s to expire unutilized. We have reduced our NOL carryovers stated above for the anticipated expirations caused by our 2009 change. To the extent additional changes have occurred since 2009, additional limitations may apply. | |||||||||||
As a result of certain realization requirements of Accounting Standards Codification Topic 718, the table of deferred tax assets and liabilities shown above does not include certain deferred tax assets as of December 30, 2014 and December 31, 2013 that arose directly from tax deductions related to equity compensation in excess of compensation recognized for financial reporting. The deferred tax assets include primarily net operating loss carryforwards. Equity will be increased by a gross amount of $1.2 million if and when such deferred tax assets are ultimately recognized. The Company uses tax law ordering when determining when excess tax benefits have been realized. | |||||||||||
Changes in the Company’s unrecognized tax benefits are as follows (in thousands): | |||||||||||
Fiscal Year Ended December 30, 2014 | Fiscal Year Ended December 31, 2013 | ||||||||||
Beginning balance | $ | 185 | $ | 185 | |||||||
Increases attributable to tax positions taken during prior periods | — | — | |||||||||
Decreases resulting from lapse of applicable statutes of limitations | — | — | |||||||||
Ending balance | $ | 185 | $ | 185 | |||||||
As of December 30, 2014, the entire unrecognized tax benefits reduce the deferred tax asset for the net operating loss carryforwards. If recognized, none of the unrecognized tax benefits would impact the Company’s effective tax rate. As of December 30, 2014, it is reasonably possible that the unrecognized tax benefits will not significantly increase or decrease in the next twelve months. | |||||||||||
The Company is subject to taxation in the United States and various state and local jurisdictions. As of December 30, 2014, the Company is subject to U.S. federal income tax examinations for the tax years ended January 1, 2013, through December 31, 2013. With few exceptions, as of December 30, 2014, the Company was no longer subject to U.S. federal, state and local income tax examinations by tax authorities for the tax years ended before January 3, 2012. | |||||||||||
FAIR_VALUE_MEASUREMENT
FAIR VALUE MEASUREMENT | 12 Months Ended | ||||||||||
Dec. 30, 2014 | |||||||||||
Fair Value Disclosures [Abstract] | |||||||||||
Fair Value Disclosures [Text Block] | 14. FAIR VALUE MEASUREMENT | ||||||||||
Financial Assets and Liabilities | |||||||||||
Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. A three-tier fair value hierarchy is established as a basis for considering such assumptions and for inputs used in the valuation methodologies in measuring fair value: | |||||||||||
Level 1: Quoted prices are available in active markets for identical assets or liabilities. | |||||||||||
Level 2: Inputs are other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable. | |||||||||||
Level 3: Unobservable inputs that are supported by little or no market activity, therefore requiring an entity to develop its own assumptions that market participants would use in pricing. | |||||||||||
The following table presents financial liabilities that were accounted for at fair value on a recurring basis as of December 30, 2014 and December 31, 2013 by level within the fair value hierarchy (in thousands): | |||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
30-Dec-14 | |||||||||||
Liabilities: | |||||||||||
Contingent consideration(1) | $ | — | $ | — | $ | 156 | |||||
31-Dec-13 | |||||||||||
Liabilities: | |||||||||||
Contingent consideration(2) | $ | — | $ | — | $ | 553 | |||||
-1 | $0.2 million included in deferred rent and other long-term liabilities on the consolidated balance sheet at December 30, 2014. | ||||||||||
-2 | $0.6 million included in deferred rent and other long-term liabilities on the consolidated balance sheet at December 31, 2013. | ||||||||||
Contingent consideration was initially recorded at $1.4 million in January 2012. As of December 31, 2013, the fair value was $0.6 million, resulting in a gain of $0.7 million. As of December 30, 2014, the fair value was $0.2 million, resulting in a gain of $0.4 million. The gain is recorded in other operating, net on the consolidated statement of operations. | |||||||||||
Non-financial Assets and Liabilities | |||||||||||
The Company’s non-financial assets and liabilities primarily consist of long-lived assets, trademarks and other intangibles, and are reported at carrying value. They are not required to be measured at fair value on a recurring basis. The Company evaluates long-lived assets for impairment when facts and circumstances indicate that their carrying values may not be recoverable. Trademarks and other intangibles are evaluated for impairment annually or more frequently if events or changes in circumstances indicate that the asset might be impaired. | |||||||||||
The following table presents the Company’s assets that were accounted for at fair value on a non-recurring basis as of December 30, 2014 and December 31, 2013. Total losses include losses recognized from all non-recurring fair value measurements for fiscal 2014 and fiscal 2013 (in thousands): | |||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
30-Dec-14 | |||||||||||
Assets: | |||||||||||
Long-lived assets(1) | — | — | $ | — | |||||||
Total losses recognized for all non-recurring fair value measures for the fiscal year ended December 30, 2014. | — | — | $ | 175 | |||||||
31-Dec-13 | |||||||||||
Assets: | |||||||||||
Long-lived assets(1) | — | — | $ | 465 | |||||||
Total losses recognized for all non-recurring fair value measures for the fiscal year ended December 31, 2013 | — | — | $ | 728 | |||||||
(1) | Included in property, fixtures and equipment, net on the consolidated balance sheets. There was no impairment charge during the fourth quarter of fiscal 2014. | ||||||||||
The Company classified the fair value of long-lived assets as level 3 because the value is based on unobservable inputs. The significant inputs to the fair value measurement of the long-lived assets are projected future operating results at the store level and the discount rates applied to calculate the present value of these assets. The fair value of the contingent consideration is classified as level 3 because it is based on unobservable inputs. Significant inputs and assumptions are management’s estimate of operating profits from the related business and the discount rate used to calculate the present value of the liability. Significant changes in any level 3 input or assumption would result in increases or decreases to fair value measurements for future impairment of the long-lived assets and for contingent consideration. | |||||||||||
EMPLOYEE_BENEFIT_PLAN
EMPLOYEE BENEFIT PLAN | 12 Months Ended |
Dec. 30, 2014 | |
Compensation and Retirement Disclosure [Abstract] | |
Compensation and Employee Benefit Plans [Text Block] | 15. EMPLOYEE BENEFIT PLAN |
The Company maintains a voluntary defined contribution plan covering all eligible employees. Eligible employees may elect to defer and contribute a percentage of their compensation to the plan, not to exceed the dollar amount set by law. During fiscal 2014, fiscal 2013 and fiscal 2012, the Company matched employees’ contributions on a discretionary basis, resulting in a contribution of $0.1 million each of these fiscal years. | |
OTHER_OPERATING_NET
OTHER OPERATING, NET | 12 Months Ended | ||||||||||
Dec. 30, 2014 | |||||||||||
Other Operating Net [Abstract] | |||||||||||
Other Operating Net [Text Block] | 16. OTHER OPERATING, NET | ||||||||||
The components of other operating, net are as follows (in thousands): | |||||||||||
Fiscal Year | Fiscal Year | Fiscal Year | |||||||||
Ended | Ended | Ended | |||||||||
December 30, | December 31, | January 1, | |||||||||
2014 | 2013 | 2013 | |||||||||
Jambacard breakage income | $ | -4,744 | $ | -3,177 | $ | -4,275 | |||||
Jambacard expense | 1,299 | 753 | 1,379 | ||||||||
Franchise expense | 1,751 | 763 | 272 | ||||||||
Store pre-opening | 763 | 880 | 604 | ||||||||
Impairment of long-lived assets | 175 | 728 | 711 | ||||||||
Store lease termination and closure | 575 | 148 | 421 | ||||||||
CPG and JambaGO® direct expense | 2,637 | 3,053 | 682 | ||||||||
(Gain) Loss on disposal of fixed assets | -2,957 | -3,153 | 648 | ||||||||
Gain on sale of investment | — | — | -545 | ||||||||
Gain on contingent consideration | -397 | -651 | -57 | ||||||||
Franchise bad debt | 61 | 215 | 76 | ||||||||
Other | 119 | 199 | 129 | ||||||||
$ | -718 | $ | -242 | $ | 45 | ||||||
Gain/loss on Disposal of Fixed Assets — The Company recognized a gain on disposal of fixed assets of $3.0 million, in fiscal 2014, a gain on disposal of fixed assets of $3.2 million, in fiscal 2013 and a loss on disposal $0.6 million in fiscal 2012. The gain on disposal of fixed assets in fiscal 2014 includes $3.5 million relating to sale of fixed assets of refranchised Company Stores. The gain on disposal of fixed assets in fiscal 2013 includes $4.6 million relating to sale of fixed assets of refranchised Company Stores. The loss on disposal in fiscal 2012 includes a net loss of $0.3 million on sale of fixed assets of refranchised stores. | |||||||||||
OTHER_COMMITMENTS_AND_CONTINGE
OTHER COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | 17. OTHER COMMITMENTS AND CONTINGENCIES |
Litigation Related — The Company records a liability for litigation claims and contingencies when payment is probable and the amount of loss can be reasonably estimated. | |
The Company is a defendant in litigation arising in the normal course of business. Although there can be no assurance as to the ultimate disposition of these matters, it is the opinion of the Company’s management, based upon the information available at this time, that the expected outcome of these matters, individually or in the aggregate, will not have a material adverse effect on the results of operations, liquidity or financial condition of the Company. | |
Other — The Company has purchase obligations with certain suppliers for certain fruits and dairy for various terms typically ranging from one year to five years. The Company has one contract with a supplier for a 15 year term that ends in 2024. These contracts are commitments to purchase a minimum level of fruit and other items used in the production of the Company’s products totaling $26.6 million. | |
RELATEDPARTY_TRANSACTIONS
RELATED-PARTY TRANSACTIONS | 12 Months Ended |
Dec. 30, 2014 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | 18. RELATED-PARTY TRANSACTIONS |
The Company paid $0.2 million in fiscal 2012, less than $0.1 million in fiscal 2013 and no payments in fiscal 2014 to Mistral Capital Management, LLC for monitoring fees pursuant to the securities purchase agreement for the sale of its Series B Preferred Stock. Mistral Capital Management, LLC served as an investment manager to certain funds who held shares of the Company’s Series B Preferred Stock. As of December 30, 2014, there are no shares of Series B Preferred Stock outstanding as conversion of all shares of Series B Preferred Stock was completed by June 14, 2013, thereby terminating the rights of preferred stockholders to representation on the Board of Directors. | |
UNAUDITED_QUARTERLY_INFORMATIO
UNAUDITED QUARTERLY INFORMATION | 12 Months Ended | |||||||||||||
Dec. 30, 2014 | ||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||
Quarterly Financial Information [Text Block] | 19. UNAUDITED QUARTERLY INFORMATION | |||||||||||||
(Dollars in thousands, except share and per share amounts) | Thirteen Weeks | Thirteen Weeks | Thirteen Weeks | Thirteen Weeks Ended | ||||||||||
Ended | Ended | Ended | December 30, | |||||||||||
April 1, | July 1, | September 30, | 2014 | |||||||||||
2014 | 2014 | 2014 | ||||||||||||
Revenue: | ||||||||||||||
Company stores | $ | 47,272 | $ | 58,632 | $ | 53377 | $ | 39,456 | ||||||
Franchise and other revenue | 4,361 | 5,566 | 4,907 | 4,477 | ||||||||||
Total revenue | 51,633 | 64,198 | 58284 | 43,933 | ||||||||||
Costs and operating expenses (income): | ||||||||||||||
Cost of sales | 11,582 | 13,587 | 14,611 | 12,456 | ||||||||||
Labor | 14,330 | 16,243 | 16793 | 14,383 | ||||||||||
Occupancy | 6,967 | 6,899 | 6,917 | 6,847 | ||||||||||
Store operating | 7,402 | 8,495 | 9,400 | 7,792 | ||||||||||
Depreciation and amortization | 2,618 | 2,680 | 2,617 | 2,169 | ||||||||||
General and administrative | 8,350 | 9,582 | 9,487 | 9,859 | ||||||||||
Other operating, net | 603 | 106 | 266 | -1,693 | ||||||||||
Total costs and operating expenses | 51,852 | 57,592 | 60091 | 51,813 | ||||||||||
(Loss) income from operations | -219 | 6,606 | -1,807 | -7,880 | ||||||||||
Other income (expense): | ||||||||||||||
Interest income | 16 | 18 | 21 | 19 | ||||||||||
Interest expense | -46 | -48 | -49 | -52 | ||||||||||
Total other (expense) income, net | -30 | -30 | -28 | -33 | ||||||||||
(Loss) income before income taxes | -249 | 6,576 | -1,835 | -7,913 | ||||||||||
Income tax benefit (expense) | 5 | -223 | 156 | -106 | ||||||||||
Net (loss) income | -244 | 6,353 | -1,679 | -8,019 | ||||||||||
Less: Net income attributable to noncontrolling interest | — | 17 | 22 | 4 | ||||||||||
Net (loss) income attributable to common stockholders | $ | -244 | $ | 6,336 | $ | -1,701 | $ | -8,023 | ||||||
(Loss) earnings per share: | ||||||||||||||
Basic | $ | -0.01 | $ | 0.37 | $ | -0.1 | $ | -0.47 | ||||||
Diluted | $ | -0.01 | $ | 0.36 | $ | -0.1 | $ | -0.47 | ||||||
Per share data have been adjusted for all periods presented to reflect the five-for-one reverse stock split effective May 31, 2013. | ||||||||||||||
(Dollars in thousands, except share and per share amounts) | Thirteen Weeks | Thirteen Weeks | Thirteen Weeks | Thirteen Weeks Ended | ||||||||||
Ended | Ended | Ended | December 31, | |||||||||||
April 2, | July 2, | October 1, | 2013 | |||||||||||
2013 | 2013 | 2013 | ||||||||||||
Revenue: | ||||||||||||||
Company stores | $ | 51,769 | $ | 63,365 | $ | 57,405 | $ | 40,348 | ||||||
Franchise and other revenue | 3,916 | 4,469 | 4,269 | 3,708 | ||||||||||
Total revenue | 55,685 | 67,834 | 61,674 | 44,056 | ||||||||||
Costs and operating expenses (income): | ||||||||||||||
Cost of sales | 12,404 | 14,858 | 14,592 | 10,357 | ||||||||||
Labor | 15,755 | 16,849 | 15,863 | 13,548 | ||||||||||
Occupancy | 7,376 | 7,319 | 7,405 | 7,250 | ||||||||||
Store operating | 8,786 | 9,040 | 9,338 | 7,638 | ||||||||||
Depreciation and amortization | 2,772 | 2,768 | 2,808 | 2,626 | ||||||||||
General and administrative | 9,169 | 10,237 | 8,377 | 9,988 | ||||||||||
Other operating, net | 726 | 120 | -33 | -1,055 | ||||||||||
Total costs and operating expenses | 56,988 | 61,191 | 58,350 | 50,352 | ||||||||||
(Loss) income from operations | -1,303 | 6,643 | 3,324 | -6,296 | ||||||||||
Other income (expense): | ||||||||||||||
Interest income | — | — | 1 | 8 | ||||||||||
Interest expense | -78 | -59 | -54 | -51 | ||||||||||
Total other (expense) income, net | -78 | -59 | -53 | -43 | ||||||||||
(Loss) income before income taxes | -1,381 | 6,584 | 3,271 | -6,339 | ||||||||||
Income tax benefit (expense) | 139 | -234 | -576 | 616 | ||||||||||
Net (loss) income | -1,242 | 6,350 | 2,695 | -5,723 | ||||||||||
Redeemable preferred stock dividends and deemed dividends | -484 | -104 | — | — | ||||||||||
Net (loss) income attributable to common stockholders | $ | -1,726 | $ | 6,246 | $ | 2,695 | $ | -5,723 | ||||||
(Loss) earnings per share: | ||||||||||||||
Basic | $ | -0.11 | $ | 0.37 | $ | 0.16 | $ | -0.33 | ||||||
Diluted | $ | -0.11 | $ | 0.36 | $ | 0.15 | $ | -0.33 | ||||||
Per share data have been adjusted for all periods presented to reflect the five-for-one reverse stock split effective May 31, 2013. | ||||||||||||||
The sum of earnings (loss) per share for all four quarters may not equal the loss per share of the fiscal year due to rounding. | ||||||||||||||
During the fourth quarter of fiscal 2013, the Company corrected a classification error in its accounting for payments to resellers of jambacards, for the first three quarters of 2013. Management evaluated the materiality of the errors from qualitative and quantitative perspectives and concluded that the errors were immaterial to the current year and all fiscal quarters of 2013. The Company has revised the amounts related to Q1 through Q3 of fiscal 2013 in preparing the accompanying consolidated financial statements of operations for fiscal quarters of 2013, and has also revised its quarterly historical financial statements in subsequent filings. The correction of the immaterial error resulted in an increase in Company Store revenue and a corresponding increase in Store operating expense. For the fiscal quarters ended April 2, 2013, July 2, 2013 and October 1, 2013, the correction to Company Store revenue and Store operating expense was $0.6 million, $0.6 million and $0.3 million, respectively. | ||||||||||||||
The sum of earnings (loss) per share for all four quarters may not equal the earnings per share of the fiscal year due to rounding. | ||||||||||||||
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 30, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | 19. SUBSEQUENT EVENTS |
As of December 31, 2013, the Company had a 15% investment in JJC Washington I, LLC, a joint venture with its franchisee in the Washington, D.C. area, and accounts for its investment under the equity method. The Company has suspended recording losses on this investment and will record equity earnings when the unrecognized equity losses are fully offset by unrecognized equity earnings. In February 2015, the Company entered into an agreement to invest $450,000 to develop and protect our brand in a new market. Based upon the investment, the Company has recognized its 15% allocation of the cumulative losses, $133,000, in 2014 in and is included in other operating, net in the consolidated statements of operations. | |
In September 2014, the Company acquired 26 domestic stores, of which three were immediately closed, in the Midwest from a former franchise partner pursuant to a Settlement and General Release Agreement. At fiscal year end these stores had been approved for sale and a search for active buyers was in place, however, the stores needed additional refresh work performed and store operating processes streamlined and were not in saleable condition. Subsequent to year end the stores converted into saleable condition and met all the criteria for classification as assets held for sale. | |
BUSINESS_AND_SUMMARY_OF_SIGNIF1
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 30, 2014 | |
Accounting Policies [Abstract] | |
Business Description And Accounting Policies [Policy Text Block] | Business — Jamba, Inc. consummated its initial public offering in July 2005. On March 10, 2006, Jamba, Inc. entered into an Agreement and Plan of Merger with Jamba Juice Company (the “Merger Agreement”). On November 29, 2006 (the “Merger Date”), the Jamba, Inc. consummated the merger with Jamba Juice Company (the “Merger”) whereby Jamba Juice Company became its wholly owned subsidiary. Jamba, Inc. was incorporated in January 2005, and went public through an initial public offering later that year. In November 2006, the Company completed its acquisition of Jamba Juice Company, which first began operations in 1990. |
Jamba, Inc. through its wholly-owned subsidiary, Jamba Juice Company, is a healthy, active lifestyle brand with a robust global business driven by a portfolio of franchised and company-owned Jamba Juice® stores and licensed JambaGO® and Jamba Smoothie StationTM formats. The Jamba® brand includes innovative product platforms and both licensed and company driven consumer packaged goods. We are a leading restaurant retailer of “better-for-you” specialty food and beverage offerings which include great tasting, whole fruit smoothies, fresh squeezed juices and juice blends, Energy BowlsTM, hot teas, and a variety of food items including, hot oatmeal, breakfast wraps, sandwiches, Artisan FlatbreadsTM , baked goods, and snacks. Jamba Juice Company continues to expand the Jamba brand by direct selling of consumer packaged goods (“CPG”) products, and by licensing its trademarks for CPG products sold through retail channels such as grocery stores, warehouse clubs, and convenience stores. | |
As of December 30, 2014, there were 868 Jamba Juice stores globally, consisting of 263 Company-owned and operated stores (Company Stores), 543 franchise-operated stores (Franchise Stores) in the United States, and 62 franchise-operated stores at international locations (International Stores). | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation — The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, Jamba Juice Company. On June 4, 2014, the Company sold a 12% equity position in its subsidiary JJSC, LLC, to a partner in Southern California. As a result, the Company has a remaining interest of 88% in JJSC, LLC. The Company consolidates its subsidiary in which there is a noncontrolling interest and in which the Company’s ownership is less than 100 percent. All intercompany balances and transactions have been eliminated. The equity method of accounting is used to account for the joint ventures owned by Jamba Juice Company because Jamba Juice Company exercises significant influence over the operations and financial policies of its partners. Accordingly, the carrying value of this investment is reported in other long-term assets, and the Company’s equity in the net income and losses of its equity investment is reported in other operating, net. |
Fiscal Period, Policy [Policy Text Block] | Fiscal Year End — Our fiscal year ends on the Tuesday closest to December 31. The Company’s most recently completed fiscal year, referred to as fiscal 2014, started on January 1, 2014, and ended on December 30, 2014, and had 52 weeks. The Company’s fiscal 2013, started on January 2, 2013, and ended on December 31, 2013, and had 52 weeks, and fiscal 2012, started on January 4, 2012 and ended on January 1, 2013, and had 52 weeks. |
Use of Estimates, Policy [Policy Text Block] | Significant Estimates — The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates, and such differences could affect the results of operations reported in future periods. |
Reverse Stock Split [Policy Text Block] | Reverse Stock Split — Effective May 31, 2013, the Company filed a Certificate of Amendment to its Amended and Restated Certificate of Incorporation, as amended, and consummated a five-for-one reverse stock split (“Reverse Stock Split”) of its issued and outstanding common stock, $0.001 par value per share. The Reverse Stock Split and the Certificate of Amendment were approved by the Company’s stockholders at the Company’s Annual Meeting of Stockholders held on May 14, 2013 for stockholders of record as of the close of business on March 20, 2013. |
On the effective date of the Reverse Stock Split, every five shares of the Company's issued and outstanding common stock were combined into one issued and outstanding share of the Company's common stock, without any change in the par value per share. No fractional shares were issued as a result of the Reverse Stock Split. Stockholders who otherwise were entitled to receive a fractional share in connection with the Reverse Stock Split instead were eligible to receive a cash payment, which was not material in the aggregate, instead of shares. All share and per share information in the accompanying financial statements have been restated retroactively to reflect the stock split. | |
Reclassification, Policy [Policy Text Block] | Reclassifications — Certain prior year amounts have been reclassified to conform to current year presentation in the consolidated financial statements. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations of Risk — From fiscal 2012 through October 2014, the Company maintained food distribution contracts primarily with one supplier. In October 2014, the Company began working exclusively with Gordon Food Services (“GFS”) in the Eastern United States and Systems Services of America (“SSA”) in the Western United States to distribute food sold in the majority of Company and Franchise Stores. From fiscal 2013 through October 2014, the one supplier was SSA, which supplied approximately 92% of the food and products sold in Company Stores. In fiscal 2012, Southwest Traders, Inc. supplied approximately 98% of the food and products sold in Company Stores . The Company's limited supplier relationships could have an adverse effect on the Company’s operations. |
Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents. The Company places its cash and cash equivalents with high-quality financial institutions. Balances in the Company’s cash accounts frequently exceed the Federal Deposit Insurance Corporation insurance limit. The Company has not experienced any losses related to these balances and believes the credit risk to be minimal. | |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents — The Company considers all highly liquid instruments with maturities of three months or less when purchased to be cash equivalents. |
Receivables, Policy [Policy Text Block] | Receivables — Receivables primarily represent amounts due from sale of jambacards®, royalty fees, advertising fees, construction allowances, amounts receivable from suppliers and CPG customers, jambacards issued by the franchisees and rent receivable from franchisees. The allowance for doubtful accounts is the Company’s estimate of the amount of probable credit losses in the Company’s existing accounts receivable. |
Inventory, Policy [Policy Text Block] | Inventories — Inventories are stated at the lower of cost or market. Cost is determined using the first-in, first-out method (FIFO). Inventories consist of food, beverages and available-for-sale promotional products. The Company records inventory reserves for obsolete and slow-moving inventory and for estimated shrinkage between physical inventory counts. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Fixtures and Equipment — Property, fixtures and equipment are recorded at cost. Expenditures for major additions and improvements are capitalized and minor replacements, maintenance and repairs are charged to expense as incurred. Depreciation is computed using the straight-line method over the estimated useful life. The estimated useful life for leasehold improvements is the lesser of 10 years or the term of the underlying lease. The estimated useful life for furniture, fixtures and equipment is three to 10 years. |
Business Combinations Policy [Policy Text Block] | Business Combinations — The Company accounts for business combinations using the acquisition method. Under the acquisition method, the purchase price of the acquisition is allocated to the underlying tangible and intangible assets acquired based on their respective fair values. Fair values are derived from various observable and unobservable inputs and assumptions. The Company utilizes third-party valuation specialists to assist in the allocation. Initial purchase price allocations are preliminary and are subject to revision within the measurement period, not to exceed one year from the date of acquisition. The costs of the business acquisitions are expensed as incurred. These costs may include fees for accounting, legal, professional consulting and valuation specialists. |
Assets Held For Sale [Policy Text Block] | Assets Held For Sale — The Company classifies assets as held for sale and suspend depreciation and amortization when approval at the appropriate level has been provided, the assets can be immediately removed from operations, an active program has begun to locate a buyer, the assets are being actively marketed for sale at or near their current fair value, significant changes to the plan of sale are not likely and the sale is probable within one year. Upon classification as held for sale, long-lived assets are no longer depreciated, and an assessment of impairment is performed to identify and expense any excess of carrying value over fair value less costs to sell. Subsequent changes to the estimated fair value less the costs to sell will impact the measurement of assets held for sale. To the extent fair value increases, any impairment previously taken is reversed. If the carrying value of the assets held for sale exceeds the fair value less costs to sell, the Company will record an expense for the amount of the excess. The Company also reclassifies the associated prior year balances. At December 30, 2014, the fair value of assets held for sale exceeded the carrying value |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of long-lived assets — The Company evaluates long-lived assets for impairment when facts and circumstances indicate that the carrying values of long-lived assets may not be recoverable. The impairment evaluation is generally performed at the individual store asset group level. The Company first compares the carrying value of the asset to the asset’s estimated future undiscounted cash flows. If the estimated future cash flows are less than the carrying value of the asset, the Company measures an impairment loss based on the asset’s estimated fair value. The fair value of a store’s assets is estimated using a discounted cash flow model based on internal projections and taking into consideration the view of a market participant. The estimate of cash flows is based on, among other things, certain assumptions about expected future operating performance. Factors considered during the impairment evaluation include factors related to actual operating cash flows, the period of time since a store has been opened or remodeled, refranchising expectations and the maturity of the relevant market. The Company recorded impairment charges of $0.2 million, $0.7 million and $0.7 million for fiscal 2014, fiscal 2013 and fiscal 2012, respectively. |
Trademarks And Other Intangible Asset Impairment Policy [Policy Text Block] | Goodwill, Trademarks and Other Intangible Asset Impairment — Goodwill is evaluated for impairment on an annual basis during the Company’s fourth fiscal quarter, or more frequently if circumstances, such as material deterioration in performance, indicate carrying values may exceed their fair values. The goodwill impairment analysis is a two-step process: First, the reporting unit’s estimated fair value is compared to its carrying value, including goodwill. If the Company determines that the estimated fair value of the reporting unit is less than its carrying value, it moves to the second step to determine the implied fair value of the reporting unit’s goodwill. If the carrying amount of the reporting unit’s goodwill exceeds its implied fair value, an impairment loss is recognized. In September 2011, the FASB issued new guidance allowing an entity the option to make a qualitative evaluation about the likelihood of goodwill impairment to determine whether it should calculate the fair value of a reporting unit. If impairment is deemed more likely than not, management would perform the currently prescribed two-step goodwill impairment test. Otherwise, the two-step goodwill impairment test is not required. The Company applies the qualitative approach when appropriate. When reviewing goodwill for impairment, the Company assesses whether goodwill should be allocated to operating levels lower than its single operating segment for which discrete financial information is available and reviewed for decision-making purposes. These lower levels are referred to as reporting units. Currently, the Company’s one operating segment was determined to be one reporting unit. During the fiscal year ended December 30, 2014 no goodwill impairment was recorded. |
Intangible assets not subject to amortization (primarily trademarks) are evaluated for impairment on an annual basis during the fourth fiscal quarter, or more frequently if events or changes in circumstances indicate that the asset might be impaired. The Company qualitatively assesses the impairment for other intangible assets not subject to amortization to determine whether it is more likely than not that the fair value of intangible assets are less than their carrying amount. For other intangible assets not subject to amortization not assessed qualitatively, a quantitative approach is utilized. The Company compares the carrying value of the applicable asset to its fair value, which the Company estimates using a discounted cash flow analysis or by comparison with the market values of similar assets. If the carrying amount of the asset exceeds its estimated fair value, the Company determines the impairment loss, if any, as the excess of the carrying value of the intangible asset over its fair value. An impairment loss is generally recognized when the carrying amount of the trademarks exceeds the fair value. The fair value of trademarks was estimated using the income approach, which is based on assumptions about future cash flows resulting from our franchise, license agreements and acquired businesses. | |
Intangible assets subject to amortization (primarily franchise agreements, reacquired franchise rights, favorable lease intangible assets and acquired customer relationships) are tested for impairment if changes in circumstances indicate that their carrying amounts may not be recoverable. The Company first compares the carrying value of the asset to the asset’s estimated future undiscounted cash flows. If the estimated future cash flows are less than the carrying value of the asset, the Company measures an impairment loss based on the asset’s estimated fair value. Intangible assets are amortized over their estimated useful lives using a method of amortization that reflects the pattern in which the economic benefits of the intangible assets are consumed or otherwise realized. The useful life for the franchise agreements is approximately 13.4 years. The useful life of reacquired franchise rights represents the remaining term of the franchise agreement. The useful life of the favorable lease portfolio intangible is based on the related lease term. At December 30, 2014, the Company recorded intangible assets of $0.8 million, net, relating to its acquisition of 26 stores in the Midwest from a former franchise partner pursuant to a Settlement and General Release Agreement. | |
Revenue Recognition, Gift Cards [Policy Text Block] | Jambacards® — The Company, through its subsidiary, Jamba Juice Company, sells jambacards to its customers in its retail stores, through its website and through resellers. The Company’s jambacards do not have an expiration date. An obligation is recorded at the time of either an initial load or a subsequent reload in accrued jambacard liability on the Company’s consolidated balance sheets. The Company recognizes income from jambacards when (i) the jambacard is redeemed by the customer or (ii) the likelihood of the jambacard being redeemed by the customer is remote (also referred to as “breakage”) and the Company determines that it does not have a legal obligation to remit the unredeemed jambacards to the relevant jurisdictions. The Company determines the jambacard breakage amount based upon its historical redemption patterns. When the likelihood of redemption becomes remote, the Company recognizes breakage income. Jambacard breakage income is included in other operating, net in the consolidated statements of operations. |
Self Insurance Reserves Policy [Policy Text Block] | Self-Insurance Reserves —The Company is self-insured for healthcare benefits. The estimated accruals for these liabilities are based on statistical analyses of historical industry data as well as actual historical trends. For its workers’ compensation benefits, it is self-insured for existing and prior years’ exposures through September 30, 2008. Liabilities associated with the risks that the Company retains for workers compensation benefits are estimated in part, by considering historical claims experience, demographic factors, severity factors, and other actuarial assumptions. The Company’s estimates use this actuarial data in conjunction with known industry trends and Company experience |
Lease, Policy [Policy Text Block] | Rent Expense — Under the provisions of certain of our leases, there are rent holidays and/or escalations in payments over the base lease term, as well as renewal periods. The effects of rent holidays and escalations are reflected in rent costs on a straight-line basis over the expected lease term, which includes cancelable option periods when it is deemed to be reasonably assured that the Company will exercise such option periods due to the fact that the Company would incur an economic penalty for not doing so. The lease term commences on the date when the Company becomes legally obligated for the rent payments which generally coincides with the time when the landlord delivers the property for the Company to develop. All rent costs recognized during construction periods are classified as pre-opening expenses. The Company recorded liabilities for rent concessions over the remaining term of certain store leases of refranchised stores. |
Emission Credits or Allowances, Policy [Policy Text Block] | Construction Allowances — The Company receives construction allowances from certain landlords, which are deferred and amortized on a straight-line basis over the lease term as a reduction of rent expense. Construction allowances are recorded in deferred rent and other long-term liabilities. |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition — Revenue from Company Stores is recognized when product is sold. Revenue is presented net of any taxes collected from customers and remitted to government entities. In February 2014, the Company initiated a point loyalty program for its customers, which allows them to earn points based on the volume of their purchases. Under the loyalty program, a customer receives a discount on future purchases when a defined number of points have been earned. Revenue for the points earned by customers is recognized when the points are redeemed in exchange for the discounts. The estimated amount for points redeemable in exchange for discounts is recorded in deferred revenue and recognized when the customers redeem the points they earned. At December 30, 2014, the amount in deferred revenue for unredeemed points under the loyalty program was $0.7 million. |
Revenue from jambacards is recognized upon redemption in exchange for product. Until redemption, outstanding customer balances are recorded as a liability. See “jambacards” section above for discussion on recognition of jambacard breakage. | |
The Company generally executes franchise agreements for each store that establishes the terms of its arrangement with the franchisee. The franchise agreements typically require the franchisee to pay an initial, non-refundable fee and continuing fees based upon a percentage of sales. Subject to the Company’s approval and the franchisee’s payment of a renewal fee, a franchisee may generally renew the franchise agreement upon its expiration. | |
Franchise revenue is generated from royalties, development fees, initial franchise fees and revenue from sales at franchise-operated Smoothie Stations and JambaGO ® units. Royalties from Franchise Stores are determined as a percentage of Franchise Store revenue and are recognized in the same period as the related Franchise Store sales occur. If collection of the franchise royalty fee is doubtful, revenue is recognized at the time of collection. | |
Development fees are paid to the Company as part of an agreement to open and operate a specific number of stores in a specified territory. The amount of the fee is based on the number of stores to be opened pursuant to the development agreement and secures the territory for exclusivity during the development. The nonrefundable fees collected for these services are recognized as the franchise stores under these agreements open. The Company’s multi-unit development agreements specify the number of stores to be opened. Any changes to the specific number of stores would be stated in a subsequent contractual agreement (see Note 2). | |
The Company charges an initial franchise fee for providing operational materials, new store opening planning, and functional training courses. Initial franchise fees, if any, are due for payment at the time the franchise agreement for a particular store is executed. Franchise fees are recognized as revenue when all material services or conditions have been substantially performed or satisfied and no other material conditions or obligations related to the determination of substantial performance exist. Duties and services that are completed prior to approval include training, facilities inspection, receipt of operating license(s), and clearance from appropriate agencies. These duties and services are substantially complete prior to the approval of the opening of a store. Duties and services relating to the earning of the franchise fees are necessary for the stores to open. Revenue is recognized when the store opens. Revenue from sales at the Company’s flexible format franchise locations are recognized when the products are delivered to the operators of the Smoothie Stations or JambaGO ® units. | |
Other revenue primarily consists of revenue from sales of CPG products sold to retail outlets and online and royalties from licensed CPG products. Revenue from sale of CPG products is recognized when the products are delivered to the customer. License revenue from CPG products is based on a percentage of product sales and is recognized as revenue upon the sale of the product to retail outlets. | |
Cost of Sales, Policy [Policy Text Block] | Cost of Sales — The Company includes in cost of sales, costs incurred to acquire fruit, dairy and other products used to make smoothies and juices, other food offerings, paper products, as well as the costs related to managing our system-wide procurement program, and payments received from vendors. |
Advertising Fund Policy [Policy Text Block] | Advertising Fund — The Company participates with its franchisees in an advertising fund, established in fiscal 2010, to collect and administer funds contributed for use in advertising and promotional programs, which are designed to increase sales and enhance the reputation of the Company and its franchise owners. Contributions to the advertising fund are required for Company Stores and traditional Franchise Stores and are generally based on a percent of store sales. The Company has control of the advertising fund. The fund is consolidated and the Company reports all assets and liabilities of the fund. |
The advertising fund assets, consisting primarily of cash received from the Company and franchisees and accounts receivable from franchisees, can only be used for selected purposes and are considered restricted. The advertising fund liabilities represent the corresponding obligation arising from the receipts of the marketing program. In accordance with ASC Topic 952-605-25 , Franchisors – Revenue Recognition, the receipts from the franchisees are recorded as a liability against which specified advertising costs are charged. The Company does not reflect franchisee contributions to the fund as revenue in its consolidated statements of operations or consolidated statements of cash flows. | |
Advertising fund assets as of December 30, 2014 include $1.2 million of receivables from franchisees, which is recorded in receivables on the consolidated balance sheet. Advertising fund liabilities as of December 30, 2014, of $1.0 million are reported in other current liabilities and accounts payable on the consolidated balance sheet. | |
Advertising fund assets as of December 31, 2013 include $0.8 million of receivables from franchisees, which is recorded in receivables on the consolidated balance sheet. Advertising fund liabilities as of December 31, 2013, of $0.6 million are reported in other current liabilities and accounts payable on the consolidated balance sheet. | |
Advertising Costs, Policy [Policy Text Block] | Advertising Costs — Advertising costs are expensed as incurred and were $10.0 million, $10.4 million and $8.5 million in fiscal 2014, fiscal 2013 and fiscal 2012, respectively, and are included in store operating expenses. The Company received advertising contributions from its franchisees, which contributions were recorded as an offset to advertising expense, and were $6.1 million, $4.8 million and $3.1 million for fiscal 2014, fiscal 2013 and fiscal 2012, respectively. |
Store pre opening costs policy [Policy Text Block] | Store Pre-opening Costs — Costs incurred in connection with start-up and promotion of new store openings as well as rent from possession date to store opening date are expensed as incurred. |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income — Comprehensive income is defined as the change in equity during a period from transactions and other events, excluding changes resulting from investments from owners and distributions to owners. The Company currently has no components of Comprehensive Income other than net income, therefore no separate statement of comprehensive income is presented. |
Income Tax, Policy [Policy Text Block] | Income Taxes — Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Any effect on deferred tax assets and liabilities due to a change in tax rates is recognized in income in the period that includes the enactment date. In establishing deferred income tax assets and liabilities, judgments and interpretations are made based on enacted tax laws and published tax guidance applicable to our operations. The Company records deferred tax assets and liabilities and evaluate the need for valuation allowances to reduce deferred tax assets to amounts more likely than not of being realized. Changes in the valuation of the deferred tax assets or changes in the income tax provision may affect the Company’s annual effective income tax rate. |
Uncertain tax positions are recognized as the greatest amount more than 50% likely of being sustained upon audit based on the technical merits of the position. On a quarterly basis, the Company reviews and updates its inventory of tax positions as necessary to add any new uncertain tax positions taken, or to remove previously identified uncertain positions that have been effectively settled. Additionally, uncertain positions may be re-measured as warranted by changes in facts or law. Accounting for uncertain tax positions requires significant judgments, including estimating the amount, timing and likelihood of ultimate settlement. Although the Company believes that these estimates are reasonable, actual results could differ from these estimates. The Company classifies interest and penalties related to income taxes as a component of income taxes in the consolidated statements of operations. | |
A liability related to an unrecognized tax benefit is offset against a deferred tax asset for a net operating loss carryforward, a similar tax loss or a tax credit carryforward if such settlement is required or expected in the event the uncertain tax position is disallowed. In situations in which a net operating loss carryforward, a similar tax loss or a tax credit carryforward is not available at the reporting date under the tax law of a jurisdiction or the tax law of a jurisdiction does not require it, and the Company does not intend to use the deferred tax asset for such purpose, the unrecognized tax benefit is presented in the financial statement as a liability and is not combined with deferred tax assets. | |
Earnings Per Share, Policy [Policy Text Block] | Earnings (Loss) Per Share — Basic earnings (loss) per share is computed based on the weighted-average of common shares outstanding during the period. Diluted earnings (loss) per share is computed based on the weighted-average number of common shares and potentially dilutive securities, which includes preferred stock outstanding, outstanding warrants and outstanding options and restricted stock awards granted under the Company’s stock option plans. |
For purposes of determining the net income available (loss attributable) to common stockholders used in the computation of earnings (loss) per share, the amount of the income (loss) was increased (decreased) by the preferred stock dividends and deemed dividends and net income (loss) attributable to noncontrolling interest. The deemed dividend represents the accretion of the issuance costs and beneficial conversion feature of the Company’s preferred stock. | |
All outstanding shares of preferred stock were converted to shares of common stock as of June 14, 2013. For fiscal 2013, the impact of the assumed conversion of preferred stock, calculated using the ‘as-if converted’ method, is anti-dilutive and the incremental shares from assumed exercise of restricted stock awards, warrants and stock options were dilutive. The number of incremental shares from the assumed exercise of restricted stock awards, warrants and options was calculated by applying the treasury stock method. Shares and per share data have been adjusted for all periods presented to reflect the Reverse Stock Split effective May 31, 2013 During fiscal 2014, the Company repurchased 910,813 shares (see Note 12), which reduced the basic weighted average shares outstanding. For fiscal 2014, the Company’s basic weighted average shares outstanding were equal to its diluted weighted average shares outstanding, since the Company experienced a net loss. | |
For fiscal 2012 and fiscal 2014, the Company had net loss attributable to common stockholders and as a result, incremental shares from assumed exercise of restricted stock awards, warrants and options and from the assumed conversion of preferred stock were anti-dilutive. For fiscal 2012, net loss attributable to common stockholders has not been decreased by preferred stock dividends and related deemed dividends. Also the number of preferred shares and common stock equivalents associated with the assumed exercise of restricted stock awards, warrants and options have not been included in the diluted earnings per share calculation as they are anti-dilutive, resulting in the Company’s basic weighted-average shares outstanding being equal to its diluted weighted-average shares outstanding. | |
Anti-dilutive common stock equivalents of 1.5 million, 2.0 million and 4.1 million have been excluded from diluted weighted-average shares outstanding in fiscal 2014, fiscal 2013 and fiscal 2012, respectively. | |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Share-based compensation — The Company measures and recognizes all share-based compensation under the fair value method. |
Stock options for a fixed number of shares are granted to certain employees and directors with an exercise price based on the grant date fair value of the Company’s common stock. The Company also grants restricted stock with a fair value determined based on the closing price of the Company’s common stock on the date of grant (see Note 12). Stock options generally vest over a four-year period. Share-based compensation expense is recognized ratably over the service period. | |
The fair value of restricted stock units is determined based on the Company’s closing stock price on the date of grant. For employees, these restricted stock units typically vest and become unrestricted over the three year period following the date of grant. For non-employee directors, these restricted stock units typically vest and become unrestricted one year after the date of grant. Share-based compensation expense is recognized ratably over the vesting periods for restricted stock units. | |
The fair value of performance stock units (PSUs) is determined based on fair value at the date of grant, and is based on the total shareholder return of the Company's common stock relative to a defined group of peer companies over a three-year performance period. The Company records compensation expense on PSUs with criteria based on market performance by recognizing grant date fair value over the vesting period. For PSUs with criteria based on predetermined internal performance targets such as EBITDA, the Company records compensation expense when it is probable that the performance criteria will be met. | |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value of Financial Instruments — The following instruments are not measured at fair value on the Company’s consolidated balance sheets but require disclosure of their fair values: cash and cash equivalents, accounts receivables and accounts payable. The estimated fair value of such instruments approximates their carrying value as reported on the consolidated balance sheets due to the short-term nature. The fair value of such financial instruments is determined using the income approach based on the present value of estimated future cash flows. The fair value of these instruments would be categorized as Level 2 in the fair value hierarchy, with the exception of cash and cash equivalents, which would be categorized as Level 1. |
Segment Reporting, Policy [Policy Text Block] | Segment Reporting — The Company has one reportable retail segment. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements |
In May 2014, the Financial Accounting Standards Board (the “FASB”) issued new accounting guidance related to revenue recognition. This new standard will replace current U.S. GAAP guidance on this topic and eliminate all industry-specific guidance. The new revenue recognition standard provides a unified model to determine when and how revenue is recognized. The core principle is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration for which the entity expects to be entitled in exchange for those goods or services. This guidance will be effective for the beginning of fiscal year 2017 and can be applied either retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. We are evaluating the impact of adopting this new accounting standard on our financial statements. | |
The FASB issued ASU 2013-11 “Presentation of an Unrecognized Tax Benefit when a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists,” in July 2013. This guidance became effective for fiscal years beginning after December 15, 2013. This guidance was adopted and did not have a material impact on the Company’s financial statements. | |
DEVELOPMENT_AGREEMENTS_Tables
DEVELOPMENT AGREEMENTS (Tables) | 12 Months Ended | |||||||
Dec. 30, 2014 | ||||||||
Business Combinations [Abstract] | ||||||||
Number Of Franchise And International Stores [Table Text Block] | The following table summarizes data about the development agreements for Franchise and International Stores as of December 30, 2014 and December 31, 2013: | |||||||
December 30, 2014 | December 31, 2013 | |||||||
Number of developers with Franchise Store contractual commitments | 30 | 35 | ||||||
Number of Franchise Stores for which commitments exist | 188 | 161 | ||||||
Number of developers with International Stores contractual commitments | 5 | 5 | ||||||
Number of International Stores for which commitments exist | 388 | 432 | ||||||
PROPERTY_FIXTURES_AND_EQUIPMEN1
PROPERTY, FIXTURES AND EQUIPMENT (Tables) | 12 Months Ended | |||||||
Dec. 30, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property, Plant and Equipment [Table Text Block] | Property, fixtures, and equipment as of December 30, 2014 and December 31, 2013 consisted of the following (in thousands): | |||||||
December 30, 2014 | December 31, 2013 | |||||||
Leasehold improvements | $ | 34,840 | $ | 34,812 | ||||
Furniture, fixtures and equipment | 43,980 | 42,370 | ||||||
Construction in progress (primarily stores under construction) | 428 | 164 | ||||||
Total | 79,248 | 77,346 | ||||||
Less accumulated depreciation and amortization | -49,673 | -49,385 | ||||||
Total | $ | 29,575 | $ | 27,961 | ||||
ACQUISITION_AND_ASSETS_HELD_FO1
ACQUISITION AND ASSETS HELD FOR SALE (Tables) | 12 Months Ended | ||||
Dec. 30, 2014 | |||||
Business Combinations [Abstract] | |||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | A summary of the purchase price, the fair value of the net assets acquired and the gain on the purchase follows (in thousands): | ||||
Cash paid to acquire stores | $ | 725 | |||
Additional consideration resulting from termination of pre-existing relationships | 369 | ||||
Total purchase consideration | $ | 1,094 | |||
Net assets acquired: | |||||
Current assets | $ | 145 | |||
Fixed assets | 365 | ||||
Re-acquired franchise rights | 476 | ||||
Other assets and liabilities | 343 | ||||
Net assets acquired | $ | 1,329 | |||
Bargain purchase gain | $ | 235 | |||
GOODWILL_TRADEMARKS_AND_OTHER_1
GOODWILL, TRADEMARKS AND OTHER INTANGIBLE ASSETS (Tables) | 12 Months Ended | ||||||||||
Dec. 30, 2014 | |||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||
Schedule of Goodwill [Table Text Block] | A summary of the changes in Goodwill for fiscal 2013 and 2014 follows (in thousands): | ||||||||||
Amount | |||||||||||
Balance as of January 1, 2013 | $ | 1,233 | |||||||||
Reclassification to assets held for sale | -195 | ||||||||||
Balance as of December 31, 2013 | 1,038 | ||||||||||
Disposals and reclassification to assets held for sale | -56 | ||||||||||
Balance as of December 30, 2014 | $ | 982 | |||||||||
Schedule of Indefinite-Lived Intangible Assets [Table Text Block] | The carrying amount and accumulated amortization of trademarks and other intangible assets as of December 30, 2014 and December 31, 2013, were as follows (in thousands): | ||||||||||
Gross Amount | Accumulated Amortization | Net Amount | |||||||||
Intangible Assets | |||||||||||
As of December 30, 2014 | |||||||||||
Favorable leases | $ | 2,440 | $ | -1,860 | $ | 580 | |||||
Trademarks | 929 | — | 929 | ||||||||
Franchise agreements and customer lists | 943 | -561 | 382 | ||||||||
Reacquired franchise rights | 651 | -182 | 469 | ||||||||
Total | $ | 4,963 | $ | -2,603 | $ | 2,360 | |||||
Gross Amount | Accumulated Amortization | Net Amount | |||||||||
As of December 31, 2013 | |||||||||||
Favorable leases | $ | 1,971 | $ | -1,965 | $ | 6 | |||||
Trademarks | 716 | — | 716 | ||||||||
Franchise agreements and customer lists | 1,059 | -474 | 585 | ||||||||
Reacquired franchise rights | 275 | -265 | 10 | ||||||||
Total | $ | 4,021 | $ | -2,704 | $ | 1,317 | |||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Expected annual amortization expense for the remaining intangible assets recorded as of December 30, 2014 is as follows (in thousands): | ||||||||||
Fiscal Year | Amortization Expense | ||||||||||
2015 | $ | 74 | |||||||||
2016 | 73 | ||||||||||
2017 | 73 | ||||||||||
2018 | 72 | ||||||||||
2019 | 72 | ||||||||||
Thereafter | 20 | ||||||||||
OTHER_LONGTERM_ASSETS_Tables
OTHER LONG-TERM ASSETS (Tables) | 12 Months Ended | |||||||
Dec. 30, 2014 | ||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||||||||
Schedule of Other Assets [Table Text Block] | As of December 30, 2014 and December 31, 2013, other long-term assets consisted of the following (in thousands): | |||||||
December 30, 2014 | December 31, 2013 | |||||||
Notes receivables | $ | 1,256 | $ | 300 | ||||
Deposits and other | 985 | 898 | ||||||
Total | $ | 2,241 | $ | 1,198 | ||||
DEFERRED_RENT_AND_OTHER_LONGTE1
DEFERRED RENT AND OTHER LONG-TERM LIABILITIES (Tables) | 12 Months Ended | |||||||
Dec. 30, 2014 | ||||||||
Other Liabilities Disclosure [Abstract] | ||||||||
Schedule Of Other Long Term Liabilities [Table Text Block] | As of December 30, 2014 and December 31, 2013, other long-term liabilities consisted of the following (in thousands): | |||||||
December 30, 2014 | December 31, 2013 | |||||||
Deferred rent | $ | 3,762 | $ | 4,033 | ||||
Deferred revenue | 3,380 | 2,598 | ||||||
Construction allowance | 1,234 | 1,359 | ||||||
Contingent consideration | 156 | 553 | ||||||
Other liabilities | 1,012 | 658 | ||||||
Total deferred rent and other long-term liabilities | $ | 9,544 | $ | 9,201 | ||||
LEASE_COMMITMENTS_Tables
LEASE COMMITMENTS (Tables) | 12 Months Ended | |||||||
Dec. 30, 2014 | ||||||||
Leases [Abstract] | ||||||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | The aggregate future minimum noncancelable lease payments and minimum rentals to be received from sublessees as of December 30, 2014, were as follows (in thousands): | |||||||
Fiscal Year Ending: | Minimum lease payments | Minimum rentals to be received | ||||||
2015 | $ | 29,326 | $ | -8,394 | ||||
2016 | 24,848 | -7,445 | ||||||
2017 | 20,083 | -5,889 | ||||||
2018 | 14,365 | -3,729 | ||||||
2019 | 10,274 | -2,491 | ||||||
Thereafter | 18,504 | -3,467 | ||||||
Total | $ | 117,400 | $ | -31,415 | ||||
SHAREBASED_COMPENSATION_Tables
SHARE-BASED COMPENSATION (Tables) | 12 Months Ended | |||||||||||||||
Dec. 30, 2014 | ||||||||||||||||
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | ||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The fair value of stock options was estimated at the date of grant using a Black-Scholes option pricing model with the following weighted-average assumptions for fiscal 2014, fiscal 2013 and fiscal 2012: | |||||||||||||||
Fiscal Year Ended | Fiscal Year Ended | Fiscal Year Ended | ||||||||||||||
December 30, 2014 | December 31, 2013 | January 1, 2013 | ||||||||||||||
Weighted-average risk-free interest rate | 0.12 | % | 1.31 | % | 0.83 | % | ||||||||||
Expected life of options (years) | 0.8 | 6.25 | 6.25 | |||||||||||||
Expected stock volatility | 60.8 | % | 63.8 | % | 68.7 | % | ||||||||||
Expected dividend yield | 0 | % | 0 | % | 0 | % | ||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | A summary of the stock option activities for fiscal years 2014 and 2013 is presented below (shares and dollars in thousands): | |||||||||||||||
Weighted-Average Contractual Term | ||||||||||||||||
Number of Options | Weighted-Average Exercise Price | Remaining | Aggregate Intrinsic Value | |||||||||||||
Options outstanding at January 1, 2013 | 1,250 | $ | 11.25 | |||||||||||||
Options granted | 30 | 10.79 | ||||||||||||||
Options exercised | -98 | 7.42 | ||||||||||||||
Options canceled | -56 | 15.04 | ||||||||||||||
Options outstanding at December 31, 2013 | 1,126 | $ | 11.2 | 5.68 | $ | 5,255 | ||||||||||
Options granted | 5 | 5.64 | ||||||||||||||
Options exercised | -201 | 5.11 | ||||||||||||||
Options canceled | -41 | 19.28 | ||||||||||||||
Options outstanding at December 30, 2014 | 889 | $ | 10.89 | 4.74 | $ | 6,110 | ||||||||||
Options vested or expected to vest at December 30, 2014 | 884 | $ | 10.9 | 4.74 | $ | 6,091 | ||||||||||
Options exercisable at December 30, 2014 | 818 | $ | 11 | 4.5 | $ | 5,763 | ||||||||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | The intrinsic value of stock options is defined as the difference between the current market value and the exercise price, which is equal to the market value at the time of the grant. Information regarding options outstanding and exercisable at December 30, 2014 is as follows: | |||||||||||||||
Range of Exercise Prices | Number Outstanding | Weighted-Average Remaining Contractual Life | Weighted-Average Exercise Price | Number Exercisable | Weighted-Average Exercise Price | |||||||||||
$1.80 – $1.80 | 5,700 | 4.22 years | $ | 1.8 | 5,700 | $ | 1.8 | |||||||||
$3.00 – $3.00 | 278,008 | 3.92 years | 3 | 278,008 | 3 | |||||||||||
$5.40 – $5.40 | 15,000 | 4.49 years | 5.4 | 15,000 | 5.4 | |||||||||||
$6.55 – $6.55 | 109,096 | 3.68 years | 6.55 | 109,096 | 6.55 | |||||||||||
$8.05 – $8.05 | 99,323 | 6.78 years | 8.05 | 73,477 | 8.05 | |||||||||||
$8.95 – $10.75 | 98,145 | 5.74 years | 9.48 | 80,045 | 9.28 | |||||||||||
$10.79 – $11.05 | 49,000 | 7.87 years | 10.89 | 23,375 | 10.96 | |||||||||||
$11.10 – $11.10 | 89,130 | 5.84 years | 11.1 | 89,130 | 11.1 | |||||||||||
$11.35 – $47.55 | 110,478 | 3.86 years | 25.79 | 109,478 | 25.91 | |||||||||||
$50.25 – $58.85 | 34,638 | 1.79 years | 55.95 | 34,638 | 55.95 | |||||||||||
888,518 | 10.89 | 817,947 | 11 | |||||||||||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | Information regarding activities during fiscal 2014 and fiscal 2013 for outstanding RSUs granted under the 2006 and 2013 Plans is as follows (shares in thousands): | |||||||||||||||
Weighted-Average Grant Date Fair | ||||||||||||||||
Number of shares of RSUs | Value (per share) | |||||||||||||||
RSUs outstanding as of January 1, 2013 | 115 | $ | 15.16 | |||||||||||||
RSUs granted | 190 | $ | 10.17 | |||||||||||||
RSUs forfeited (canceled) | -33 | $ | 13.25 | |||||||||||||
RSU vested | -63 | $ | 13.63 | |||||||||||||
RSUs outstanding as of December 31, 2013 | 209 | $ | 11.39 | |||||||||||||
RSUs granted | 270 | $ | 13.21 | |||||||||||||
RSUs forfeited (canceled) | -36 | $ | 13.52 | |||||||||||||
RSUs vested | -102 | $ | 13.5 | |||||||||||||
RSUs outstanding as of December 30, 2014 | 341 | $ | 12.5 | |||||||||||||
Schedule Of Share Based Compensation Performance Stock Units Award Activity [Table Text Block] | Information regarding activities during fiscal 2014 and fiscal 2013 for outstanding performance stock units (“PSUs”) under the 2006 and 2013 Plans is as follows (shares in thousands): | |||||||||||||||
Weighted-Average Grant Date Fair | ||||||||||||||||
Number of shares of PSUs | Value (per share) | |||||||||||||||
PSUs outstanding as of January 1, 2013 | 68 | $ | 12.7 | |||||||||||||
PSUs granted | 84 | $ | 13.49 | |||||||||||||
PSUs forfeited (canceled) | -23 | $ | 13.19 | |||||||||||||
PSUs vested | -22 | $ | 12.88 | |||||||||||||
PSUs outstanding as of December 31, 2013 | 107 | $ | 13.18 | |||||||||||||
PSUs granted | 95 | $ | 14.37 | |||||||||||||
PSUs forfeited (canceled) | -46 | $ | 14.16 | |||||||||||||
PSUs vested | -18 | $ | 14.39 | |||||||||||||
PSUs outstanding as of December 30, 2014 | 138 | $ | 14.96 | |||||||||||||
STOCK_REPURCHASES_Tables
STOCK REPURCHASES (Tables) | 12 Months Ended | |||||||||||||
Dec. 30, 2014 | ||||||||||||||
Equity [Abstract] | ||||||||||||||
Class of Treasury Stock [Table Text Block] | The following table presents information related to repurchases of shares of the Company's common stock during the fourth quarter of 2014. | |||||||||||||
Total Number of Shares Purchased as | Maximum Amount Yet to be Purchased | |||||||||||||
Total Number of Shares Purchased | Average Price Paid per Share(1) | Part of Publicly Announced Plans | Under 2014 Stock Purchase Plan(1) | |||||||||||
October 29, 2014 – November 25, 2014 | 401,526 | $ | 12.66 | 401,526 | $ | 19,915,000 | ||||||||
November 26, 2014 – December 30, 2014 | 509,287 | $ | 13.56 | 509,287 | $ | 13,009,000 | ||||||||
Total | 910,813 | $ | 13.17 | 910,813 | ||||||||||
(1) The amounts exclude commission costs. | ||||||||||||||
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | ||||||||||
Dec. 30, 2014 | |||||||||||
Income Tax Disclosure [Abstract] | |||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The components of the income tax (expense) benefit are as follows (in thousands): | ||||||||||
December 30, 2014 | December 31, 2013 | January 1, 2013 | |||||||||
Current: | |||||||||||
Federal | $ | — | $ | 79 | $ | -81 | |||||
State | -37 | -27 | -10 | ||||||||
Foreign | -131 | -107 | -64 | ||||||||
$ | -168 | $ | -55 | $ | -155 | ||||||
Deferred: | |||||||||||
Federal | $ | — | $ | — | $ | — | |||||
State | — | — | — | ||||||||
Foreign | — | — | — | ||||||||
$ | — | $ | — | $ | — | ||||||
Income tax benefit (expense) | $ | -168 | $ | -55 | $ | -155 | |||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The difference between the effective income tax rate and the United States federal income tax rate is summarized as follows: | ||||||||||
December 30, 2014 | December 31, 2013 | January 1, 2013 | |||||||||
Statutory federal rate | -34 | % | 34 | % | 34 | % | |||||
State income taxes less federal benefit | -5.9 | 6.1 | 6.1 | ||||||||
Foreign income taxes | 2.5 | 3.5 | 9.2 | ||||||||
Change in valuation allowance | 31.5 | -47.4 | -36.1 | ||||||||
Meals | 1.2 | 0.8 | 9 | ||||||||
Stock options | — | — | -1 | ||||||||
Write-off of goodwill | — | — | -0.7 | ||||||||
Business Gain on Acquisition | -8.5 | — | — | ||||||||
Executive compensation exclusion | — | 1.9 | — | ||||||||
Alternative minimum taxes | 1 | 0.8 | 22.3 | ||||||||
Expired tax attribute carryforwards | 17 | 6.3 | 8.7 | ||||||||
Tax credits generated | -0.3 | -0.1 | -14.3 | ||||||||
Other | 0.3 | -3.3 | -3.3 | ||||||||
4.8 | % | 2.6 | % | 33.9 | % | ||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The deferred tax assets (liabilities) consisted of the following temporary differences as of December 30, 2014 and December 31, 2013 (in thousands): | ||||||||||
December 30, 2014 | December 31, 2013 | ||||||||||
Reserves and accruals | $ | 10,595 | $ | 9,111 | |||||||
Total current deferred tax asset | 10,595 | 9,111 | |||||||||
Net operating losses | 51,006 | 48,680 | |||||||||
Deferred rent | 1,654 | 1,881 | |||||||||
Tax credit attributes | 1,196 | 1,530 | |||||||||
Basis difference in intangibles | 3,982 | 3,918 | |||||||||
Share-based compensation | 2,541 | 2,153 | |||||||||
Basis difference in fixed assets | 8,513 | 11,164 | |||||||||
Basis difference in investments | 3 | 19 | |||||||||
Reserves and accruals | -6 | — | |||||||||
Total non-current deferred tax asset | 68,889 | 69,345 | |||||||||
Valuation allowance | -79,484 | -78,456 | |||||||||
Total net deferred tax asset | $ | — | $ | — | |||||||
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | Changes in the Company’s unrecognized tax benefits are as follows (in thousands): | ||||||||||
Fiscal Year Ended December 30, 2014 | Fiscal Year Ended December 31, 2013 | ||||||||||
Beginning balance | $ | 185 | $ | 185 | |||||||
Increases attributable to tax positions taken during prior periods | — | — | |||||||||
Decreases resulting from lapse of applicable statutes of limitations | — | — | |||||||||
Ending balance | $ | 185 | $ | 185 | |||||||
FAIR_VALUE_MEASUREMENT_Tables
FAIR VALUE MEASUREMENT (Tables) | 12 Months Ended | ||||||||||
Dec. 30, 2014 | |||||||||||
Fair Value Disclosures [Abstract] | |||||||||||
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | The following table presents financial liabilities that were accounted for at fair value on a recurring basis as of December 30, 2014 and December 31, 2013 by level within the fair value hierarchy (in thousands): | ||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
30-Dec-14 | |||||||||||
Liabilities: | |||||||||||
Contingent consideration(1) | $ | — | $ | — | $ | 156 | |||||
31-Dec-13 | |||||||||||
Liabilities: | |||||||||||
Contingent consideration(2) | $ | — | $ | — | $ | 553 | |||||
-1 | $0.2 million included in deferred rent and other long-term liabilities on the consolidated balance sheet at December 30, 2014. | ||||||||||
-2 | $0.6 million included in deferred rent and other long-term liabilities on the consolidated balance sheet at December 31, 2013. | ||||||||||
Fair Value Measurements, Nonrecurring [Table Text Block] | The following table presents the Company’s assets that were accounted for at fair value on a non-recurring basis as of December 30, 2014 and December 31, 2013. Total losses include losses recognized from all non-recurring fair value measurements for fiscal 2014 and fiscal 2013 (in thousands): | ||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
30-Dec-14 | |||||||||||
Assets: | |||||||||||
Long-lived assets(1) | — | — | $ | — | |||||||
Total losses recognized for all non-recurring fair value measures for the fiscal year ended December 30, 2014. | — | — | $ | 175 | |||||||
31-Dec-13 | |||||||||||
Assets: | |||||||||||
Long-lived assets(1) | — | — | $ | 465 | |||||||
Total losses recognized for all non-recurring fair value measures for the fiscal year ended December 31, 2013 | — | — | $ | 728 | |||||||
(1) | Included in property, fixtures and equipment, net on the consolidated balance sheets. There was no impairment charge during the fourth quarter of fiscal 2014. | ||||||||||
OTHER_OPERATING_NET_Tables
OTHER OPERATING, NET (Tables) | 12 Months Ended | ||||||||||
Dec. 30, 2014 | |||||||||||
Other Operating Net [Abstract] | |||||||||||
Schedule of Other Operating Cost and Expense, by Component [Table Text Block] | The components of other operating, net are as follows (in thousands): | ||||||||||
Fiscal Year | Fiscal Year | Fiscal Year | |||||||||
Ended | Ended | Ended | |||||||||
December 30, | December 31, | January 1, | |||||||||
2014 | 2013 | 2013 | |||||||||
Jambacard breakage income | $ | -4,744 | $ | -3,177 | $ | -4,275 | |||||
Jambacard expense | 1,299 | 753 | 1,379 | ||||||||
Franchise expense | 1,751 | 763 | 272 | ||||||||
Store pre-opening | 763 | 880 | 604 | ||||||||
Impairment of long-lived assets | 175 | 728 | 711 | ||||||||
Store lease termination and closure | 575 | 148 | 421 | ||||||||
CPG and JambaGO® direct expense | 2,637 | 3,053 | 682 | ||||||||
(Gain) Loss on disposal of fixed assets | -2,957 | -3,153 | 648 | ||||||||
Gain on sale of investment | — | — | -545 | ||||||||
Gain on contingent consideration | -397 | -651 | -57 | ||||||||
Franchise bad debt | 61 | 215 | 76 | ||||||||
Other | 119 | 199 | 129 | ||||||||
$ | -718 | $ | -242 | $ | 45 | ||||||
UNAUDITED_QUARTERLY_INFORMATIO1
UNAUDITED QUARTERLY INFORMATION (Tables) | 12 Months Ended | |||||||||||||
Dec. 30, 2014 | ||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | ||||||||||||||
(Dollars in thousands, except share and per share amounts) | Thirteen Weeks | Thirteen Weeks | Thirteen Weeks | Thirteen Weeks Ended | ||||||||||
Ended | Ended | Ended | December 30, | |||||||||||
April 1, | July 1, | September 30, | 2014 | |||||||||||
2014 | 2014 | 2014 | ||||||||||||
Revenue: | ||||||||||||||
Company stores | $ | 47,272 | $ | 58,632 | $ | 53377 | $ | 39,456 | ||||||
Franchise and other revenue | 4,361 | 5,566 | 4,907 | 4,477 | ||||||||||
Total revenue | 51,633 | 64,198 | 58284 | 43,933 | ||||||||||
Costs and operating expenses (income): | ||||||||||||||
Cost of sales | 11,582 | 13,587 | 14,611 | 12,456 | ||||||||||
Labor | 14,330 | 16,243 | 16793 | 14,383 | ||||||||||
Occupancy | 6,967 | 6,899 | 6,917 | 6,847 | ||||||||||
Store operating | 7,402 | 8,495 | 9,400 | 7,792 | ||||||||||
Depreciation and amortization | 2,618 | 2,680 | 2,617 | 2,169 | ||||||||||
General and administrative | 8,350 | 9,582 | 9,487 | 9,859 | ||||||||||
Other operating, net | 603 | 106 | 266 | -1,693 | ||||||||||
Total costs and operating expenses | 51,852 | 57,592 | 60091 | 51,813 | ||||||||||
(Loss) income from operations | -219 | 6,606 | -1,807 | -7,880 | ||||||||||
Other income (expense): | ||||||||||||||
Interest income | 16 | 18 | 21 | 19 | ||||||||||
Interest expense | -46 | -48 | -49 | -52 | ||||||||||
Total other (expense) income, net | -30 | -30 | -28 | -33 | ||||||||||
(Loss) income before income taxes | -249 | 6,576 | -1,835 | -7,913 | ||||||||||
Income tax benefit (expense) | 5 | -223 | 156 | -106 | ||||||||||
Net (loss) income | -244 | 6,353 | -1,679 | -8,019 | ||||||||||
Less: Net income attributable to noncontrolling interest | — | 17 | 22 | 4 | ||||||||||
Net (loss) income attributable to common stockholders | $ | -244 | $ | 6,336 | $ | -1,701 | $ | -8,023 | ||||||
(Loss) earnings per share: | ||||||||||||||
Basic | $ | -0.01 | $ | 0.37 | $ | -0.1 | $ | -0.47 | ||||||
Diluted | $ | -0.01 | $ | 0.36 | $ | -0.1 | $ | -0.47 | ||||||
Per share data have been adjusted for all periods presented to reflect the five-for-one reverse stock split effective May 31, 2013. | ||||||||||||||
(Dollars in thousands, except share and per share amounts) | Thirteen Weeks | Thirteen Weeks | Thirteen Weeks | Thirteen Weeks Ended | ||||||||||
Ended | Ended | Ended | December 31, | |||||||||||
April 2, | July 2, | October 1, | 2013 | |||||||||||
2013 | 2013 | 2013 | ||||||||||||
Revenue: | ||||||||||||||
Company stores | $ | 51,769 | $ | 63,365 | $ | 57,405 | $ | 40,348 | ||||||
Franchise and other revenue | 3,916 | 4,469 | 4,269 | 3,708 | ||||||||||
Total revenue | 55,685 | 67,834 | 61,674 | 44,056 | ||||||||||
Costs and operating expenses (income): | ||||||||||||||
Cost of sales | 12,404 | 14,858 | 14,592 | 10,357 | ||||||||||
Labor | 15,755 | 16,849 | 15,863 | 13,548 | ||||||||||
Occupancy | 7,376 | 7,319 | 7,405 | 7,250 | ||||||||||
Store operating | 8,786 | 9,040 | 9,338 | 7,638 | ||||||||||
Depreciation and amortization | 2,772 | 2,768 | 2,808 | 2,626 | ||||||||||
General and administrative | 9,169 | 10,237 | 8,377 | 9,988 | ||||||||||
Other operating, net | 726 | 120 | -33 | -1,055 | ||||||||||
Total costs and operating expenses | 56,988 | 61,191 | 58,350 | 50,352 | ||||||||||
(Loss) income from operations | -1,303 | 6,643 | 3,324 | -6,296 | ||||||||||
Other income (expense): | ||||||||||||||
Interest income | — | — | 1 | 8 | ||||||||||
Interest expense | -78 | -59 | -54 | -51 | ||||||||||
Total other (expense) income, net | -78 | -59 | -53 | -43 | ||||||||||
(Loss) income before income taxes | -1,381 | 6,584 | 3,271 | -6,339 | ||||||||||
Income tax benefit (expense) | 139 | -234 | -576 | 616 | ||||||||||
Net (loss) income | -1,242 | 6,350 | 2,695 | -5,723 | ||||||||||
Redeemable preferred stock dividends and deemed dividends | -484 | -104 | — | — | ||||||||||
Net (loss) income attributable to common stockholders | $ | -1,726 | $ | 6,246 | $ | 2,695 | $ | -5,723 | ||||||
(Loss) earnings per share: | ||||||||||||||
Basic | $ | -0.11 | $ | 0.37 | $ | 0.16 | $ | -0.33 | ||||||
Diluted | $ | -0.11 | $ | 0.36 | $ | 0.15 | $ | -0.33 | ||||||
BUSINESS_AND_SUMMARY_OF_SIGNIF2
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) (USD $) | 12 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Dec. 30, 2014 | Dec. 31, 2013 | Jan. 01, 2013 | 31-May-13 |
Basis Of Presentation And Significant Accounting Policies [Line Items] | ||||
Accounts Receivable, Net | $1.20 | $0.80 | ||
Accounts payable | 1 | 0.6 | ||
Asset Impairment Charges | 0.2 | 0.7 | 0.7 | |
Advertising Expense | 10 | 10.4 | 8.5 | |
Cooperative Advertising Amount | 6.1 | 4.8 | 3.1 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,500,000 | 2,000,000 | 4,100,000 | |
Common Stock, Par Value | $0.00 | $0.00 | ||
Weighted Average Number of Shares, Common Stock Subject to Repurchase or Cancellation | 910,813 | |||
Deferred Revenue | $0.70 | |||
Reverse Stock Split [Member] | ||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | ||||
Common Stock, Par Value | $0.00 | |||
Southwest Traders [Member] | ||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | ||||
Concentration Risk, Percentage | 98.00% | |||
Franchise [Member] | ||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | ||||
Number of Stores | 26 | |||
Systems Services of America [Member] | ||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | ||||
Concentration Risk, Percentage | 92.00% | |||
JJSC,LLC [Member] | ||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | ||||
Noncontrolling Interest, Ownership Percentage by Parent | 88.00% | |||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 12.00% | |||
Furniture and Fixtures [Member] | ||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | ||||
Property, Plant and Equipment, Estimated Useful Lives | three to 10 years | |||
Leasehold Improvements [Member] | ||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | ||||
Property, Plant and Equipment, Estimated Useful Lives | lesser of 10 years or the term of the underlying lease | |||
Company Stores [Member] | ||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | ||||
Number of Stores | 263 | |||
Franchise Stores [Member] | ||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | ||||
Property, Plant and Equipment, Estimated Useful Lives | 13 years 3 months 18 days | |||
Number of Stores | 543 | |||
International Stores [Member] | ||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | ||||
Number of Stores | 62 |
DEVELOPMENT_AGREEMENTS_Details
DEVELOPMENT AGREEMENTS (Details) | Dec. 30, 2014 | Dec. 31, 2013 |
Stores | Stores | |
Franchise Store Contractual Commitments [Member] | ||
Development Agreement [Line Items] | ||
Number of Developers | 30 | 35 |
Franchise Stores Commitments Exist [Member] | ||
Development Agreement [Line Items] | ||
Number of Stores | 188 | 161 |
International Stores Contractual Commitments [Member] | ||
Development Agreement [Line Items] | ||
Number of Developers | 5 | 5 |
International Stores Commitments Exist [Member] | ||
Development Agreement [Line Items] | ||
Number of Stores | 388 | 432 |
DEVELOPMENT_AGREEMENTS_Details1
DEVELOPMENT AGREEMENTS (Details Textual) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 30, 2014 | Dec. 31, 2013 |
Development Agreement [Line Items] | ||
Deferred Franchise Revenue | $1.10 | $1.30 |
Additional Deferred Franchise Revenue | $1.20 | $0.90 |
License Agreement Terms [Member] | ||
Development Agreement [Line Items] | ||
Commitments from Franchise Agreements | 10 years |
PROPERTY_FIXTURES_AND_EQUIPMEN2
PROPERTY, FIXTURES AND EQUIPMENT (Details) (USD $) | Dec. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | $79,248 | $77,346 |
Less accumulated depreciation and amortization | -49,673 | -49,385 |
Property, Plant and Equipment, Net, Total | 29,575 | 27,961 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | 34,840 | 34,812 |
Furniture,fixtures and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | 43,980 | 42,370 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | $428 | $164 |
PROPERTY_FIXTURES_AND_EQUIPMEN3
PROPERTY, FIXTURES AND EQUIPMENT (Details Textual) (Furniture and Fixtures [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 30, 2014 | Dec. 31, 2013 | Jan. 01, 2013 |
Furniture and Fixtures [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation | $10 | $10.90 | $11 |
ACQUISITION_AND_ASSETS_HELD_FO2
ACQUISITION AND ASSETS HELD FOR SALE (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 30, 2014 |
Cash paid to acquire stores | $725 |
Additional consideration resulting from termination of pre-existing relationships | 369 |
Total purchase consideration | 1,094 |
Net assets acquired: | |
Current assets | 145 |
Fixed assets | 365 |
Re-acquired franchise rights | 476 |
Other assets and liabilities | 343 |
Net assets acquired | 1,329 |
Bargain purchase gain | $235 |
ACQUISITION_AND_ASSETS_HELD_FO3
ACQUISITION AND ASSETS HELD FOR SALE (Details Textual) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 30, 2014 | Feb. 28, 2015 | Dec. 31, 2013 |
Subsequent Event [Member] | |||
Number of Stores | 22 | ||
Leasehold Improvements [Member] | |||
Property, Plant and Equipment, Estimated Useful Lives | lesser of 10 years or the term of the underlying lease | ||
Furniture and Fixtures [Member] | |||
Property, Plant and Equipment, Estimated Useful Lives | three to 10 years | ||
Assets Held-for-sale [Member] | |||
Disposal Group, Including Discontinued Operation, Long Lived Assets | 11.2 | $9.70 |
GOODWILL_TRADEMARKS_AND_OTHER_2
GOODWILL, TRADEMARKS AND OTHER INTANGIBLE ASSETS (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 30, 2014 | Dec. 31, 2013 |
Goodwill [Line Items] | ||
Balance | $1,038 | $1,233 |
Assets Held-for-sale | -56 | -195 |
Balance | $982 | $1,038 |
GOODWILL_TRADEMARKS_AND_OTHER_3
GOODWILL, TRADEMARKS AND OTHER INTANGIBLE ASSETS (Details1) (USD $) | Dec. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Trademarks And Other Intangible Assets [Line Items] | ||
Amortized Intangible Assets Gross Amount | $4,963 | $4,021 |
Amortized Intangible Assets Accumulated - Amortization | -2,603 | -2,704 |
Amortized Intangible Assets Net Amount | 2,360 | 1,317 |
Favorable Leases [Member] | ||
Trademarks And Other Intangible Assets [Line Items] | ||
Amortized Intangible Assets Gross Amount | 2,440 | 1,971 |
Amortized Intangible Assets Accumulated - Amortization | -1,860 | -1,965 |
Amortized Intangible Assets Net Amount | 580 | 6 |
Trademarks [Member] | ||
Trademarks And Other Intangible Assets [Line Items] | ||
Amortized Intangible Assets Gross Amount | 929 | 716 |
Amortized Intangible Assets Accumulated - Amortization | 0 | 0 |
Amortized Intangible Assets Net Amount | 929 | 716 |
Franchise Agreements [Member] | ||
Trademarks And Other Intangible Assets [Line Items] | ||
Amortized Intangible Assets Gross Amount | 943 | 1,059 |
Amortized Intangible Assets Accumulated - Amortization | -561 | -474 |
Amortized Intangible Assets Net Amount | 382 | 585 |
Franchise Rights [Member] | ||
Trademarks And Other Intangible Assets [Line Items] | ||
Amortized Intangible Assets Gross Amount | 651 | 275 |
Amortized Intangible Assets Accumulated - Amortization | -182 | -265 |
Amortized Intangible Assets Net Amount | $469 | $10 |
GOODWILL_TRADEMARKS_AND_OTHER_4
GOODWILL, TRADEMARKS AND OTHER INTANGIBLE ASSETS (Details 2) (USD $) | Dec. 30, 2014 |
In Thousands, unless otherwise specified | |
Trademarks And Other Intangible Assets [Line Items] | |
2015 | $74 |
2016 | 73 |
2017 | 73 |
2018 | 72 |
2019 | 72 |
Thereafter | $20 |
GOODWILL_TRADEMARKS_AND_OTHER_5
GOODWILL, TRADEMARKS AND OTHER INTANGIBLE ASSETS (Details Textual) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 30, 2014 | Dec. 31, 2013 | Jan. 01, 2013 |
Trademarks And Other Intangible Assets [Line Items] | ||||
Amortization of Intangible Assets | $0.10 | $0.10 | $0.20 | |
Finite-lived Intangible Assets Acquired | 1.1 | |||
Finite-Lived Intangible Assets, Cost Incurred to Renew or Extend | 0.4 | |||
Maximum [Member] | ||||
Trademarks And Other Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Asset, Useful Life | 7 years | |||
Minimum [Member] | ||||
Trademarks And Other Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Asset, Useful Life | 2 years | |||
Trademarks [Member] | ||||
Trademarks And Other Intangible Assets [Line Items] | ||||
Amortization of Intangible Assets | $0.90 | $0.90 |
OTHER_LONGTERM_ASSETS_Details
OTHER LONG-TERM ASSETS (Details) (USD $) | Dec. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other Assets Disclosure [Line Items] | ||
Other long-term assets | $2,241 | $1,198 |
Deposits [Member] | ||
Other Assets Disclosure [Line Items] | ||
Other long-term assets | 985 | 898 |
Notes receivables [Member] | ||
Other Assets Disclosure [Line Items] | ||
Other long-term assets | $1,256 | $300 |
OTHER_LONGTERM_ASSETS_Details_
OTHER LONG-TERM ASSETS (Details Textual) (Franchise Partner [Member], USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 30, 2014 | Dec. 31, 2013 |
Franchise Partner [Member] | ||
Other Assets Disclosure [Line Items] | ||
Notes Receivable, Related Parties, Noncurrent | $1.30 | $0.30 |
Debt Instrument, Maturity Date | 1-Jun-16 | |
Debt Instrument, Interest Rate Terms | the monthly adjustable interest rate is federal funds prime rate plus 1% |
DEFERRED_RENT_AND_OTHER_LONGTE2
DEFERRED RENT AND OTHER LONG-TERM LIABILITIES (Details) (USD $) | Dec. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred Rent And Other Long Term Liabilities [Line Items] | ||
Deferred rent | $3,762 | $4,033 |
Deferred revenue | 3,380 | 2,598 |
Construction allowance | 1,234 | 1,359 |
Contingent consideration | 156 | 553 |
Other liabilities | 1,012 | 658 |
Total deferred rent and other long-term liabilities | $9,544 | $9,201 |
LEASE_COMMITMENTS_Details
LEASE COMMITMENTS (Details) (USD $) | Dec. 30, 2014 |
In Thousands, unless otherwise specified | |
Minimum lease payments for 2015 | $29,326 |
Minimum lease payments for 2016 | 24,848 |
Minimum lease payments for 2017 | 20,083 |
Minimum lease payments for 2018 | 14,365 |
Minimum lease payments for 2019 | 10,274 |
Minimum lease payments Thereafter | 18,504 |
Minimum lease payments Total | 117,400 |
Minimum rentals to be received for 2015 | -8,394 |
Minimum rentals to be received for 2016 | -7,445 |
Minimum rentals to be received for 2017 | -5,889 |
Minimum rentals to be received for 2018 | -3,729 |
Minimum rentals to be received for 2019 | -2,491 |
Minimum rentals to be received Thereafter | -3,467 |
Minimum rentals to be received Total | ($31,415) |
LEASE_COMMITMENTS_Details_Text
LEASE COMMITMENTS (Details Textual) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 30, 2014 | Dec. 31, 2013 | Jan. 01, 2013 |
Operating Leased Assets [Line Items] | |||
Description of Lessee Leasing Arrangements, Operating Leases | The Company leases its office, retail stores, and some equipment under operating leases, with terms expiring through 2025. Most store leases have an initial term of 10 years, with renewal options of up to 10 years and provide for payment of common area operating expenses and real estate taxes. | ||
Operating Leases, Rent Expense, Net | $22.30 | $23.50 | $23.50 |
Operating Leases, Rent Expense, Contingent Rentals | 0.5 | 0.5 | 0.4 |
Operating Leases, Income Statement, Sublease Revenue | $9.20 | $8.30 | $8.40 |
CREDIT_AGREEMENT_Details_Textu
CREDIT AGREEMENT (Details Textual) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 30, 2014 |
London Interbank Offered Rate (LIBOR) [Member] | |
Credit Agreement [Line Items] | |
Line of Credit Facility, Description | LIBOR Market Index Rate based upon the rate for one month U.S. dollar deposits, plus 2.50% per annum. |
Credit Agreement [Member] | |
Credit Agreement [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | 15 |
Debt Instrument, Maturity Date | 22-Jul-16 |
Letters of Credit Outstanding, Amount | 1.7 |
Line of Credit Facility, Remaining Borrowing Capacity | 13.3 |
Debt Instrument, Basis Spread on Variable Rate | 2.50% |
REDEEMABLE_PREFERRED_STOCK_Det
REDEEMABLE PREFERRED STOCK (Details Textual) (USD $) | 0 Months Ended | 12 Months Ended | |
Jun. 16, 2009 | Dec. 31, 2013 | Jan. 01, 2013 | |
Temporary Equity [Line Items] | |||
Dividends, Cash | $1,300,000 | ||
Preferred Stock, Accretion of Redemption Discount | 1,000,000 | ||
Series B-1 Preferred [Member] | |||
Temporary Equity [Line Items] | |||
Conversion of Stock, Shares Converted | 19,649 | 93,500 | |
Conversion of Stock, Shares Issued | 1,457,780 | ||
Series B-1 Preferred [Member] | Mistral Equity Partners [Member] | |||
Temporary Equity [Line Items] | |||
Stock Issued During Period, Shares, New Issues | 170,000 | ||
Preferred Stock, Par or Stated Value Per Share | $0.00 | ||
Share Price | $115 | ||
Stock Issued During Period, Value, New Issues | 19,600,000 | ||
Series B-2 Preferred [Member] | |||
Temporary Equity [Line Items] | |||
Conversion Of Stock Conversion Price | $5.75 | ||
Conversion of Stock, Shares Converted | 53,240 | 2,000 | |
Series B-2 Preferred [Member] | CanBa Investments, LLC [Member] | |||
Temporary Equity [Line Items] | |||
Stock Issued During Period, Shares, New Issues | 134,348 | ||
Preferred Stock, Par or Stated Value Per Share | $0.00 | ||
Share Price | $115 | ||
Stock Issued During Period, Value, New Issues | 15,400,000 | ||
Series B Preferred Stock [Member] | |||
Temporary Equity [Line Items] | |||
Proceeds from Issuance of Convertible Preferred Stock | 35,000,000 | 500,000 | |
Transaction Cost | 3,100,000 | ||
Transaction Fees | 2,200,000 | ||
Transaction Cost Paid To Investors | 885,000 | ||
Conversion Of Stock Conversion Price | $5.75 | ||
Dividends, Cash | $100,000 | ||
Convertible Preferred Stock, Shares Issued upon Conversion | 1,910,000 |
SHAREBASED_COMPENSATION_Detail
SHARE-BASED COMPENSATION (Details) | 12 Months Ended | ||
Dec. 30, 2014 | Dec. 31, 2013 | Jan. 01, 2013 | |
Share Based Payment Award Stock Options Valuation Assumptions [Line Items] | |||
Weighted-average risk-free interest rate | 0.12% | 1.31% | 0.83% |
Expected life of options (years) | 9 months 18 days | 6 years 3 months | 6 years 3 months |
Expected stock volatility | 60.80% | 63.80% | 68.70% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
SHAREBASED_COMPENSATION_Detail1
SHARE-BASED COMPENSATION (Details 1) (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 30, 2014 | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options outstanding at Beginning, Number of Options | 1,126 | 1,250 |
Options granted, Number of Options | 5 | 30 |
Options exercised, Number of Options | -201 | -98 |
Options canceled, Number of Options | -41 | -56 |
Options outstanding at Ending, Number of Options | 889 | 1,126 |
Options vested or expected to vest at December 31, 2014, Number of Options | 884 | |
Options exercisable at December 31, 2014, Number of Options | 818 | |
Options outstanding at Beginning, Weighted - Average Excercise Price (in dollars per share) | $11.20 | $11.25 |
Options granted, Weighted- Average Exercise Price (in dollars per share) | $5.64 | $10.79 |
Options exercised, Weighted- Average Exercise Price (in dollars per share) | $5.11 | $7.42 |
Options canceled, Weighted- Average Exercise Price (in dollars per share) | $19.28 | $15.04 |
Options outstanding at Ending, Weighted - Average Excercise Pice (in dollars per share) | $10.89 | $11.20 |
Options vested or expected to vest at December 30, 2014, Weighted- Average Exercise Price (in dollars per share) | $10.90 | |
Options vested or expected to vest at December 30, 2014, Weighted- Average Exercise Price (in dollars per share) | $11 | |
Weighted- Average Contractual Term Options outstanding | 4 years 8 months 26 days | 5 years 8 months 5 days |
Weighted- Average Contractual Term Options vested or expected to vest at December 31, 2014 | 4 years 8 months 26 days | |
Weighted- Average Contractual Term Options exercisable at December 31, 2014 | 4 years 6 months | |
Options outstanding, Aggregate Intrinsic Value | $6,110 | $5,255 |
Options vested or expected to vest at December 30, 2014, Aggregate Intrinsic Value | 6,091 | |
Options exercisable at December 30, 2014, Aggregate Intrinsic Value | $5,763 |
SHAREBASED_COMPENSATION_Detail2
SHARE-BASED COMPENSATION (Details 2) (USD $) | 12 Months Ended | ||
Dec. 30, 2014 | Dec. 31, 2013 | Jan. 01, 2013 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Number Outstanding | 889 | 1,126 | 1,250 |
Weighted-Average Remaining Contractual Life | 4 years 8 months 26 days | 5 years 8 months 5 days | |
Weighted Average Exercise Price | $10.89 | $11.20 | $11.25 |
Number Exercisable | 818 | ||
Weighted Average Exercise Price | $11 | ||
Range One [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Number Outstanding | 5,700 | ||
Weighted-Average Remaining Contractual Life | 4 years 2 months 19 days | ||
Weighted Average Exercise Price | $1.80 | ||
Number Exercisable | 5,700 | ||
Weighted Average Exercise Price | $1.80 | ||
Range Two [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Number Outstanding | 278,008 | ||
Weighted-Average Remaining Contractual Life | 3 years 11 months 1 day | ||
Weighted Average Exercise Price | $3 | ||
Number Exercisable | 278,008 | ||
Weighted Average Exercise Price | $3 | ||
Range Three [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Number Outstanding | 15,000 | ||
Weighted-Average Remaining Contractual Life | 4 years 5 months 26 days | ||
Weighted Average Exercise Price | $5.40 | ||
Number Exercisable | 15,000 | ||
Weighted Average Exercise Price | $5.40 | ||
Range Four [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Number Outstanding | 109,096 | ||
Weighted-Average Remaining Contractual Life | 3 years 8 months 5 days | ||
Weighted Average Exercise Price | $6.55 | ||
Number Exercisable | 109,096 | ||
Weighted Average Exercise Price | $6.55 | ||
Range Five [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Number Outstanding | 99,323 | ||
Weighted-Average Remaining Contractual Life | 6 years 9 months 11 days | ||
Weighted Average Exercise Price | $8.05 | ||
Number Exercisable | 73,477 | ||
Weighted Average Exercise Price | $8.05 | ||
Range Six [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Number Outstanding | 98,145 | ||
Weighted-Average Remaining Contractual Life | 5 years 8 months 26 days | ||
Weighted Average Exercise Price | $9.48 | ||
Number Exercisable | 80,045 | ||
Weighted Average Exercise Price | $9.28 | ||
Range Seven [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Number Outstanding | 49,000 | ||
Weighted-Average Remaining Contractual Life | 7 years 10 months 13 days | ||
Weighted Average Exercise Price | $10.89 | ||
Number Exercisable | 23,375 | ||
Weighted Average Exercise Price | $10.96 | ||
Range Eight [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Number Outstanding | 89,130 | ||
Weighted-Average Remaining Contractual Life | 5 years 10 months 2 days | ||
Weighted Average Exercise Price | $11.10 | ||
Number Exercisable | 89,130 | ||
Weighted Average Exercise Price | $11.10 | ||
Range Nine [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Number Outstanding | 110,478 | ||
Weighted-Average Remaining Contractual Life | 3 years 10 months 10 days | ||
Weighted Average Exercise Price | $25.79 | ||
Number Exercisable | 109,478 | ||
Weighted Average Exercise Price | $25.91 | ||
Range Ten [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Number Outstanding | 34,638 | ||
Weighted-Average Remaining Contractual Life | 1 year 9 months 14 days | ||
Weighted Average Exercise Price | $55.95 | ||
Number Exercisable | 34,638 | ||
Weighted Average Exercise Price | $55.95 |
SHAREBASED_COMPENSATION_Detail3
SHARE-BASED COMPENSATION (Details 3) (Restricted Stock Units (RSUs) [Member], USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 30, 2014 | Dec. 31, 2013 |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares outstanding at Beggining (in shares) | 209 | 115 |
Number of shares of granted (in shares) | 270 | 190 |
Number of shares of forfeited (canceled) (in shares) | -36 | -33 |
Number of shares of vested (in shares) | -102 | -63 |
Number of shares outstanding at Ending (in shares) | 341 | 209 |
Stock outstanding at beggining Weighted- Average Grant Date Fair Value (in dollar per share) | $11.39 | $15.16 |
Stock granted Weighted- Average Grant Date Fair Value (in dollars per share) | $13.21 | $10.17 |
Stock forfeited (canceled) Weighted- Average Grant Date Fair Value (in dollars per share) | $13.52 | $13.25 |
Stock vested Weighted- Average Grant Date Fair Value (in dollars per share) | $13.50 | $13.63 |
Stock outstanding at Ending Weighted- Average Grant Date Fair Value (in dollar per share) | $12.50 | $11.39 |
SHAREBASED_COMPENSATION_Detail4
SHARE-BASED COMPENSATION (Details 4) (Performance Stock Units [Member], USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 30, 2014 | Dec. 31, 2013 |
Performance Stock Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares outstanding at Beggining (in shares) | 107 | 68 |
Number of shares of granted (in shares) | 95 | 84 |
Number of shares of forfeited (canceled) (in shares) | -46 | -23 |
Number of shares of vested (in shares) | -18 | -22 |
Number of shares outstanding at Ending (in shares) | 138 | 107 |
Stock outstanding at beggining Weighted- Average Grant Date Fair Value (in dollar per share) | $13.18 | $12.70 |
Stock granted Weighted- Average Grant Date Fair Value (in dollar per share) | $14.37 | $13.49 |
Stock forfeited (canceled) Weighted- Average Grant Date Fair Value (in dollar per share) | $14.16 | $13.19 |
Stock vested Weighted- Average Grant Date Fair Value (in dollar per share) | $14.39 | $12.88 |
Stock outstanding at Ending Weighted- Average Grant Date Fair Value (in dollar per share) | $14.96 | $13.18 |
SHAREBASED_COMPENSATION_Detail5
SHARE-BASED COMPENSATION (Details Textual) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 30, 2014 | Dec. 31, 2013 | Jan. 01, 2013 | 14-May-14 | Jan. 02, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Allocated Share-based Compensation Expense | $3.10 | $2.60 | $2.10 | ||
Share Based Compensation Arrangement By Share Based Payment Award, Option And Restricted Stock Awards, Nonvested Net Of Forfeiture | 4.1 | ||||
Share Based Compensation Arrangement By Share Based PaymentAward Weighted Average Remaining Recognition Period | 2 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term | 10 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $5.64 | $6.39 | $6.55 | ||
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Net Of Forfeitures | 5 | 30 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 900,000 | ||||
Amortized Expenses On Stock Option Issuance | 0.3 | ||||
Equity Incentive Plan 2013 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 3,145,122 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,460,080 | ||||
Equity Incentive Plan 2006 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 47,931 | ||||
Restricted Stock Units (RSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $13.21 | $12.30 | |||
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Grant Date Fair Value | 3.3 | 2.5 | |||
Share Based Compensation Arrangement By Share Based Payment Award Options Granted Intrinsic Value 1 | 4 | 2.4 | |||
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Net Of Forfeitures | 2,000,000 | ||||
Restricted Stock Units (RSUs) [Member] | Management Incentive Plan 2012 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $10.17 | ||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Net Of Forfeitures | 300,000 | 200,000 | 100,000 | ||
Performance Stock Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Grant Date Fair Value | 1.2 | 0.7 | 0.9 | ||
Share Based Compensation Arrangement By Share Based Payment Award Options Granted Intrinsic Value 1 | $1.90 | $1.50 | |||
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Net Of Forfeitures | 95,000 | 84,000 |
STOCK_REPURCHASES_Details
STOCK REPURCHASES (Details) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Dec. 30, 2014 | Nov. 25, 2014 | Dec. 30, 2014 | Dec. 30, 2014 | |||||
Equity, Class of Treasury Stock [Line Items] | ||||||||
Total Number of Shares Purchased | 509,287 | 401,526 | 910,813 | 910,813 | ||||
Average Price Paid per Share | $13.56 | [1] | $12.66 | [1] | $13.17 | [1] | ||
Total Number of Shares Purchased as Part of Publicly Announced Plans | 509,287 | 401,526 | 910,813 | 910,813 | ||||
Maximum Amount Yet to be Purchased Under 2014 Stock Purchase Plan | $13,009,000 | [1] | $19,915,000 | [1] | $13,009,000 | [1] | $13,009,000 | [1] |
[1] | The amounts exclude commission costs. |
STOCK_REPURCHASES_Details_Text
STOCK REPURCHASES (Details Textual) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 30, 2014 | Nov. 25, 2014 | Dec. 30, 2014 | Dec. 30, 2014 | Oct. 30, 2014 |
Treasury Stock Value Acquired | $12 | ||||
Treasury Stock, Shares, Acquired | 509,287 | 401,526 | 910,813 | 910,813 | |
Stock Repurchase Program, Authorized Amount | $25 | ||||
Stock Repurchase Program, Period in Force | 18 months |
INCOME_TAXES_Details
INCOME TAXES (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 30, 2014 | Sep. 30, 2014 | Jul. 01, 2014 | Apr. 01, 2014 | Dec. 31, 2013 | Oct. 01, 2013 | Jul. 02, 2013 | Apr. 02, 2013 | Dec. 30, 2014 | Dec. 31, 2013 | Jan. 01, 2013 |
Current: | |||||||||||
Federal | $0 | $79 | ($81) | ||||||||
State | -37 | -27 | -10 | ||||||||
Foreign | -131 | -107 | -64 | ||||||||
Current Income Tax Expense (Benefit) | -168 | -55 | -155 | ||||||||
Deferred: | |||||||||||
Federal | 0 | 0 | 0 | ||||||||
State | 0 | 0 | 0 | ||||||||
Foreign | 0 | 0 | 0 | ||||||||
Deferred Income Tax Expense (Benefit) | 0 | 0 | 0 | ||||||||
Income tax benefit (expense) | ($106) | $156 | ($223) | $5 | $616 | ($576) | ($234) | $139 | ($168) | ($55) | ($155) |
INCOME_TAXES_Details_1
INCOME TAXES (Details 1) | 12 Months Ended | ||
Dec. 30, 2014 | Dec. 31, 2013 | Jan. 01, 2013 | |
Income Tax [Line Items] | |||
Statutory federal rate | -34.00% | 34.00% | 34.00% |
State income taxes less federal benefit | -5.90% | 6.10% | 6.10% |
Foreign income taxes | 2.50% | 3.50% | 9.20% |
Change in valuation allowance | 31.50% | -47.40% | -36.10% |
Meals | 1.20% | 0.80% | 9.00% |
Stock options | 0.00% | 0.00% | -1.00% |
Write-off of goodwill | 0.00% | 0.00% | -0.70% |
Business Gain on Acquisition | -8.50% | 0.00% | 0.00% |
Executive compensation exclusion | 0.00% | 1.90% | 0.00% |
Alternative minimum taxes | 1.00% | 0.80% | 22.30% |
Expired tax attribute carryforwards | 17.00% | 6.30% | 8.70% |
Tax credits generated | -0.30% | -0.10% | -14.30% |
Other | 0.30% | -3.30% | -3.30% |
Effective Income Tax Rate Reconciliation, Percent | 4.80% | 2.60% | 33.90% |
INCOME_TAXES_Details_2
INCOME TAXES (Details 2) (USD $) | Dec. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Income Tax [Line Items] | ||
Reserves and accruals | $10,595 | $9,111 |
Total current deferred tax asset | 10,595 | 9,111 |
Net operating losses | 51,006 | 48,680 |
Deferred rent | 1,654 | 1,881 |
Tax credit attributes | 1,196 | 1,530 |
Basis difference in intangibles | 3,982 | 3,918 |
Share-based compensation | 2,541 | 2,153 |
Basis difference in fixed assets | 8,513 | 11,164 |
Basis difference in investments | 3 | 19 |
Reserves and accruals | -6 | 0 |
Total non-current deferred tax asset | 68,889 | 69,345 |
Valuation allowance | -79,484 | -78,456 |
Total net deferred tax asset | $0 | $0 |
INCOME_TAXES_Details_3
INCOME TAXES (Details 3) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 30, 2014 | Dec. 31, 2013 |
Income Tax [Line Items] | ||
Beginning balance | $185 | $185 |
Increases attributable to tax positions taken during prior periods | 0 | 0 |
Decreases resulting from lapse of applicable statutes of limitations | 0 | 0 |
Ending balance | $185 | $185 |
INCOME_TAXES_Details_Textual
INCOME TAXES (Details Textual) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 30, 2014 |
Income Tax [Line Items] | |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $1 |
Operating Loss Carry forward Expiration Dates | will expire between 2018 and 2034 |
Operating Loss Carryforwards, Limitations on Use | approximately $0.3 millionwill start to expire in 2031 if unused before that year |
Deferred Tax Asset Increase In Equity Contingency | 1.2 |
Domestic Tax Authority [Member] | |
Income Tax [Line Items] | |
Operating Loss Carryforwards | 123.3 |
Deferred Tax Assets, Tax Credit Carryforwards | 0.8 |
State and Local Jurisdiction [Member] | |
Income Tax [Line Items] | |
Operating Loss Carryforwards | 131.8 |
Deferred Tax Assets, Tax Credit Carryforwards | $0.60 |
FAIR_VALUE_MEASUREMENT_Details
FAIR VALUE MEASUREMENT (Details) (USD $) | Dec. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Liabilities: | ||||
Contingent consideration | $200 | $600 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Liabilities: | ||||
Contingent consideration | 0 | [1] | 0 | [2] |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Liabilities: | ||||
Contingent consideration | 0 | [1] | 0 | [2] |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Liabilities: | ||||
Contingent consideration | $156 | [1] | $553 | [2] |
[1] | $0.2 million included in deferred rent and other long-term liabilities on the consolidated balance sheet at December 30, 2014. | |||
[2] | $0.6 million included in deferred rent and other long-term liabilities on the consolidated balance sheet at December 31, 2013. |
FAIR_VALUE_MEASUREMENT_Details1
FAIR VALUE MEASUREMENT (Details 1) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 30, 2014 | Dec. 31, 2013 | Jan. 01, 2013 | ||
Assets [Abstract] | |||||
Impairment of long-lived assets | $175 | $728 | $711 | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||||
Assets [Abstract] | |||||
Long-lived assets | 0 | [1] | 0 | [1] | |
Impairment of long-lived assets | 0 | 0 | |||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||||
Assets [Abstract] | |||||
Long-lived assets | 0 | [1] | 0 | [1] | |
Impairment of long-lived assets | 0 | 0 | |||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||||
Assets [Abstract] | |||||
Long-lived assets | 0 | [1] | 465 | [1] | |
Impairment of long-lived assets | $175 | $728 | |||
[1] | Included in property, fixtures and equipment, net on the consolidated balance sheets. There was no impairment charge during the fourth quarter of fiscal 2014. |
FAIR_VALUE_MEASUREMENT_Details2
FAIR VALUE MEASUREMENT (Details Textual) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 30, 2014 | Dec. 31, 2013 | Jan. 02, 2012 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Business Acquisitions, Contingent Consideration, at Fair Value | $0.20 | $0.60 | |
Business Acquisitions, Contingent Consideration, at Fair Value, Gain Or Loss | 0.4 | 0.7 | |
Business Acquisition Contingent Consideration At Fair Value Initial Amount Recorded | 1.4 | ||
Other Liabilities, Fair Value Disclosure | $0.20 | $0.60 |
EMPLOYEE_BENEFIT_PLAN_Details_
EMPLOYEE BENEFIT PLAN (Details Textual) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 30, 2014 | Dec. 31, 2013 | Jan. 01, 2013 |
Compensation and Employee Benefit Plans [Line Items] | |||
Employee Benefits and Share-based Compensation | $0.10 | $0.10 | $0.10 |
OTHER_OPERATING_NET_Details
OTHER OPERATING, NET (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 30, 2014 | Sep. 30, 2014 | Jul. 01, 2014 | Apr. 01, 2014 | Dec. 31, 2013 | Oct. 01, 2013 | Jul. 02, 2013 | Apr. 02, 2013 | Dec. 30, 2014 | Dec. 31, 2013 | Jan. 01, 2013 |
Other Operating Income Expenses [Line Items] | |||||||||||
Jambacard card breakage income | ($4,744) | ($3,177) | ($4,275) | ||||||||
Jambacard expense | 1,299 | 753 | 1,379 | ||||||||
Franchise expense | 1,751 | 763 | 272 | ||||||||
Store pre-opening | 763 | 880 | 604 | ||||||||
Impairment of long-lived assets | 175 | 728 | 711 | ||||||||
Store lease termination and closure | 575 | 148 | 421 | ||||||||
CPG and JambaGO® direct expense | 2,637 | 3,053 | 682 | ||||||||
(Gain) Loss on disposal of fixed assets | -2,957 | -3,153 | 648 | ||||||||
Gain on sale of investment | 0 | 0 | -545 | ||||||||
Gain on contingent consideration | -397 | -651 | -57 | ||||||||
Franchise bad debt | 61 | 215 | 76 | ||||||||
Other | 119 | 199 | 129 | ||||||||
Other Operating Income (Expense), Net | $1,693 | ($266) | ($106) | ($603) | $1,055 | $33 | ($120) | ($726) | ($718) | ($242) | $45 |
OTHER_OPERATING_NET_Details_Te
OTHER OPERATING, NET (Details Textual) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 30, 2014 | Dec. 31, 2013 | Jan. 01, 2013 |
Other Operating Income Expenses [Line Items] | |||
(Gain) Loss on disposal of fixed assets | ($2,957) | ($3,153) | $648 |
Company Stores [Member] | |||
Other Operating Income Expenses [Line Items] | |||
(Gain) Loss on disposal of fixed assets | 3,500 | 4,600 | |
Franchise Stores [Member] | |||
Other Operating Income Expenses [Line Items] | |||
(Gain) Loss on disposal of fixed assets | $300 |
OTHER_COMMITMENTS_AND_CONTINGE1
OTHER COMMITMENTS AND CONTINGENCIES (Details Textual) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 30, 2014 |
Loss Contingencies [Line Items] | |
Purchase Commitment, Description | The Company has purchase obligations with certain suppliers for certain fruits and dairy for various terms typically ranging from one year to five years. The Company has one contract with a supplier for a 15 year term that ends in 2024 |
Purchase Commitment, Remaining Minimum Amount Committed | $26.60 |
RELATEDPARTY_TRANSACTIONS_Deta
RELATED-PARTY TRANSACTIONS (Details Textual) (Mistral Capital Management, LLC [Member], Series B Preferred Stock [Member], USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Jan. 01, 2013 | Jan. 02, 2012 |
Mistral Capital Management, LLC [Member] | Series B Preferred Stock [Member] | ||
Related Party Transaction [Line Items] | ||
Related Party Transaction, Amounts of Transaction | $0.10 | $0.20 |
UNAUDITED_QUARTERLY_INFORMATIO2
UNAUDITED QUARTERLY INFORMATION (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 30, 2014 | Sep. 30, 2014 | Jul. 01, 2014 | Apr. 01, 2014 | Dec. 31, 2013 | Oct. 01, 2013 | Jul. 02, 2013 | Apr. 02, 2013 | Dec. 30, 2014 | Dec. 31, 2013 | Jan. 01, 2013 |
Revenue: | |||||||||||
Company stores | $39,456 | $53,377 | $58,632 | $47,272 | $40,348 | $57,405 | $63,365 | $51,769 | $198,737 | $212,887 | $215,125 |
Franchise and other revenue | 4,477 | 4,907 | 5,566 | 4,361 | 3,708 | 4,269 | 4,469 | 3,916 | 19,311 | 16,362 | 13,664 |
Total revenue | 43,933 | 58,284 | 64,198 | 51,633 | 44,056 | 61,674 | 67,834 | 55,685 | 218,048 | 229,249 | 228,789 |
Costs and operating expenses (income): | |||||||||||
Cost of sales | 12,456 | 14,611 | 13,587 | 11,582 | 10,357 | 14,592 | 14,858 | 12,404 | 52,236 | 52,211 | 50,215 |
Labor | 14,383 | 16,793 | 16,243 | 14,330 | 13,548 | 15,863 | 16,849 | 15,755 | 61,749 | 62,015 | 63,086 |
Occupancy | 6,847 | 6,917 | 6,899 | 6,967 | 7,250 | 7,405 | 7,319 | 7,376 | 27,630 | 29,350 | 29,473 |
Store operating | 7,792 | 9,400 | 8,495 | 7,402 | 7,638 | 9,338 | 9,040 | 8,786 | 33,089 | 34,802 | 33,524 |
Depreciation and amortization | 2,169 | 2,617 | 2,680 | 2,618 | 2,626 | 2,808 | 2,768 | 2,772 | 10,084 | 10,974 | 11,062 |
General and administrative | 9,859 | 9,487 | 9,582 | 8,350 | 9,988 | 8,377 | 10,237 | 9,169 | 37,278 | 37,771 | 40,771 |
Other operating, net | -1,693 | 266 | 106 | 603 | -1,055 | -33 | 120 | 726 | 718 | 242 | -45 |
Total costs and operating expenses | 51,813 | 60,091 | 57,592 | 51,852 | 50,352 | 58,350 | 61,191 | 56,988 | 221,348 | 226,881 | 228,176 |
(Loss) income from operations | -7,880 | -1,807 | 6,606 | -219 | -6,296 | 3,324 | 6,643 | -1,303 | -3,300 | 2,368 | 613 |
Other income (expense): | |||||||||||
Interest income | 19 | 21 | 18 | 16 | 8 | 1 | 0 | 0 | 74 | 9 | 61 |
Interest expense | -52 | -49 | -48 | -46 | -51 | -54 | -59 | -78 | -195 | -242 | -217 |
Total other (expense) income, net | -33 | -28 | -30 | -30 | -43 | -53 | -59 | -78 | -121 | -233 | -156 |
(Loss) income before income taxes | -7,913 | -1,835 | 6,576 | -249 | -6,339 | 3,271 | 6,584 | -1,381 | -3,421 | 2,135 | 457 |
Income tax benefit (expense) | -106 | 156 | -223 | 5 | 616 | -576 | -234 | 139 | -168 | -55 | -155 |
Net (loss) income attributable to common stockholders | -8,019 | -1,679 | 6,353 | -244 | -5,723 | 2,695 | 6,350 | -1,242 | -3,589 | 2,080 | 302 |
Redeemable preferred stock dividends and deemed dividends | 0 | 0 | -104 | -484 | 0 | -588 | -2,181 | ||||
Less: Net income attributable to noncontrolling interest | 4 | 22 | 17 | 0 | 43 | 0 | 0 | ||||
Net (loss) income attributable to common stockholders | ($8,023) | ($1,701) | $6,336 | ($244) | ($5,723) | $2,695 | $6,246 | ($1,726) | ($3,632) | $1,492 | ($1,879) |
(Loss) earnings per share: | |||||||||||
Basic (in dollars per share) | ($0.47) | ($0.10) | $0.37 | ($0.01) | ($0.33) | $0.16 | $0.37 | ($0.11) | ($0.21) | $0.09 | ($0.13) |
Diluted (in dollars per share) | ($0.47) | ($0.10) | $0.36 | ($0.01) | ($0.33) | $0.15 | $0.36 | ($0.11) | ($0.21) | $0.09 | ($0.13) |
UNAUDITED_QUARTERLY_INFORMATIO3
UNAUDITED QUARTERLY INFORMATION (Details Textual) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 30, 2014 | Sep. 30, 2014 | Jul. 01, 2014 | Apr. 01, 2014 | Dec. 31, 2013 | Oct. 01, 2013 | Jul. 02, 2013 | Apr. 02, 2013 | Dec. 30, 2014 | Dec. 31, 2013 | Jan. 01, 2013 |
Unaudited Quarterly Financial Information [Line Items] | |||||||||||
Other Cost and Expense, Operating | $7,792 | $9,400 | $8,495 | $7,402 | $7,638 | $9,338 | $9,040 | $8,786 | $33,089 | $34,802 | $33,524 |
Immaterial Error Correction | The correction of the immaterial error resulted in an increase in Company Store revenue and a corresponding increase in Store operating expense. | ||||||||||
Restatement Adjustment [Member] | |||||||||||
Unaudited Quarterly Financial Information [Line Items] | |||||||||||
Other Cost and Expense, Operating | $300 | $600 | $600 |
SUBSEQUENT_EVENTS_Details_Text
SUBSEQUENT EVENTS (Details Textual) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Feb. 28, 2015 |
General Release Agreement [Member] | |||
Subsequent Event [Line Items] | |||
Number of Stores | 26 | ||
JJC Washington I, LLC [Member] | |||
Subsequent Event [Line Items] | |||
Equity Method Investment, Ownership Percentage | 15.00% | ||
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Number of Stores | 22 | ||
Subsequent Event [Member] | JJC Washington I, LLC [Member] | |||
Subsequent Event [Line Items] | |||
Equity Method Investment, Aggregate Cost | 450,000 |