Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 5-May-15 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | JMBA | |
Entity Common Stock, Shares Outstanding | 15,997,796 | |
Entity Registrant Name | JAMBA, INC. | |
Entity Central Index Key | 1316898 | |
Current Fiscal Year End Date | -17 | |
Entity Filer Category | Accelerated Filer |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 31, 2015 | Dec. 30, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $8,116 | $17,750 |
Receivables, net of allowances of $272 and $280 | 16,226 | 16,977 |
Inventories | 2,267 | 2,300 |
Prepaid and refundable taxes | 329 | 474 |
Prepaid rent | 2,931 | 504 |
Assets held for sale | 22,875 | 24,351 |
Prepaid expenses and other current assets | 7,554 | 8,105 |
Total current assets | 60,298 | 70,461 |
Property, fixtures and equipment, net | 16,002 | 16,445 |
Goodwill | 897 | 982 |
Trademarks and other intangible assets, net | 1,295 | 2,360 |
Other long-term assets | 1,969 | 2,241 |
Total assets | 80,461 | 92,489 |
Current liabilities: | ||
Accounts payable | 2,310 | 3,926 |
Accrued compensation and benefits | 4,813 | 6,325 |
Workers’ compensation and health insurance reserves | 1,680 | 1,311 |
Accrued jambacard liability | 32,368 | 38,184 |
Other current liabilities | 21,005 | 16,454 |
Total current liabilities | 62,176 | 66,200 |
Deferred rent and other long-term liabilities | 8,643 | 9,544 |
Total liabilities | 70,819 | 75,744 |
Commitments and contingencies (Note 8) | ||
Stockholders’ equity: | ||
Common stock, $0.001 par value, 30,000,000 shares authorized; 17,523,014 and 16,166,869 shares issued and outstanding at March 31, 2015, respectively and 16,567,803 shares issued and outstanding at December 30, 2014, | 18 | 17 |
Additional paid-in capital | 397,928 | 396,629 |
Treasury shares, at cost | -18,674 | -11,991 |
Accumulated deficit | -369,792 | -368,041 |
Total equity attributable to Jamba, Inc. | 9,480 | 16,614 |
Noncontrolling interest | 162 | 131 |
Total stockholders’ equity | 9,642 | 16,745 |
Total liabilities and stockholders’ equity | $80,461 | $92,489 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS [Parenthetical] (USD $) | Mar. 31, 2015 | Dec. 30, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Receivables, allowances (in dollars) | $272 | $280 |
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 | 17,523,014 | 16,567,803 |
Common stock, shares outstanding | 16,166,869 | 16,567,803 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Apr. 01, 2014 |
Revenue: | ||
Company stores | $47,728 | $47,272 |
Franchise and other revenue | 4,776 | 4,361 |
Total revenue | 52,504 | 51,633 |
Costs and operating expenses: | ||
Cost of sales | 12,407 | 11,582 |
Labor | 16,088 | 14,330 |
Occupancy | 6,835 | 6,967 |
Store operating | 8,034 | 7,402 |
Depreciation and amortization | 1,873 | 2,618 |
General and administrative | 8,963 | 8,350 |
Other operating, net | -28 | 603 |
Total costs and operating expenses | 54,172 | 51,852 |
Loss from operations | -1,668 | -219 |
Other income (expense), net: | ||
Interest income | 15 | 16 |
Interest expense | -41 | -46 |
Total other expense, net | -26 | -30 |
Loss before income taxes | -1,694 | -249 |
Income tax (expense) benefit | -26 | 5 |
Net loss | -1,720 | -244 |
Less: Net income attributable to noncontrolling interest | 31 | 0 |
Net loss attributable to Jamba, Inc. | ($1,751) | ($244) |
Weighted-average shares used in the computation of loss per share: | ||
Basic (in shares) | 16,370,885 | 17,165,087 |
Diluted (in shares) | 16,370,885 | 17,165,087 |
Loss per share attributable to Jamba, Inc. common stockholders: | ||
Basic (in dollars per share) | ($0.11) | ($0.01) |
Diluted (in dollars per share) | ($0.11) | ($0.01) |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Apr. 01, 2014 |
Net loss | ($1,720) | ($244) |
Adjustments to reconcile net loss to cash used in operating activities: | ||
Depreciation and amortization | 1,873 | 2,618 |
Lease termination, store closure costs, impairment and gain on disposals | -540 | -312 |
Jambacard breakage income | -1,022 | -524 |
Share-based compensation | 1,146 | 735 |
Bad debt, purchase obligation and trade credits | 175 | 76 |
Deferred rent | -261 | -2,296 |
Equity loss | 204 | 0 |
Changes in operating assets and liabilities: | ||
Receivables | 739 | 2,196 |
Inventories | -123 | 11 |
Prepaid and refundable taxes | 145 | 124 |
Prepaid rent | -2,427 | -2,603 |
Prepaid expenses and other current assets | -63 | 329 |
Other long-term assets | 962 | 15 |
Accounts payable | -2,528 | -1,516 |
Accrued compensation and benefits | -1,512 | -1,711 |
Workers’ compensation and health insurance reserves | 369 | -57 |
Accrued jambacard liability | -4,794 | -3,549 |
Other current liabilities | 4,532 | 1,609 |
Deferred rent and other long-term liabilities | -610 | 360 |
Cash used in operating activities | -5,455 | -4,739 |
Cash provided by (used in) investing activities: | ||
Capital expenditures | -420 | -2,656 |
Proceeds from sale of stores | 2,333 | 0 |
Cash provided by (used in) investing activities | 1,913 | -2,656 |
Cash provided by (used in) financing activities: | ||
Payments for treasury shares | -6,265 | 0 |
Proceeds pursuant to stock plans | 185 | 303 |
Payments on capital lease obligations | -12 | 0 |
Cash provided by (used in) financing activities | -6,092 | 303 |
Net decrease in cash and cash equivalents | -9,634 | -7,092 |
Cash and cash equivalents at beginning of period | 17,750 | 32,386 |
Cash and cash equivalents at end of period | 8,116 | 25,294 |
Supplemental cash flow information: | ||
Cash paid for interest | 8 | 43 |
Income taxes paid | 0 | 12 |
Noncash investing and financing activities: | ||
Accrued property, fixtures and equipment in additions | 494 | 1,304 |
Noncash purchase of shares of Jamba, Inc. | $418 | $0 |
BASIS_OF_PRESENTATION_AND_SIGN
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies [Text Block] | 1. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES |
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 March 31, 2015, there were 867 Jamba Juice stores globally, consisting of 259 Company-owned and operated stores (“Company Stores”), 546 franchisee-owned and operated stores (“Franchise Stores”) in the United States, and 62 Franchise Stores in international locations (“International Stores”). | |
Basis of Presentation — The consolidated financial statements include the accounts of the Company and Jamba Juice Company and also include Jamba Juice Company’s 88% owned subsidiary, Jamba Juice Southern California, LLC (“JJSC LLC”). All intercompany balances and transactions have been eliminated. The equity method of accounting is used to account for JJSC LLC 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. | |
Unaudited Interim Financial Information—The condensed consolidated balance sheet as of March 31, 2015 and the condensed consolidated statements of operations, stockholders’ equity and cash flows for each of the 13 week periods ended March 31, 2015 and April 1, 2014 have been prepared by the Company, without audit, and have been prepared on the same basis as the Company’s audited consolidated financial statements. In the opinion of management, such statements include all adjustments (which include only normal recurring adjustments) considered necessary to present fairly the financial position as of March 31, 2015 and the results of operations and cash flows for the 13 week periods ended March 31, 2015 and April 1, 2014. The condensed consolidated balance sheet as of December 30, 2014 has been derived from the Company’s audited consolidated financial statements. | |
Certain information and disclosures normally included in the notes to annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been omitted from these interim financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, these interim financial statements should be read in conjunction with the Company’s annual consolidated financial statements and notes thereto in the Company’s Annual Report on Form 10-K for the year ended December 30, 2014. | |
Advertising Fund —The Company participates with its franchisees in an advertising fund to collect and administer funds contributed for use in advertising and promotional programs 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 percentage 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 that it consolidates. | |
The advertising fund assets, consisting primarily of 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. 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 in its condensed consolidated statements of operations. | |
Advertising fund assets as of March 31, 2015 include $1.7 million of receivables from franchisees, which is recorded in receivables on the condensed consolidated balance sheet. Advertising fund liabilities as of March 31, 2015 of $1.6 million are reported in other current liabilities and accounts payable on the condensed consolidated balance sheet. | |
Advertising fund assets as of December 30, 2014 include $1.2 million of receivables from franchisees, which is recorded in receivables on the condensed 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 condensed consolidated balance sheet. | |
Assets Held For Sale — The Company classifies assets as held for sale and suspends depreciation and amortization when approval at the appropriate level has been provided for disposal, 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. | |
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. | |
Earnings Per Share — Earnings per share is computed in accordance with Accounting Standards Codification (“ASC”) 260. Basic earnings per share is computed based on the weighted-average of common shares outstanding during the period. Diluted earnings per share is computed based on the weighted-average number of common shares and potentially dilutive securities, which includes outstanding warrants and outstanding options and restricted stock awards granted under the Company’s stock compensation plans. | |
Anti-dilutive shares including restricted stock awards, warrants and stock options totaling 1.6 million and 1.5 million have been excluded from the calculation of diluted weighted-average shares outstanding for the 13 week period ended March 31, 2015 and for the 13 week period ended April 1, 2014, respectively. | |
Fair Value Measurement — 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. | |
Recent Accounting Pronouncements — In April 2015, the Financial Accounting Standards Board (the "FASB") issued amended guidance which requires debt issuance costs to be presented as a direct deduction from the carrying value of the associated debt liability rather than as separate assets on the balance sheet. The recognition and measurement guidance for debt issuance costs are not affected by this amendment. This amended guidance will be effective for the Company beginning fiscal year 2016. Early adoption is permitted, and the new guidance will be applied on a retrospective basis. The Company does not expect the adoption of this amended guidance to have a significant impact on its Consolidated Financial Statements. | |
In February 2015, the FASB issued amended guidance to the consolidation standard which updates the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. The amendment modifies the evaluation of whether limited partnerships and similar legal entities are variable interest entities (“VIEs”) or voting interest entities and affects the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships, among other provisions. This amended guidance will be effective for the Company beginning fiscal year 2016. Early adoption is permitted. The Company is currently assessing the impact the adoption of the amended guidance will have on its Consolidated Financial Statements. | |
In January 2015, the FASB issued amended guidance which eliminates the concept of extraordinary items from generally accepted accounting principles. This amendment is effective beginning January 1, 2016, and may be applied retrospectively or prospectively. Early adoption is permitted. Prior to this amendment, an entity was required to separately classify and present an event or transaction that was determined to be both unusual in nature and infrequent in occurrence as an extraordinary item, net of tax, after income from continuing operations in the income statement. Upon adopting this amended guidance, a material event or transaction that an entity considers to be unusual or infrequent, or both, may still be presented separately but will now be presented on a pre-tax basis within income from continuing operations or disclosed in the notes to the financial statements. The Company does not expect this guidance to have a significant impact on its Consolidated Financial Statements. | |
SHAREBASED_COMPENSATION
SHARE-BASED COMPENSATION | 3 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | ||||||||||||||
Disclosure Of Compensation Related Costs Share Based Payments [Text Block] | 2. SHARE-BASED COMPENSATION | |||||||||||||
A summary of stock option activity under the Plans as of March 31, 2015, and changes during the 13 week period then ended is presented below (shares and dollars in thousands): | ||||||||||||||
Number of | Weighted-Average | Weighted-Average | Aggregate | |||||||||||
Options | Exercise Price (per share) | Contractual Term | Intrinsic Value | |||||||||||
Remaining (years) | ||||||||||||||
Options outstanding at | 889 | $ | 10.89 | 4.74 | $ | 6,110 | ||||||||
December 30, 2014 | ||||||||||||||
Options granted | 955 | 13.94 | ||||||||||||
Options exercised | -37 | 4.92 | ||||||||||||
Options canceled | -5 | 38.67 | ||||||||||||
Options outstanding at | 1,802 | $ | 12.55 | 7.42 | $ | 6,539 | ||||||||
31-Mar-15 | ||||||||||||||
Options vested or expected to | 1,496 | $ | 12.28 | 6.9 | $ | 18,361 | ||||||||
vest at March 31, 2015 | ||||||||||||||
Options exercisable at March 31, 2015 | 782 | $ | 11.1 | 4.31 | $ | 8,674 | ||||||||
During the 13 week period ended March 31, 2015, 1.0 million stock options were granted under the 2013 Equity Incentive Plan at a weighted average grant date fair value of $6.04. 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: | ||||||||||||||
Weighted-average risk-free interest rate | 1.7 | % | ||||||||||||
Expected life of options (years) | 5.85 | |||||||||||||
Expected stock volatility | 43.7 | % | ||||||||||||
Expected dividend yield | 0 | % | ||||||||||||
No stock options were granted during the 13 week period ended April 1, 2014. | ||||||||||||||
Restricted Stock — Information regarding activities during the thirteen week period ended March 31, 2015 for outstanding restricted stock units (RSUs) granted under the 2013 Equity Incentive Plan is as follows (shares in thousands): | ||||||||||||||
Number of | Weighted- | |||||||||||||
shares of RSUs | Average Grant Date | |||||||||||||
Fair Value (per share) | ||||||||||||||
RSUs outstanding as of December 30, 2014 | 341 | $ | 11.95 | |||||||||||
RSUs granted | 3 | $ | 15.01 | |||||||||||
RSUs forfeited (canceled) | -4 | $ | 13.78 | |||||||||||
RSU vested | -7 | $ | 13.94 | |||||||||||
RSUs outstanding as of March 31, 2015 | 333 | $ | 11.91 | |||||||||||
During the 13 week period ended March 31, 2015, three thousand RSU’s were granted under the 2013 Equity Incentive Plan at a weighted average grant date fair value of $15.01. During the 13 week period ended April 1, 2014, 0.1 million RSUs were granted under the 2013 Equity Incentive Plan at a weighted average grant date fair value of $12.34. | ||||||||||||||
Performance Stock — No performance stock units (“PSUs”) were granted or vested during the 13 week periods ended March 31, 2015 or April 1, 2014. | ||||||||||||||
Share-based compensation expense, which is included in general and administrative expenses, was $1.1 million and $0.7 million for the 13 week periods ended March 31, 2015 and April 1, 2014, respectively. At March 31, 2015, unvested share-based compensation for stock options and restricted stock awards, net of forfeitures, totaled $6.4 million. This expense will be recognized over the remaining weighted average vesting period of approximately 3 years. There was no income tax benefit related to share-based compensation expense during the 13 week periods ended March 31, 2015, and April 1, 2014. | ||||||||||||||
ASSETS_HELD_FOR_SALE
ASSETS HELD FOR SALE | 3 Months Ended |
Mar. 31, 2015 | |
Assets Held For Sale [Abstract] | |
Assets Held For Sale Disclosure [Text Block] | 3. ASSETS HELD FOR SALE |
In November 2014, the Company announced plans to transition to an asset light model through the refranchising of Company stores.. In connection with that planned transition, 100 company stores met the criteria as assets held for sale as of December 30, 2014. During the 13 week period ended March 2015, an additional 109 stores met the criteria to be classified as assets held for sale. A loss of $1.1 million was taken in March 2015 as a result of the reclassification of 14 of the stores to reflect the adjustment to the lower of the net book value or fair value less costs to sell. As of March 31, 2015 and December 30, 2014 assets of $22.9 million and $24.4 million, respectively, including goodwill of $0.3 million and $0.2 million, respectively, and are reflected as held for sale in the accompanying condensed consolidated balance sheets. | |
Assets held for sale at March 31, 2015, reflects 100 stores that met the criteria for classification as assets held for sale as of December 30, 2014 and an additional 109 stores met that criteria during the quarter ended March 31, 2015. The Company estimates that more than 85% of the store disposals will be completed during the second quarter of 2015. The remaining store disposals are expected to be completed during the third quarter of 2015. Gain or loss on the disposal of assets held for sale is reported in other operating, net on the condensed consolidated statement of operations. During the quarter ended March 31, 2015, the Company sold assets held for sale of two stores for $1.5 million resulting in a gain of $1.3 million. | |
On April 28, 2015, the Company sold 21 of the stores recorded in assets held for sale at March 31, 2015 for proceeds of $4.9 million. | |
FAIR_VALUE_MEASUREMENT
FAIR VALUE MEASUREMENT | 3 Months Ended | ||||||||||
Mar. 31, 2015 | |||||||||||
Fair Value Disclosures [Abstract] | |||||||||||
Fair Value Disclosures [Text Block] | 4. FAIR VALUE MEASUREMENT | ||||||||||
Financial Assets and Liabilities | |||||||||||
The following table represents our financial assets and liabilities accounted for at fair value on a recurring basis as of March 31, 2015 and December 30, 2014 by level within the fair value hierarchy (in thousands): | |||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
31-Mar-15 | |||||||||||
Liabilities: | |||||||||||
Contingent consideration (1) | $ | — | $ | — | $ | 156 | |||||
30-Dec-14 | |||||||||||
Liabilities: | |||||||||||
Contingent consideration (2) | $ | — | $ | — | $ | 156 | |||||
-1 | $0.2 million included in deferred rent and other long-term liabilities on the condensed consolidated balance sheet at March 31, 2015. | ||||||||||
-2 | $0.2 million included in deferred rent and other long-term liabilities on the condensed consolidated balance sheet at December 30, 2014. | ||||||||||
As of March 31, 2015, the fair value of contingent consideration is $0.2 million, resulting in no gain or loss for the 13 week period ended March 31, 2015. At December 30, 2014, the fair value was $0.2 million. | |||||||||||
Level 3 Inputs | |||||||||||
The fair value of the contingent consideration is classified as level 3 because it is based on unobservable inputs. Significant inputs and assumptions include management’s estimate of operating profits from the related business, the timing of the payout 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 the related fair value measurements. | |||||||||||
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. | |||||||||||
CREDIT_AGREEMENT
CREDIT AGREEMENT | 3 Months Ended |
Mar. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | 5. 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 and November 4, 2013 (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 Credit Agreement 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 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 $1.5 million as of March 31, 2015. | |
During the 13 week period ended March 31, 2015, 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 March 31, 2015 and December 30, 2014, the unamortized commitment fee amount was not material. As of March 31, 2015, the Company was in compliance with all the financial covenants to the Credit Agreement. The unused borrowing capacity under the agreement on March 31, 2015, was $13.5 million. | |
STOCK_REPURCHASES
STOCK REPURCHASES | 3 Months Ended |
Mar. 31, 2015 | |
Equity [Abstract] | |
Treasury Stock [Text Block] | 6. STOCK REPURCHASES |
On October 29, 2014, the Board of Directors authorized the repurchase of up to $25 million of shares of common stock over an 18-month period (the "2014 Stock Repurchase Program"). During the thirteen week period ended March 31, 2015, the Company repurchased in the open market 445,414 shares under this program at an average price per share of $15.00 for an aggregate cost of $6.7 million. Shares purchased under the 2014 Stock Repurchase Program are considered treasury stock until retired. The Company's total shares of common stock repurchased since inception through March 31, 2015 was 1.4 million, at an average price per share of $13.77. | |
OTHER_OPERATING_NET
OTHER OPERATING, NET | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Other Operating Net [Abstract] | ||||||||
Other Operating Net [Text Block] | 7. OTHER OPERATING, NET | |||||||
For the 13 week periods ended March 31, 2015 and April 1, 2014, the components of other operating, net were as follows (in thousands): | ||||||||
13 Week | 13 Week | |||||||
Period Ended | Period Ended | |||||||
March 31, | April 1, | |||||||
2015 | 2014 | |||||||
Jambacard breakage income | $ | -1,022 | $ | -524 | ||||
Jambacard expense | 111 | 147 | ||||||
Franchise expense | 722 | 331 | ||||||
Store pre-opening | 22 | 153 | ||||||
Impairment of long-lived assets | — | 30 | ||||||
Store lease termination and closure | 22 | 18 | ||||||
CPG and JambaGO® direct expense | 610 | 568 | ||||||
(Gain) loss on disposal of fixed assets | -778 | -67 | ||||||
Franchise bad debt | 12 | -9 | ||||||
(Gain) loss on investments | 204 | — | ||||||
Other | 69 | -44 | ||||||
$ | -28 | $ | 603 | |||||
Gain/loss on Disposal of Fixed Assets — The Company recognized a gain on disposal of fixed assets of $0.8 million and $0.1 million during the quarter ended March 31, 2015 and April 1, 2014, respectively. Gain on disposal of fixed assets during the quarter ended March 31, 2015 included $1.9 million for sale of fixed assets of refranchised Company Stores. This gain included $1.3 million related to assets held for sale at December 30, 2014. In addition, the Company recorded a $1.1 million write-down relating to assets held for sale at March 31, 2015 that were sold subsequent to March 31, 2015. | ||||||||
OTHER_COMMITMENTS_AND_CONTINGE
OTHER COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | 8. OTHER COMMITMENTS AND CONTINGENCIES |
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. | |
BASIS_OF_PRESENTATION_AND_SIGN1
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Business Description And Accounting Policies [Policy Text Block] | 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 March 31, 2015, there were 867 Jamba Juice stores globally, consisting of 259 Company-owned and operated stores (“Company Stores”), 546 franchisee-owned and operated stores (“Franchise Stores”) in the United States, and 62 Franchise Stores in 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 Jamba Juice Company and also include Jamba Juice Company’s 88% owned subsidiary, Jamba Juice Southern California, LLC (“JJSC LLC”). All intercompany balances and transactions have been eliminated. The equity method of accounting is used to account for JJSC LLC 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. |
Unaudited Interim Financial Information [Policy Text Block] | Unaudited Interim Financial Information—The condensed consolidated balance sheet as of March 31, 2015 and the condensed consolidated statements of operations, stockholders’ equity and cash flows for each of the 13 week periods ended March 31, 2015 and April 1, 2014 have been prepared by the Company, without audit, and have been prepared on the same basis as the Company’s audited consolidated financial statements. In the opinion of management, such statements include all adjustments (which include only normal recurring adjustments) considered necessary to present fairly the financial position as of March 31, 2015 and the results of operations and cash flows for the 13 week periods ended March 31, 2015 and April 1, 2014. The condensed consolidated balance sheet as of December 30, 2014 has been derived from the Company’s audited consolidated financial statements. |
Certain information and disclosures normally included in the notes to annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been omitted from these interim financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, these interim financial statements should be read in conjunction with the Company’s annual consolidated financial statements and notes thereto in the Company’s Annual Report on Form 10-K for the year ended December 30, 2014. | |
Advertising Fund Policy [Policy Text Block] | Advertising Fund —The Company participates with its franchisees in an advertising fund to collect and administer funds contributed for use in advertising and promotional programs 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 percentage 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 that it consolidates. |
The advertising fund assets, consisting primarily of 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. 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 in its condensed consolidated statements of operations. | |
Advertising fund assets as of March 31, 2015 include $1.7 million of receivables from franchisees, which is recorded in receivables on the condensed consolidated balance sheet. Advertising fund liabilities as of March 31, 2015 of $1.6 million are reported in other current liabilities and accounts payable on the condensed consolidated balance sheet. | |
Advertising fund assets as of December 30, 2014 include $1.2 million of receivables from franchisees, which is recorded in receivables on the condensed 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 condensed consolidated balance sheet. | |
Assets Held For Sale Policy [Policy Text Block] | Assets Held For Sale — The Company classifies assets as held for sale and suspends depreciation and amortization when approval at the appropriate level has been provided for disposal, 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. |
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. |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share — Earnings per share is computed in accordance with Accounting Standards Codification (“ASC”) 260. Basic earnings per share is computed based on the weighted-average of common shares outstanding during the period. Diluted earnings per share is computed based on the weighted-average number of common shares and potentially dilutive securities, which includes outstanding warrants and outstanding options and restricted stock awards granted under the Company’s stock compensation plans. |
Anti-dilutive shares including restricted stock awards, warrants and stock options totaling 1.6 million and 1.5 million have been excluded from the calculation of diluted weighted-average shares outstanding for the 13 week period ended March 31, 2015 and for the 13 week period ended April 1, 2014, respectively. | |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurement — 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. | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements — In April 2015, the Financial Accounting Standards Board (the "FASB") issued amended guidance which requires debt issuance costs to be presented as a direct deduction from the carrying value of the associated debt liability rather than as separate assets on the balance sheet. The recognition and measurement guidance for debt issuance costs are not affected by this amendment. This amended guidance will be effective for the Company beginning fiscal year 2016. Early adoption is permitted, and the new guidance will be applied on a retrospective basis. The Company does not expect the adoption of this amended guidance to have a significant impact on its Consolidated Financial Statements. |
In February 2015, the FASB issued amended guidance to the consolidation standard which updates the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. The amendment modifies the evaluation of whether limited partnerships and similar legal entities are variable interest entities (“VIEs”) or voting interest entities and affects the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships, among other provisions. This amended guidance will be effective for the Company beginning fiscal year 2016. Early adoption is permitted. The Company is currently assessing the impact the adoption of the amended guidance will have on its Consolidated Financial Statements. | |
In January 2015, the FASB issued amended guidance which eliminates the concept of extraordinary items from generally accepted accounting principles. This amendment is effective beginning January 1, 2016, and may be applied retrospectively or prospectively. Early adoption is permitted. Prior to this amendment, an entity was required to separately classify and present an event or transaction that was determined to be both unusual in nature and infrequent in occurrence as an extraordinary item, net of tax, after income from continuing operations in the income statement. Upon adopting this amended guidance, a material event or transaction that an entity considers to be unusual or infrequent, or both, may still be presented separately but will now be presented on a pre-tax basis within income from continuing operations or disclosed in the notes to the financial statements. The Company does not expect this guidance to have a significant impact on its Consolidated Financial Statements. | |
SHAREBASED_COMPENSATION_Tables
SHARE-BASED COMPENSATION (Tables) | 3 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | ||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | A summary of stock option activity under the Plans as of March 31, 2015, and changes during the 13 week period then ended is presented below (shares and dollars in thousands): | |||||||||||||
Number of | Weighted-Average | Weighted-Average | Aggregate | |||||||||||
Options | Exercise Price (per share) | Contractual Term | Intrinsic Value | |||||||||||
Remaining (years) | ||||||||||||||
Options outstanding at | 889 | $ | 10.89 | 4.74 | $ | 6,110 | ||||||||
December 30, 2014 | ||||||||||||||
Options granted | 955 | 13.94 | ||||||||||||
Options exercised | -37 | 4.92 | ||||||||||||
Options canceled | -5 | 38.67 | ||||||||||||
Options outstanding at | 1,802 | $ | 12.55 | 7.42 | $ | 6,539 | ||||||||
31-Mar-15 | ||||||||||||||
Options vested or expected to | 1,496 | $ | 12.28 | 6.9 | $ | 18,361 | ||||||||
vest at March 31, 2015 | ||||||||||||||
Options exercisable at March 31, 2015 | 782 | $ | 11.1 | 4.31 | $ | 8,674 | ||||||||
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: | |||||||||||||
Weighted-average risk-free interest rate | 1.7 | % | ||||||||||||
Expected life of options (years) | 5.85 | |||||||||||||
Expected stock volatility | 43.7 | % | ||||||||||||
Expected dividend yield | 0 | % | ||||||||||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | Restricted Stock — Information regarding activities during the thirteen week period ended March 31, 2015 for outstanding restricted stock units (RSUs) granted under the 2013 Equity Incentive Plan is as follows (shares in thousands): | |||||||||||||
Number of | Weighted- | |||||||||||||
shares of RSUs | Average Grant Date | |||||||||||||
Fair Value (per share) | ||||||||||||||
RSUs outstanding as of December 30, 2014 | 341 | $ | 11.95 | |||||||||||
RSUs granted | 3 | $ | 15.01 | |||||||||||
RSUs forfeited (canceled) | -4 | $ | 13.78 | |||||||||||
RSU vested | -7 | $ | 13.94 | |||||||||||
RSUs outstanding as of March 31, 2015 | 333 | $ | 11.91 | |||||||||||
FAIR_VALUE_MEASUREMENT_Tables
FAIR VALUE MEASUREMENT (Tables) | 3 Months Ended | ||||||||||
Mar. 31, 2015 | |||||||||||
Fair Value Disclosures [Abstract] | |||||||||||
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | The following table represents our financial assets and liabilities accounted for at fair value on a recurring basis as of March 31, 2015 and December 30, 2014 by level within the fair value hierarchy (in thousands): | ||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
31-Mar-15 | |||||||||||
Liabilities: | |||||||||||
Contingent consideration (1) | $ | — | $ | — | $ | 156 | |||||
30-Dec-14 | |||||||||||
Liabilities: | |||||||||||
Contingent consideration (2) | $ | — | $ | — | $ | 156 | |||||
-1 | $0.2 million included in deferred rent and other long-term liabilities on the condensed consolidated balance sheet at March 31, 2015. | ||||||||||
-2 | $0.2 million included in deferred rent and other long-term liabilities on the condensed consolidated balance sheet at December 30, 2014. | ||||||||||
OTHER_OPERATING_NET_Tables
OTHER OPERATING, NET (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Other Operating Net [Abstract] | ||||||||
Schedule of Other Operating Cost and Expense, by Component [Table Text Block] | For the 13 week periods ended March 31, 2015 and April 1, 2014, the components of other operating, net were as follows (in thousands): | |||||||
13 Week | 13 Week | |||||||
Period Ended | Period Ended | |||||||
March 31, | April 1, | |||||||
2015 | 2014 | |||||||
Jambacard breakage income | $ | -1,022 | $ | -524 | ||||
Jambacard expense | 111 | 147 | ||||||
Franchise expense | 722 | 331 | ||||||
Store pre-opening | 22 | 153 | ||||||
Impairment of long-lived assets | — | 30 | ||||||
Store lease termination and closure | 22 | 18 | ||||||
CPG and JambaGO® direct expense | 610 | 568 | ||||||
(Gain) loss on disposal of fixed assets | -778 | -67 | ||||||
Franchise bad debt | 12 | -9 | ||||||
(Gain) loss on investments | 204 | — | ||||||
Other | 69 | -44 | ||||||
$ | -28 | $ | 603 | |||||
BASIS_OF_PRESENTATION_AND_SIGN2
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Details Textual) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2015 | Apr. 01, 2014 | Dec. 30, 2014 | Nov. 30, 2014 |
Basis Of Presentation And Significant Accounting Policies [Line Items] | ||||
Accounts Receivable, Net | $1.70 | $1.20 | ||
Accounts payable | $1.60 | $1 | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1.6 | 1.5 | ||
Number of Stores | 867 | |||
Jamba Juice Southern California, LLC [Member] | ||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | ||||
Noncontrolling Interest, Ownership Percentage by Parent | 88.00% | |||
Company Stores [Member] | ||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | ||||
Number of Stores | 259 | |||
Franchise Stores [Member] | ||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | ||||
Number of Stores | 546 | 114 | ||
International Stores [Member] | ||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | ||||
Number of Stores | 62 |
SHAREBASED_COMPENSATION_Detail
SHARE-BASED COMPENSATION (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Dec. 30, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options outstanding at December 30, 2014,Number of Options | 889 | |
Options granted Number of Options | 955 | |
Options exercised Number of Options | -37 | |
Options canceled Number of Options | -5 | |
Options outstanding at March 31, 2015 Number of Options | 1,802 | 889 |
Options vested or expected to vest at March 31, 2015, Number of Options | 1,496 | |
Options exercisable at September 30, 2014, Number of Options | 782 | |
Options outstanding at December 30, 2014, Weighted - Average Excercise Price (in dollars per share) | $10.89 | |
Options granted Weighted- Average Exercise Price (in dollars per share) | $13.94 | |
Options exercised Weighted- Average Exercise Price (in dollars per share) | $4.92 | |
Options canceled Weighted- Average Exercise Price (in dollars per share) | $38.67 | |
Options outstanding at March 31, 2015, Weighted - Average Excercise Pice (in dollars per share) | $12.55 | $10.89 |
Options vested or expected to vest at March 31, 2015, Weighted- Average Exercise Price (in dollars per share) | $12.28 | |
Options exercisable at March 31, 2015, Weighted- Average Exercise Price (in dollars per share) | $11.10 | |
Weighted- Average Contractual Term Options outstanding | 7 years 5 months 1 day | 4 years 8 months 26 days |
Weighted- Average Contractual Term Options vested or expected to vest at March 31, 2015 | 6 years 10 months 24 days | |
Weighted- Average Contractual Term Options exercisable at March 31, 2015 | 4 years 3 months 22 days | |
Options outstanding, Aggregate Intrinsic Value | $6,110 | |
Options outstanding, Aggregate Intrinsic Value | 6,539 | 6,110 |
Options vested or expected to vest at March 31, 2015, Aggregate Intrinsic Value | 18,361 | |
Options exercisable at March 31, 2015, Aggregate Intrinsic Value | $8,674 |
SHAREBASED_COMPENSATION_Detail1
SHARE-BASED COMPENSATION (Details 1) | 3 Months Ended |
Mar. 31, 2015 | |
Weighted-average risk-free interest rate | 1.70% |
Expected life of options (years) | 5 years 10 months 6 days |
Expected stock volatility | 43.70% |
Expected dividend yield | 0.00% |
SHAREBASED_COMPENSATION_Detail2
SHARE-BASED COMPENSATION (Details 2) (Restricted Stock Units (RSUs) [Member], USD $) | 3 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 |
Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of RSUs outstanding as of December 30, 2014 (in shares) | 341 |
Number of RSUs of granted (in shares) | 3 |
Number of RSUs of forfeited (canceled) (in shares) | -4 |
Number of RSUs of vested (in shares) | -7 |
Number of RSUs outstanding as of March 31, 2015 (in shares) | 333 |
RSUs outstanding as of December 30, 2014 Weighted- Average Grant Date Fair Value (in dollar per share) | $11.95 |
Stock granted Weighted- Average Grant Date Fair Value (in dollars per share) | $15.01 |
Stock forfeited (canceled) Weighted- Average Grant Date Fair Value (in dollars per share) | $13.78 |
Stock vested Weighted- Average Grant Date Fair Value (in dollars per share) | $13.94 |
RSUs outstanding as of March 31, 2015 Weighted- Average Grant Date Fair Value (in dollar per share) | $11.91 |
SHAREBASED_COMPENSATION_Detail3
SHARE-BASED COMPENSATION (Details Textual) (USD $) | 3 Months Ended | |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2015 | Apr. 01, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share Based Compensation Arrangement By Share Based Payment Award Option And Restricted Stock, Remaining Weighted Average Vesting Period | 3 years | |
Equity Incentive Plan 2013 [Member] | Employee Stock Option [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 | $6.04 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 1,000,000 | |
General and Administrative Expense [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Allocated Share-based Compensation Expense | $1.10 | $0.70 |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number Of Shares Of Rsus Granted | 3,000 | |
Restricted Stock Units (RSUs) [Member] | 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, Option And Restricted Stock Awards, Nonvested Net Of Forfeiture | $6.40 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $15.01 | $12.34 |
Number Of Shares Of Rsus Granted | 3,000 | 100,000 |
ASSETS_HELD_FOR_SALE_Details_T
ASSETS HELD FOR SALE (Details Textual) (USD $) | 1 Months Ended | 3 Months Ended | 1 Months Ended | ||
Apr. 01, 2014 | Mar. 31, 2015 | Mar. 31, 2015 | Dec. 30, 2014 | Nov. 30, 2014 | |
Long Lived Assets Held-for-sale [Line Items] | |||||
Disposal Group, Including Discontinued Operation, Assets, Current | $22,875,000 | $22,875,000 | $24,351,000 | ||
Number Of Stores | 867 | 867 | |||
Goodwill | 897,000 | 897,000 | 982,000 | ||
Gain (Loss) on Disposition of Property Plant Equipment | 100,000 | 800,000 | |||
Franchise Stores [Member] | |||||
Long Lived Assets Held-for-sale [Line Items] | |||||
Number Of Stores | 546 | 546 | 114 | ||
Gain (Loss) on Disposition of Property Plant Equipment | 1,900,000 | ||||
Assets Held-for-sale [Member] | |||||
Long Lived Assets Held-for-sale [Line Items] | |||||
Disposal Group, Including Discontinued Operation, Assets, Current | 22,900,000 | 22,900,000 | 24,400,000 | ||
Number Of Stores | 109 | 109 | 100 | ||
Proceeds from Sale of Property Held-for-sale | 1,500,000 | ||||
Goodwill | 300,000 | 300,000 | 200,000 | ||
Gain (Loss) on Disposition of Property Plant Equipment | 1,300,000 | ||||
Assets Held-for-sale [Member] | Estimate of Fair Value Measurement [Member] | |||||
Long Lived Assets Held-for-sale [Line Items] | |||||
Number Of Stores | 14 | 14 | |||
Gain (Loss) on Disposition of Property Plant Equipment | -1,100,000 | ||||
Assets Held-for-sale [Member] | Subsequent Event [Member] | |||||
Long Lived Assets Held-for-sale [Line Items] | |||||
Number Of Stores | 21 | 21 | |||
Proceeds from Sale of Property Held-for-sale | $4,900,000 |
FAIR_VALUE_MEASUREMENT_Details
FAIR VALUE MEASUREMENT (Details) (USD $) | Mar. 31, 2015 | Dec. 30, 2014 | ||
In Thousands, unless otherwise specified | ||||
Fair Value, Inputs, Level 1 [Member] | ||||
Liabilities: | ||||
Contingent consideration | $0 | [1] | $0 | [2] |
Fair Value, Inputs, Level 2 [Member] | ||||
Liabilities: | ||||
Contingent consideration | 0 | [1] | 0 | [2] |
Fair Value, Inputs, Level 3 [Member] | ||||
Liabilities: | ||||
Contingent consideration | $156 | [1] | $156 | [2] |
[1] | $0.2 million included in deferred rent and other long-term liabilities on the condensed consolidated balance sheet at March 31, 2015. | |||
[2] | $0.2 million included in deferred rent and other long-term liabilities on the condensed consolidated balance sheet at December 30, 2014. |
FAIR_VALUE_MEASUREMENT_Details1
FAIR VALUE MEASUREMENT (Details Textual) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 30, 2014 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other Liabilities Fair Value Disclosure, Non Current | $0.20 | $0.20 |
Business Acquisitions, Contingent Consideration, at Fair Value | 0.2 | 0.2 |
Business Acquisitions, Contingent Consideration, at Fair Value, Gain Or Loss | $0 |
CREDIT_AGREEMENT_Details_Textu
CREDIT AGREEMENT (Details Textual) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Feb. 14, 2012 |
Credit Agreement [Line Items] | ||
Line of Credit Facility, Remaining Borrowing Capacity | 13.5 | |
Debt Instrument, Basis Spread on Variable Rate | 2.50% | |
Letters of Credit Outstanding, Amount | 1.5 | |
Credit Agreement [Member] | ||
Credit Agreement [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $15 | |
Debt Instrument, Maturity Date | 22-Jul-16 | |
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. |
STOCK_REPURCHASES_Details_text
STOCK REPURCHASES (Details textual) (USD $) | 3 Months Ended | 123 Months Ended | |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2015 | Oct. 29, 2014 |
Equity, Class of Treasury Stock [Line Items] | |||
Treasury Stock, Retired, Cost Method, Amount | $6.70 | $1.40 | |
Stock Repurchase Program, Authorized Amount | $25 | ||
Treasury Stock, Shares, Retired | 445,414 | ||
Treasury Stock Acquired, Average Cost Per Share | $15 | $13.77 |
OTHER_OPERATING_NET_Details
OTHER OPERATING, NET (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Apr. 01, 2014 |
Other Operating Income Expenses [Line Items] | ||
Jambacard breakage income | ($1,022) | ($524) |
Jambacard expense | 111 | 147 |
Franchise expense | 722 | 331 |
Store pre-opening | 22 | 153 |
Impairment of long-lived assets | 0 | 30 |
Store lease termination and closure | 22 | 18 |
CPG and JambaGO® direct expense | 610 | 568 |
(Gain) loss on disposal of fixed assets | -778 | -67 |
Franchise bad debt | 12 | -9 |
(Gain) loss on investments | 204 | 0 |
Other | 69 | -44 |
Other Operating Income (Expense), Net | ($28) | $603 |
OTHER_OPERATING_NET_Detail_tex
OTHER OPERATING, NET (Detail textuals) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Apr. 01, 2014 | Mar. 31, 2015 | Dec. 30, 2014 |
Other Operating Income Expenses [Line Items] | |||
Gain (Loss) on Disposition of Assets | $0.10 | $0.80 | |
Company Stores [Member] | |||
Other Operating Income Expenses [Line Items] | |||
Gain (Loss) on Disposition of Assets | -1.1 | 1.3 | |
Franchise Stores [Member] | |||
Other Operating Income Expenses [Line Items] | |||
Gain (Loss) on Disposition of Assets | $1.90 |