Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 29, 2015 | Nov. 02, 2015 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 29, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | JAMBA, INC. | |
Entity Central Index Key | 1,316,898 | |
Current Fiscal Year End Date | --12-29 | |
Entity Filer Category | Accelerated Filer | |
Trading Symbol | JMBA | |
Entity Common Stock, Shares Outstanding | 15,042,847 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 29, 2015 | Dec. 30, 2014 |
Current Assets: | ||
Cash and cash equivalents | $ 25,236 | $ 17,750 |
Receivables, net of allowances of $538 and $280 | 17,620 | 16,977 |
Inventories | 1,451 | 2,300 |
Prepaid and refundable taxes | 343 | 474 |
Prepaid rent | 1,773 | 504 |
Assets held for sale | 4,883 | 26,626 |
Prepaid expenses and other current assets | 4,872 | 8,105 |
Total current assets | 56,178 | 72,736 |
Property, fixtures and equipment, net | 13,484 | 15,236 |
Goodwill | 908 | 982 |
Trademarks and other intangible assets, net | 1,061 | 1,294 |
Other long-term assets | 3,863 | 2,241 |
Total assets | 75,494 | 92,489 |
Current Liabilities: | ||
Accounts payable | 1,417 | 3,926 |
Accrued compensation and benefits | 3,421 | 6,325 |
Workers’ compensation and health insurance reserves | 840 | 1,311 |
Accrued jambacard liability | 28,799 | 38,184 |
Other current liabilities | 19,556 | 16,454 |
Total current liabilities | 54,033 | 66,200 |
Deferred rent and other long-term liabilities | 8,621 | 9,544 |
Total liabilities | $ 62,654 | $ 75,744 |
Commitments and contingencies (Note 9) | ||
Stockholders’ equity: | ||
Common stock, $0.001 par value30,000,000 shares authorized; 17,886,779 and 15,160,499 shares issued and outstanding at September 29, 2015, respectively, and 17,478,616 and 16,567,803 shares issued and outstanding at December 30, 2014, respectively, | $ 18 | $ 17 |
Additional paid-in capital | 401,295 | 396,629 |
Treasury shares, at cost | (38,113) | (11,991) |
Accumulated deficit | (350,360) | (368,041) |
Total equity attributable to Jamba, Inc. | 12,840 | 16,614 |
Noncontrolling interest | 0 | 131 |
Total stockholders’ equity | 12,840 | 16,745 |
Total liabilities and stockholders’ equity | $ 75,494 | $ 92,489 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS [Parenthetical] - USD ($) $ in Thousands | Sep. 29, 2015 | Dec. 30, 2014 |
Receivables, allowances (in dollars) | $ 538 | $ 280 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 30,000,000 | 30,000,000 |
Common stock, shares issued | 17,886,779 | 17,478,616 |
Common stock, shares outstanding | 15,160,499 | 16,567,803 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 29, 2015 | Sep. 30, 2014 | Sep. 29, 2015 | Sep. 30, 2014 | |
Revenue: | ||||
Company stores | $ 28,213 | $ 53,377 | $ 124,301 | $ 159,281 |
Franchise and other revenue | 7,284 | 4,907 | 17,826 | 14,834 |
Total revenue | 35,497 | 58,284 | 142,127 | 174,115 |
Costs and operating expenses: | ||||
Cost of sales | 6,626 | 14,611 | 30,507 | 39,780 |
Labor | 8,843 | 16,793 | 39,807 | 47,366 |
Occupancy | 3,980 | 6,917 | 16,946 | 20,783 |
Store operating | 5,901 | 9,400 | 21,994 | 25,297 |
Depreciation and amortization | 1,143 | 2,617 | 4,360 | 7,915 |
General and administrative | 9,003 | 9,487 | 26,393 | 27,419 |
Gain on disposal of assets | (16,076) | (555) | (21,334) | (1,601) |
Other operating, net | 2,776 | 821 | 5,360 | 2,576 |
Total costs and operating expenses | 22,196 | 60,091 | 124,033 | 169,535 |
Income (loss) from operations | 13,301 | (1,807) | 18,094 | 4,580 |
Other income (expense), net: | ||||
Interest income | 49 | 21 | 78 | 55 |
Interest expense | (53) | (49) | (162) | (143) |
Total other expense, net | (4) | (28) | (84) | (88) |
Income (loss) before income taxes | 13,297 | (1,835) | 18,010 | 4,492 |
Income tax (expense) benefit | (194) | 156 | (277) | (62) |
Net income (loss) | 13,103 | (1,679) | 17,733 | 4,430 |
Less: Net income attributable to noncontrolling interest | 0 | 22 | 52 | 39 |
Net income (loss) attributable to Jamba, Inc. | $ 13,103 | $ (1,701) | $ 17,681 | $ 4,391 |
Weighted-average shares used in computation of earnings per share attributable to Jamba, Inc.: | ||||
Basic (in shares) | 15,808,680 | 17,291,287 | 16,084,411 | 17,219,043 |
Diluted (in shares) | 16,214,943 | 17,291,287 | 16,558,680 | 17,663,050 |
Net income (loss) per share attributable to common stockholders attributable to Jamba, Inc. | ||||
Basic (in dollars per share) | $ 0.83 | $ (0.1) | $ 1.10 | $ 0.26 |
Diluted (in dollars per share) | $ 0.81 | $ (0.1) | $ 1.07 | $ 0.25 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 29, 2015 | Sep. 30, 2014 | |
Net income | $ 17,733 | $ 4,430 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Depreciation and amortization | 4,360 | 7,915 |
Impairment, store closure costs and gain on disposals | (25,394) | (1,512) |
Jambacard breakage income | (2,649) | (2,335) |
Gain on contingent consideration | (156) | 0 |
Gain on sale of investment in joint venture | (662) | 0 |
Stock-based compensation | 3,633 | 2,246 |
Bad debt and purchase obligation reserves | 1,433 | 501 |
Deferred rent | (1,330) | (2,742) |
Loss on investment | 173 | 0 |
Changes in operating assets and liabilities: | ||
Receivables | 997 | 2,914 |
Inventories | 486 | (558) |
Prepaid and refundable taxes | 131 | (222) |
Prepaid rent | (1,269) | (2,791) |
Prepaid expenses and other current assets | 2,579 | 138 |
Other long-term assets | (1,696) | (1,202) |
Accounts payable | (2,884) | (1,222) |
Accrued compensation and benefits | (2,904) | (1,002) |
Workers’ compensation and health insurance reserves | (471) | 286 |
Accrued jambacard liability | (6,736) | (3,902) |
Other current liabilities | 3,130 | 4,569 |
Other long-term liabilities | 600 | 166 |
Net cash (used in) provided by operating activities | (10,896) | 5,677 |
Cash flows provided by (used in) investing activities: | ||
Capital expenditures | (3,907) | (11,528) |
Business acquisition | 0 | (611) |
Proceeds from disposal of assets | 46,926 | 2,772 |
Net cash provided by (used in) investing activities | 43,019 | (9,367) |
Cash flows provided by (used in) financing activities: | ||
Payment on capital lease obligations | (28) | (31) |
Payments for treasury shares | (26,122) | 0 |
Proceeds pursuant to stock issuance | 1,565 | 1,019 |
Payment to noncontrolling interest | (52) | 0 |
Proceeds from sale to noncontrolling interest | 0 | 750 |
Net cash (used in) provided by financing activities | (24,637) | 1,738 |
Net increase (decrease) in cash and cash equivalents | 7,486 | (1,952) |
Cash and cash equivalents at beginning of period | 17,750 | 32,386 |
Cash and cash equivalents at end of period | 25,236 | 30,434 |
Supplemental cash flow information: | ||
Cash paid for interest | 23 | 25 |
Cash paid for income taxes | 0 | 107 |
Noncash investing and financing activities: | ||
Property, fixtures and equipment in accounts payable | 383 | 373 |
Note taken for store disposal | 2,000 | 0 |
Noncash acquisition consideration | $ 0 | $ 81 |
Description of Business
Description of Business | 9 Months Ended |
Sep. 29, 2015 | |
Business Combination, Description [Abstract] | |
Business Combination Disclosure [Text Block] | 1. Description of Business Jamba, Inc., a Delaware corporation (“Jamba” or the “Company”), and its wholly-owned subsidiary, Jamba Juice Company, is a healthy, active lifestyle brand with a robust expanding global business driven by a portfolio of franchised and company-owned Jamba Juice® stores and licensed JambaGO ® TM The Jamba ® TM TM During the third quarter of 2015, Jamba Juice TM As of September 29, 2015, there were 884 94 720 70 ® |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 29, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | 2. Summary of Significant Accounting Policies The accompanying unaudited condensed consolidated financial statements of Jamba, Inc. have been prepared pursuant to generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial information and the rules and regulations of the United States Securities and Exchange Commission (the “SEC”) for Form 10-Q. The December 30, 2014 condensed consolidated balance sheet was derived from the audited financial statements, but does not include all disclosures required by U.S. GAAP. Certain information and note disclosures normally included in annual financial statements have been condensed or omitted pursuant to the rules and regulations of the SEC. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. The results of the 13-week or 39-week periods ended September 29, 2015 are not necessarily indicative of the results of operations to be expected for the entire fiscal year. The condensed consolidated financial statements include the accounts of the Company and its direct or indirect subsidiary 88 The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reported periods. Actual results could differ from those estimates. The Company participates are reported 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. Franchisee Advertising fund assets as of September 29, 2015 include $ 2.5 1.9 Advertising fund assets as of December 30, 2014 include $ 1.2 1.0 Assets are classified as held for sale and depreciation and amortization is suspended when approval 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, an expense will be recorded for the amount of the excess. The associated prior year balances are also reclassified. Earnings per share is computed in accordance with Accounting Standards Codification (“ASC”) 260, Earnings per Share. 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 stock compensation plans. Anti-dilutive shares including restricted stock awards, warrants and stock options totaling 2.0 1.9 2.0 1.5 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. In May 2014, the Financial Accounting Standards Board (the “FASB”) issued amended guidance on revenue from contracts with customers which amended the existing accounting standards for revenue recognition. ASU 2014-09 establishes principles for recognizing revenue upon the transfer of promised goods or services to customers, in an amount that reflects the expected consideration received in exchange for those goods or services. In July 2015, the FASB deferred the effective date for annual reporting periods beginning after December 15, 2017 (including interim reporting periods within those periods). Early adoption is permitted to the original effective date of the annual period beginning after 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 the 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 the Consolidated Financial Statements. In April 2015, 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 the Consolidated Financial Statements. In July 2015, the FASB issued guidance which simplifies the measurement of inventory for companies. ASU No. 2015-11 applies to inventory that is measured using first-in, first-out (“FIFO”) or average cost method and requires measurement of that inventory at the lower of cost or net realizable value. Net realizable value is defined as the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. This guidance will be effective for the Company beginning fiscal year 2017. Early adoption is permitted. The Company does not expect the adoption of this guidance to have a significant impact on the Consolidated Financial Statements. |
Share-based Compensation
Share-based Compensation | 9 Months Ended |
Sep. 29, 2015 | |
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | |
Disclosure Of Compensation Related Costs Share Based Payments [Text Block] | 3. Share-based Compensation Stock options Weighted- Average Weighted- Contractual Number of Average Term Aggregate Options Exercise Price Remaining (years) Intrinsic Value Balance at December 30, 2014 889 $ 10.89 4.74 $ 6,110 Granted 962 $ 13.94 Exercised (211) $ 7.35 Canceled (62) $ 17.35 Balance at September 29, 2015 1,578 $ 12.98 7.18 $ 4,532 Vested and expected to vestSeptember 29, 2015 1,364 $ 12.83 6.69 $ 4,467 ExercisableSeptember 29, 2015 617 $ 11.83 3.67 $ 4,071 During the 13-week and 39-week periods ended September 29, 2015, stock options of 6,500 962,000 6.51 6.04 39-Week September 29, 2015 Risk-free interest rate 1.7 % Expected term (in years) 5.85 Expected volatility 43.7 % Expected dividend yield 0.0 % Restricted Stock Units Weighted-Average Number of Grant Date RSUs Fair Value RSU's Outstanding at December 30, 2014 341 $ 11.95 Granted 39 $ 15.64 Vested (28) $ 13.82 Forfeited/canceled (164) $ 13.98 RSU's Outstanding at September 29, 2015 188 $ 10.66 During the 13-week and 39-week periods ended September 29, 2015, RSUs of 4,000 39,000 13.71 15.64 172,000 251,000 14.04 13.26 Performance share units No performance share units (“PSUs”) were granted during the 13-week or 39-week periods ended September 29, 2015. During the 39-week period ended September 29, 2015, PSUs of 32,000 24,000 85,000 14.04 30,000 Share-based compensation expense included in general and administrative expense was $ 1.0 3.6 0.8 2.2 3.6 3.5 |
Assets Held For Sale
Assets Held For Sale | 9 Months Ended |
Sep. 29, 2015 | |
Assets Held For Sale [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 4. 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 stores comprised of 99 124 1.1 and $ 1.6 a reduction in the estimated selling price for certain locations. 4.9 26.6 0.1 1.4 The Company refranchised 110 163 that includes note receivables and receipts for inventory and operating fund 36.1 49.8 The Company expects to refranchise substantially all of the remaining 64 Company Stores classified as assets held for sale at September 29, 2015 by the end of the first fiscal quarter of 2016. Gain or loss on the disposal of assets held for sale is recorded within gain on disposal of assets in the condensed consolidated statement of operations. The Company recorded a gain of $ 16.2 21.5 |
Fair Value Measurement
Fair Value Measurement | 9 Months Ended |
Sep. 29, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | 5. Fair Value Measurement Financial assets and liabilities The fair value of the financial liability accounted for on a recurring basis as of September 29, 2015 and December 30, 2014, relating to contingent consideration associated with a previous business acquisition, was recorded at $ 0 0.2 0.2 Level 3 Inputs The fair value of the contingent consideration was 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 Non-financial assets and liabilities primarily consist of long-lived assets, trademarks and other intangibles, which are reported at carrying value. These non-financial assets and liabilities 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 Facility
Credit Facility | 9 Months Ended |
Sep. 29, 2015 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | 6. Credit Facility The Company has a revolving line of credit of $ 15.0 and the Company was not 1.5 13.5 |
Stock Repurchases
Stock Repurchases | 9 Months Ended |
Sep. 29, 2015 | |
Equity [Abstract] | |
Treasury Stock [Text Block] | 7. Stock Repurchases In October 2014, the Company’s Board of Directors authorized the repurchase of up to $ 25 15 40 5 45 May 4, 2016 1,174,882 1,815,467 13.87 16.3 14.39 26.1 6.9 |
Other Operating, Net
Other Operating, Net | 9 Months Ended |
Sep. 29, 2015 | |
Other Operating Net [Abstract] | |
Other Operating Net [Text Block] | 8. Other Operating, Net 13-Week Period Ended 39-Week Period Ended September 29, 2015 September 30, 2014 September 29, 2015 September 30, 2014 Jambacard breakage income $ (654) $ (1,008) $ (2,649) $ (2,335) Jambacard expense 246 164 484 531 Franchise expense 273 623 1,688 1,450 Store pre-opening 287 166 474 586 Impairment of long-lived assets 1,907 - 2,202 175 Store lease termination and closure 207 180 269 237 CPG and JambaGO ® 474 665 1,717 1,977 Franchise bad debt and trade credit write-off 213 13 1,011 26 Other (177) 18 164 (71) Total other operating, net $ 2,776 $ 821 $ 5,360 $ 2,576 Impairment of long-lived assets for the 13-week period ended and 39-week period ended September 29, 2015 includes a loss of $ 1.6 0.3 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 29, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | 9. 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 management’s opinion, 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 results of operations, liquidity or financial condition. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 29, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | 10. Subsequent Events Since September 29, 2015, one refranchising transaction was closed in which a total 16 3.3 On October 1, 2015, the Company announced James D. White, the Chief Executive Officer, will be retiring and it is anticipated that he will continue in his role with the Company until his successor is found. In accordance with his employment agreement the severance and bonus of $ 0.8 Agreement resulted in modifications to outstanding stock options, which |
Summary of Significant Accoun16
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 29, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Consolidation [Policy Text Block] | Basis of presentation and consolidation The accompanying unaudited condensed consolidated financial statements of Jamba, Inc. have been prepared pursuant to generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial information and the rules and regulations of the United States Securities and Exchange Commission (the “SEC”) for Form 10-Q. The December 30, 2014 condensed consolidated balance sheet was derived from the audited financial statements, but does not include all disclosures required by U.S. GAAP. Certain information and note disclosures normally included in annual financial statements have been condensed or omitted pursuant to the rules and regulations of the SEC. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. The results of the 13-week or 39-week periods ended September 29, 2015 are not necessarily indicative of the results of operations to be expected for the entire fiscal year. The condensed consolidated financial statements include the accounts of the Company and its direct or indirect subsidiary 88 |
Use of Estimates, Policy [Policy Text Block] | Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reported periods. Actual results could differ from those estimates. |
Advertising Costs, Policy [Policy Text Block] | Advertising fund The Company participates are reported 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. Franchisee Advertising fund assets as of September 29, 2015 include $ 2.5 1.9 Advertising fund assets as of December 30, 2014 include $ 1.2 1.0 |
Assets Held For Sale Policy [Policy Text Block] | Assets held for sale Assets are classified as held for sale and depreciation and amortization is suspended when approval 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, an expense will be recorded for the amount of the excess. The associated prior year balances are also reclassified. |
Earnings Per Share, Policy [Policy Text Block] | Earnings per share Earnings per share is computed in accordance with Accounting Standards Codification (“ASC”) 260, Earnings per Share. 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 stock compensation plans. Anti-dilutive shares including restricted stock awards, warrants and stock options totaling 2.0 1.9 2.0 1.5 |
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 May 2014, the Financial Accounting Standards Board (the “FASB”) issued amended guidance on revenue from contracts with customers which amended the existing accounting standards for revenue recognition. ASU 2014-09 establishes principles for recognizing revenue upon the transfer of promised goods or services to customers, in an amount that reflects the expected consideration received in exchange for those goods or services. In July 2015, the FASB deferred the effective date for annual reporting periods beginning after December 15, 2017 (including interim reporting periods within those periods). Early adoption is permitted to the original effective date of the annual period beginning after 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 the 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 the Consolidated Financial Statements. In April 2015, 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 the Consolidated Financial Statements. In July 2015, the FASB issued guidance which simplifies the measurement of inventory for companies. ASU No. 2015-11 applies to inventory that is measured using first-in, first-out (“FIFO”) or average cost method and requires measurement of that inventory at the lower of cost or net realizable value. Net realizable value is defined as the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. This guidance will be effective for the Company beginning fiscal year 2017. Early adoption is permitted. The Company does not expect the adoption of this guidance to have a significant impact on the Consolidated Financial Statements. |
Share-based Compensation (Table
Share-based Compensation (Tables) | 9 Months Ended |
Sep. 29, 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 our equity incentive plans as of September 29, 2015, and changes during the 39-week period then ended is presented below (shares and dollars in thousands): Weighted- Average Weighted- Contractual Number of Average Term Aggregate Options Exercise Price Remaining (years) Intrinsic Value Balance at December 30, 2014 889 $ 10.89 4.74 $ 6,110 Granted 962 $ 13.94 Exercised (211) $ 7.35 Canceled (62) $ 17.35 Balance at September 29, 2015 1,578 $ 12.98 7.18 $ 4,532 Vested and expected to vestSeptember 29, 2015 1,364 $ 12.83 6.69 $ 4,467 ExercisableSeptember 29, 2015 617 $ 11.83 3.67 $ 4,071 |
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 the Black-Scholes option pricing model with the following weighted-average assumptions: 39-Week September 29, 2015 Risk-free interest rate 1.7 % Expected term (in years) 5.85 Expected volatility 43.7 % Expected dividend yield 0.0 % |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | Information regarding activities during the 39-week period ended September 29, 2015 for restricted stock units (RSUs) granted under the 2013 Equity Incentive Plan is as follows (shares in thousands): Weighted-Average Number of Grant Date RSUs Fair Value RSU's Outstanding at December 30, 2014 341 $ 11.95 Granted 39 $ 15.64 Vested (28) $ 13.82 Forfeited/canceled (164) $ 13.98 RSU's Outstanding at September 29, 2015 188 $ 10.66 |
Other Operating, Net (Tables)
Other Operating, Net (Tables) | 9 Months Ended |
Sep. 29, 2015 | |
Other Operating Net [Abstract] | |
Schedule of Other Operating Cost and Expense, by Component [Table Text Block] | The components of other operating, net were as follows (in thousands): 13-Week Period Ended 39-Week Period Ended September 29, 2015 September 30, 2014 September 29, 2015 September 30, 2014 Jambacard breakage income $ (654) $ (1,008) $ (2,649) $ (2,335) Jambacard expense 246 164 484 531 Franchise expense 273 623 1,688 1,450 Store pre-opening 287 166 474 586 Impairment of long-lived assets 1,907 - 2,202 175 Store lease termination and closure 207 180 269 237 CPG and JambaGO ® 474 665 1,717 1,977 Franchise bad debt and trade credit write-off 213 13 1,011 26 Other (177) 18 164 (71) Total other operating, net $ 2,776 $ 821 $ 5,360 $ 2,576 |
Description of Business (Detail
Description of Business (Details Textual) | Sep. 29, 2015 |
Franchisor Disclosure [Line Items] | |
Number of Stores | 884 |
Company Stores [Member] | |
Franchisor Disclosure [Line Items] | |
Number of Stores | 94 |
Franchise Stores [Member] | |
Franchisor Disclosure [Line Items] | |
Number of Stores | 720 |
International Stores [Member] | |
Franchisor Disclosure [Line Items] | |
Number of Stores | 70 |
Summary of Significant Accoun20
Summary of Significant Accounting Policies (Details Textual) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 29, 2015 | Sep. 30, 2014 | Sep. 29, 2015 | Sep. 30, 2014 | Apr. 28, 2015 | Dec. 30, 2014 | |
Basis Of Presentation And Significant Accounting Policies [Line Items] | ||||||
Accounts Receivable, Net | $ 2.5 | $ 2.5 | $ 1.2 | |||
Accounts payable | $ 1.9 | $ 1.9 | $ 1 | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2 | 2 | 1.9 | 1.5 | ||
Jamba Juice Southern California, LLC [Member] | ||||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | ||||||
Noncontrolling Interest, Ownership Percentage by Parent | 88.00% | 88.00% |
Share-based Compensation (Detai
Share-based Compensation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 29, 2015 | Dec. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Options, Balance at December 30, 2014, | 889 | |
Number of Options, Granted | 962 | |
Number of Options, Exercised | (211) | |
Number of Options, Canceled | (62) | |
Number of Options, Balance at September 29, 2015 | 1,578 | 889 |
Number of Options, Vested and expected to vest - September 29, 2015 | 1,364 | |
Number of Option, Exercisable - September 29, 2015 | 617 | |
Weighted-Average Exercise Price, Balance at December 30, 2014, (in dollars per share) | $ 10.89 | |
Weighted-Average Exercise Price, Granted (in dollars per share) | 13.94 | |
Weighted-Average Exercise Price, Exercised (in dollars per share) | 7.35 | |
Weighted-Average Exercise Price, Canceled (in dollars per share) | 17.35 | |
Weighted-Average Exercise Price, Balance at September 29, 2015, (in dollars per share) | 12.98 | $ 10.89 |
Weighted-Average Exercise Price, Vested and expected to vest - September 29, 2015 (in dollars per share) | 12.83 | |
Weighted-Average Exercise Price, Exercisable - September 29, 2015, (in dollars per share) | $ 11.83 | |
Weighted-Average Contractual Term Remaining (years) | 7 years 2 months 5 days | 4 years 8 months 26 days |
Weighted-Average Contractual Term Remaining Vested and expected to vest - September 29, 2015 | 6 years 8 months 8 days | |
Weighted-Average Contractual Term Remaining Exercisable - September 29, 2015 | 3 years 8 months 1 day | |
Aggregate Intrinsic Value, Balance at December 30, 2014 | $ 6,110 | |
Aggregate Intrinsic Value, Balance at September 29, 2015 | 4,532 | $ 6,110 |
Aggregate Intrinsic Value, Vested and expected to vest - September 29, 2015 | 4,467 | |
Aggregate Intrinsic Value, Exercisable at September 29, 2015 | $ 4,071 |
Share-based Compensation (Det22
Share-based Compensation (Details 1) | 9 Months Ended |
Sep. 29, 2015 | |
Risk-free interest rate | 1.70% |
Expected term (in years) | 5 years 10 months 6 days |
Expected volatility | 43.70% |
Expected dividend yield | 0.00% |
Share-based Compensation (Det23
Share-based Compensation (Details 2) - Restricted Stock Units (RSUs) [Member] - Equity Incentive Plan 2013 [Member] - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 29, 2015 | Sep. 30, 2014 | Sep. 29, 2015 | Sep. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of RSUs, Unvested at December 30, 2014 (in shares) | 341,000 | |||
Number of RSUs, Granted (in shares) | 4,000 | 172,000 | 39,000 | 251,000 |
Number of RSUs, Vested (in shares) | (28,000) | |||
Number of RSUs, Forfeited/canceled (in shares) | (164,000) | |||
Number of RSUs, Unvested at September 29, 2015 (in shares) | 188,000 | 188,000 | ||
Weighted-Average Grant Date Fair Value, Unvested December 30, 2014 (in dollar per share) | $ 11.95 | |||
Weighted-Average Grant Date Fair Value, Granted (in dollars per share) | $ 13.71 | $ 14.04 | 15.64 | $ 13.26 |
Weighted-Average Grant Date Fair Value, Vested (in dollars per share) | 13.82 | |||
Weighted-Average Grant Date Fair Value, Forfeited/canceled (in dollars per share) | 13.98 | |||
Weighted- Average Grant Date Fair Value, Unvested September 29, 2015 (in dollar per share) | $ 10.66 | $ 10.66 |
Share-based Compensation (Det24
Share-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 29, 2015 | Sep. 30, 2014 | Sep. 29, 2015 | Sep. 30, 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 Awards, Nonvested Net Of Forfeiture | $ 3.6 | |||
Share Based Compensation Arrangement By Share Based Payment Award Option And Restricted Stock, Remaining Weighted Average Vesting Period | 3 years 6 months | |||
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 | $ 6.51 | $ 6.04 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 6,500 | 962,000 | ||
General and Administrative Expense [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated Share-based Compensation Expense | $ 1 | $ 0.8 | $ 3.6 | $ 2.2 |
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, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 13.71 | $ 14.04 | $ 15.64 | $ 13.26 |
Number of Shares Granted | 4,000 | 172,000 | 39,000 | 251,000 |
Number of Shares Forfeited (Canceled) | 164,000 | |||
Number Shares Vested | 28,000 | |||
Performance Stock Units [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, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 14.04 | |||
Number of Shares Granted | 0 | 0 | 85,000 | |
Number of Shares Forfeited (Canceled) | 24,000 | 30,000 | ||
Number Shares Vested | 32,000 |
Assets Held For Sale (Details T
Assets Held For Sale (Details Textual) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015USD ($) | Sep. 29, 2015USD ($) | Sep. 29, 2015USD ($) | Dec. 30, 2014USD ($) | |
Long Lived Assets Held-for-sale [Line Items] | ||||
Disposal Group, Including Discontinued Operation, Assets, Current | $ 4,883 | $ 4,883 | $ 26,626 | |
Number of Stores | 884 | 884 | ||
Estimate of Fair Value Measurement [Member] | ||||
Long Lived Assets Held-for-sale [Line Items] | ||||
Gain (Loss) on reclassification of stores | $ 1,600 | $ 1,100 | ||
Opened Stores [Member] | ||||
Long Lived Assets Held-for-sale [Line Items] | ||||
Number of Stores | 124 | 124 | 99 | |
Unopened Stores [Member] | ||||
Long Lived Assets Held-for-sale [Line Items] | ||||
Number of Stores | 1 | |||
Refranchised Units [Member] | ||||
Long Lived Assets Held-for-sale [Line Items] | ||||
Number Of Opened Stores | 110 | 163 | ||
Number Of Unopened Stores | 1 | 1 | ||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | ||||
Long Lived Assets Held-for-sale [Line Items] | ||||
Disposal Group, Including Discontinued Operation, Assets, Current | $ 4,900 | $ 4,900 | $ 26,600 | |
Proceeds from Sale of Property Held-for-sale | 36,100 | 49,800 | ||
Goodwill and other intangibles | 100 | 100 | $ 1,400 | |
Gain (Loss) on Disposition of Property Plant Equipment | $ 16,200 | $ 21,500 | ||
Disposal Group, Including Discontinued Operation, Description and Timing of Disposal | The Company expects to refranchise substantially all of the remaining 64 Company Stores classified as assets held for sale at September 29, 2015 by the end of the first fiscal quarter of 2016. |
Fair Value Measurement (Details
Fair Value Measurement (Details Textual) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 29, 2015 | Dec. 30, 2014 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings, Total | $ 0.2 | |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Liabilities Fair Value Disclosure, Total | $ 0 | $ 0.2 |
Credit Facility (Details Textua
Credit Facility (Details Textual) $ in Millions | 9 Months Ended |
Sep. 29, 2015USD ($) | |
Credit Agreement [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 15 |
Line of Credit Facility, Remaining Borrowing Capacity | 13.5 |
Letters of Credit Outstanding, Amount | $ 1.5 |
Line of Credit Facility, Interest Rate 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 ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | |
May. 31, 2015 | Sep. 29, 2015 | Sep. 29, 2015 | Oct. 31, 2014 | |
Equity, Class of Treasury Stock [Line Items] | ||||
Treasury Stock, Retired, Cost Method, Amount | $ 16.3 | $ 26.1 | ||
Stock Repurchase Program, Authorized Amount | $ 40 | $ 45 | $ 45 | $ 25 |
Treasury Stock, Shares, Retired | 1,174,882 | 1,815,467 | ||
Treasury Stock Acquired, Average Cost Per Share | $ 13.87 | $ 14.39 | ||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 6.9 | $ 6.9 | ||
Stock Repurchase Program Expiration Date | May 4, 2016 | May 4, 2016 | May 4, 2016 | |
Increase Stock Repurchase Program Authorized Amount | $ 15 | $ 5 |
Other Operating, Net (Details)
Other Operating, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 29, 2015 | Sep. 30, 2014 | Sep. 29, 2015 | Sep. 30, 2014 | |
Other Operating Income Expenses [Line Items] | ||||
Jambacard breakage income | $ (654) | $ (1,008) | $ (2,649) | $ (2,335) |
Jambacard expense | 246 | 164 | 484 | 531 |
Franchise expense | 273 | 623 | 1,688 | 1,450 |
Store pre-opening | 287 | 166 | 474 | 586 |
Impairment of long-lived assets | 1,907 | 0 | 2,202 | 175 |
Store lease termination and closure | 207 | 180 | 269 | 237 |
CPG and JambaGO~®~ direct expense | 474 | 665 | 1,717 | 1,977 |
Franchise bad debt and trade credit write-off | 213 | 13 | 1,011 | 26 |
Other | (177) | 18 | 164 | (71) |
Total other operating, net | $ 2,776 | $ 821 | $ 5,360 | $ 2,576 |
Other Operating, Net (Details t
Other Operating, Net (Details textual) $ in Millions | 9 Months Ended |
Sep. 29, 2015USD ($) | |
Other Operating Income Expenses [Line Items] | |
Impairment of Long-Lived Assets to be Disposed of | $ 1.6 |
Other Asset Impairment Charges | $ 0.3 |
Subsequent Events (Details Text
Subsequent Events (Details Textual) $ in Thousands | 9 Months Ended | ||
Sep. 29, 2015USD ($) | Sep. 30, 2014USD ($) | Oct. 31, 2015USD ($) | |
Subsequent Event [Line Items] | |||
Number of Stores | 884 | ||
Proceeds From Sale Of Productive Assets | $ 46,926 | $ 2,772 | |
Closed Stores [Member] | |||
Subsequent Event [Line Items] | |||
Number of Stores | 16 | ||
Proceeds From Sale Of Productive Assets | $ 3,300 | ||
Subsequent Event [Member] | Chief Executive Officer [Member] | |||
Subsequent Event [Line Items] | |||
Accrued Employee Benefits, Current | $ 800 |