Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 29, 2016 | Apr. 29, 2016 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 29, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | JMBA | |
Entity Common Stock, Shares Outstanding | 15,091,228 | |
Entity Registrant Name | JAMBA, INC. | |
Entity Central Index Key | 1,316,898 | |
Current Fiscal Year End Date | --01-03 | |
Entity Filer Category | Accelerated Filer |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 29, 2016 | Dec. 29, 2015 |
Current Assets: | ||
Cash and cash equivalents | $ 12,536 | $ 19,730 |
Receivables, net of allowances of $618 and $618 | 16,068 | 16,932 |
Inventories | 770 | 818 |
Prepaid expenses and other current assets | 5,158 | 6,533 |
Total current assets | 34,532 | 44,013 |
Property, fixtures and equipment, net | 18,221 | 18,744 |
Goodwill | 1,184 | 1,184 |
Trademarks and other intangible assets, net | 1,424 | 1,464 |
Other long-term assets | 4,121 | 4,211 |
Total assets | 59,482 | 69,616 |
Current Liabilities: | ||
Accounts payable | 1,922 | 3,815 |
Accrued compensation and benefits | 2,533 | 3,788 |
Workers’ compensation and health insurance reserves | 651 | 633 |
Accrued jambacard liability | 26,569 | 29,306 |
Other current liabilities | 16,508 | 18,093 |
Total current liabilities | 48,183 | 55,635 |
Deferred rent and other long-term liabilities | 8,195 | 8,990 |
Total liabilities | $ 56,378 | $ 64,625 |
Commitments and contingencies (Note 9) | ||
Stockholders’ equity: | ||
Common stock, $0.001 par value-30,000,000 shares authorized; 17,948,545 and 15,089,728 shares issued and outstanding at March 29, 2016, respectively, and 17,938,820 and shares issued and 15,080,003 outstanding at December 29, 2015, respectively | $ 18 | $ 18 |
Additional paid-in capital | 404,538 | 403,605 |
Treasury shares, at cost | (40,009) | (40,009) |
Accumulated deficit | (361,443) | (358,623) |
Total stockholders’ equity | 3,104 | 4,991 |
Total liabilities and stockholders’ equity | $ 59,482 | $ 69,616 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS [Parenthetical] - USD ($) $ in Thousands | Mar. 29, 2016 | Dec. 29, 2015 |
Receivables, allowances (in dollars) | $ 618 | $ 618 |
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 | 17,948,545 | 17,938,820 |
Common stock, shares outstanding | 15,089,728 | 15,080,003 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 29, 2016 | Mar. 31, 2015 | |
Revenue: | ||
Company stores | $ 11,953 | $ 47,728 |
Franchise and other revenue | 6,801 | 4,776 |
Total revenue | 18,754 | 52,504 |
Costs and operating expenses: | ||
Cost of sales | 2,962 | 12,407 |
Labor | 4,158 | 16,088 |
Occupancy | 2,036 | 6,835 |
Store operating | 2,362 | 8,034 |
Depreciation and amortization | 1,502 | 1,873 |
General and administrative | 7,610 | 8,963 |
Loss (gain) on disposal of assets | 109 | (778) |
Store pre-opening | 324 | 22 |
Store lease termination and closure | 120 | 22 |
Other operating, net | 271 | 706 |
Total costs and operating expenses | 21,454 | 54,172 |
Loss from operations | (2,700) | (1,668) |
Other income (expense), net: | ||
Interest income | 71 | 15 |
Interest expense | (59) | (41) |
Total other income (expense), net | 12 | (26) |
Loss before income taxes | (2,688) | (1,694) |
Income tax expense | (132) | (26) |
Net loss | (2,820) | (1,720) |
Less: Net income attributable to noncontrolling interest | 0 | 31 |
Net loss attributable to Jamba, Inc. | $ (2,820) | $ (1,751) |
Weighted-average shares used in computation of earnings per share attributable to Jamba, Inc.: | ||
Basic (in shares) | 15,084,037 | 16,370,885 |
Diluted (in shares) | 15,084,037 | 16,370,885 |
Net loss per share attributable to common stockholders attributable to Jamba, Inc. | ||
Basic (in dollar per share) | $ (0.19) | $ (0.11) |
Diluted (in dollar per share) | $ (0.19) | $ (0.11) |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 29, 2016 | Mar. 31, 2015 | |
Cash flows used in operating activities: | ||
Net loss | $ (2,820) | $ (1,720) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 1,502 | 1,873 |
Store closure costs and gain on disposals | 89 | (540) |
Jambacard breakage income | (705) | (1,022) |
Stock-based compensation | 831 | 1,146 |
Bad debt and purchase obligation reserves | 0 | 175 |
Deferred rent | (300) | (261) |
Loss on investments | 26 | 204 |
Changes in operating assets and liabilities: | ||
Receivables | 864 | 739 |
Inventories | 48 | (123) |
Prepaid expenses and other current assets | 1,375 | (2,345) |
Other long-term assets | 61 | 962 |
Accounts payable | (2,121) | (2,528) |
Accrued compensation and benefits | (1,255) | (1,512) |
Workers’ compensation and health insurance reserves | 18 | 369 |
Accrued jambacard liability | (2,032) | (4,794) |
Other current liabilities | (1,584) | 4,532 |
Other long-term liabilities | (481) | (610) |
Net cash used in operating activities | (6,484) | (5,455) |
Cash flows (used in) provided by investing activities: | ||
Capital expenditures | (812) | (420) |
Proceeds from disposal of assets | 0 | 2,333 |
Net cash (used in) provided by investing activities | (812) | 1,913 |
Cash flows provided by (used in) financing activities: | ||
Payment on capital lease obligations | (1) | (12) |
Payments for treasury shares | 0 | (6,265) |
Proceeds pursuant to stock issuance | 103 | 185 |
Net cash provided by (used in) financing activities | 102 | (6,092) |
Net decrease in cash and cash equivalents | (7,194) | (9,634) |
Cash and cash equivalents at beginning of period | 19,730 | 17,750 |
Cash and cash equivalents at end of period | 12,536 | 8,116 |
Supplemental cash flow information: | ||
Cash paid for interest | 8 | 8 |
Cash paid for income taxes | 9 | 0 |
Noncash investing and financing activities: | ||
Property, fixtures and equipment in accounts payable | 228 | 494 |
Non cash acquisition consideration | $ 0 | $ 418 |
DESCRIPTION OF BUSINESS
DESCRIPTION OF BUSINESS | 3 Months Ended |
Mar. 29, 2016 | |
Business Combination, Description [Abstract] | |
Business Combination Disclosure [Text Block] | 1. DESCRIPTION OF BUSINESS Business Jamba, Inc. consummated its initial public offering in July 2005. On March 10, 2006, Jamba, Inc. entered into an Agreement and Plan of Merger with Jamba Juice Company (the “Merger Agreement”). On November 29, 2006 (the “Merger Date”), Jamba, Inc. consummated the merger with Jamba Juice Company (the “Merger”) whereby Jamba Juice Company, which first began operations in 1990, became its wholly owned subsidiary. Jamba, Inc. through 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 ® ® ® Bowls, and a variety of food items including, hot oatmeal, breakfast wraps, Artisan Flatbreads, 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. The Company’s headquarters are located in Emeryville, California. As of March 29, 2016, there were 885 68 752 65 ® ® |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 29, 2016 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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 29, 2015 Condensed Consolidated Balance Sheets 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 period ended March 29, 2016 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, Jamba Juice Company. The accounts of Jamba Juice Southern California, LLC (“JJSC”) are included through April 28, 2015, when the Company sold its 88 The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reported periods. Actual results could differ from those estimates. Earnings per share is computed in accordance with Accounting Standards Codification (“ASC”) 260, Earnings per Share. Basic earnings (loss) per share is computed based on the weighted-average number of common shares outstanding during the period. Diluted earnings (loss) per share is computed based on the weighted-average number of common shares and potentially dilutive securities, which includes preferred stock outstanding, outstanding warrants and outstanding options and restricted stock awards granted under the Company’s stock option plans. Anti-dilutive common stock equivalents totaling 1.8 1.6 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. Accounting Standards Update (“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 to fiscal years beginning after December 15, 2017 (including interim reporting periods within those periods). Early adoption is permitted to the original effective date of the fiscal year beginning after December 15, 2016 (including interim reporting periods within those periods). The amendment guidance may be applied retrospectively to each prior period presented with the option to apply practical expedients or retrospectively with the cumulative effect recognized as of the date of initial application. The Company is currently assessing what impact, if any, the adoption of this ASU will have on its Consolidated Financial Statements and related disclosure. In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities In February 2016, the FASB issued ASU 2016-02, Leases, In March 2016, the FASB issued ASU 2016-04 , Recognition of Breakage for Certain Prepaid Stored-Value Products In March 2016, the FASB issued ASU 2016-07, Simplifying the Transition to the Equity Method of Accounting In March 2016, the FASB issued ASU No. 2016-09, Compensation-Stock Compensation: Improvements to Employee Share-Based Payment Accounting |
ASSETS HELD FOR SALE
ASSETS HELD FOR SALE | 3 Months Ended |
Mar. 29, 2016 | |
Assets Held-for-sale, Not Part of Disposal Group [Abstract] | |
Assets Held For Sale [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, 99 176 0 The Company recognized a loss on disposal of assets of $0.1 million and a gain on disposal of assets of $ 0.8 1.9 1.1 |
FAIR VALUE MEASUREMENT
FAIR VALUE MEASUREMENT | 3 Months Ended |
Mar. 29, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | 4. FAIR VALUE MEASUREMENT Financial Assets and Liabilities The following instruments are not measured at fair value on the Company’s consolidated balance sheets but require disclosure of their fair values: cash and cash equivalents, accounts receivables, notes receivable and accounts payable. The estimated fair value of such instruments, excluding notes receivable, approximates their carrying value as reported on the consolidated balance sheets due to the short-term nature. The estimated fair value of notes receivable approximates its carrying value due to the interest rates aligning with market rates. The fair value of such financial instruments is determined using the income approach based on the present value of estimated future cash flows. The fair value of these instruments would be categorized as Level 2 in the fair value hierarchy, with the exception of cash and cash equivalents, which would be categorized as Level 1. 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. 29, 2016 | |
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, November 4, 2013, December 30, 2014, and December 29, 2015 (as amended, the “Credit Agreement”), makes available to the Company a revolving line of credit in the amount of $ 10.0 LIBOR Market Index Rate based upon the rate for one month U.S. dollar deposits, plus 2.50% per annum. July 22, 2016 0.6 During the 13-week period ended March 29, 2016, 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 29, 2016 and December 29, 2015, the unamortized commitment fee amount was not material. As of March 29, 2016, the Company was not in compliance |
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION | 3 Months Ended |
Mar. 29, 2016 | |
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | |
Disclosure Of Compensation Related Costs Share Based Payments [Text Block] | 6. SHARE-BASED COMPENSATION Stock Options Weighted-Average Number of Weighted-Average Contractual Term Aggregate Options Shares Exercise Price Remaining (years) Intrinsic Value Balance at December 29, 2015 1,530 $ 12.42 5.76 $ 3,960 Granted 150 12.35 Exercised (10) 10.58 Canceled (98) 14.99 Balance at March 29, 2016 1,572 $ 12.26 6.15 $ 3,108 Vested and expected to vestMarch 29, 2016 1,412 $ 12.11 5.81 $ 3,106 ExercisableMarch 29, 2016 719 $ 10.70 2.62 $ 3,083 During the 13-week period ended March 29, 2016, options exercisable for 150,000 12.35 13-Week Period Ended March 29, 2016 Risk-free interest rate 1.5 % Expected term (in years) 5.85 Expected volatility 42.2 % Expected dividend yield 0.0 % During the 13-week period ended March 31, 2015, options exercisable for 1.0 6.04 Restricted Stock Weighted-Average Number of Grant Date RSUs Shares Fair Value Non-vested at December 29, 2015 190 $ 14.09 Granted - - Vested - - Forfeited (15) 13.89 Non-vested at March 29, 2016 175 $ 14.11 During the 13-week period ended March 29, 2016, no RSUs were granted under the 2013 Equity Incentive Plan. During the 13-week period ended March 31, 2015, RSUs exercisable for 3,000 15.01 Performance Stock No performance stock units were granted or vested during the 13-week periods ended March 29, 2016 or March 31, 2015. Share-based compensation expense, which is included in general and administrative expenses, was $ 0.8 1.1 . 3.8 3 In January 2016, in connection with the hiring of the Company’s new Chief Executive Officer, the Company agreed to grant equity awards to the new Chief Executive Officer, which included an award of 350,000 15 22.5 30 50,000 15 150,000 100 150,000 100 50,000 350,000 |
STOCK REPURCHASES
STOCK REPURCHASES | 3 Months Ended |
Mar. 29, 2016 | |
Equity [Abstract] | |
Treasury Stock [Text Block] | 7. STOCK REPURCHASES On October 29, 2014, the Company’s Board of Directors authorized the repurchase of up to $ 25.0 15.0 40.0 5.0 2.9 13.99 |
OTHER OPERATING, NET
OTHER OPERATING, NET | 3 Months Ended |
Mar. 29, 2016 | |
Other Operating Net [Abstract] | |
Other Operating Net [Text Block] | 8. OTHER OPERATING, NET 13-Week Period Ended March 29, 2016 March 31, 2015 Jambacard breakage income $ (705) $ (1,022) Jambacard expense 160 111 CPG and JambaGO® direct expense 633 610 Franchise discount expense 193 274 Franchise sublease income (261) (41) Franchise other expense 72 336 Bad debt - 12 International expense 166 153 Loss on investments 26 204 Other (13) 69 Total other operating, net $ 271 $ 706 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 29, 2016 | |
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 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. |
RELATED-PARTY TRANSACTIONS
RELATED-PARTY TRANSACTIONS | 3 Months Ended |
Mar. 29, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | 10. RELATED-PARTY TRANSACTIONS In the first quarter of fiscal 2016, the Company received $ 0.1 0.1 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Mar. 29, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | 11. SUBSEQUENT EVENTS On April 27, 2016, the Company executed an agreement for early termination of a store lease. The store was closed on December 29, 2015 and the estimated fair value of the lease termination obligation was accrued in fiscal 2015. The agreement will result in a reduction of store lease termination and closure costs of approximately $ 0.1 On May 4, 2016, the Company announced a plan to relocate its corporate headquarters from Emeryville, California to Frisco, Texas, a suburb of Dallas. The relocation process, including the consolidation of certain other operations of the Company, is expected to be completed within the next six to eight months. The Company expects to incur approximately $6.0 million related to its relocation of corporate headquarters as a result of personnel relocation, employee attrition, retention, severance and replacement, office relocation and other costs. |
SUMMARY OF SIGNIFICANT ACCOUN17
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 29, 2016 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [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 29, 2015 Condensed Consolidated Balance Sheets 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 period ended March 29, 2016 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, Jamba Juice Company. The accounts of Jamba Juice Southern California, LLC (“JJSC”) are included through April 28, 2015, when the Company sold its 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 estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reported periods. Actual results could differ from those estimates. |
Earnings Per Share, Policy [Policy Text Block] | Earnings (Loss) Per Share Earnings per share is computed in accordance with Accounting Standards Codification (“ASC”) 260, Earnings per Share. Basic earnings (loss) per share is computed based on the weighted-average number of common shares outstanding during the period. Diluted earnings (loss) per share is computed based on the weighted-average number of common shares and potentially dilutive securities, which includes preferred stock outstanding, outstanding warrants and outstanding options and restricted stock awards granted under the Company’s stock option plans. Anti-dilutive common stock equivalents totaling 1.8 1.6 |
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. Accounting Standards Update (“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 to fiscal years beginning after December 15, 2017 (including interim reporting periods within those periods). Early adoption is permitted to the original effective date of the fiscal year beginning after December 15, 2016 (including interim reporting periods within those periods). The amendment guidance may be applied retrospectively to each prior period presented with the option to apply practical expedients or retrospectively with the cumulative effect recognized as of the date of initial application. The Company is currently assessing what impact, if any, the adoption of this ASU will have on its Consolidated Financial Statements and related disclosure. In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities In February 2016, the FASB issued ASU 2016-02, Leases, In March 2016, the FASB issued ASU 2016-04 , Recognition of Breakage for Certain Prepaid Stored-Value Products In March 2016, the FASB issued ASU 2016-07, Simplifying the Transition to the Equity Method of Accounting In March 2016, the FASB issued ASU No. 2016-09, Compensation-Stock Compensation: Improvements to Employee Share-Based Payment Accounting |
SHARE-BASED COMPENSATION (Table
SHARE-BASED COMPENSATION (Tables) | 3 Months Ended |
Mar. 29, 2016 | |
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 29, 2016, and changes during the 13-week period then ended are presented below (shares in thousands): Weighted-Average Number of Weighted-Average Contractual Term Aggregate Options Shares Exercise Price Remaining (years) Intrinsic Value Balance at December 29, 2015 1,530 $ 12.42 5.76 $ 3,960 Granted 150 12.35 Exercised (10) 10.58 Canceled (98) 14.99 Balance at March 29, 2016 1,572 $ 12.26 6.15 $ 3,108 Vested and expected to vestMarch 29, 2016 1,412 $ 12.11 5.81 $ 3,106 ExercisableMarch 29, 2016 719 $ 10.70 2.62 $ 3,083 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 13-Week Period Ended March 29, 2016 Risk-free interest rate 1.5 % Expected term (in years) 5.85 Expected volatility 42.2 % Expected dividend yield 0.0 % |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | Information regarding activities during the 13-week period ended March 29, 2016 for outstanding restricted stock units (RSUs) granted under the 2013 Equity Incentive Plan is as follows (shares in thousands): Weighted-Average Number of Grant Date RSUs Shares Fair Value Non-vested at December 29, 2015 190 $ 14.09 Granted - - Vested - - Forfeited (15) 13.89 Non-vested at March 29, 2016 175 $ 14.11 |
OTHER OPERATING, NET (Tables)
OTHER OPERATING, NET (Tables) | 3 Months Ended |
Mar. 29, 2016 | |
Other Operating Net [Abstract] | |
Schedule of Other Operating Cost and Expense, by Component [Table Text Block] | 13-Week Period Ended March 29, 2016 March 31, 2015 Jambacard breakage income $ (705) $ (1,022) Jambacard expense 160 111 CPG and JambaGO® direct expense 633 610 Franchise discount expense 193 274 Franchise sublease income (261) (41) Franchise other expense 72 336 Bad debt - 12 International expense 166 153 Loss on investments 26 204 Other (13) 69 Total other operating, net $ 271 $ 706 |
DESCRIPTION OF BUSINESS (Detail
DESCRIPTION OF BUSINESS (Details Textual) | Mar. 29, 2016 |
Company Stores [Member] | |
Franchisor Disclosure [Line Items] | |
Number of Stores | 68 |
Franchise Stores [Member] | |
Franchisor Disclosure [Line Items] | |
Number of Stores | 752 |
International Stores [Member] | |
Franchisor Disclosure [Line Items] | |
Number of Stores | 65 |
Jamba Juice stores [Member] | |
Franchisor Disclosure [Line Items] | |
Number of Stores | 885 |
SUMMARY OF SIGNIFICANT ACCOUN21
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) - shares shares in Millions | 3 Months Ended | ||
Mar. 29, 2016 | Mar. 31, 2015 | Apr. 28, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1.8 | 1.6 | |
Jamba Juice Southern California, LLC [Member] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 88.00% |
ASSETS HELD FOR SALE (Details T
ASSETS HELD FOR SALE (Details Textual) | 1 Months Ended | 3 Months Ended | ||
Dec. 30, 2014 | Mar. 29, 2016USD ($) | Mar. 31, 2015USD ($) | Dec. 29, 2015USD ($) | |
Assets Held For Sale Current [Line Items] | ||||
Disposal Group, Including Discontinued Operation, Assets, Current | $ 0 | $ 0 | ||
Number Of Unopened Stores | one | |||
Franchised Units [Member] | ||||
Assets Held For Sale Current [Line Items] | ||||
Number of Stores | 224 | |||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | ||||
Assets Held For Sale Current [Line Items] | ||||
Number of Stores | 48 | |||
Gain (Loss) on Disposition of Property Plant Equipment | $ 100,000 | $ 800,000 | ||
Loss On Sale of Property Plant and Equipment | 1,100,000 | |||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Refranchised Units [Member] | ||||
Assets Held For Sale Current [Line Items] | ||||
Number of Stores | 176 | |||
Proceeds from Sale of Property, Plant, and Equipment, Total | $ 1,900,000 | |||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Company store [Member] | ||||
Assets Held For Sale Current [Line Items] | ||||
Number of Stores | 99 | 0 | 0 |
CREDIT AGREEMENT (Details Textu
CREDIT AGREEMENT (Details Textual) - Line of Credit [Member] $ in Millions | 3 Months Ended |
Mar. 29, 2016USD ($) | |
Credit Agreement [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 10 |
Debt Instrument, Maturity Date | Jul. 22, 2016 |
Letters of Credit Outstanding, Amount | $ 0.6 |
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. |
SHARE-BASED COMPENSATION (Detai
SHARE-BASED COMPENSATION (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 29, 2016 | Dec. 29, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Shares outstanding, Beginning Balance | 1,530 | |
Number of Shares, Granted | 150 | |
Number of Shares, Exercised | (10) | |
Number of Shares, Canceled | (98) | |
Number of Shares outstanding, Ending Balance | 1,572 | 1,530 |
Number of Shares, Vested and expected to vest - March 29, 2016 | 1,412 | |
Number of Shares, Exercisable - March 29, 2016 | 719 | |
Weighted-Average Exercise Price outstanding, Beginning Balance (in dollars per share) | $ 12.42 | |
Weighted-Average Exercise Price, Granted (in dollars per share) | 12.35 | |
Weighted-Average Exercise Price, Exercised (in dollars per share) | 10.58 | |
Weighted-Average Exercise Price, Canceled (in dollars per share) | 14.99 | |
Weighted-Average Exercise Price outstanding, Ending Balance (in dollars per share) | 12.26 | $ 12.42 |
Weighted-Average Exercise Price, Vested and expected to vest - March 29, 2016 (in dollars per share) | 12.11 | |
Weighted-Average Exercise Price, Exercisable - March 29, 2016 (in dollars per share) | $ 10.70 | |
Weighted-Average Contractual Term Remaining (years) | 6 years 1 month 24 days | 5 years 9 months 4 days |
Weighted-Average Contractual Term Remaining Vested and expected to vest - March 29, 2016 | 5 years 9 months 22 days | |
Weighted-Average Contractual Term Remaining Exercisable - March 29, 2016 | 2 years 7 months 13 days | |
Aggregate Intrinsic Value, Beginning Balance | $ 3,960 | |
Aggregate Intrinsic Value, Ending Balance | 3,108 | $ 3,960 |
Aggregate Intrinsic Value, Vested and expected to vest - March 29, 2016 | 3,106 | |
Aggregate Intrinsic Value, Exercisable at March 29, 2016 | $ 3,083 |
SHARE-BASED COMPENSATION (Det25
SHARE-BASED COMPENSATION (Details 1) | 3 Months Ended |
Mar. 29, 2016 | |
Risk-free interest rate | 1.50% |
Expected term (in years) | 5 years 10 months 6 days |
Expected volatility | 42.20% |
Expected dividend yield | 0.00% |
SHARE-BASED COMPENSATION (Det26
SHARE-BASED COMPENSATION (Details 2) - Restricted Stock Units (RSUs) [Member] shares in Thousands | 3 Months Ended |
Mar. 29, 2016$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares, Non-vested (in shares) | shares | 190 |
Number of shares, Granted (in shares) | shares | 0 |
Number of shares, Vested (in shares) | shares | 0 |
Number of shares, Forfeited (in shares) | shares | (15) |
Number of shares, Non-vested (in shares) | shares | 175 |
Weighted-Average Grant Date Fair Value, Outstanding (in dollar per share) | $ / shares | $ 14.09 |
Weighted-Average Grant Date Fair Value, Granted (in dollars per share) | $ / shares | 0 |
Weighted-Average Grant Date Fair Value, Vested (in dollars per share) | $ / shares | 0 |
Weighted-Average Grant Date Fair Value, Forfeited/canceled (in dollars per share) | $ / shares | 13.89 |
Weighted- Average Grant Date Fair Value, Outstanding (in dollar per share) | $ / shares | $ 14.11 |
SHARE-BASED COMPENSATION (Det27
SHARE-BASED COMPENSATION (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | ||||
Apr. 30, 2016 | Mar. 31, 2016 | Jan. 31, 2016 | Mar. 29, 2016 | Mar. 29, 2016 | Mar. 31, 2015 | |
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 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 150,000 | |||||
Amortized Expenses On Stock Option Issuance | $ 3.8 | |||||
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 | $ 12.35 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than 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 | 150,000 | 1,000,000 | ||||
Chief Executive Officer [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Deferred Compensation Arrangement with Individual, Shares Authorized for Issuance | 50,000 | |||||
Chief Executive Officer [Member] | Share-based Compensation Award, Tranche One [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 15.00% | |||||
Chief Executive Officer [Member] | Share-based Compensation Award, Tranche Two [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 22.50% | |||||
Chief Executive Officer [Member] | Share-based Compensation Award, Tranche Three [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 30.00% | |||||
Chief Executive Officer [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, Gross | 150,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 100.00% | 100.00% | ||||
Deferred Compensation Arrangement with Individual, Shares Authorized for Issuance | 150,000 | |||||
Chief Executive Officer [Member] | Premium-Priced Stock Options [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share Based Compensation, Valuation Assumptions Compound Annual Stock Price Growth Rate | 15.00% | |||||
General and Administrative Expense [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Allocated Share-based Compensation Expense | $ 0.8 | $ 1.1 | ||||
Restricted Stock Units (RSUs) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 0 | |||||
Number of Shares Granted | 0 | |||||
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, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 15.01 | |||||
Number of Shares Granted | 3,000 | |||||
Performance Stock Units [Member] | Chief Executive Officer [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 | $ 350,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 50,000 | |||||
Deferred Compensation Arrangement with Individual, Shares Authorized for Issuance | 350,000 |
STOCK REPURCHASES (Details Text
STOCK REPURCHASES (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | ||
Sep. 30, 2015 | May. 31, 2015 | Mar. 29, 2016 | Oct. 29, 2014 | |
Equity, Class of Treasury Stock [Line Items] | ||||
Stock Repurchase Program, Authorized Amount | $ 45 | $ 40 | $ 25 | |
Treasury Stock Acquired, Average Cost Per Share | $ 13.99 | |||
Increase Stock Repurchase Program Authorized Amount | $ 5 | $ 15 | ||
Treasury Stock, Value, Acquired, Cost Method | $ 2.9 |
OTHER OPERATING, NET (Details)
OTHER OPERATING, NET (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 29, 2016 | Mar. 31, 2015 | |
Other Operating Income Expenses [Line Items] | ||
Jambacard breakage income | $ (705) | $ (1,022) |
Jambacard expense | 160 | 111 |
CPG and JambaGO® direct expense | 633 | 610 |
Franchise discount expense | 193 | 274 |
Franchise sublease income | (261) | (41) |
Franchise other expense | 72 | 336 |
Bad debt | 0 | 12 |
International expense | 166 | 153 |
Loss on investments | 26 | 204 |
Other | (13) | 69 |
Total other operating, net | $ 271 | $ 706 |
RELATED-PARTY TRANSACTIONS (Det
RELATED-PARTY TRANSACTIONS (Details Textual) $ in Millions | 3 Months Ended |
Mar. 29, 2016USD ($) | |
Country Pure Foods [Member] | |
Related Party Transaction [Line Items] | |
Management Fees Revenue, Total | $ 0.1 |
Sodexo [Member] | |
Related Party Transaction [Line Items] | |
Licenses Revenue | $ 0.1 |
SUBSEQUENT EVENTS (Details Text
SUBSEQUENT EVENTS (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | ||
Apr. 27, 2016 | Mar. 29, 2016 | Mar. 31, 2015 | May. 04, 2016 | |
Subsequent Event [Line Items] | ||||
Store Lease Termination and Closure | $ 120 | $ 22 | ||
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Store Lease Termination and Closure | $ (100) | |||
Restructuring and Related Cost, Expected Cost, Total | $ 6,000 |