Jamba Juice 2007 Annual Report Download - page 103
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Table of Contents
compensation charge to earnings is recorded as the underlying options vest and subsequent changes in the fair value of the stock are recorded until the options
are exercised, forfeited, or cancelled. Jamba Juice Company recorded stock compensation expense of $106,000, $93,000, and $9,000 related to variable plan
accounting in fiscal 2006, 2005, and 2004, respectively, which is included in Other in the consolidated statements of stockholders’ deficit.
Jamba Juice Company issued warrants in connection with a preferred stock offering, vendor agreements, acquisitions and debt financing. A summary
of the warrant activity as of November 28, 2006 and June 30, 2006, and changes during the 22 Week Period and fiscal 2006 are presented below (shares in
thousands):
Warrants outstanding -beginning of period:
Common 1,278 1,428 $2.57 $ 2.60
Preferred 25 25 2.00 2.00
1,303 1,453
Common warrants exercised — (79) 2.85 2.85
Common warrants canceled — (71) 2.85 2.85
Warrants outstanding—end of period:
Common 1,278 1,278 2.57 2.57
Preferred 25 25 2.00 2.00
1,303 1,303 $2.57 $2.57
The weighted-average remaining contractual life of preferred and common warrants as of November 28, 2006 and June 30, 2006 is 4.15 and 4.58
years, respectively. As of November 28, 2006 and June 30, 2006, outstanding warrants are 100% vested. The expense related to warrants was recognized prior
to fiscal 2004.
The intrinsic value of warrants exercised during the 22 Week Period and fiscal 2006 was $0 and $252,000, respectively.
Jamba Juice Company maintains a voluntary defined contribution plan covering all eligible employees. Eligible employees may elect to defer and
contribute a percentage of their compensation to the plan, not to exceed the dollar amount set by law. Jamba Juice Company also provides for a matching
contribution after one year of employment. During fiscal 2004, Jamba Juice Company changed their match from 50% of the first 3% of an employee’s
contributions to a match of 100% of the first 3% of an employee’s contributions. During the 22 Week Period and fiscal 2006, 2005, and 2004, Jamba Juice
Company contributed $0.3 million, $0.6 million, $0.4 million, and $0.1 million, respectively, to the plan.
Litigation Related—Since fiscal year 2000, Jamba Juice Company had been involved in five related lawsuits with its corporate support center landlord
and related parties. Four of these lawsuits were settled subject
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