Jamba Juice 2007 Annual Report Download - page 75
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Table of Contents
The first amendment also included the ability of JJC Florida, LLC to defer the marketing, royalty, and front-end fees due to the Company. The deferral
period ends the earlier of June 30, 2008 or when JJC Florida, LLC becomes cash flow positive for four consecutive quarters. As of January 9, 2007 JJC
Florida, LLC became cash flow positive for four consecutive quarters. The Company has deferred $1.7 million of fees due from JJC Florida, LLC under this
agreement as of January 9, 2007, and will recognize revenue as cash is received.
The following is summarized financial information for the Company’s equity investments in JJC Florida, LLC and JJC Hawaii, LLC as of and for the
year ended January 9, 2007 (in thousands):
Current assets $2,806
Non-current assets 13,055
Current liabilities 5,663
Non-current liabilities and members’ equity 10,198
Revenue 35,970
Gross profit 25,578
Net loss from operations (915)
Net loss (915)
The Company leases its office, retail stores, and some equipment under operating leases, with terms expiring through 2016. Most store leases contain
renewal options of up to 10 years and provide for payment of common area operating expenses and real estate taxes. Rental expense, net of sublease income,
was $3.0 million in fiscal 2006.
The aggregate future minimum noncancelable lease payments as of January 9, 2007, were as follows (in thousands):
2007 $27,468
2008 26,004
2009 23,923
2010 21,736
2011 19,415
Thereafter 61,598
Total minimum lease commitments $180,144
Future minimum lease payments under operating leases have not been reduced by future minimum sublease rental income of approximately $0.5
million.
The Company’s wholly owned subsidiary, Jamba Juice Company, has a revolving line of credit (the “Line”) for maximum borrowings of up to $35
million or 1.5 times trailing Earnings Before Interest, Taxes, and Depreciation and Amortization (“EBITDA”) as defined by the agreement for the Line which
expires in December 2007. Borrowings on the Line are used for general working capital, capital expenditures, and
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