Jamba Juice 2007 Annual Report Download - page 96
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Table of Contents
due from JJC Florida, LLC under this agreement as of November 28, 2006 and June 30, 2006 and 2005, respectively, and will recognize revenue as cash is
received.
The operating agreement and subsequent amendments between JJC Florida, LLC and Jamba Juice Company provided Jamba Juice Company the option
to purchase (at its fair market value) 100% of its partner’s interest in the joint venture, valid from October 1, 2008 to December 30, 2008. Under the
amendments to the operating agreement, profits and losses are to be allocated to the members in proportion to their cash contributions to the joint venture until
the end of the fiscal year during which the cumulative profits of the joint venture equal or exceed the cumulative losses previously realized. Thereafter, profits
will be allocated to the members in proportion to their recalculated interests. The recalculated interests of the members are based on the commitment of their
additional contributions, with Jamba Juice Company receiving a 25% premium on its additional contributions.
The following is summarized financial information for Jamba Juice Company’s equity investments in JJC Florida, LLC and JJC Hawaii, LLC (in
thousands):
Current assets $2,150 $2,157 $1,806 $2,415
Non-current assets 12,402 11,232 9,590 6,590
Current liabilities 4,807 3,999 3,824 2,312
Non-current liabilities and members’ equity 9,745 9,390 7,572 6,692
Revenue 14,727 34,206 29,016 21,992
Gross profit 10,469 24,179 20,443 15,632
Net income (loss) from operations (443) (937) (350) 57
Net income (loss) (443) (937) (350) 57
Jamba Juice 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 $10.4 million, $22.5 million, $17.3 million, and $11.6 million in the 22 Week Period and fiscal 2006, 2005, and 2004, respectively.
The aggregate future minimum non-cancelable lease payments as of June 30, 2006 were as follows (in thousands):
2007 $24,540
2008 23,417
2009 21,050
2010 19,282
2011 16,703
Thereafter 55,966
Total minimum lease commitments $160,958
Future minimum lease payments under operating leases have not been reduced by future minimum sublease rental income of approximately $0.6
million.
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