Jamba Juice 2008 Annual Report Download - page 104
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Table of Contents
specified level. As of November 28, 2006 and June 30, 2006, Jamba Juice Company was in compliance with each of these financial covenants.
The Line prohibits Jamba Juice Company from the following activities: making loans, advances, or other extensions of credit; a 25% change in
ownership, consolidation, mergers, or acquisitions; issuing dividends greater than $250,000 in any fiscal year; selling, assigning, leasing, transferring or
disposing of any part of the business; and incurring capital expenditures in excess of $35 million in any year. Jamba Juice Company has obtained a waiver
from its financial institution in regards to its merger agreement with Services Acquisition Corp. International. The outstanding balance on the Line was $15.9
million and $10.8 million as of November 28, 2006 and June 30, 2006, respectively, with interest rates of 9.25% and 7.75%, respectively. Additional
borrowing availability of $13.1 million was available as of November 28, 2006.
The components of the income tax provision are as follows (in thousands):
Current provision $3,658 $4,307 $469
Deferred (benefit) provision (1,100) (1,706) 1,503
Income tax expense—net $2,558 $2,601 $1,972
The difference between the effective income tax rate and the United States federal income tax rate is summarized as follows:
Statutory federal rate 34.0% 34.0% 34.0%
State income taxes less federal benefit 5.7 5.8 5.8
Tax credit attributes 12.1 1.2 (2.0)
Reconciliation of deferred tax assets 1.0 (0.7) 42.6
Reconciliation of current payable 1.2 (0.6) 4.9
Meals and entertainment 0.9 1.1 3.9
Stock options — 0.8 1.8
Capitalized transaction costs 0.4 6.1 —
Prior year true up — — 2.7
Others (1.7) (1.1) 2.1
53.6% 46.6% 95.8%
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