Jamba Juice 2008 Annual Report Download - page 131
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Table of Contents
In December 2004, the FASB issued SFAS No. 151, Inventory Costs, which clarifies the accounting for freight, handling costs, and wasted material
(spoilage). Under this Statement, such items will be recognized as current-period charges. In addition, the Statement requires that allocation of fixed production
overheads to the costs of conversion be based on the normal capacity of the production facilities. This Statement will be effective for the Company for
inventory costs incurred on or after January 1, 2006. The Company does not expect the adoption of this Statement to have a significant effect on the
Company’s financial statements.
In March 2005, the FASB issued Interpretation No. 47, Accounting for Conditional Asset Retirement Obligations , an interpretation of SFAS No. 143
(FIN 47). FIN 47 requires the recognition of a liability for the fair value of a legally-required conditional asset retirement obligation when incurred, if the
liability’s fair value can be reasonably estimated. FIN 47 also clarifies when an entity would have sufficient information to reasonably estimate the fair value
of an asset retirement obligation. FIN 47 is effective for fiscal years ending after December 15, 2005. The Company does not expect the adoption of SFAS 143
to have a significant effect on the Company’s financial statements.
In May 2005, the FASB issued SFAS No. 154, Accounting Changes and Error Corrections, which supersedes Accounting Principles Board
Opinion No. 20, Accounting Changes and SFAS No. 3, Reporting Accounting Changes in Interim Financial Statements. SFAS 154 changes the
requirements for the accounting for and reporting of changes in accounting principles. The statement requires the retroactive application to prior periods’
financial statements of changes in accounting principles, unless it is impracticable to determine either the period specific effects or the cumulative effect of the
change. SFAS 154 does not change the guidance for reporting the correction of an error in previously issued financial statements or the change in an
accounting estimate. SFAS 154 is effective for accounting changes and corrections of errors made in fiscal years beginning after December 15, 2005. The
Company does not expect the adoption of SFAS 154 to have a material impact on its results of operations and financial condition.
Inventories consisted of the following:
Store restaurant $65,355
Store retail 11,535
The Company leases its store locations under operating leases expiring through 2015. Most of the leases provide for renewable option periods. Total lease
expense approximated $624,000 as of December 13, 2005.
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