Jamba Juice 2009 Annual Report Download - page 101
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Table of Contents
On January 2, 2008, the Company adopted FASB Statement No. 157. FASB Statement No. 157 provides guidance for using fair value to measure
assets and liabilities. The standard establishes a common definition for fair value to be applied to U.S. GAAP requiring the use of fair value establishes a
framework for measuring fair value and expands required disclosures about such fair value measurements. FASB Statement No. 157 established the
following fair value hierarchy that prioritizes the inputs used to measure fair value:
Level 1: Quoted prices are available in active markets for identical assets or liabilities.
Level 2: Inputs are other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable.
Level 3: Unobservable inputs that are supported by little or no market activity, therefore requiring an entity to develop its own assumptions that market
participants would use in pricing.
The following table presents our financial assets and liabilities that were accounted for at fair value on a recurring basis as of December 30, 2008 by
level within the fair value hierarchy:
Assets:
Cash invested in money market fund(1) $1,896 $ — $ —
Liabilities:
$6.00 Warrants(2) 124 — —
Embedded Warrants(2) — — —
Put/Call Agreement(2) — — 1,974
(1) Included in cash and cash equivalents on the consolidated balance sheet.
(2)Included in derivative liabilities on the consolidated balance sheet.
The Company maintains a voluntary defined contribution plan covering all eligible employees that it acquired from Jamba Juice Company. 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. The Company will
match 100% of the first 3%, and 50% for the 4% and 5% of an employee’s contributions. During fiscal 2008, fiscal 2007, and fiscal 2006, the Company
contributed $1.1 million, $0.4 million, and $0.1 million to the plan, respectively.
Litigation Related—The Company or its wholly owned subsidiary, Jamba Juice Company, is a defendant in certain litigation arising in the normal
course of business. In the opinion of management, the ultimate resolution of such litigation will not have a significant effect on the consolidated financial
statements.
Other—The Company had commitments under contracts for the construction of leasehold and other improvements for stores to be opened in fiscal
2008. Portions of such contracts not completed at the end of fiscal 2007, are not reflected in the consolidated financial statements. These unrecorded
commitments are $1.0 million as of January 1, 2008. There were no unrecorded commitments for construction of leasehold improvements as of December 30,
2008.
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