Jamba Juice 2009 Annual Report Download - page 95
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Table of Contents
The Financing Agreement contains customary representations and covenants as well as customary events of default and certain default provisions that
could result in acceleration of payment of the Senior Notes issued in connection with the Financing Agreement. As of December 30, 2008, the Company was in
compliance with these representations and covenants and was not in default of the Financing Agreement.
The Company leases its office, retail stores, and some equipment under operating leases, with terms expiring through 2021. Most store leases have an
initial term of 10 years, with 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 $35.2 million in fiscal 2008, $31.1 million in fiscal 2007 and $3.0 million in fiscal 2006 and is recorded in occupancy
costs and general and administrative expenses.
The aggregate future minimum noncancelable lease payments as of December 30, 2008, were as follows (in thousands):
2009 $ 38,492
2010 34,045
2011 31,935
2012 29,979
2013 27,120
Thereafter 60,140
Total minimum lease commitments $221,711
The Company has subleases related to certain of its operating leases. The Company recognized sublease income of $0.2 million in fiscal 2008 and $0.2
million for each of fiscal 2007 and 2006. Future minimum lease payments under operating leases have not been reduced by future minimum sublease rental
income of approximately $0.3 million.
The Company leases certain equipment and software license of $0.7 million which is considered capital leases and is included in property and
equipment on the consolidated balance sheets. Amortization of assets under capital leases is included in depreciation and amortization expense.
The components of the income tax provision are as follows (in thousands):
Current provision $421 $ 88 $ 293
Deferred benefit (695) (52,223) (2,837)
Income tax (benefit) expense—net $(274) $(52,135) $(2,544)
Included in the fiscal 2007 deferred benefit are tax benefits of $3.6 million related 2007 federal net operating losses and $1.3 million related to 2007 state
net operating losses.
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