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Jamba, Inc. has a market cap of $188 million; its shares were traded at around $2.48 with and P/S ratio of 0.8.
Highlight of Business Operations:Store operating expenses consist primarily of various store-level costs such as utilities, marketing, repairs and maintenance, credit card fees and other store operating expenses. As a percentage of Company Store revenue, total store operating expenses increased to 14.3% for the 13 week period ended July 3, 2012, compared to 13.7% for the 12 week period ended July 12, 2011. The increase in total store operating expenses as a percentage of Company Store revenue was primarily due to an increase in marketing expense (approximately 0.5%) and increased credit card usage as a percentage of Company Store sales (approximately 0.3%) partially offset by leverage gained as a result of higher sales (approximately 0.2%). Total store operating expenses for the 13 week period ended July 3, 2012 were $9.0 million, an increase of $1.3 million, or 16.8%, compared to $7.7 million for the 12 week period ended July 12, 2011. The change from a 12 week second quarter in fiscal 2011 to a 13 week second quarter in fiscal 2012 has resulted in an increase in Company Stores operating expenses attributable to the quarter.
General and administrative (“G&A”) expenses include costs associated with our corporate headquarters in Emeryville, CA, field supervision, bonuses, outside and contract services, accounting and legal fees, travel and travel-related expenses, share-based compensation and other. As a percentage of total revenue, total G&A expenses increased to 16.4% for the 13 week period ended July 3, 2012 compared to 13.7% for the 12 week period ended July 12, 2011. Total G&A expenses for the 13 week period ended July 3, 2012 were $10.8 million, an increase of $2.8 million, or 34.6%, compared to $8.0 million for the 12 week period ended July 12, 2011. The increase of total G&A expenses was primarily due to semi-annual performance related incentives (approximately $2.0 million), fees resulting from accelerated investment in new and expanded growth initiatives (approximately $0.5 million) and the change to 13 weeks in the fiscal 2012 second quarter compared to 12 weeks in the fiscal 2011 second quarter (approximately $0.7 million).
Cost of sales is mostly comprised of fruit, dairy, and other products used to make smoothies and juices, paper products, costs related to managing our procurement program and vendor rebates. As a percentage of Company Store revenue, cost of sales decreased to 22.7% for the 26 week period ended July 3, 2012, compared to 23.5% for the 28 week period ended July 12, 2011. The decrease of cost of sales as a percentage of Company Store revenue was primarily due to a net favorable product mix shift (approximately 1.2%) partially offset by increases in commodity costs (approximately 0.4%). Cost of sales for the 26 week period ended July 3, 2012 was $25.6 million, a decrease of $2.4 million, or 8.7%, compared to $28.0 million for the 28 week period ended July 12, 2011. Our refranchising initiative has resulted in a decrease in the number of Company Stores and the related costs and expenses for sales associated with these refranchised Company Stores. In addition, the change from a 28 week year-to-date period in fiscal 2011 to a 26 week year-to-date-period in fiscal 2012 has resulted in a decrease in Company Stores cost of sales attributed to the period.
Store operating expenses consist primarily of various store-level costs such as utilities, marketing, repairs and maintenance, credit card fees and other store operating expenses. As a percentage of Company Store revenue, total store operating expenses increased to 15.0% for the 26 week period ended July 3, 2012, compared to 14.4% for the 28 week period ended July 12, 2011. The increase in total store operating expenses as a percentage of Company Store revenue was primarily due to an increase in marketing expense (approximately 0.5%) and increased credit card usage as a percentage of Company Store sales (approximately 0.3%) partially offset by leverage gained as a result of higher sales (approximately 0.3%). Total store operating expenses for the 26 week period ended July 3, 2012 were $16.8 million, a decrease of $0.4 million, or 2.1%, compared to $17.2 million for the 28 week period ended July 12, 2011. Our refranchising initiative has resulted in a decrease in the number of Company Stores and the related costs and expenses to operate, manage, and support these refranchised Company Stores. In addition, the change from a 28 week year-to-date period in fiscal 2011 to a 26 week year-to-date-period in fiscal 2012 has resulted in a decrease in Company Store operating costs attributed to the period.
General and administrative (“G&A”) expenses include costs associated with our corporate headquarters in Emeryville, CA, field supervision, bonuses, outside and contract services, accounting and legal fees, travel and travel-related expenses, share-based compensation and other. As a percentage of total revenue, total G&A expenses increased to 16.3% for the 26 week period ended July 3, 2012 compared to 14.8% for the 28 week period ended July 12, 2011. Total G&A expenses for the 26 week period ended July 3, 2012 were $19.5 million, an increase of $1.0 million, or 5.3%, compared to $18.5 million for the 28 week period ended July 12, 2011. The increase of total G&A expenses was primarily due to 2012 semi-annual incentives (approximately $2.0 million) and fees resulting from accelerated investment in new and expanded growth initiatives (approximately $0.8 million), partially offset by the change to 26 weeks in the fiscal 2012 year-to-date period compared to 28 weeks in the fiscal 2011 year-to-date period (approximately $1.1 million).
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