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Jamba (NASDAQ:JMBA)

Q1 2011 Earnings Call

May 23, 2011 5:00 pm ET

Executives

Karen Luey - Chief Financial Officer, Principal Accounting Officer and Senior Vice President

James White - Chairman of the Board, Chief Executive Officer and President

Analysts

Kurt Frederick - Wedbush Securities Inc.

Conrad Lyon - B. Riley & Co., LLC

Gregory McKinley - Dougherty & Company LLC

Chris Krueger - Northland Securities Inc.

Operator

Good afternoon, ladies and gentlemen. Thank you for standing by. Welcome to the Jamba First Quarter 2011 Earnings Conference Call. [Operator Instructions] This conference is being recorded today, Monday, May 23, 2011. Now I'd like to turn the conference over to Ms. Karen Luey, Senior Vice President, Chief Financial Officer. Please go ahead, ma'am.

Karen Luey

Thank you, Operator. Good afternoon. With me on today's call is James D. White, our Chairman, President and CEO. During today's call, I will review our first quarter financial results. James will follow with an update on our 2011 progress against plan and a review of our 2011 guidance. We will then open up the call for questions. I would like to remind all listeners that this call is being broadcast and recorded live over the Internet at jambajuice.com. The webcast is available on our website, and the replay will be available via telephone until June 13, 2011.

This conference call will include forward-looking statements within the meanings of the Securities Law. These forward-looking statements will include discussions about the company's strategic priorities and certain statements of our expectations and plans. These forward-looking statements are subject to risks and uncertainties that could cause our actual results to differ materially from the forward-looking statements that are contained in the company's filings with the SEC, including the Risk Factors section in our Form 10-K. The company does not assume any obligation to publicly release any revisions to the forward-looking statements discussed during the call.

With that said, I would like to turn it over to James.

James White

Thank you, Karen. Welcome to our first quarter call. When I spoke on our last earnings call, I said 2011 would be a year of accelerated growth for Jamba, and based on our first quarter performance, I can say we have a solid start to deliver on those expectations. Q1 had several accomplishments that I'll highlight briefly and cover later in more detail. Importantly, we had comparable store sales for our company-owned stores that increased for the second consecutive quarter, giving us sequential sales increases in 7 of the last 8 quarters, and comparable store sales also were positive for our franchise stores.

We significantly improved our operating profit margin. We expanded our menu innovation with the launch of several new and improved on-trend products. We accelerated our consumer brand products with the introduction of new lines and expansion of existing products. We continued our global franchise growth with the signing of an agreement for the Philippines, our second major international market. We had the opening of our first Jamba location in South Korea and of 8 locations in the U.S.

We completed our re-franchising program with the sale of 41 stores in the Midwest. We implemented several initiatives to improve our customer service, deliver enhanced leadership training and ensure excellence in our store operations, and we recently announced a relationship with the international tennis superstar and Jamba fan, Venus Williams, who plans to open 5 stores over the next 2 years in the Washington, D.C. and Maryland marketplace.

Our improved balance sheet, including our current cash position, increased our ability to make investments in marketing and G&A to accelerate 3 critical initiatives: product innovation, CPG licensing and international expansion. I will return to provide additional perspective on these accomplishments and share more about the key initiatives that will drive our results for the balance of 2011.

With that overview, I will now ask Karen to take us through the financials.

Karen Luey

Thank you, James. On a GAAP basis, our results for the first quarter of 2011 were a net loss of $6.5 million compared to a net loss of $5.3 million for the prior year same quarter. Net loss adjusted for the impact of nonroutine items such as lease terminations, gain or loss from re-franchising and impairment improved by $1 million to a net loss of $5.4 million.

Our non-GAAP adjusted operating profit excluding re-franchising removed the impact of the 147 stores re-franchised after fiscal 2009, improved by $1.4 million to $9.3 million or an improvement of 220 basis points to 15.2% compared to 13% in the prior year. The definition of adjusted operating profit can be found in our earnings release, and we believe that this is the best gauge of our ongoing core business.

The improvement is primarily related to our second sequential quarter of positive comparable store sales, continued efficiencies in cost of sales and labor and some leverage of our fixed costs. We remain on track to meet our commitments, and all components of our fiscal 2011 guidance remains unchanged.

We completed our re-franchise initiative at the end of the first quarter with the closing of the Midwest deal of 41 store locations. In aggregate, the re-franchise initiative has brought in cash proceeds of $21.5 million, and we took that note totaling $2.3 million. We reported company comparable store sales of 2.2%, which is our second straight quarter of positive comps and reflects sequential improvement in 7 of our last 8 quarters. The results of our comparable store sales for the quarter includes a 380 basis point increase due to average check, and a 160 basis point decrease related to traffic primarily weather-related.

The primary drivers of company comparable store sales improvements are the continued stream of product innovation with the introduction of Probiotic Yogurt Smoothies very early in the quarter, and our Fruit & Veggie Smoothie and baked goods refresh, both of which launched in late March. All of these were well received by the consumer and exceeded our expectations.

Our attachment rate for a beverage with another item, was 21.3% for the first quarter of 2011, an improvement of 220 basis points from the prior year quarter. We continue to make significant progress toward our goal of a 30% attachment rate. We continue to see strength across the system where comparable store sales were 3.1%, and our franchise comparable store sales were 4.1%.

Our franchise and other revenue increased by 51.8% to $3 million compared to $2 million from the same prior year quarter. The increase was attributable to royalties related to the increase in the number of franchise stores and increase in franchise comparable store sales, and also to revenue recognized from our consumer packaged goods licensing agreement.

Our CPG license revenue grew to 200,000 from almost 0 a year ago. This was due to doubling the number of retail doors in which Jamba-branded consumer products are sold from 10,000 at the end of fiscal 2010 to over 20,000 at the end of the first quarter of 2011. We continue to see some pressures ahead on the commodity side. This affects fuel and juices, and also some of the ingredients that go into our hard tap frozen yogurt such as dairy and sugar.

On the produce side, there are pressures with carrots and strawberries. As a result, starting in the second quarter, we have increased our retail prices by approximately 2.2% to cover the cost increases and potential margins. The pricing action will offset some of the risks, and we will remain diligent in our effort to continue to find ways to take cost out of the system to deliver our operating margins for the year. These include continuing to work with global sourcing, flexible formulation and distribution efficiencies. With the increase in comparable store sales, we have started to leverage the fixed cost component in our labor and occupancy expense lines.

Store operating expenses decreased 13.6% year-over-year to $9.5 million, and as a percentage of company store revenue, increased to 15.1% compared to 14% for the same period of the prior year. The increase in the percent of company revenues was primarily due to marketing expenses, which increased to 3.1% from 2.6% in the first quarter of 2010.

Our upfront aggressive marketing investment was focused on the introduction of new smoothie offerings and in addition, we also refreshed our baked goods offerings, which along with our in-store focus, drove the improvement in our attachment rate.

General and administrative expenses decreased 4.6% to $10.4 million, and as a percentage of revenue, increased to 15.7% compared to 13.5% in the same period of the prior year. The rate increase was due primarily to the reduction in company-owned stores as a result of our re-franchise initiative.

Our cumulative federal net operating loss at the end of the quarter was $98 million, and we do not expect to be a federal taxpayer this year. Our balance sheet remains strong with $23 million in cash, cash equivalents and restricted cash and no debt at the end of the quarter. Our capital expenditures for the quarter were $3.1 million related to new company-owned store capital, maintenance capital and investment in our information technology platform. At the end of the quarter, we have 180,289 convertible shares outstanding.

That said, I'd like to turn the call back to James.

James White

Thanks, Karen. As a reminder, our strategic priorities remain focused on reducing cost and expenses, ensuring a customer first, operationally-focused service culture, expanding our menu across all day parts, accelerating the development of our franchise system and building a robust portfolio of consumer products through our licensing initiative. Certainly managing cost, reducing expenses and improving productivity were especially important in the face of rising commodity prices and other cost pressures.

In order to protect our margins, we have decided to take a modest retail price increase equivalent to roughly 2.2%. While this pricing action will provide some offset to increases, our effort will continue across a broad range of areas to reduce and eliminate all unnecessary costs and expenses that stand in the way of profitable growth. The breadth and intensity of this effort make us confident about delivering our profit margin objective for the year.

We plan to leverage our flexible recipe formulations, global sourcing of commodities, new distribution alliance with SYGMA and ongoing labor and productivity gains. My top priority is driving profitable growth, and I am focused personally on protecting and expanding our margins.

Let us turn to other areas that are part of our continuing transformation of Jamba. Our strategic focus on customer first service is making excellent progress. For example, we've added a service that gives us daily visibility to customer comments. The frequency and standardization of the feedback is having a significant impact on our guest relations.

Moving to menu innovation. We have significantly accelerated our product introductions, adding several new items. They include: Probiotic Fruit and Yogurt Smoothies, which provide functional benefits for immunity and digestion; our innovative Fruit &Veggie Smoothies, which provide three full servings of fruit and vegetables in a 16-ounce serving and give consumers another reason to visit Jamba more often. They also offer schools an option for providing healthier beverages to students. As we expand our K-12 school lunch program, Jamba is becoming an important solution provider for service directors. Our Fruit and Veggie Smoothies now offered in almost all of our stores are outperforming expectations.

This week, we will introduce our latest beverage innovation. It's our Fruit Refreshers made with coconut water. This product line is nutritious, trend-forward beverage. It provides a refreshing, healthy, all-natural way to hydrate and replenish. It's a perfect fit for our better-for-you beverage portfolio. The launch in select markets of our signature Whirl'ns Frozen Yogurt platform, of improved baked goods, and of our breakfast wraps have all exceeded our expectations.

This month, frozen yogurt will roll out to an additional 100 stores in Southern California. We will enhance our breakfast program, expanding our breakfast wraps to approximately 270 company stores. Refresher baked goods line is driving greater attachment to our beverages. Although it's early, we are very pleased with the performance to date.

Our Jamba brand scorecard also continues to improve. We're attracting new users through the introduction of relevant products and on-target messaging. We remain the number one smoothie brand and have gained increased recognition from consumers who rank us among the top 4 national health and wellness brands. Consumers also express a high level of trust in us to provide healthy products. This strength is an important dynamic in the transformation of Jamba to a healthy active lifestyle brand.

Let's move now to the expansion of our franchise system, which is designed to accelerate our growth, increase our brand presence, improve our overall margins and reduce capital requirements. We completed the sale of 42 company stores, so we now have successfully re-franchised 174 stores, which exceeds our goal of re-franchising up to 150 company-owned stores.

We also signed a letter of intent with tennis star and entrepreneur Venus Williams. Through a partnership with Venus, we will open up to 5 stores over the next 2 years in the Washington, D.C., Maryland area. We think this relationship is significant because it brings together one or 2 highly regarded healthy active lifestyle brands, Venus Williams and Jamba, in the fight against childhood obesity.

The opening of these stores will also provide some much-needed economic development and job creation in the marketplace. Internationally, we expanded into our second major market, the Philippines, with an agreement to open up to 40 stores in the next 10 years. Our partner, Max's Group of Companies, is highly regarded family-owned organization that has operated restaurants for over 65 years. And our partners in South Korea just opened 2 additional stores, and we expect 2 more stores to open over the next several weeks. This is outstanding news and speaks to the success of the Jamba brand in this country.

More recently, we just announced our expansion into our third international market, Canada, with the conclusion of a master development agreement with the Canadian Juice Corp (sic) [Canada Juice Corp] to open 80 stores in Canada over the next 10 years. Our partners in Canada are world leaders in frozen desserts operating over 1,200 stores in 25 countries under several brand, including Yogen Früz, Swensen's Ice Cream and I Can't Believe It's Yogurt.

We also continued to expand domestically with the opening of 6 franchise locations and 2 company-owned stores, and we are entering new geographies with new outlets open in Massachusetts and Connecticut and soon, Washington, D.C. and Maryland.

We expect continued accelerated momentum in our franchise development initiative, including traditional and nontraditional stores. For 2011, we plan to open 50 to 70 units.

The final significant area of Jamba's transformation is our brand extension through licensed consumer products, which broadens our opportunity to engage consumers beyond the in-store experience. Our efforts and those of our licensees have been nothing short of outstanding. Jamba-branded consumer products have gained more than 20,000 points of distribution in a broad range of grocery, natural foods, club, mass and other retail channels. Collectively, we now have product representation in all 50 states. We expect to expand the availability of our existing product into more than 30,000 points of retail distribution during 2011.

The launch of Nestlé Jamba Energy Drinks is under way in the Northeast. Nestlé is supporting it with significant marketing investment that includes TV, radio, billboards, PR, digital and online media, and they'll sample over 1 million consumers. Their 30-second TV commercial, which aired last month on American Idol in the Northeast, is excellent marketing creative that was beautifully executed.

Inventure Foods, our smoothie kit licensee, began their national roll-out with a significant investment in both consumer and trade promotions. They have released the fourth SKU in the smoothie kit lineup, and plan to add additional flavors later this year. We continue to be very pleased with the performance of the kits, and Inventure has been a phenomenal partner for Jamba.

During the last quarter, our licensees also launched 4 lines of Jamba-branded products in the retail distribution, including 3 lines that are currently in almost 600 Jamba Juice locations. They are Zola functional daily Brazilian Superfruit Shots, Johnvince Foods all natural fruit mix, Nestlé Jamba all natural energy drinks, and Sundia Corporation's functionally boosted fruit cups which will also soon be available in Jamba stores.

In addition to these lines, the retail reception of the Jamba-branded O.N.E. Coconut Water fruit juices has been very positive, and these products will launch at retail within the next 60 to 90 days. Our progress doesn't stop here. We continue to pursue agreements to develop additional Jamba-branded products and expect more announcements in the coming months.

As I said, the Jamba brand is strong and strengthening on all fronts. As a result, we are on track to deliver our promises for 2011. These include achieving positive comparable store sales in the 2% to 4% range, achieving operating profit margin of 18% to 20%, opening 50 to 70 locations and maintaining G&A expenses in dollars that are consistent with 2010 levels, excluding litigation charges and onetime expenses.

I'm very pleased with the strong start in 2011 highlighted by the achievement of positive comparable store sales, system-wide. Our actions and achievements are not just turning the company around. We're also succeeding in our goal to transform the Jamba brand. We are establishing a business model, an organization and a roadmap that will drive accelerated growth well into the future.

Before I conclude, I'd like to welcome our new franchise partners in the U.S. and around the world to the Jamba system. I would also like to thank our Jamba team members across the system for their continuing efforts and commitment to transforming our brand and delivering outstanding service to our customers.

I will now turn the call back to the operator so we can open it up for questions.

Question-and-Answer Session

Operator

[Operator Instructions] Our first question is from the line of Greg McKinley with Dougherty & Company.

Gregory McKinley - Dougherty & Company LLC

I wonder if you could, just from a numbers standpoint, given the comp store sales increase you just delivered during the quarter, company-owned store revenues were a bit higher than I would've expected, and I wondered if that might have to do with the timing of that re-franchise transaction closing during the quarter, perhaps late in the quarter. I'm not sure when it did, but could you comment on the timing of that close? And then does that also remove some lower volume units from the system such that prior year numbers on a per store basis might not give us a great sense in terms of modeling year-over-year comp changes?

Karen Luey

Great question, Greg. The timing of the Midwest deal. It closed right at the tail end of Q1. What you see in the actual results are a -- almost a full quarter of the Midwest sales results in the actual numbers. And then for forward-looking modeling, I would still advise you to use our AUVs of between 600,000 to 625,000 for modeling on a per store basis and then add in a slight comp store increase on that based on our guidance.

Gregory McKinley - Dougherty & Company LLC

Perfect. James, you talked about some of the new product offerings. The Probiotic Fruit & Yogurt Smoothies and then I think the rollout of Yogurt into California stores and some breakfast wraps. Could you just re-capture some of that data and maybe help us understand where are those products in the system today? How many units are carrying them? And then how the rollout will occur over the next quarter or 2?

James White

Sure, Greg. Starting with the first quarter. We launched our Probiotic Smoothie lineup. That would've been a limited-time offer and would've been available system-wide. That product is still available if a consumer orders it today and the way we work our system is the products earn their way on to the menu board. But this was just a significant accomplishment for us, and we think, added new consumers that were looking for smoothies with a little bit lower viscosity. So that was very well received by consumers, and I wouldn't be surprised if you'll see that permanently make its way to the menu board. We followed that innovation with the launch of our Fruit & Veggie smoothie offering, and that significantly beat our expectations and really is attracting a new consumer that is a more habitual visitor to the system. Again, these have all been very much by design. Similarly, this week we launched our coconut water-based Refreshers lineup of products, which is very focused on an efficient way for consumers to hydrate themselves and is an alternative way to hydrate after a workout. So the innovation on our core smoothie lineup has been significant for the company and the consumers have responded very positively. As it relates, thus building up additional day parts, there are 2 significant tests that we chose to expand into the system. The very first one was our launch of our Whirl'ns Frozen Yogurt platform that we tested in late fourth quarter, early first quarter in the Sacramento marketplace. We are in the process this week of rolling that platform into the Southern California marketplace. So we'll be well over 100 units with that platform. Similarly, we tested a breakfast wrap concept in the San Diego marketplace, and that will roll into 270 company units this week, as well. So we're thrilled with the performance of the new products. That's one of the reasons that we made the investments we made in Q1 and we're excited to see the returns.

Gregory McKinley - Dougherty & Company LLC

Great. Thank you. And then maybe just 2 last questions. Karen, with -- all in, what should -- what is the share count roughly now? In a profitable quarter, what would the diluted share count be? And then can you guys give us any thoughts or comments on how you've seen the comp store sales behave since the end of your quarter?

James White

Yes, so we'll start with your second question first. We expect to deliver positive comps for Q2 and we see consistent trends. At this point we're excited about what we see.

Karen Luey

And then your first question, Greg, on fully diluted share count. It's probably about 86 million, all in.

Operator

Our next question is from the line of Conrad Lyon with B. Riley & Co.

Conrad Lyon - B. Riley & Co., LLC

Question for probably Karen. I think you said there was a 2.2% menu price increase implemented recently. The question is this: your same-store sales guidance prior was for a 2% to 4% lift. Did that prior guidance incorporate a menu price increase before?

James White

This is James. So I'd make a couple points, Conrad. One, we're reiterating our guidance for the full year and it did not contemplate the pricing action. Some of the commodities pressures are more recent events. So again, as I stated in my comments, we're working to protect, and if possible, expand our overall margins. So...

Conrad Lyon - B. Riley & Co., LLC

Got you. Okay. Second question. Different topic. The points of distribution, 20,000. Can you provide any color on the type of products that are comprising that? Is there any, for instance, the smoothie kits? Or is there one that's really the central portion of all those points of distribution?

James White

So the way to think about it is, you just go back to the 10,000 points of retail distribution we finished with a year ago. 6,000; 7,000 of those points of retail distribution would have been the smoothie kits with Inventure. Another 2,000 to 3,000 would have been the novelty bar. So that's kind of the base. What I tell you is, both of those partners have expanded their distribution significantly, with the smoothie kits being rolled nationally. So that's a significant portion of the growth, but we also have great momentum in the Northeast with the rollout of Energy Drinks from Nestlé, and that continues to build, and as the other products are commercialized and launch, they're all contributing. So this will build over time, and we expect to culminate minimally with 30,000 points of retail distribution across the portfolio for 2011.

Conrad Lyon - B. Riley & Co., LLC

Okay. Is there a geographic concentration where more of the doors are?

James White

It's more the doors today are in -- on the West Coast because of a number of the partners from a year ago would have started on the West Coast, but we are rapidly building up a distribution base on the East Coast, in particular, with the Nestle Energy launch.

Karen Luey

And, Conrad, you did pick up that now we are all in -- all 50 states as well with our CPG license products?

Operator

[Operator Instructions] Our next question is from the line of Chris Krueger with Northland Capital Markets.

Chris Krueger - Northland Securities Inc.

On the Nestlé energy drink rollout, I understand it's initially in the Northeast region. I'm not sure if you've covered this early in the call, but is there yet a plan to expand beyond that? Or is it too early to make that call?

James White

I think it's too early at this point to make the call, but I think both companies are thrilled with the early reception from both consumers in retailers, at this point. But we-re very bullish on what we've seen to date, including the sales of the energy drinks inside the 700 plus Jamba locations.

Chris Krueger - Northland Securities Inc.

Okay. And for modeling purposes, your depreciation and amortization was a bit higher than I had personally modeled. What would be a good rate to use looking ahead to the second and third quarters?

Karen Luey

Chris, we've been using about $900,000 per period. And as a reminder, our Q1 is usually 4 periods long and the other quarters are 3 periods. That could cause a blip in how you'd model it, versus what our actuals were. And then that'll go down to, since we re-franchised the 41 stores at the end of Q1, so that will naturally go down a bit for Q2, 3 and 4.

Operator

Our next question comes from the line of Kurt Frederick with Wedbush Securities.

Kurt Frederick - Wedbush Securities Inc.

I just had a question on the SYGMA agreement. I think you were in -- you said there's going to be 80 locations serviced in Q1. I wonder if you could talk just a little bit about, well, I guess ramp or how the expansion of that was going to go.

James White

Really, for us, we made that adjustment in the first quarter, and we picked up a couple of Midwest geographies and were able to consolidate distribution points and it gives us a couple significant opportunities. One, it allows us to pick up additional distribution that we couldn't naturally reach before, but more importantly, it actually simplifies our overall supply chain, and we expect to see that benefit us into the future, both from a growth perspective, but also from an opportunity to deliver much better service to all of our retail outlets in those Midwest geographies. And...

Kurt Frederick - Wedbush Securities Inc.

Okay. And then, just a quick question on, just on the oatmeal side, I see that a competitor seems to be stepping up their advertising. I've seen a lot of TV commercials recently. I was wondering if you've seen any impact from that.

James White

We've continued to have very strong sales of our oatmeal platform, and that's in spite of us being far less promotional this year versus a year ago. So we like what we see on the platform. It continues to be one of the stellar performers in our breakfast offerings, and it's one of the reasons that we've been able to drive attachment with the beverage over the last 2 years.

Operator

[Operator Instructions] And our next question is a follow-up from the line of Greg McKinley with Dougherty & Company.

Gregory McKinley - Dougherty & Company LLC

In terms of the price increase, did that -- when did that, or has that been rolled out? Or will it just occur during the quarter? Or did it occur right away at the beginning?

James White

The pricing action is occurring as we speak. It would've been a week ago.

Gregory McKinley - Dougherty & Company LLC

Okay. And so if we go to the stores now, are we going to see it at any particular product category more so than others? Or is it pretty much spread across the menu?

James White

You'd see a blend across the menu.

Gregory McKinley - Dougherty & Company LLC

Okay. And then on your beverage attach rate to another item, I think you said it was 21.3%. Where do you -- what's your goal? And where do you think that could move over time?

James White

On an overall basis, we'd like to get to 30%. The context I'd said, if you just looked at Q1 and you went back to 2009, the attachment rate would've been 12%. In 2008 it would've been 12%. It's 21% today, so almost a 800, 900 basis point improvement, which we think is significant. And we're seeing that kind of progress over that time frame each quarter.

Operator

Ladies and gentlemen, this does conclude the Jamba First Quarter 2011 Earnings Conference Call. Thank you very much for your participation. You may now disconnect.

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