Highlights for the 12 weeks ended July 14, 2009, compared to the 12 weeks ended July 15, 2008:
- Consolidated EBITDA increased $0.3 million to $10.3 million from $10.0 million for 2Q08.*
- Store-level EBITDA decreased 6.9% to $18.5 million from $19.9 million for 2Q08.*
- Total revenue for 2Q09 decreased 15.1% to $83.2 million from $98.0 million for 2Q08.
- Net loss for 2Q09 of $(5.1) million showed significant improvement when compared to a net loss for 2Q08 of $(89.2) million. Included in the net loss for 2Q09 are a non-cash store impairment charge of $7.5 million, a write-off of $2.9 million for loan fees and discounts relating to the payoff of our senior term note, offset by a gain from derivative liabilities of $1.4 million associated with senior note holder's exercise of its' put option and the June expiration of the Company's warrants. Included in the net loss for 2Q08 are a non-cash charge of $49.7 million for trademark impairment, net of tax, and $3.3 million for store impairment charges, offset by $2.5 million in gain from derivative liabilities.
- Diluted loss per share for 2Q09 of $(0.10) compared to a diluted loss per share for 2Q08 of $(1.69).
- Company-owned comparable store sales for 2Q09 decreased 13.7%(1) ,which contributed to the decrease in store-level EBITDA.
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