Jamba Juice swings to $6.4 million loss
Tuesday, May 27, 2008 5:55 PM
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Jamba Inc., the parent of Jamba Juice Co., lost $6.4 million in the first quarter ended April 22.
A year ago the Emeryville company (NASDAQ: JMBA) earned $11.7 million in the first quarter.
Sales rose to $101.6 million in the first quarter, up from sales of $89.4 million in the same quarter a year ago.
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The company took a $4 million "store impairment expense" during the most recent quarter.
Paul Clayton, Jamba's CEO, said first quarter performance "did not meet our expectations."
Clayton has been CEO of Jamba Inc. since late 2006, and CEO of Jamba Juice Co. since 2000. Before that he worked 16 years at Burger King Corp.
His salary last year was $514,903, according to the company's proxy card, and his total compensation for 2007 was $1.3 million.
Jamba's shares closed at $2.50 on Tuesday, up 30 cents or 13.64 percent.
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