EMERYVILLE, Calif.--(BUSINESS WIRE)--Jamba, Inc. (NASDAQ:JMBA), a leading healthy, active lifestyle brand, today announced that its Board of Directors increased its share repurchase authorization from $40 million to $45 million.
The company has repurchased approximately $34.2 million of common stock since the original authorization in November of 2014. The increased authorization leaves approximately $10.8 million of unspent authorization. The authorization expires May 4, 2016 and share repurchases may be made from time to time in the open market or in negotiated transactions depending on share price, market conditions and other factors.
“We are pleased that the Board has agreed to increase our share repurchase authorization for the second time since the program was announced less than a year ago,” said James D. White, chairman, president and CEO of Jamba, Inc. “Capital allocation is a critical element of our go-forward shareholder value creation plan and the Board will continue to monitor all opportunities to deploy additional capital in ways to create value for all our shareholders.”
About Jamba, Inc.
Founded in 1990, Jamba, Inc. is a leading restaurant retailer of better-for-you, specialty beverage and food offerings, which include great tasting, whole fruit smoothies, fresh squeezed juices and juice blends, hot teas, and a variety of food items including hot oatmeal, breakfast wraps, sandwiches, Artisan Flatbreads™, baked goods, and snacks. As of June 30, 2015, there were 807 Jamba® stores system-wide in the United States, of which 601 are franchise-operated stores, and 206 are Company-owned. Jamba is a proud sponsor of "Team Up for a Healthy America" in the fight against childhood obesity and encourages fans to join the Team Up community of celebrities, athletes, and other leaders committed to getting kids active and involved at www.myhealthpledge.com. Fans of Jamba Juice can find out more about Jamba Juice's locations as well as specific offerings and promotions by visiting the Jamba Juice website at www.JambaJuice.com or by contacting Jamba's Guest Services team at 1-866-4R-FRUIT (473- 7848).
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are those involving future events and future results that are based on current expectations, estimates, forecasts, and projections as well as the current beliefs and assumptions of the Company’s management. Words such as “outlook”, “believes”, “expects”, “appears”, “may”, “will”, “should”, “anticipates”, or the negative thereof or comparable terminology, are intended to identify such forward looking statements. Any statement that is not a historical fact is a forward-looking statement. Forward-looking statements are only predictions and are subject to risks, uncertainties and assumptions that are difficult to predict. Therefore actual results may differ materially and adversely from those expressed in any forward-looking statements. You should not place undue reliance on forward-looking statements. The Company does not assume any obligation to update the information contained in this press release.