Jamba, Inc. (NASD: JMBA), a leading blender of fruit and other naturally healthy ingredients that strives to inspire and simplify healthy living for its customers and employees, recently reported its financial results for the third quarter ended October 7, 2008. Revenue for the third quarter totaled $86.6 million, an increase of 3.6 percent from $83.6 million reported in the third quarter of 2007. Due to the current economic environment, the company expects to record little or no growth for the remainder of 2008 and is anticipating low single-digit growth in 2009.
Jamba’s chairman, interim president and chief executive officer, Steven R. Berrard, recently commented, “While we are extremely disappointed in our third quarter sales results, we remain confident that the initiatives that we have implemented will drive improvement in 2009, especially in the second half of 2009.”
He continued, “There is little we can do about the state of the economy, but there is much we can do to address and improve on our past performance and create value going forward. We have developed a number of revenue, cost and expense initiatives that address the specific issues related to this performance.”
In other news, the company recently announced the appointment of James White as its new president and chief executive officer as well as a member of Jamba’s board of directors. Mr. White’s planned start date is December 1, 2008. At that time, Mr. Berrard will step down as the company’s interim chief executive officer and president but will continue his role as chairman of the board of directors.
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