I was just listening to the recorded CC, and Scott said something interesting: For FY2005, they are going to increase company store development. Scott also said company stores have higher opening and operational costs (which we already knew).
Because of their low cash situation, I thought most of the new stores would be franchise stores, but the opposite is happening. So, where are they going to get the money to open these new company stores? As others have mentioned, they now have only about $20M in cash. At least last quarter, about 1/3 of the stores they opened where company stores. So, for this year, they are going to open about 112 new stores, and probably at least 40 company stores. Where are they going to get the money to build these (at about $2-3M per store) new stores??