A while back I speculated that JBX lengthens its
first quarter for the reason you gave. Have you
confirmed this with the company? I keep forgetting to ask
them this question.
I object to this practice
because it adds to the confusion of comparing quarters,
especially looking at consecutive quarter-to-quarter growth.
If the original intention was to make their slowest
season, the first quarter look better, it has only
produced the opposite effect on the second quarter. For
the past couple of years, the second quarter results
appear to show a significant consecutive quarterly drop
in earnings after a casual glance at the numbers.
The real reason is that the second quarter has only
12 weeks in it compared to the first quarter's 16. I
feel that when (prospective) investors are scanning
fundamentals, this fact is not obvious and it looks like a
slump. Then the two best seasonal quarters, the 3Q and
4Q come in higher.
If the intention is to
"even out sales", it seems JBX would be better off
putting 14 quarters into BOTH the 1Q and 2Q. I have never
owned a company that had quarters of differing lengths.
I suppose it can be argued that most comparisons
are made between the same quarters, current vs.
previous year, but consecutive comparisons can also be
important to show trends in other quarterly expenses. I
would prefer quarters of even length and not have to do
the extra math. Many companies have boom or bust
seasonal patterns and shareholders expect performance
I also wish they would release balance sheet data
EVERY quarter, like EVERY other company I have ever
As always, do your own research,
I agree. I also got the annual today, and thought
it was excellent. It's refreshing to see a company
wrap some important selling points in an entertaining
I only hope today's putrid action in the stock
isn't "the market's" vote on the report!
I just received my copy today. At first, I was a
little wary of its "lightweight" first impression, but I
enjoyed it. It's short and entertaining, in the mode of a
Dr. Seuss book for children. There are some pretty
funny lines in the rhymes.
Most interesting is
the central theme in the story, a tale that sounds
familiar to everyone on this board: "Cutting edge startups
can make quite a splash; The best ones can earn you a
mountain of cash. Get real! Come off it! It could be 12
years before some turn a profit! Investors who frown
upon earnings-free quarters Said, 'Give us a firm
built on real bricks and mortar!'"
I don't know
if JBX can get some respect by talking more openly
about it, but it's worth a shot. However, I don't see
the tech feeding frenzy ending any time soon, since
many believe these are the companies that are becoming
the "new economy". Did you know that despite the
surge in the Nasdaq and other market indexes, 68% of
all NYSE stocks declined in 1999? Sadly, JBX was in
that majority camp. Right now, we're almost exactly
where we started one year ago in January '99. Let's
hope the gains we make this year will
You may recall my own critical comments on last
year's annual report. It wasn't so much the comic book
format (a gamble considering JITB has had a problem
being taken seriously) that I objected to. I just
didn't identify with the dark, almost sinister leading
character who was supposed to be "Joe Investor", AKA me,
you, us. Hopefully this year's version won't include
another cartoon with this rude leading character grabbing
innocent JITB employees by the shirt or the tie,
threatening them into answering his questions. I just didn't
see the humor in that at all.
Ok, Ok, if
Warren Buffet liked it, who am I to criticize? Then
again, Mr. Buffet had a pretty bad year in '99, while my
own easily beat his best ever. ;-)
It was a brief article, discussing the first 'x'
number of pages of the new annual report being done in
whimsical verse, and the humorous difficulties JBX's
director of corporate communications had in coming up with
some of the rhymes. It went on to mention the comic
book format of last year's report, and how Warren
Buffett had enjoyed the report so much he ordered extra
copies, but declined to comment on his position in the
stock (if any).
That was about it. But I must
admit that the Buffett item sent my mind racing a bit,
imagining Dairy Queen dessert menus in each Jack in the
Box. El Pollo Loco out here has Foster's Freeze
co-branded units, so I guess that kind of move is always a
remote possibility for other chains.
Yeah, posting with our real names (I do, am
assuming you too) makes one more circumspect about
plagarism, pumping and flaming. But I beleive you can quote
excerpts, with proper attribution, without risking a knock
at the door. Your call of course...but maybe if you
have the time, you could paraphrase some salient
details. Be careful, thanks for sharing, ~Geo.
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But this talks about whimsical rhymes in the new
annual report and mentions how much Warren Buffett liked
the previous JBX report. Not a bad fan to have at
Did NOT confirm lengthened first fiscal period
with company. Read between the lines of the
information in their 1999 10K report. I can understand
they're trying to smooth out sequential quarters
comparisons in addition to the year-to-year period
comparisons. What I
do NOT! understand is the FYE on the
Sunday closest to September 30. To me, seems
I got into JBX in November @ 22. DBAB upgrade was
what got my initial attention. If I would have had
some profits, I would have added to position when it
pulled back below 20. But with loses, I didn't want to
chance following it down.
As a new guy in JBX and on
this board, I'd like to thank David for all the
"extras" he contributes. I went back to the beginning of
November to try to get up to speed. In addition to David
I'd like to thank many of the other participants. You
know who you are.
Especially helpful was David's
extensive contribution of the Conference Call. Wow!
Welcome to the JBX shareholder family. Yes, this
is a great thread. Years ago, I felt like the Maytag
repairman, first on Motley Fool, then Silicon Investor and
now here on Yahoo!. But in the past 9 months, many
excellent contributors have begun posting here. It's rare
that a naysayer or basher shows up, but unfortunately,
that's just testament to JBX's relative obscurity. Trust
me, if we were to rocket to $32, they would start
showing up. The stock forums for every other more widely
held company I've owned has its share of
I've been in JBX (then FM) since $5. While the lion
share of gains has been made from its recovery, JBX is
still a major holding in my portfolio. Why? Because
after 5 years, I can still say that this company is
relatively undiscovered, undervalued, and a nice growth
stock that has the potential to double in the next 18
months. For many investors in this market, it's hard to
get excited about a stock that isn't going to double
in the next week or month, but that fever isn't
going to last. I believe value strategies will return
to favor eventually.
I don't often say it
here, lest I sound like I'm hyping too much, but beyond
my more conservative price target of $32, this stock
has the potential to be $40+. Even S&P agreed with me
last spring (see message #857). Not a multi-bagger,
but a lot less risky than many other growth stocks
and most of the high-flyers out there with P/Es in
the stratosphere. JBX is my conservative growth play.
I have confidence in the company and I know it
well. It is very well-run, I like their product, their
promotional campaign and their growth strategy. Most
importantly, they have a 19 quarter track record of success
and growth in a very competitive business. That gives
me confidence. I've never suffered too long by
buying on numerous dips and slumps in the past, although
this latest one has been particularly long and it
remains to be seen when we'll be getting back to its old
JBX has a 52 week fiscal year, which is 364 days
a year. A calendar year has 365 (or occasionally
366 days). Since JBX always wants to have a fiscal
year end near 9/30, they will need to add a week to a
fiscal year every 5 or 6 years to catch back up to the
calendar year date. For example, FY end 10/3 -> FY end
10/2 -> FY end 10/1 -> FY end 9/30 -> FY end
9/29 -> FY end 9/28 -> FY end 9/27 -> now
must add one week -> FY end 10/3.
in reality, leap years play a role. With a leap
year, the fiscal year will lose two days to the
calendar year. Basically , a 52 week year will always lose
a day (or two) to the calendar year and you need to
add a week every 5 or 6 years (depending on the
number of leap years in the time frame) to catch
By the way, it's interesting how my explanation of
how "the extra week makes the fiscal year start
alomst one week later in the calendar year" got erased
from the message board. It was message #1519. Oh well,
this information isn't really too useful to readers
anyway. Hopefully it fulfills the curiosity to the weird
fiscal years, if anything.
Yahoo!'s message boards have been acting up a lot
lately. Sometimes posts disappear and then reappear, or
get renumbered. Other times, abusive posts are
deleted, which lead to gaps in the sequential numbering.
This morning, I could not reply to any posts for a
Are you sure #1513 isn't the post you thought was
erased? In it, you mention that the fiscal year is
starting almost one week later.