May I ask what you are hoping to accomplish with your posts on the board?
Recently, you wrote this post, which I can only interpret as very derisive of longs as being unintelligent, for you wrote "your gripe is not with message board posters who tried to educate you," apparently implying that anyone long JMBA is blind to the "reality" featured by other posters who apparently see things exactly as they are, yet mysteriously supply precious few facts in support of their assertions.
And now, this post, which at a simple reading would imply that ALL Jamba's expenses remain level. In point of fact, that is simply not the case. A review of 10-Qs over the past few periods will quickly reveal that all their store-related expenses have in fact gone down significantly.
Now, as even some of us longs that apparently need educating have posted on this very message board, it is true that their G&A expenses have NOT dropped significantly. I myself have posted to the effect that this is problematic, at least right now.
But, White has actually addressed that very question on recent earnings calls. He has stated his belief that they have built the right-sized G&A staff to be able to deal with what he anticipates to be a fairly robust expansion of both their stores as well as licensing efforts. He has further stated that he does not anticipate needing to add to this segment of the organization as their revenues increase.
The question of whether one believes him is one that each investor needs to answer for themselves. Further, if he does NOT stick to his word, and we start to notice "G&A creep" over the coming periods, then White will likely be queried about that on future calls.
Store related expenses will go down since there are less company stores. Since SSS are increasing fixed expenses go down as a % of revenue. According to white g&a in 2011 will be nominally the same as 2010. So far it's been less, let's hope that continues.