JanOne Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Variable Interest Entity

Variable Interest Entity

3 Months Ended

Mar. 30, 2013

The financial position and results of operations of AAP are consolidated in our financial statements based on our conclusion that AAP is a variable interest entity and because we have the ability to significantly influence the economic performance of the entity through our contractual agreement with GE.

The following table summarizes the assets and liabilities of AAP as of March 30, 2013 and December 29, 2012:



	March 30, 2013		December 29, 2012
Assets
Current assets	$	664	$	787
Property and equipment, net	8,952		9,109
Other assets	146		149
Total Assets	$	9,762	$	10,045
Liabilities
Accounts payable	$	719	$	826
Accrued expenses	261		204
Current maturities of long-term debt obligations	723		635
Long-term debt obligations, net of current maturities	4,307		4,437
Other liabilities (a)	669		749
Total Liabilities	$	6,679	$	6,851

(a) Other liabilities represent loans between ARCA and AAP that are eliminated in consolidation.

The following table summarizes the operating results of AAP for the three months ended March 30, 2013 and March 31, 2012:



	Three Months Ended
	March 30, 2013			March 31, 2012
Revenues	$	2,577		$	2,720
Gross profit	316			522
Operating income (loss)	(53		)	65
Net loss	(110		)	(22		)