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

9 Months Ended

Sep. 28, 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 September 28, 2013, and December 29, 2012:



	September 28, 2013		December 29, 2012
Assets
Current assets	$	848	$	787
Property and equipment, net	8,868		9,109
Other assets	140		149
Total Assets	$	9,856	$	10,045
Liabilities
Accounts payable	$	1,019	$	826
Accrued expenses	258		204
Current maturities of long-term debt obligations	885		635
Long-term debt obligations, net of current maturities	3,969		4,437
Other liabilities (a)	469		749
Total Liabilities	$	6,600	$	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 and nine months ended September 28, 2013, and September 29, 2012:



	Three Months Ended					Nine Months Ended
	September 28, 2013		September 29, 2012			September 28, 2013		September 29, 2012
Revenues	$	3,037	$	2,468		$	8,281	$	8,114
Gross profit	819		115			1,569		1,364
Operating income (loss)	331		(71		)	272		258
Net income (loss)	255		(153		)	62		4