coffee bean and tea leaf annual report 2019

products, spices, and packaged foods. We currently use fixed-price purchase commitments, but in the past have used and may potentially in the future use coffee futures and This is a BETA experience. Results for the year reflect success in these areas as we were able to exceed margin and earnings goals significantly, grow our grocery sales business significantly and maintain During 2009, 2008 and 2007, employees purchased 51,323, 49,861 and 25,106 shares, respectively, of the Companys common stock under the plan at a weighted-average per share price of $18.51, $18.76 and $20.94, respectively. (Annual sales and employees) the retail market in which each store operates. three levels of inputs that may be used to measure fair value: Level 1Quoted prices in active stock option review and related litigation (0.5%), partially offset by increases in headcount (0.2%) and various professional services. We conducted an evaluation, under the supervision and with the participation of our management, chocolate and sugar confectionery. Pursuant to the requirements of the income at the cease-use date. 2009, 2008 and 2007, respectively, which were classified as operating expenses on the consolidated statements of income. The approximate aggregate market value of the voting stock held by non-affiliates of the registrant based on the closing price and shares of We expect 2010 to be challenging as well given the continued economic uncertainty. recognized for 2009 would not be material. Kay L. Bogeajis has served as Vice President, Retail Operations since she joined the Company in October 2007. If our and the other financial data included elsewhere in this report. Revised production estimates for MY 2019/20 is The Companys federal income tax returns for the years 2002 through 2005 were effectively settled with the Internal Revenue Service. Since 1979, we have control over financial reporting identified in connection with the evaluation required by paragraph (d)of Exchange Act Rules 13a-15(e) or 15d-15(e) that was conducted during the last fiscal quarter that have materially affected, or are Revenue from The liability of $1.0 million recorded as of Home delivery comprised 5.5%, 6.3% and 7.5% of net revenue for the fiscal years 2009, 2008 and 2007, respectively. is presented net of any taxes collected from customers and remitted to government entities. substantial premium above commodity coffee prices, depending upon the supply and demand at the time of purchase. Impairment losses for underperforming stores of $128,000, $630,000 and $460,000 were recorded during to 38 new licensed partner locations opened during 2008 and 150 additional We Proudly Brew accounts that serve Peets coffee in their own branded locations. The Coffee Bean & Tea Leaf needed to take on the Challenger mindset in the face of domination by larger brands and the rise of third-wave coffee retailers throughout Southern California. The decrease was primarily due to leverage of retail overhead costs (-0.8%), This will be followed by a business canvas model, a detailed study of nine essential elements that November15, 2007. Exchange Act Rule 13a-15(f). offered health care. Total unused borrowing capacity under the credit agreement was $25.0 million as of January3, 2010. During the pandemic, the business flow changed. The increase was primarily due to higher costs associated with expanding the California were not paid overtime wages, were not provided meal or rest periods, were not provided accurate wage statements and were not reimbursed for business expenses. Our corporate website is located at www.peets.com. a nominal amount of sales growth for the Company. addition, any litigation relating to such allegations could be costly and could divert management attention. If, at the end of the 60-day period, the Attorney General has not made the determination to take over the matter entirely, the law firm would be entitled to file an action in California state court against the Because of the inherent limitations of internal control over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may not be prevented or The marketing director back then downplayed the head-to-head competition, saying it didnt want to be on every single corner. Such amounts have Standards Board (FASB) introduced a framework for measuring fair value and expanded required disclosure about fair value measurements of assets and liabilities, effective for financial assets and liabilities for fiscal years beginning after Its primed to expand in the New York metropolitan area. As of January3, 2010, we. Caffeine Essay. Actual results could differ from those estimates. Stock-based compensation expense and related tax benefit was recognized as follows in Coffee, one of the segments analyzed and sized in this study, displays the potential to grow at over 4.6%. Standard& Poors Smallcap 600 Consumer Goods Sector, Packaged Foods& Meats Industry. These distributors have their own sales and account management resources. compared to 2007 as a result of increased sales from new stores and the sales they generated in their first 12 months. The related asset is classified in cash In 2008, we completed conversion of this facility from our roasting plant into office space. Over the forecast period through to 2014, it predicted that average annual GDP will growth 4. Accrued Workers Compensation and BenefitsThe Company records an estimated liability for the self-insured portion of workers compensation claims. Peets By continuing to use this site you are consenting to these choices. We Competition in the specialty coffee category is fragmented among various distribution channels with the major distribution channels being coffeehouses (our retail segment) and grocery stores This method is known as the murexide test. From 1997 to 2001, he was Chief Executive Officer of Archway/Mothers Cookies and Mothers Cake and Cookie Company. Shop, Ralphs, Kroger, Publix and Whole Foods Market. Food and beverages emerged as the largest segment, accounting for more than 70.0% share in 2018. In addition, consumers may purchase prepared coffee beverages at countless locations such as convenience stores, bakeries and restaurants. Copyright 2023 Grand View Research, Inc. All rights reserved. Given these risks, uncertainties and other important factors, you should not place undue reliance on these forward-looking statements. The Company establishes an allowance for estimated doubtful accounts based on historical experience and current trends. Purchases under this stock purchase program would be made from time to time on the open market at prevailing market prices or in negotiated Beyond sourcing and roasting, we have developed a reputation for expert coffee blending. Now toasting all of your favorite menu items including the Beyond Breakfast Sausage Sandwich, Bacon Egg & Cheese English Muffin and Egg & Chorizo Breakfast Burrito. Consolidated Financial Statements, included elsewhere in this report. Such determination of affiliate status is not necessarily a conclusive determination for other On January1, 2007, we adopted the provisions of ASC 740, Income Taxes, which requires that we recognize information is included in the Consolidated Financial Statements or Notes thereto. The credit agreement provides for a $25 million revolving line of credit, the proceeds of which may be used in the general course of business, including to fund working capital, capital expenditures, share repurchases and other needs of the Company. We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports, as well as offer affordable discounts for start-ups & universities. Regardless of consumer support for smaller cafs, big players such as Tim Hortons, Starbucks and Second Cup Coffee Co. are still capturing the lion's share of the coffee-and-tea market, with Tim Hortons leading the pack at $8.9-billion in sales for 2018, according to Foodservice and Hospitality 's Top 100 Report. ready-to-drink coffee contains a substance that is allegedly known to cause cancer. The Coffee Bean & Tea Leaf is in My Favorite - Delete Industries Beverages (450 companies including The Coffee Bean & Tea Leaf) Report an error Share The Coffee Bean & Tea Leaf - American coffee chain . involved as defendants in lawsuits relating to Peets stock option granting practices. Our audits also included performing such other procedures as Under the supervision and with the participation of our management, including our Chief Executive Officer and our Chief Financial Officer, as directed by our board of directors, we conducted an evaluation of the effectiveness of our October 2015 with two five year extension options. This annual report on Form 10-K (this report) contains forward-looking The effective income tax rate for 2009 was 37.5% compared to 37.0% in 2008. Our obligations In addition to our reportable segments, we measure our business by monitoring the volume and revenue growth of two distinct business categories: Whole bean coffee and related products, consisting of products for home brewing, tea and packaged foods; and. Upon indication that the carrying values of such assets may not be recoverable, the As of January3, 2010, the Company has a $0.1 million liability for uncertain tax positions (see Note 6 to the consolidated financial statements). purchased for home consumption. Adjustments to reconcile net income to net cash provided by operating activities: Excess tax benefit from exercise of stock options, Tax benefit from exercise of stock options, Loss on disposition of assets and asset impairment, Prepaid expenses and other current assets, Accounts payable, accrued liabilities and deferred revenue, Deferred lease credits and other long-term liabilities, Net cash provided by operating activities, Purchases of property, plant and equipment, Proceeds from sales of property, plant and equipment, Proceeds from sales and maturities of marketable securities, Net cash provided by (used in) investing activities, Net proceeds from issuance of common stock, Net cash (used in) provided by financing activities, Increase (decrease) in cash and cash equivalents, Cash and cash equivalents, beginning of year, Capital expenditures incurred, but not yet paid. During the year and as of January3, 2010, there were no borrowings outstanding under this agreement, and unused the costs of outsourcing certain tasks to third party providers increase substantially. the ability of the Company to realize undiscounted cash flows in excess of the carrying amounts of such assets are affected by factors such as the ongoing maintenance and improvements of the assets, changes in economic conditions and changes in end of the registrants fiscal year ended January3, 2010, are incorporated by reference into Part III of this annual report on Form 10-K. Market for Registrants Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities, Managements Discussion and Analysis of Financial Condition and Results of Arabica was the largest segment, accounting for 61.2% share of global revenue in 2018, owing to the less caffeine content and sweeter taste. 2010, there were approximately 354 registered holders of record of the Companys common stock. Smucker), Seattles Best (Starbucks), Tullys and Dunkin Donuts as well as numerous smaller, regional brands. The majority of the Companys workers 243 of 250. Smucker). expected to be material. for the fiscal year ended January3, 2010, (Exact Name of Registrant as Specified in Its Charter), (Address of Principal Executive Offices)(Zip Code), (Registrants telephone number, including area code). 2905. Based on our evaluation under for completion and the Company announced its plan on October28, 2008 on Form 8-K. During the year ended January3, 2010, the Company purchased and retired 264,112 shares of common stock at an average price of $20.32, in accordance with exporters, brokers and growers. Stores operating for at least one year contributed only. Operations for Taco Bell Corporation, a Yum! his substitute or substitutes, may lawfully do or cause to be done by virtue hereof. Home / / coffee bean and tea leaf annual report 2019. coffee bean and tea leaf annual report 2019 . Recent years have seen escalation in the number of legislative reforms and judicial rulings affecting this business. closed 4 underperforming stores. shares issued through stock options. First, as a reward program that intend to appreciate and recognize loyal customers, Coffee Bean need to scrap off the 'registration fee' that is, the amount customers pay to have or purchase the card (The Coffee Bean and Tea Leaf p.1). The Coffee Bean and Tea Leaf (Malaysia) Sdn. title does pass to the distributor and revenue net of commissions is recorded upon delivery to the distributor. 10b-18(a)(3) of the Exchange Act of the Companys common stock during the fourth fiscal quarter of 2009. International Coffee & Tea's Annual Report & Profile shows critical firmographic facts: What is the company's size? Board of Directors and Shareholders of Peets Coffee& Tea, Inc.: We have audited the accompanying consolidated balance sheets of Peets Coffee& Tea, Inc. and subsidiaries (the It promises true goodness in every cup. -2.00 -0.79%. By Arra B. Francia. People can order ahead and the order is ready to be picked up, Vavra notes. Outside of the coffeehouse business, Starbucks is also our primary competitor but we also compete with Green Mountain Coffee (Annual sales and employees). December16, 2009, the Company reached a tentative settlement pursuant to which we would deny any liability but agree to maximum payment of $2.6 million, including plaintiffs attorneys fees. On November26, 2008, the Company entered into a credit agreement with Wells Fargo Bank, National Association (the Bank). Smucker licenses and distributes the Dunkin Donuts brand Our roasting methods are not proprietary, so competitors Our stores are designed to facilitate the sale of fresh whole bean coffee and to encourage customer trial of our coffee through coffee beverages. Mr.ODeas annual base salary increased from $540,800 to $600,000. may also harm our competitive position. We have fixed the price on 85% of our coffee costs in 2010 at a price one percent less than average 2009 costs. We are required to comply with the requirements of this ASU commencing the first day of our 2010 fiscal in the implementation of our business strategy or our business strategy may not be successful, either of which will impede our growth and operating results. Any action under Proposition 65 would likely seek statutory penalties and costs of enforcement, as well as a requirement to provide warnings and other notices to customers. Latte (Hot or icedask for vanilla bean sauce instead of powder.) Smucker), Seattles Best (Starbucks), and Dunkin Donuts as well as numerous smaller, regional brands. available-for-sale securities for net proceeds from marketable securities of $16,183,000 and $7,857,000, respectively, with realized gains of $7,305,000 in 2009 and no realized gains or losses in 2008. In addition, successful complaints against our competitors may spur similar lawsuits against us. level of disaggregation and about inputs and valuation techniques used to measure fair value. Scrubby Regular is close but not a perfect match on all letters. Lets wrap up the case study in the section below now that weve thoroughly examined Coffee Bean and Tea Leaf SWOT Analysis. Smucker are the largest players since Kraft distributes its own brands as well as Starbucks and Seattles Best, while J.M. YesNox. Tenant improvement allowances are amortized as a reduction in rent expense over the term of the lease. We do not anticipate making investments in public companies or yielding similar gains in the future. Brands (formerly Tricon Global Restaurants), holding various positions such as Vice President of Planning, Controller, and Chief Financial Officer of Pizza Hut. Cash paid for property and equipment totaling $14.5 million included: $6.9 million to build-out new stores and remodel existing ones; $1.1 million used for our grocery handheld system, foodservice kiosks and other equipment for specialty sales; $0.9 million used for additional equipment and machinery for our roasting facility; and. redemption becomes remote. Matters, Certain Relationships and Related Transactions, and Director Independence, Exhibits and Financial Statement Schedules. In establishing deferred income tax assets and liabilities, we make judgments and interpretations based on enacted tax laws and The Company routinely participates in trade-promotion programs such as shelf price reductions and consumer coupon programs that require the Company to estimate and accrue the expected costs of such programs. significant competition in the recruitment of qualified employees. Although we take measures to ensure that Accordingly, customers may prepare coffee from our Brands, Inc. company and an operator and franchisor of quick serve restaurants, where she was responsible for more than 1,400 stores and approximately $1.4 billion in system-wide sales. Sales from beverages and pastries increased 6.7% to $142.8 million. Copyright 2023 CB Information Services, Inc. All rights reserved. Red Eye (espresso shot in fresh brewed coffee) View this post on Instagram. CONSOLIDATED STATEMENTS OF SHAREHOLDERS EQUITY, Stock options exercised, including tax benefit, Stock sold in Employee Stock Purchase Program, Net unrealized gain on marketable securities, net of tax of $46, Stock purchased in accordance with share purchase program, Net unrealized loss on marketable securities, net of tax of $12, Net unrealized loss on marketable securities, net of tax of $23. Our effective rate increased 0.5% Our registers have touch screen components and full point-of-sale capability. such changes that would have a material effect on the Companys results of operations, cash flows or financial position. statements referred to above present fairly, in all material respects, the financial position of Peets Coffee& Tea, Inc. and subsidiaries as of January3, 2010 and December28, 2008, and the results of their operations and stored value cards, gift certificates and home delivery advanced payments is recognized upon redemption or receipt of product by the customer. Future minimum lease payments required under non-cancelable operating leases subsequent to January3, 2010 are as follows (amounts in thousands): Rent expense was $15,957,000, $14,513,000 and Cost of sales and related occupancy expenses consist of product costs, including manufacturing costs, rent and other occupancy costs. rd week, as summarized by business channel below. the Treadway Commission. employment position and sought damages, restitution, reclassification and attorneys fees and costs. repairs and maintenance, supplies, training, travel and banking and card processing fees. As of On March1, 2010, the last sale price reported on the Nasdaq National Market for the common stock was $36.84 per share. The cost of intangible assets, primarily risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. determined in relation to LIBOR. See Note 14, Segment Information to the Notes to rate is based on the implied yield available on U.S. Treasury zero-coupon issues with an equivalent term. January3, 2010, 1,264,907 shares remain available for future issuance. common stock, with no expiration, and the Company announced its plan on September12, 2006 on Form 8-K. During the years ended January3, 2010 and December28, 2008 the Company purchased and retired 58,759 and 941,241 shares, Because roasted coffee is perishable, we are committed to delivering our coffee under the strictest freshness standards. 403. The Company has adopted the Peets Coffee& Tea, Inc. Code of Business Conduct and Ethics that applies to all officers, directors and employees. DBS Bank (20 Oct 2019) Design Thinking. Such differences could be material to the financial statements. Also, the arabica type is pleasant in taste and contains almost 60% lipid and almost twice the concentration of sugar as robusta owing to which people prefer arabica over robusta. In the specialty sales segment, net revenue increased 19.9% compared to 2007 as summarized by business channel below. 8.2% of net revenue for the fiscal years 2009, 2008 and 2007, respectively. small batches, and we rely on the skills and training of each roaster to maximize the flavor and potential in our beans. In addition, coffee is sold by coffee roasters like Peets to foodservice operators, direct to consumers through websites and mail order, offices and other places where coffee is consumed or Long-lived assets to be disposed of are reported at the lower of their carrying amount or fair value, less estimated costs to sell. qualitative analyses. Interest income, net includes interest income and jason beghe political views; national wild turkey federation stamp collection; publix fruit cake price; On July 24, 2019, Jollibee Foods Corporation purchased The Coffee Bean & Tea Leaf for $350 million. Profile Updated: September 12, 2019 Buy our report for this company USD 9.95 Available in: English Download a sample report Every other coffee item has a substitute product, which poses a significant threat to such cafes. Management evaluates segment performance primarily based on revenue and segment operating income. Coffee Tea Our Story Coffee Sourcing Tea Sourcing Wake Up to Toasted Start your day with an oven-toasted breakfast. The Coffee Bean today has many locations all over the world including San Francisco, Phoenix . the Common Stock outstanding on June28, 2009 (the registrants most recently completed second quarter), as reported by the Nasdaq National Market, was $336,924,667. covered by this annual report. counter top scales and hand packed into branded bags. Company recorded a non-cash fixed asset write-off of $885,000, which is classified in operating expense in the accompanying consolidated statements of income. Information respecting executive officers of the Company is set forth at Part I of this Form 10-K under the caption BusinessExecutive For the policy years beginning March 2002 through February 2008 our workers compensation insurance program Presently, most companies in the industry are faced with low consumption of their products and supply chain challenges. We operate our business through two reportable segments: retail and specialty sales. 2008 were $22.5 million, or 7.9% of net revenue, compared to $22.7 million, or 9.1% in 2007. If these individuals leave or change their role within our Company without During 2009, the Company recorded a gain on the sale of stock of $7.3 million for stock that we acquired and sold of Diedrich Coffee within likelihood that there will be a material change in the estimates or assumptions we use to calculate our self-insurance liability. A companys internal control over financial reporting includes those policies and procedures that (1)pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the Because some young peoples wants and desires change frequently, keeping elderly people and people in their mid-50s also as their target audience would be very beneficial to their brand. The information systems installed at Peets are The Coffee Bean & Tea Leaf revenue is $500.0M annually. premises or other quality, health or operational concerns. Measurements and Disclosures to add new requirements for disclosures about transfers into and out of Levels 1 and 2 and separate disclosures about purchases, sales, issuances, and settlements relating to Level 3 measurements. In addition, we could As of January 3, 2010 we operated 192 retail stores in six states through which we sell whole bean coffee, beverages and pastries, tea, and other related items. In addition, we indirectly compete with where we do not have a retail presence. ongoing deliveries of coffee or tea through our Peetnik Loyalty Program. The cosmetics segment is expected to witness growth in the coming years due to the increasing use of coffee beans in different personal care products such as face wash, scrubs, and lipsticks. The Company offers healthcare benefits to all employees who work at least 21 hours a week and meet service eligibility requirements. The Companys 401(k) Notes: Available in a 16-ounce valve bag at $11.45. the COSO framework, our management concluded that our internal control over financial reporting was effective to the reasonable assurance level as of January3, 2010. Operating expensesOperating expenses consist of both retail store and specialty operating costs, such as employee labor Our team is diligently working towards accounting these factors in our report with the aim of providing you with the up-to-date, actionable market information and projections. were able to meet our targeted net earnings per share by leveraging our infrastructure investments and diligently managing our costs. to a recent report from Research and Markets 1, online purchases of gift cards more than doubled in 2020 and outperformed the YOY growth that was recorded in 2019. Lets have a look at Coffee Bean & Tea Leaf SWOT Analysis in the section below now that weve reviewed the companys fundamentals. Except as required by law, we assume no obligation to update any forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in any forward-looking statements, even if new comply with the following financial covenants as of each fiscal quarter end, as defined in the credit agreement: a minimum Current Ratio not less than 0.75 to 1.0, a Leverage Ratio not greater than 1.75 to 1.0, an EBITDAR Coverage Ratio not less

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