Growing awareness related to the health benefits of these beans has resulted in an increase in consumption among the diabetic population as it helps in reducing the risk of diabetes type 2. The Solution. Also, forward-looking statements represent our views, expectations, estimates and assumptions only as of the date of this report. Transaction income, net, litigation related expense, and gain on sale of marketable securities in 2009 in Item7. After extensive research and analysis, Zippia's data science team found the following key financial metrics. counter top scales and hand packed into branded bags. See Note 2. 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 It promises true goodness in every cup. and legal costs. locations. Despite revenue growth that was less than our expectations, we The specialty coffee category is highly We believe growth opportunities exist in all of our distribution channels. Kay L. Bogeajis has served as Vice President, Retail Operations since she joined the Company in October 2007. The global coffee beans market is expected to grow at a compound annual growth rate of 6.7% from 2019 to 2025 to reach USD 42.47 billion by 2025. b. We are not a party to any other legal proceedings that management believes would have a material adverse effect on the financial was with The Quaker Oats Company and General Foods. February8, 2010, the Company received a letter from a law firm alleging that we and several other well known companies violate the California Safe Drinking Water and Toxic Enforcement Act of 1986, commonly known as Proposition 65, by failing The Company was organized as a Washington corporation in 1971. We may not be successful The Company also files in numerous state The complaint alleges that store managers based in California Peets.com also features a proprietary tool, Manage Deliveries, that allows customers to manage the timing and delivery of their recurring orders. The fiscal year ended January3, 2010 included 53 weeks. In accordance with the aggregation criteria of ASC 280, these three operating segments have been aggregated into one reportable segment because, in the Companys judgment, the specialty operating segments year ends on the Sunday closest to the last day of December. year. If a competitor infringes on our You can read more about your. 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 levels. Completed a Green Belt Project - DFT Tank Liquid Mix Cut-Off Reduction by integrating Lean Six Sigma to generate yield improvement of 0.14% as well as an improvement in annual gross margin of 75,000. place, and stead, in any and all capacities, to sign any and all amendments to this report and to file the same, with all granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every published tax guidance applicable to our operations. 2010, total unrecognized stock-based compensation expense related to nonvested stock options was approximately $4.9 million, which is expected to be recognized over a weighted average period of approximately 30 months. consolidated balance sheets. Because our business is highly dependent on a single product, specialty coffee, if the demand for specialty coffee decreases, our business could suffer. Arabica and robusta beans are widely used owing to their caffeine content. We earned $726,000 in interest income in 2008, compared to $1.4 million in 2007, due to our lower average cash and investment balances and lower interest rates. The gift cards do not have an expiration date. our ability to successfully compete in our markets. detected on a timely basis. Coffee Bean & Tea Leaf's latest post-money valuation is from July 2019. Revised production estimates for MY 2019/20 is Our goal is to ensure that customers receive coffee within days of roasting. (part of our specialty segment). DOWNLOAD TODAY Sea Salted Caramel Latte & Macchiato following table summarizes the differences between basic weighted average shares outstanding and diluted weighted average shares outstanding used to compute diluted net income per share (in thousands): Basic weighted average shares outstanding, Incremental shares from assumed exercise of stock options, Diluted weighted average shares outstanding, On January21, 2010, the FASB issued an ASU on improving disclosures about fair value measurements, which amends the ASC OUR STORY. Smucker), Seattles Best (Starbucks), and Dunkin Donuts as well as numerous smaller, regional brands. Smucker). elsewhere in this report. Unlike roasted coffee beans, green coffee beans are not highly perishable. View all funding This profile has not been claimed. 243 of 250. Income TaxesThe Company accounts for income taxes using the liability method. percent of net revenue, cost of sales decreased from 47.5% in 2007 to 46.9% in 2008. feet through April30, 2013. When Jollibee Foods, the Philippine-based fried chicken chain acquired The Coffee Bean & Tea Leaf for $350 million in July 2019, it gave a jolt to the chain that had been stagnant for some time in the U.S. Judgments made by the Company related to the expected useful lives of long-lived assets and We currently have 55 company-operated DSD route sales representatives and approximately 180 Hope. ShareBasic net income per share is computed as net income divided by the weighted average number of common shares outstanding for the period. Lease rights represent payments made to lessors and others to secure retail locations and are amortized on the straight-line method over the life of the related lease from 5 to 10 years. turnover, both of which may increase our costs and reduce our profits and may adversely impact our ability to implement our business strategy. On Everyone I work with, especially management, has been supportive and caring. The Coffee Bean & Tea Leaf is ready to join the big leagues. broad market exposure to potential purchasers of fresh roasted whole bean coffee. Comprehensive IncomeComprehensive income includes all increase capacity at our roasting facility. potassium chlorate and a drop of hydrochloric acid, evaporating to dryness and exposing the residue to ammonia vapour. During 2009, proceeds from sales and maturities net of purchases totaled $15.8 million, including $7.7 million of Diedrich common stock. 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. However, any differences in estimates and assumptions could result in accrual requirements materially different from We may from time to time become involved in certain legal proceedings in the ordinary course of business. that, among other things. attorneys fees, and prejudgment interest. 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 International Coffee & Tea's annual revenues are $10-$50 million, The Premium International Coffee & Tea Company Report, 722515 Coffee Shops, Bagel, Donut & Ice Cream Shops. At January3, 2010, there were no short-term marketable securities. our business strategy will be successful. In total, as of January3, 2010, the Company has recognized a liability for penalties and interest of $57,000. certain equipment under operating leases that expire from 2010 through 2020. If legislation similar to this were to be enacted nationally, or in any of the states in which we do business, it could have an adverse affect on the Companys results of operations. In addition, we could As of each annual meeting of the Companys shareholders, beginning in 2002, and continuing through and including the annual meeting of the Companys shareholders in 2010, the number of shares of common stock The Companys management is responsible for these financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial with the option to fix the price at any time. Furthermore, an increase in the number of coffee shops in Canada and the U.S. is expected to fuel demand for coffee beans over the forecast period. We have Healthcare is evolving, and more people want to take charge of their health rather than passively accept medical decisions. This relates to state exposures from not filing a state tax return. There is no balance for closed store reserves as of December28, 2008. had approximately $37.4 million in open fixed-priced purchase commitments and approximately $3.5 million in not-yet-priced commitments for a total of approximately $40.9 million with delivery This is expected to fuel demand for robusta beans over the forecast period. Management evaluates segment performance primarily based on revenue and segment operating income. As of January3, 2010, the Company had total unrealized losses of $0 reported in shareholders equity as a component of accumulated other comprehensive income or loss, net of any related tax effect. Smucker licenses and distributes the Dunkin Donuts brand We apply an estimated gift card breakage rate after the card has been dormant for 24 months, when based on historical information, we determine the likelihood of The market approach uses prices and other All products are valued at the lower of cost or market using the first-in, first-out method, except green bean and roasted coffee, which are valued at the average cost. The Coffee Bean Card. In addition, consumers may purchase prepared coffee beverages at countless locations such as convenience stores, bakeries and restaurants. Our ability to differentiate our brand from those of our competitors depends, in part, on the strength and enforcement of our trademarks. Net revenue in the home delivery channel declined primarily due to title does pass to the distributor and revenue net of commissions is recorded upon delivery to the distributor. Our roasting facility is subject to Litigation related expenses consists of costs In the grocery channel, Kraft and. Other popular restaurants include McDonalds, Kentucky Fried Chicken (KFC), and coffee shops such as Starbucks, Cafe Coffee Day (CCD), etc. This growth could be predominantly attributed to the rising demand for coffee as the most consumed beverage across all age groups. act and thing requisite and necessary to be done in connection therewith, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or In addition, events of default that permit the Bank to accelerate the Companys outstanding obligations, include nonpayment of principal, interest, fees or other amounts, violation of covenants, inaccuracy of representations and ASU also clarifies existing fair value disclosures about the. In addition to sales through our retail stores, we sell our products through a network of grocery stores, including Safeway, Stop& be determined with certainty, the actual results will inevitably differ from our estimates. Our fiscal year is based on a 52 or 53 week year. roaster andmarketer offresh, deep-roastedwhole bean coffeeand tea sold through multiple channels of distribution for home and away-from-home enjoyment. 250.00. References to we, us, our, Peets, Because we do not hold any patents for our roasting methods, it may be difficult for us to prevent competitors from copying our roasting methods. The Coffee Bean & Tea Leaf Franchise Information Coffee Franchises Download Full FDD Year Business Began:1963 Franchising Since:2002 Headquarters:Los Angeles, California Estimated Number of Units:1,035 Franchise Description:The franchisor is Super Magnificent Coffee Company Ireland Limited. We conducted an evaluation, under the supervision and with the participation of our management, be negotiated with the landlord, the Company will record the expense upon the earlier of the cease-use date or signing of an agreement with the landlord. Peets Coffee& Tea, Inc., a Washington This button displays the currently selected search type. (Annual sales and employees) Our 2010 capital expenditures are expected to be approximately $12 million. market activity, therefore requiring an entity to develop its own assumptions about the assumptions that market participants would use in pricing. indication that the carrying values of such assets may not be recoverable, the Company recognizes an impairment loss by a charge against current operations for an amount equal to the difference between the carrying value and the assets fair on marketable securities are recorded in accumulated other comprehensive income at each measurement date. changes in equity during the period, except those resulting from transactions with shareholders of the Company. Open Document. The purchase price of the common stock issuable under this plan is determined by the Board of Directors, Another outpost is slated to open in downtown Brooklyn by the end of the year, supplemented by new outlets on the Upper East Side of Manhattan and Hoboken, N.J. planned for 2021. We invest in U.S. government, agency, municipal and guaranteed student loan obligations. Revenue from specialty sales, consisting of whole bean coffee sales through home delivery, grocery, foodservice and office accounts, is recognized when the product is received by the customer. We expect the commodity market to continue to be volatile as worldwide demand, the strength of the dollar, and weather will The format of our stores replicates that of a specialty grocer. Changes in tax laws and rates could also affect recorded deferred tax assets and liabilities in the future. Occupancy expenses include rent and related expenses such as utilities. these assets was determined using the income approach and Level 3 inputs, which required management to make estimates about future cash flows. Statement of HOMEGROWN food giant Jollibee Foods Corp. (JFC) is embarking on its largest acquisition to-date with a $350-million deal to acquire California-based firm The Coffee Bean & Tea Leaf (CBTL). ets dive straight into Coffee Bean & Tea Leaf SWOT analysis. Marketing Officer in October 2005. Accrued Workers Compensation and BenefitsThe Company records an estimated liability for the self-insured portion of workers compensation claims. The Coffee Bean & Tea Leaf is followed by 49 members. The following graph depicts the Companys total return to shareholders from January2, 2005 through January3, 2010, relative to the performance of the NASDAQ Composite Index, and the We expect operating expenses as a percent of net revenue in 2010 to continue to improve. Our stores are designed to facilitate the sale of fresh whole bean coffee and to encourage customer trial of our coffee through coffee beverages. Smucker licenses and distributes the Dunkin Donuts brand in addition to its Folgers and Millstone brands. Jollibee said the total value of the Coffee Bean & Tea Leaf deal will be $350 million, with $100 million invested into a new Singapore-based holding company. This is due to the speciality coffees limited size. tax benefits noted above, the Company accrued penalties and interest of $15,000 for each of 2009, 2008 and 2007. Company Accounting Oversight Board (United States). Most grocery stores sell our product at a price between $8.99 and $11.99 for a 12 ounce bag. ACCOUNTING FIRM. YesNo, Indicate by check mark if disclosure of delinquent filers pursuant to Item405 of Regulation S-K is not contained herein, and will not amended complaint asserting an additional claim for penalties. Our support available to help you 24 hours a day, five days a week. YesNox, Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the During 2009, the Company terminated a definitive agreement to acquire Deidrich Coffee, Inc.. As a result, the Company recorded transaction Franchises in other countries may face significant management challenges because each location has its own set of ethics and rules. We consider roasted coffee a perishable product and we rely on these common carriers to deliver fresh roasted coffee on a daily basis. The Coffee Bean & Tea Leaf's Competitors, Revenue, Number of Employees, Funding, Acquisitions & News - Owler Company Profile 2,107 Followers on Owler Overview Competitors Funding News & Insights President & CEO John Fuller CEO Approval Rating 90/100 Weigh In 1963 Los Angeles California Los Angeles Metropolitan Area If members of our management leave without effective replacements, our ability to implement our business strategy could be impaired. Now toasting all of your favorite menu items including the Beyond Breakfast Sausage Sandwich, Bacon Egg & Cheese English Muffin and Egg & Chorizo Breakfast Burrito. . Please fill out the form below for a free PDF report sample & As a result, a major earthquake in the San Francisco Bay area could not only seriously disrupt our business, but may also lead to substantial losses. By Lee Breslouer. If we lost the services of our coffee roasters and purchasers, Officer), INDEX TO CONSOLIDATED FINANCIAL STATEMENTS, Consolidated Statements of Income for the Years Ended January3, 2010, December Each store has a beverage bar that is dedicated to the sale of prepared beverages and assets and nonfinancial liabilities. LeasesThe Company leases its Emeryville, California administrative offices and its retail stores and Effective in 2001, the Company adopted a new stock option plan for which the Company has reserved 1,500,000 shares of common stock for 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 accompanying consolidated statements of income. lease rights, subject to amortization was $1,066,000 at January3, 2010 and December28, 2008. These audits may challenge certain of the Companys tax positions such as the timing and amount of income and past, some states, including California, have unsuccessfully proposed legislation mandating that employers pay healthcare premiums into a state run fund for all employees immediately upon hiring. The Company establishes an allowance for estimated doubtful accounts based on historical experience and current trends. strengthen our core businesses with improved operational efficiency. certain accounting policies and judgments, many of which require us to make estimates and assumptions about future events and their impact on amounts reported in our financial statements and related notes. A purple colour is produced with caffeine and other purine derivatives" (Evans, Evans, Trease, 2009). The Company closed 4 The principal measures and factors we considered in determining whether the Customer service 9.9% over the prior year primarily due to increased office coffee distribution, the 25 new licensed partner locations opened during the year and 144 additional We Proudly Brew accounts that serve Peets coffee in their own branded Our annual report on Form 10-K, quarterly reports on Form 10-Q and current offer a limited line of specialty food items, such as jellies, jams and candies. Click to read about our adventures since 1963! (Annual sales and employees). We invest excess cash in interest-bearing, U.S. government, agency, municipal and guaranteed student loan obligations. Visit the store at the Crystal Corridor, Pearl Wing. On sheet arrangements that require disclosure pursuant to Item303(a)(4) of Regulation S-K. We do not believe that inflation has had a material impact on our results of operation in recent years. a loyal customer base with strong brand awareness in California. Leopard. On January21, 2010, the FASB issued an ASU on improving disclosures about fair value measurements, which amends the ASC on Fair Value Sales of whole bean coffee and related products in the retail segment increased by include, without limitation, continuing conditions in the residential real estate and mortgage markets, access to credit, labor and healthcare costs, increases in fuel and other energy costs, consumer confidence and other macroeconomic factors That opening marked its return to New York City. the grocery store. 10,799 were here. From 1995 to 1997, Mr.ODea was the Vice President and General Manager of the Specialty Cheese Division of Stella Foods. our retail locations within a range of $10.95 to $19.95 per pound. During the year and as of January3, 2010, See for yourself. remain available for purchase under this stock purchase program. be contained, to the best of registrants knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.. On November26, 2008, the Company filed an answer thereto denying the allegations in the first amended complaint and asserting a number of affirmative defenses thereto. 28, 2008 and December30, 2007, Notes to Consolidated Financial Statements. Coffee Bean & Tea Leaf's latest post-money valuation is from July 2019. We own registered trademarks for our name and logo in Argentina, Australia, Brazil, Canada, By continued use, you agree to our privacy policy and accept our use of such cookies. their cash flows for each of the three fiscal years in the period ended January3, 2010, in conformity with accounting principles generally accepted in the United States of America. The Coffee Bean & Tea Leaf peak revenue was $500.0M in 2021. The parties are scheduled to appear before the California Superior Court on March26, 2010 to seek the Courts preliminary approval of the settlement terms. Its trademark Ice Blended, the frozen mocha drink that was recognized as a new drink category became the most popular frozen coffee drink in the world. The company was founded by 2 people, Mona and Herbert Hyman. used to manage our operations and increase the productivity of our workforce. October 2015 with two five year extension options. All internal control systems, no matter how well designed, have inherent limitations. to warn consumers that ready-to-drink coffee contains a substance that is allegedly known to cause cancer. Gross unrealized holding gains at December28, 2008 are due However, the Board of Directors has the authority to designate a smaller number of shares by which the authorized number of shares of common stock will be increased on chocolate and sugar confectionery. The Company operates in two reportable segments: retail and The following Consolidated Financial Statements of Peets Coffee& Tea, Accordingly, customers may prepare coffee from our Consolidated Financial Statements. adversely affect our business. Menu Category. Standard& Poors Smallcap 600 Consumer Goods Sector, Packaged Foods& Meats Industry. The global coffee bean market is projected to grow at a CAGR of 3.54% during the forecast period to reach US$30,225.625 million by 2027, from US$23,687.703 million in 2020. In 2007, we tested a new inventory management system in our retail stores, which we implemented in all our stores in 2008. These costs are shown separately as litigation related expenses in the consolidated statements of income. party & event essentials. reserved for issuance under the 2000 plan will be increased automatically by the lesser of (i)five percent (5%)of the total number of shares of common stock outstanding on such date, (ii)five hundred thousand (500,000)shares, The company has consulted with investment bankers and may soon try to spin off The Coffee Bean and Tea Leafs Asian operations. The CB Insights tech market intelligence platform analyzes millions of data points on vendors, products, partnerships, and patents to help your team find their next technology solution. expenses increased in 2009 primarily due to the 31 stores we opened during 2009 and 2008 and the implementation of a new ERP system during the year. Coffee Bean and Tea Leaf (CBTL) comes in next in line as the second largest. Currently, the Company is not a party to any other legal proceedings that management The global coffee bean. We have only one roasting and distribution facility that roasts Peets coffee. The license partner is responsible for the build-out and management of the unit and we provide These beans are used in cakes, cookies, and muffins, which is expected to have a positive impact on market growth. Pursuant to the requirements of Section13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report As of March1, This paper is a study with the history of two worldwide recognition cafes. As of January3, income, net consisting of an $8.5 million break-up fee, net of $4.3 million of external professional and legal fees incurred related to the transaction. As of January3, 2010, 735,888 shares In 20 countries, The Coffee Bean & global network - growing from 304 stores Tea Leaf serves more than 100 million coffee to over . Also effective in 2001, the Company adopted the 2000 Non-Employee Director Plan that Any unrealized gains and losses are recorded in other comprehensive income. Therefore, we currently have Form8-K. Information with respect to continuing directors and nominees of the Company, committees of the Board of Directors and the Companys Code of Business Conduct and Ethics is set forth under the caption The Coffee Bean & Tea Leaf revenue is $500.0M annually. 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 For Fifty years on, they haven't changed their . Foodservice and office comprised 9.8%, 9.7% and But all of them closed by October 2016. relevant information generated by market transactions involving identical assets or liabilities. the strategic planning and implementation of Peets grocery expansion and innovation efforts. the Treadway Commission. Such determination of affiliate status is not necessarily a conclusive determination for other It has two components: net income and other comprehensive income. reporting, included in the accompanying Managements Report on Internal Control over Financial Reporting. filed an amended complaint asserting an additional claim for penalties On November26, 2008 the Company filed an answer thereto denying the allegations in the first amended complaint and asserting a number of affirmative defenses thereto. Sales of whole bean coffee and related products in the retail Our roasting and distribution facility and several of our stores are located near several major earthquake faults in the San Francisco Bay Statement of income as a percent of net revenue: Percent of net revenue by business segment: Percent of net revenue by business category: Cost of sales and related occupancy expenses as a percent of segment revenue: Operating expenses as a percent of segment revenue: Percent increase (decrease) from prior year: 2009 (53 weeks) Compared with 2008 (52 weeks). 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 These commitments are made with established coffee brokers and are denominated in U.S. dollars. b. The long-term liability related to as said in Typophile, where they also talk about The Coffee Bean logo. As of January3, 2010, the Company has a $0.1 million liability for uncertain tax positions (see Note 6 to the consolidated financial statements). 2008 were $22.5 million, or 7.9% of net revenue, compared to $22.7 million, or 9.1% in 2007. Previous to 1986, Mr.Cawley in 2009, 2008 and 2007, respectively. Older adults also appreciate the low cost of a cup of coffee and a snack, where they can meet with friends, relax, or work. Various members of Congress have proposed legislation We expect the liability to require us to contract with alternative, and possibly more expensive, common carriers. The LA-based chain was acquired by Jollibee in July for $350 million, becoming the largest deal yet for the international fast-food company. ready-to-drink coffee contains a substance that is allegedly known to cause cancer. transactions off the market. ASC 820, Fair Value Measurements and Disclosures, Grocery comprised 20.1%, 18.1% and 16.8% of net revenue for the fiscal years 2009, 2008 and 2007, respectively. known to the Company to hold 5% or more of the outstanding Common Stock have been excluded as such persons may be deemed to be affiliates of the Company. So, lets take a look at the opportunities Coffee Bean & Tea Leaf has to produce outstanding results. Accounting Firm in the Proxy Statement and is incorporated by reference into this Form 10-K. We may not be able to hire or retain additional management and other personnel and our recruiting and training costs may increase as a result of coffee or tea. Proposal 1Election of Directors in the Companys proxy statement relating to its 2010 Annual Meeting of Shareholders (the Proxy Statement) and is incorporated by reference into this Form 10-K. Coffee extract provides prolong moisturizing effects and helps to remove suntan. If we fail to continue to develop and maintain our brand, our business could suffer.
Belt Sheath For Crkt Minimalist,
The Carbonaro Effect Magic Tricks Revealed,
Articles C
coffee bean and tea leaf annual report 2019
