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. Companys distribution to grocery stores is through employees or independent distributors who do not take title to the inventory and revenue is recognized when the product is delivered to the grocer. Our specialty coffee contains significant amounts of caffeine and other active compounds, the health effects of some of which are not fully In the foodservice and office business, we have a staff of sales and account managers who make sales calls to potential accounts and conduct quality audits at our existing accounts. Hello, fellow coffee lovers! For tea leaves, "Caffeine easily sublimes and may be extracted . These beans are strong and bold in taste and have a chocolaty flavor that lingers pleasantly in the mouth. Any significant increase in shipping costs could lower our profit margins or force us to raise prices, which could cause our revenue and Alternatively, you can call (855) 409-7410 and follow the prompt value. encourage customer trial of our coffee through coffee beverages. 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 Choose reports from a database of more than 10,000 reports. New York City is critical to its growth plans. growth in whole bean and related products was primarily due to continuing cannibalization of bean sales in retail stores as we increased the availability and sales levels of Peets coffee in grocery stores and our own new retail stores. Our support available to help you 24 hours a day, five days a week. Selected Consolidated Financial Data, the consolidated financial statements and accompanying notes Sales of specialty coffee constituted approximately 84% of our 2009 net revenue and 83% of our 2008 and 2007 net revenue. DBS Bank (20 Oct 2019) Design Thinking. Disclosure, Directors, Executive Officers and Corporate Governance, Security Ownership of Certain Beneficial Owners and Management and Related Stockholder The table below shows selected consolidated financial data for our last five fiscal years. In addition, each operating segment has similar products, similar production processes, similar methods of distribution and a similar The fiscal repairs and maintenance, supplies, training, travel and banking and card processing fees. eligible employees can choose to have up to 15% of their annual earnings withheld to purchase the Companys common stock. On Demand for coffee beans is expected to witness significant growth owing to the increasing application of such beans in various sectors including pharmaceuticals, cosmetics, and food and beverages. We do Effective January1, 2010, Free trial, before you make a purchase decision. As part of a brand investment strategy, the initiative targets Millennials through radio, outdoor, digital video, banner ads, and sentiment-driven social media placements that invite customers to "Keep Cool and Summer . . We believe that our audits provide a reasonable basis for our opinions. 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 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 These types of beans help in preventing certain types of diabetes, skin cancer, and heart diseases, as well as help in improving the immune system. We are not a party to any other legal proceedings that management believes would have a material adverse effect on the financial Do not sell my personal infoPrivacy PolicyContact UsRSS, 84 Freddy's Frozen Custard & Steakburgers, 127 On The Border Mexican Grill & Cantina, 132 Fleming's Prime Steakhouse & Wine Bar, 169 Del Frisco's Double Eagle Steak House. Repairs and maintenance costs are expensed as incurred. View all funding This profile has not been claimed. Additionally, we have We believe competitors copy our roasting methods, the value of our brand may be diminished, and we may lose customers to our competitors. During 2009, the Company terminated a definitive agreement to acquire Deidrich Coffee, Inc.. As a result, the Company recorded transaction freshness standards based on historical experience and current trends. Unrealized gains or losses Lets have a look at Coffee Bean & Tea Leaf SWOT Analysis in the section below now that weve reviewed the companys fundamentals. 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). Thomas P. Cawley has served as Chief Financial Officer since July 2003. 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. During 2009, proceeds from sales and maturities net of purchases totaled $15.8 million, including $7.7 million of Diedrich common stock. We believe that the recent recession negatively impacted our net revenues in 2009. broad market exposure to potential purchasers of fresh roasted whole bean coffee. The majority of the Intangible and other assetsIntangible and other assets include lease rights, contract acquisition costs, deposits, and convenience stores, bakeries and restaurants. We believe these business categories are useful in understanding our results of operations for the periods presented because we operate our stores and record revenue through these two categories. There is no balance for closed store reserves as of December28, 2008. Although we were ultimately outbid for the business, the transaction resulted in a net gain of $11.5 million due to the receipt of a break-up fee and gains on the sale of Diedrich Coffee stock, net of external professional The decrease from 2007 was primarily due to procurement savings (-0.7%), leverage of costs related to the roasting facility that opened in 2007 (-0.4%), and This program has proven to be successful in growing our home delivery business online by encouraging our most loyal customers to establish regular deliveries of fresh roasted In September 2006, the Financial Accounting A lot has changed since '63, but our philosophy never has. These beans are used in cakes, cookies, and muffins, which is expected to have a positive impact on market growth. Coffee Bean Market Size, and Growth Rate Analysis: Coffee Bean Market size was valued at USD 27.0 billion in 2027 and is projected to grow at a compound annual growth rate of about 7% between 2022 and 2027. In 1987, history was created when a barista invented the Ice Blended drink at its Westwood, California store. Our regular menu coffees are currently priced in These assumptions include estimating the length of time employees will retain The Company operates in two reportable segments: retail and Key Principal: SUNNY SASSOON See more contacts Industry: Coffee shop. The decrease from last year was primarily due to a decrease in shipping costs and milk costs partially offset by increased green coffee costs (-0.5%), leverage of Restricted cash of $2,449,000 and $3,326,000 as of January3, 2010 and December28, 2008, respectively, represents collateral for comprised 64.6%, 65.9% and 67.5% of net revenue for the fiscal years 2009, 2008 and 2007, respectively. We believe growth opportunities exist in all of our distribution channels. Other popular restaurants include McDonalds, Kentucky Fried Chicken (KFC), and coffee shops such as Starbucks, Cafe Coffee Day (CCD), etc. level of disaggregation and about inputs and valuation techniques used to measure fair value. Therefore, we currently have roaster andmarketer offresh, deep-roastedwhole bean coffeeand tea sold through multiple channels of distribution for home and away-from-home enjoyment. Net revenue from the two product lines is as follows (in thousands): Whole bean coffee, tea and related products, 15. This is expected to fuel demand for robusta beans over the forecast period. The Company offers healthcare benefits to all employees who work at least 21 hours a week and meet service eligibility requirements. Over the forecast period through to 2014, it predicted that average annual GDP will growth 4. 28, 2008, and December30, 2007, REPORT OF INDEPENDENT REGISTERED PUBLIC After extensive research and analysis, Zippia's data science team found the following key financial metrics. We expect the commodity market to continue to be volatile as worldwide demand, the strength of the dollar, and weather will Sign up for a free trial to see Coffee Bean & Tea Leaf's valuations in July 2019 and more. assumptions could materially affect the estimate of the fair value of stock based compensation; however, based on analysis using changes in certain assumptions that could be reasonably possible, management believes the effect on the expense You can read more about your cookie choices at our privacy policyhere. Older adults also appreciate the low cost of a cup of coffee and a snack, where they can meet with friends, relax, or work. The Company maintains liabilities based on historical experience and managements judgment at the control over financial reporting based on our audits. 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, Get a D&B Hoovers Free Trial. In cases where terms, including termination fees, are yet to As a ASC 820, Fair Value Measurements and Disclosures, 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. Approximately $2.5 million is expected to be used for equipment and machinery to improve effectiveness and It also includes plant manufacturing (including depreciation), freight and distribution costs. He has been a guest speaker at prominent colleges in India including IIMs[Read full bio], Your email address will not be published. ShareBasic net income per share is computed as net income divided by the weighted average number of common shares outstanding for the period. Blend, JR Reserve Blend, Major Dickasons Blend, Peetniks, Pride of the Some Alternates fit, except 'e' that don't match. See Note 13, Commitments and Contingencies for further discussion. Peets is a specialty coffee We typically carry approximately $14 million to $23 million of green coffee beans in our inventory. 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. 360-day year, actual days elapsed) either (i)at a fluctuating rate per annum of 1.50% above, for any day, the rate of interest equal to LIBOR then in effect for delivery for a 1 month period, or (ii)at a fixed rate per annum of 1.50% Food and beverages emerged as the largest segment, accounting for more than 70.0% share in 2018. Managements Report on Internal Control over Financial Reporting. The Company has adopted the Peets Coffee& Tea, Inc. Code of Business Conduct and Ethics that applies to all officers, directors and employees. No shares remain available for purchase under this stock purchase program. headquarters are located in Emeryville, California. DirectorsIndependence of the Board of Directors in the Proxy Statement and is incorporated by reference into this Form 10-K. Information concerning principal accountant fees and services required by Item14 is set forth under the caption Proposal 3- Ratification of Selection of Independent Registered Public 2905. Bhd. 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. The company was founded by 2 people, Mona and Herbert Hyman. These financial instruments are all subject to fluctuations of daily interest rates. provided full benefits to all employees who work at least 21 hours per week and have worked at least 500 total hours for the Company. We believe that we are in compliance in all material respects with all such laws and regulations and that we have obtained all material licenses that are required for the operation of our business. The majority of our business is in California, which has experienced an unpredictable workers compensation environment. products, spices, and packaged foods. Some key players operating in the coffee beans market include Kicking Horse Whole Beans; Death Wish Coffee; The Coffee Beans Co.; La Colombe Torrefaction, INC.; Coffee Beans International, Inc.; illycaff S.p.A.; Luigi Lavazza S.P.A.; La Colombe Torrefaction, INC.; Hawaiian Isles Kona Coffee Company, Ltd.; and Peets Coffee & Tea, Inc. b. Our stores are typically located in urban neighborhoods, suburban shopping centers (usually consisting of grocery, specialty and service A purple colour is produced with caffeine and other purine derivatives" (Evans, Evans, Trease, 2009). More than 60% of coffee cultivation is arabica, where Brazil is one of the leading producers in the world. These costs are shown separately as litigation related expenses in the accompanying consolidated statements of income. published tax guidance applicable to our operations. As of The coffee trends have shifted to different time periods.. January3, 2010 is determined based on an actuarial assessment of information received from our insurance carrier including claims paid, filed and reserved for and historical experience. There is a study about the consumer behavior between Starbucks and The Coffee Bean & Tea Leaf. Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Our stores are designed to facilitate the sale of fresh whole bean coffee and to encourage customer trial of our coffee through coffee beverages. (Annual sales and employees). The LA-based chain was acquired by Jollibee in July for $350 million, becoming the largest deal yet for the international fast-food company. characteristics. The credit agreement contains customary affirmative and negative covenants, including a The Companys internal control system was designed to provide reasonable assurance to the Companys management and board of directors regarding the preparation and fair presentation of published financial modified self-insured program with a high deductible with an overall program ceiling to limit exposure. the reinvestment of dividends paid since that date, calculated on a monthly basis. Third-party deliverers, Postmates and DoorDash, help generate revenue as does its own app. The following discussion on results of operations should be read in conjunction with Item 6. deductions and the allocation of taxable income to various tax jurisdictions. See the definitions of large accelerated filer, accelerated filer and smaller reporting company in Rule 12b-2 of the Exchange Act. interest, fees or other amounts, violation of covenants, inaccuracy of representations and warranties and upon the occurrence of bankruptcy and other adverse material change in the Companys financial condition. We recognize indirect costs included in inventory as cost of goods sold as the related products are sold. this report in greater detail in the section entitled Risk Factors under Part I, Item1A below. Latte (Hot or icedask for vanilla bean sauce instead of powder.) Its great for brand presence, has a large population, and theres plenty of space for coffee players, Vavra says. The registered independent public accounting firm of Deloitte& Touche LLP has issued a report on the effectiveness of the Macchiato. or (iii)a number of shares determined by the Board prior to such date, which number shall be less than (i)and (ii)above. Open daily from 7AM to 12MN. We believe that this growth will be fueled by continued consumer interest roasting and distribution facility, whether as a result of a natural disaster or other causes, could significantly impair our ability to operate our business. Franchises in other countries may face significant management challenges because each location has its own set of ethics and rules. the past have used and may potentially in the future use coffee futures and coffee futures options to manage coffee supply and price risk. Shop, Ralphs, Kroger, Publix and Whole Foods Market. Various members of Congress have proposed legislation Were trying to fill the niche between conglomerate and mom and pop coffee shops.. If we fail to continue to develop and maintain our brand, our business could suffer. We expect to finance these capital expenditures with our cash Cash flows for retail net assets are identified at the individual store level. In the U.S. it has 218 stores, split between 128 company-owned and 90 franchised. Mountain. Shares of Common Stock held by each officer, director and each person The employee related expenses and lease obligation costs included in the table above are classified in operating expenses and cost of sales and related occupancy expenses, respectively, in the a nominal amount of sales growth for the Company. health effects. consistent with the period used for recognizing rent expense and deferred lease credits, which range from 5 to 10 years. The Asia Pacific is expected to witness significant growth during the forecast period due to rising disposable income, coupled with coffee consumption. information received from the Companys insurance carrier including claims paid, filed and reserved for and historical experience. We are indifferent as to where consumers purchase our coffees and teas, and believe that our specialty and retail segments are synergistic.
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