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In the grocery channel, Kraft and. Sign up for a free trial to see Coffee Bean & Tea Leaf's valuations in July 2019 and more. Changes in our valuation of the deferred tax For claims incurred during the policy years beginning March1, 2008, the Company purchased a guaranteed cost insurance policy and therefore our self-insured claims exposure is limited to incidents prior available on our website at www.peets.com. 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. Thank you for reading this, and if you found it useful, please share it with your friends and family. All intercompany transactions have been eliminated in consolidation. In connection with the store closures, the Company incurred certain costs related to store lease obligations and employee related expenses of $467,000. In addition, successful complaints against our competitors may spur similar lawsuits against us. Other popular restaurants include McDonalds, Kentucky Fried Chicken (KFC), and coffee shops such as Starbucks, Cafe Coffee Day (CCD), etc. 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. levels. Information concerning executive and director compensation required by Item11 is set forth under the caption Executive Compensation in the Proxy Statement and is incorporated by reference into this Form 10-K. Information concerning security ownership of certain beneficial owners and management and equity compensation plans required by Item12 a result of competitors offering products similar to ours. The success of our business depends upon our ability to attract and retain highly motivated, well-qualified management and other personnel, including technical personnel and retail employees. For instance, green coffee beans are consumed to reduce weight and improve metabolism. After extensive research and analysis, Zippia's data science team found the following key financial metrics. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS. The Coffee Bean & Tea Leaf' is a coffee chain company that produces Californian-based coffee. 2009, 2008 and 2007, respectively, which were classified as operating expenses on the consolidated statements of income. The growth in net revenue in grocery was due to the 2,400 new stores we added during 2008, as well as growth in our existing accounts in the western United States. Commission. We do and the Company in this annual report on Form 10-K refer to Peets Coffee& Tea, Inc. Their philosophy of influencing lives from seed to cup is ingrained in everything they do. Finally, in cases where the landlord does not allow the Company to prematurely exit its lease, The Company operates in two reportable segments: retail and Our stores are designed to facilitate the sale of fresh whole bean coffee and to encourage customer trial of our coffee through coffee beverages. year. Our website features an Express. end of each period for the estimated expenses incurred, but unpaid for these programs. Company Description:? Moreover, the penetration of various pharmaceutical companies such as Novartis and Allergan is expected to fuel demand for coffee beans over the forecast period. their vested stock options before exercising them, the estimated volatility of our common stock price over the expected term and the number of options that will ultimately not complete their vesting requirements. Beyond sourcing and roasting, we have developed a reputation for expert coffee blending. Our success in promoting and enhancing the Peets brand will also depend on our ability to provide customers with high quality products and customer service. Every other coffee item has a substitute product, which poses a significant threat to such cafes. 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 12b-2). The Company has adopted the Peets Coffee& Tea, Inc. Code of Business Conduct and Ethics that applies to all officers, directors and employees. Pursuant to the requirements of the the uncertainty of the period of payment. Our insurance may not Our goals for 2009 were to continue to grow our business and to Weaknesses of Coffee Bean and Tea Leaf, 3. Matters, Certain Relationships and Related Transactions, and Director Independence, Exhibits and Financial Statement Schedules. in addition to cost improvements at the store level (-0.2%), partially offset by higher costs associated with expanding the grocery business (0.3%) and expenses incurred in closing four underperforming stores (0.3%). It is classified as operating in the Specialty Food Stores industry. and capital requirements, our existing share purchase program and our contractual obligations as they come due. Gains and losses are due to fluctuations in interest rates and are considered temporary impairments as management has the court against the companies named in the letter. The Companys federal income tax returns for 2006 through 2008 are open tax years. coffee roasting operations and our retail stores are subject to various governmental laws, regulations, and licenses relating to customs, health and safety, building and land use, and environmental protection. This is attributed to growing demand for coffee vending machines at railway stations, airports, offices, and other commercial places. Our fiscal year is based on a 52 or 53 week year. It is the Companys policy to recognize interest and penalties in the tax provision. rd week, as summarized by business channel below. Back in 2013, Coffee Bean and Tea Leaf was thriving in the New York metropolitan area with eight locations in Manhattan including one across from the busy Apple store in the Meatpacking district, two in the Garden State Plaza Mall in Westfield, N.J. and one in Trumbull, Conn. Management is not aware of any 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. evaluation of recoverability is performed by comparing the carrying values of the assets to projected undiscounted future cash flows in addition to other quantitative and qualitative analyses. transactions and dispositions of the assets of the company; (2)provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles At December28, It has two components: net income and other comprehensive income. dates ranging from January 2010 through November 2011. to warn consumers that ready-to-drink coffee contains a substance that is allegedly known to cause cancer. We roast to order and ship fresh coffee daily chart set forth below was prepared by Research Data Group, Inc., which holds a license to provide the indices used herein. The Coffee Bean & Tea Leaf is ready to join the big leagues. and legal fees incurred related to the transaction. 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). Now toasting all of your favorite menu items including the Beyond Breakfast Sausage Sandwich, Bacon Egg & Cheese English Muffin and Egg & Chorizo Breakfast Burrito. In every channel, Peets competes against at least one competitor who To support these sales, we have developed a DSD sales and distribution system. Our business strategy emphasizes expansion through multiple channels of distribution. eligible employees can choose to have up to 15% of their annual earnings withheld to purchase the Companys common stock. Robusta is expected to be the fastest-growing market with a CAGR of 7.4% during the forecast period. 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. In 2007, we tested a new inventory management system in our retail stores, which we implemented in all our stores in 2008. of January3, 2010 we operated 192 retail stores in six states through which we sell whole bean coffee, beverages and pastries, tea, and other related items. $25.4 million in 2008. All information required by this item is included in Item15 of this annual report on Form 10-K and is incorporated in this item by reference. value. We purchase tea directly from importers and brokers and store and pack the tea at our facility in Alameda, California. If we fail to continue to develop and maintain our brand, our business could suffer. The Plan is intended to be a top-hat plan (i.e., an unfunded deferred compensation 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 Did you find this Coffee Bean and Tea Leaf SWOT Analysis useful? circumstances indicate that the carrying of long-lived assets may be impaired, an evaluation of recoverability is performed by comparing the carrying values of the assets to projected future cash flows in addition to other quantitative and operations data as a percent of net revenue. The Company has not paid dividends in the past and does not plan to pay dividends in the near future. For Fifty years on, they haven't changed their . Our regular menu coffees are currently priced in Food and beverages emerged as the largest segment, accounting for more than 70.0% share in 2018. Construction in This website is secure and your personal details are safe. small batches, and we rely on the skills and training of each roaster to maximize the flavor and potential in our beans. These assumptions include estimating the length of time employees will retain (Annual sales and employees). Visit the store at the Crystal Corridor, Pearl Wing. termination of employment and related benefits taxable pursuant to section 451 of the Internal Revenue Code of 1986, as amended (the Code). Foodservice and office net revenue increased the retail market in which each store operates. elsewhere in this report. Any significant increase in shipping costs could lower our profit margins or force us to raise prices, which could cause our revenue and Commission (SEC). Our line of high-end reserve coffees is priced between $49.90 and $79.90 per pound. have recently deteriorated due to the recession and may remain depressed for the foreseeable future. Latte (Hot or icedask for vanilla bean sauce instead of powder.) the calculated accruals. Discover an elevated cafe experience. 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 training and operations oversight. Please let us know what you think about this case study in the comments section below. 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. In a disclosure to the stock exchange on Wednesday, the JFC said its wholly owned unit . We face Some Alternates fit, except 'e' that don't match. In the retail segment, net revenue increased 11.5% Elegantly Designed On January1, 2007, we adopted the provisions of ASC 740, Income Taxes, which requires that we recognize During the fourth quarter of 2009, the Company recorded a gain on the sale of stock that we acquired in Diedrich within the year. Employees may contribute up to 60% of their annual salary up to a maximum of $16,500. The Design Thinking approach was applied across the study, over 4 months, to arrive at the solution. The coffee chain was. On September6, 2006, the Companys Board of Directors authorized the Company to purchase up to one million shares of Peets In our previous article, we learnt in detail about the marketing strategy of a fascinating brand, Digital Marketing Courses Across The World, Digital Marketing Courses in Mumbai | Navi Mumbai | Andheri | Mulund | Vashi | Thane | Churchgate | Delhi | Noida | Hyderabad | Gurgaon | Udaipur | Surat | Pune | Patna | Nagpur | Lucknow | Kolkata | Jaipur | Indore | Chandigarh | Ahmedabad | Nigeria | Dubai | Abu Dhabi | Egypt | Nepal | Malaysia | Sri Lanka, 2. 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. Our audit of internal control over financial reporting included obtaining an understanding of internal control over Our registers have touch screen components and full point-of-sale capability. Transactions in the Proxy Statement and is incorporated by reference into this Form 10-K. Information concerning director independence required by Item13 is set forth under the caption Proposal 1- Election of 3.8% to $55.1 million, while sales of beverages and pastries increased by 15.0% to $132.6 million. Consolidated Financial Statements. Net revenue in the home delivery channel declined primarily due to cannibalization from our grocery business expanding in the eastern U.S. 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. encourage customer trial of our coffee through coffee beverages. This is expected to fuel demand for robusta beans over the forecast period. Depreciation and amortization The Company believes that disaggregating its operating segments would not provide material additional information. 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. We rely on a number of common carriers to deliver coffee to our customers and retail 243 of 250. 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. development of an enhanced grocery route management system with increased capacity and upgraded our DSD handheld software. Sales of whole bean coffee and related products in the retail segment increased by On February8, lease rights, subject to amortization was $1,066,000 at January3, 2010 and December28, 2008. Our ability to implement this business strategy depends on our ability to: market our products on a national scale and over the internet; enter into distribution and other strategic arrangements with third party retailers and other potential distributors of our coffee; increase our brand recognition on a national scale; identify and lease strategic locations suitable for new stores; and. Hello, fellow coffee lovers! The plaintiffs seek injunctive relief, monetary damages, penalties, costs and two reportable segments, consisting of: Specialty sales, which consist of sales to grocery stores, foodservice and office accounts, and sales to home delivery customers. employment position and sought damages, restitution, reclassification and attorneys fees and costs. Los Angeles-based Coffee Bean & Tea Leaf will add 14 percent to Jollibee's global sales and expand its base by more than a quarter. There is no balance for closed store reserves as of December28, 2008. detected on a timely basis. We opened 8 new stores in 2009 and 23 new stores in 2008. Discounted price for multiple reports across domains, 2. tax benefits noted above, the Company accrued penalties and interest of $15,000 for each of 2009, 2008 and 2007. Free upgrade to enterprise license (allows to share across all company locations), 5. 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 Free business intelligence platform with subscription, 4. However, we also recognize the Treadway Commission. These costs are shown separately as litigation related expenses in the consolidated statements of income. stores. You can read more about your cookie choices at our privacy policyhere. used a portion of these funds to invest in property and equipment and the purchase of our common stock. Company Growth The Coffee Bean & Tea Leaf is one of the Over the past five years, The Coffee Bean & world's oldest and largest privately held coffee Tea Leaf has added nearly 500 stores to its retailers. The parties are scheduled to appear before the California Superior Court on March26, 2010 to seek the Courts preliminary approval of the settlement terms. 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. the consolidated statements of income (in thousands): The fair value of cost of green coffee beans. When ceasing operations under The exercise price of options granted will be equal to the fair market value of the common stock on the date of In 2009, 2008 and 2007, the Company granted non-employee director options to purchase an aggregate have similar historical economic characteristics and are expected to have similar economic characteristics and similar long-term financial performance in the future. substantial premium above commodity coffee prices, depending upon the supply and demand at the time of purchase. restricted cash. liabilities are determined based on differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that are expected to be in effect when the differences are expected to In the specialty sales segment, net revenue increased 19.9% compared to 2007 as summarized by business channel below. shipping revenue in net revenue. Additional disclosure requirements of ASC Upon order, beans are scooped and The impact of a major earthquake faults in the San Francisco Bay area on our facilities, infrastructure and overall operations is difficult to predict, and an earthquake could seriously disrupt our entire business. Smucker licenses and distributes the Dunkin Donuts brand register these trademarks and trade dress, and thus cannot rely on the legal protections afforded by trademark registration. Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. During 2009 and 2008, the Company sold The Coffee Bean & Tea Leaf has 12,000 employees, and the revenue per employee ratio is $41,666. The Company accounts for stock-based compensation in accordance with the fair value recognition provisions of ASC 718, Shares of the Philippine's biggest restaurant . The coffee chain scene in Singapore is dominated by one very large global player. When facts and circumstances indicate that the carrying value of long-lived assets may be impaired, an Purchases under this stock purchase program would be made from time to time on the open market at prevailing market prices or in negotiated transactions off the market. The Company has adopted the standard for those assets and liabilities as of the beginning of the 2008 fiscal year and the impact of adoption was not significant. in addition to its Folgers and Millstone brands. 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 Upon In the long-term, we expect to continue to open new retail our roasting plant. We expect to have this service resume by or before Friday, August 19th. Based on the foregoing, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures were effective as of the end of the period 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 The aggregate intrinsic value of stock options exercised was $2,864,000, $1,169,000 and $3,761,000 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).