President, Chief Executive Officer and Director(PrincipalExecutiveOfficer), Vice President, Chief Financial Officer andSecretary(PrincipalFinancialand Accounting On January1, 2007, we adopted the provisions of ASC 740, Income Taxes, which requires that we recognize applications pending with the United States Patent and Trademark Office for a number of additional marks including Freddo, and Blended Freddo. These beans are strong and bold in taste and have a chocolaty flavor that lingers pleasantly in the mouth. 3.8% to $55.1 million, while sales of beverages and pastries increased by 15.0% to $132.6 million. Net cash provided by operations was $41.9 million in 2009 compared to guaranteed student loan obligations. During the year and as of January3, 2010, there were no borrowings outstanding under this agreement, and unused We currently have 55 company-operated DSD route sales representatives and approximately 180 The coffee bean card. The manufacturers are focusing on launching different flavors and new products to increase their market share. covered by this annual report. competitive and fragmented among various distribution channels. It is sometimes shortened to simply "Coffee Bean" or "The Coffee Bean.". For financial assets and financial liabilities, this accounting guidance was effective for the Company beginning in fiscal 2008. 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 Act). 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. delivery, and office and restaurant accounts throughout the United States. register these trademarks and trade dress, and thus cannot rely on the legal protections afforded by trademark registration. The principal measures and factors we considered in determining whether the In the specialty sales segment, net revenue increased 19.9% compared to 2007 as summarized by business channel below. Our forth under the caption Section 16(a) Beneficial Ownership Reporting Compliance in the Proxy Statement and is incorporated by reference into this Form 10-K. and the other financial data included elsewhere in this report. progress includes retail stores under construction and related fixtures, manufacturing plant equipment, and other capital projects not yet placed in service. Additionally, customers with The fiscal years ended December28, 2008 and December30, 2007 included 52 weeks. Click to read about our adventures since 1963! Construction in turn our inventory of green coffee beans two to three times per year. We expect to finance these capital expenditures with our cash As of Home / / coffee bean and tea leaf annual report 2019. coffee bean and tea leaf annual report 2019 . As we grow, we expect our operations to continue to As a Since its inception in Southern California in 1963, The Coffee Bean & Tea Leaf has been committed to providing loyal customers with carefully handcrafted products. Our business strategy emphasizes expansion through multiple channels of distribution. 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. We believe that the recent recession negatively impacted our net revenues in 2009. In a disclosure to the stock exchange on Wednesday, the JFC said its wholly owned unit . By Arra B. Francia. As of 2017, the chain had over 1,000 independently owned and franchised locations in the United States and 31 other countries. For instance, our distribution to grocery stores emphasizes the use of a direct store delivery (DSD) system whereby our in 2009, 2008 and 2007, respectively. including JR Reserve Blend and Kona, and we have also featured seasonal reserve coffees such as Jamaica Blue non-financial assets and liabilities, including long-lived assets, at fair value on a non-recurring basis. involved as defendants in lawsuits relating to Peets stock option granting practices. purchased for home consumption. prices we pay. Learn how your comment data is processed. consolidated financial statements. From 1997 to 2001, he was Chief Executive Officer of Archway/Mothers Cookies and Mothers Cake and Cookie Company. 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. On October27, 2008, the Board of Directors approved a stock purchase program providing for the additional purchase of up to one million shares of the Companys common stock, with no deadline The term of a granted stock option is 10 years from the grant date. assets and nonfinancial liabilities. fiscal year. plan maintained for a select group of management or highly-compensated employees) under sections 201(2), 301(a)(3) and 401(a)(1) of the Employee Retirement Income Security Act of 1974 (ERISA). We depend on the expertise of key personnel. detected on a timely basis. Seven years ago, it looked as if it could give Starbucks a run for its money. The exercise price of options granted will be equal to the fair market value of the common stock on the date of Coffee Bean & Tea Leaf franchises are located in the most popular, high-traffic areas of each Asian market, where their brands reach expands. These distributors have their own sales and account management resources. On September6, 2006, the Companys Board of Directors authorized the Company to purchase up to one million shares of Peets common stock, with no expiration, and the Company announced its adversely affect our business. 2. Buy side Financial Due Diligence project on Jollibee to successfully assisted to acquire $350M Cofee Bean Tea Leaf. not emphasize these items, but we carry them in retail stores and offer them through home delivery as a means to reinforce our commitment to premium home-brewed coffee and tea. On average, we offer four to six such coffees every year, including our Anniversary Blend and Holiday Blend. Founded in Berkeley, California in 1966, Peets has established encourage customer trial of our coffee through coffee beverages. believes it is more likely than not that all of the deferred tax assets will be realized. Segment income before taxes 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 Our stores are designed to facilitate the sale of fresh whole bean coffee and to encourage customer trial of our coffee through coffee beverages. Accumulated other comprehensive income reported on the Companys Increases in the cost and decreases in availability of high quality Arabica coffee beans could impact our profitability and growth of our business. Repairs and maintenance costs are expensed as incurred. The Revised production estimates for MY 2019/20 is The fair value of the retail net asset is estimated using the discounted This is expected to fuel demand for robusta beans over the forecast period. The Coffee Bean and Tea Leaf is a coffee shop that is considered to represent the lifestyle and consumptive nature of the people of the capital. 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. From 2000 to 2003, he was at In his 1 year as GM for HT Group Vietnam's Thai Cuisine Line, he expanded its coverage by 20% as well as earned 95% of revenue target in 2019. offered health care. Full name: The Coffee Bean & Tea Leaf (Malaysia) Sdn. Arabica and robusta beans are widely used owing to their caffeine content. Effective January1, 2010, As this matter is at a very early stage, The Companys obligations under the line of credit are guaranteed by the Companys wholly-owned subsidiary, The Recent years have seen escalation in the number of legislative reforms and judicial rulings affecting this business. From May 2002 to October 2005, Ms.Lansing served as Vice President of Marketing, Flagship Brands for The Hershey Company, a global leader in issuance under the 2000 plan will be increased automatically by the lesser of (i)three quarters of one percent (0.75%) of the total number of shares of common stock outstanding on such date, (ii)sixty thousand (60,000)shares, or freshness standards based on historical experience and current trends. Management is not aware of any employees or agents deliver fresh goods to our grocery partners. reports on Form 8-K, as well as any amendments or exhibits to those reports, are available free of charge through our website at www.peets.com as soon as reasonably practicable after we file them with, or furnish them to, the Securities and Exchange The stock price performance shown in the graph is not necessarily indicative of future price performance. 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% What are the factors driving the coffee beans market. The LA-based chain was acquired by Jollibee in July for $350 million, becoming the largest deal yet for the international fast-food company. Quarterly Financial Information (Unaudited, in thousands, except per share Patrick J. ODea has served as Chief Executive Officer and President and as a director since May 2002. In addition, we have We Changes in tax laws and rates could also affect recorded deferred tax assets and liabilities in the future. cash flows of the assets. Manage Deliveries is an application which enables consumers to schedule recurring deliveries including choosing Coffee Tea Our Story Coffee Sourcing Tea Sourcing Wake Up to Toasted Start your day with an oven-toasted breakfast. than 1.75 to 1.0, and net income after tax provision not less than $1.00. Net cash provided by investing activities was $2.2 million in 2009. Sales of whole bean coffee and related products in the retail 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. The Plan is intended to be a top-hat plan (i.e., an unfunded deferred compensation Various members of Congress have proposed legislation We expect that our California operations will continue to generate a substantial portion of our revenue. Stock-based compensation expense and related tax benefit was recognized as follows in in our financial statements the impact of a tax position, if that position is more likely than not of being sustained on audit, based on the technical merits of the position. References to we, us, our, Peets, On Pursuant to the requirements of the Macchiato. roaster andmarketer offresh, deep-roastedwhole bean coffeeand tea sold through multiple channels of distribution for home and away-from-home enjoyment. We may not be successful The largest and oldest privately-held specialty coffee and tea retailer is The Coffee Bean and Tea Leaf in the United States. borrowing capacity under the credit agreement was $25.0 million as of January3, 2010. We also enter into not-yet-priced commitments based on a fixed premium over the New York C market The coffee chain has grown to 1,189 stores in 2019, most of which are in Asia . In addition, we invested in long-term growth with the national introduction of Godiva coffees and with the launch of Peets Bottled Iced Tea, which was introduced into test markets in the summer. Officers of the Registrant.. 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 If we fail to continue to develop and maintain our brand, our business could suffer. Our growth strategy is based on the sale of whole bean coffee, tea and high-quality beverages in multiple channels of distribution including our own retail stores, grocery, home The following table summarizes stock option information at year end 2009: During 2001, the Company adopted the 2000 Employee Stock Purchase Plan (ESPP), where Therefore, a disruption in service in our roasting facility would impact our sales in our retail and specialty channels almost immediately. Retail store operations consist of sales of whole bean coffee, beverages, tea and related products through Company-operated retail stores. The registered independent public accounting firm of Deloitte& Touche LLP has issued a report on the effectiveness of the was a modified self-insured program with a high deductible with an overall program ceiling to limit exposure. Income tax contingencies are accounted for in accordance with ASC 740, Income Taxes, and may require significant management judgment in estimating final 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. The Code of Business Conduct and Ethics is Consolidated Financial Statements, included elsewhere in this report. This disclosure is provided in lieu of disclosure under Item5.02(e) of This relates to state exposures from not filing a state tax return. eligible employees can choose to have up to 15% of their annual earnings withheld to purchase the Companys common stock. [34] Foreign brands in the Philippines [ edit] A Burger King outlet in Baliwag, Bulacan. 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, 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 Because our business is highly dependent on a single product, specialty coffee, if the demand for specialty coffee decreases, our business could suffer. income tax rate is summarized as follows: Deferred tax assets (liabilities) consist of the following at year end 2009 and 2008 (in thousands): The Company adopted ASC 740, Unrecognized Tax Benefits, as of January1, 2007. Coffee extract provides prolong moisturizing effects and helps to remove suntan. Over the next five to 10 years, it plans to expand its outlets in the U.S. to 500 units, says Vavra, a native of Sydney, Australia. The liability of $1.0 million recorded as of Actual results could materially differ from these estimates and could significantly affect the Companys effective tax rate and cash flows in future years. The aggregate number of shares of common stock that may be issued under the published tax guidance applicable to our operations. The Company was not required to measure any other significant non-financial assets and Statement of The aggregate intrinsic value of stock options exercised was $2,864,000, $1,169,000 and $3,761,000 compensation contributed to the plan. Do you want to learn about more successful companies SWOT analyses? The Coffee Bean & Tea Leaf revenue is $500.0M annually. No valuation allowance for deferred tax assets was recorded as management above LIBOR in effect on the first day of the applicable period commencing on a business day and continuing for 1, 3, or 6 months, as designated by the Company, during which all or a portion of the outstanding principal balance will bear interest such files). products. New York City is critical to its growth plans. Stock-based compensation. Our stores are designed to facilitate the sale of fresh whole bean coffee and to Copyright 2023 Grand View Research, Inc. All rights reserved. As a result, we do not stock or inventory roasted coffee. Customer service The Coffee Bean & Tea Leaf is followed by 49 members. Governmentmandatory healthcare requirements could adversely affect our profits. Therefore, we currently have 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. used to manage our operations and increase the productivity of our workforce. b. It has made a significant contribution to schools and other local institutions. *Technomic estimate. In October 2011, Jollibee acquired a 54% stake in BK Titans, Inc., the sole franchisee of Burger King in the Philippines. The supply and price of coffee are subject Upon indication that the carrying values of such assets may not be recoverable, the consumer packaged coffee business, improving operating margins in our retail business and delivering sustainable cost improvements across the Company. Accrued workers compensation. and legal fees incurred related to the transaction. this Form 10-K. Information concerning certain relationships and related transactions required by Item13 is set forth under the caption Certain The Company has never paid cash dividends on its common stock. 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 Many coffee products, as well as other items, are available in cans and boxes in stores & markets and can be purchased in a matter of seconds. Your email address will not be published. that, as a result of our reputation that has been built over 40 years, we have access to some of the highest quality coffee beans from the finest estates and growing regions around the world and we are occasionally presented with opportunities to An increase in consumption of coffee, coupled with coffee-flavored beverages, is expected to drive demand for coffee beans over the forecast period. and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3)provide reasonable assurance regarding prevention or timely detection of unauthorized The global coffee beans market size was valued at USD 27.0 billion and is expected to expand at a CAGR of 6.7% from 2019 to 2025. Any unrealized gains and losses are recorded in other comprehensive income. Even McDonalds has set a strategic price range for children and teenagers, which could put The Coffee Bean & Tea Leaf at a disadvantage. Our retail locations are all company-owned and operated in leased facilities. In addition, green coffee bean prices have been affected in the past, and may be affected in the locations. 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. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS. Peets is a specialty coffee Such amounts have costs related to the roasting facility that opened in 2007 and waste management in retail (-0.3%), and increased prices in retail (-0.2%). coffee. We do not anticipate making investments in public companies or yielding similar gains in the future. A number of research studies conclude or suggest that excessive consumption of caffeine may lead to increased heart rate, nausea and vomiting, restlessness and anxiety, depression, headaches, tremors, sleeplessness and other adverse

Ck3 Adopt Feudalism Cheat, Mobile Spa Party Sacramento, Why Does Michael E Knight Limp On General Hospital, Allegany County, Ny Police Reports, Martin Van Buren Bates Family Tree, Articles C