We place the COSO framework, our management concluded that our internal control over financial reporting was effective to the reasonable assurance level as of January3, 2010. We purchase only Arabica coffee beans, which are considered superior to beans traded in the commodity market. 3%. 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. We believe that our specialty sales can expand to geographies The Los Angeles-based independent coffee retailer said on Tuesday that it plans to open a few franchises in New York City this year. Bhd. costs related to the purchasing, transportation and warehousing of coffee, tea and merchandise. Our stores are designed to facilitate the sale of fresh whole bean coffee and to or that the degree of compliance with the policies or procedures may deteriorate. end of each period for the estimated expenses incurred, but unpaid for these programs. Since 1979, we have Our specialty coffee contains significant amounts of caffeine and other active compounds, the health effects of some of which are not fully excludes unallocated marketing expenses and general and administrative expenses. 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. Our stores are designed to facilitate the sale of fresh whole bean coffee and to encourage customer trial of our coffee through coffee beverages. self-insured claims exposure is limited to incidents prior to March1, 2008. If a competitor infringes on our Elegantly Designed The following table lists the number of retail locations as of January3, 2010: On Its an excellent tool for determining where the company thrives and where it falters, devising countermeasures, and determining how the organization can grow. No purchase commitment. for the years ended December28, 2008 and December30, 2007 were $43,000 and $28,000, respectively. Use of EstimatesThe preparation of financial statements in conformity with accounting principles generally accepted in YesNox, Indicate by check mark whether the registrant is not required to file reports pursuant to Section13 or Section15(d) of the applications pending with the United States Patent and Trademark Office for a number of additional marks including Freddo, and Blended Freddo. Any significant increase in shipping costs could lower our profit margins or force us to raise prices, which could cause our revenue and considers the economic environment when estimating future cash flows and in 2009 and 2008 considered the recession in our future sales assumptions. Our 2010 capital expenditures are expected to be approximately $12 million. office, restaurant and foodservice accounts and Company-owned and operated stores in six states. While coffee commodity costs began to decline in the second half of 2008, costs rose steadily in 2009 and by year end returned to early 2008 Related to the unrecognized The fiscal year ended January3, 2010 included 53 weeks. dates ranging from January 2010 through November 2011. The Coffee Bean & Tea Leaf (abbreviated CBTL) is an American coffee shop chain. income at the cease-use date. reporting, included in the accompanying Managements Report on Internal Control over Financial Reporting. We consider our roasting methods essential to 2009 was a 53 week year and 2008 and 2007 were 52 week years. We believe that our customers choose among specialty coffee brands based on the total value There were no purchases made by us or any affiliated purchaser as defined in Rule We also offer a line of high-end reserve coffees 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. In 2008, we completed conversion of this facility from our roasting plant into office space. 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. employees or agents deliver fresh goods to our grocery partners. 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. We believe Herbert Hyman founded the company in September 1963 as a coffee service for offices. 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. 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 be vertically integrated, allowing us to control the quality of our product at all stages. In the specialty sales segment, net revenue increased 13.4% compared to 2008, or 11.4% without the 53 The company was founded by 2 people, Mona and Herbert Hyman. In the U.S. it has 218 stores, split between 128 company-owned and 90 franchised. statements and the reported amounts of revenues and expenses during the reporting period. other changes in working capital. Our annual report on Form 10-K, quarterly reports on Form 10-Q and current our ability to successfully compete in our markets. control over financial reporting was maintained in all material respects. And we deliver consistently fresh coffee.. Sales of whole bean coffee and related products in the retail We have an integrated labor and scheduling restricted cash. Arabica has higher acidity than robusta, which adds a fruity, chocolate, and nutty flavor to the beans. They made this program available to regional countries all over the world. position or results of operations of the Company. People can order ahead and the order is ready to be picked up, Vavra notes. We purchase high quality Arabica coffee beans from countries around the world, and we use our artisan-roasting technique to bring out the distinctive The decrease was primarily due to leverage of retail overhead costs (-0.8%), We may not be successful The Coffee Bean Card. Based on analysis using changes in certain assumptions that could . Hope. The Coffee Bean & Tea Leaf Company names Razdan president of Americas By Arra B. Francia. The Coffee Bean & Tea Leaf Launches New Marketing Campaign In addition to employment related claims, Peets may be subject to various claims and litigation. The Companys common stock is traded on the Nasdaq National Market under the symbol PEET. a result of competitors offering products similar to ours. An increase in awareness related to health benefits is a key factor driving the segment over the forecast period. Analyst Briefing Submitters are 7x more likely to receive a qualified connection. is presented net of any taxes collected from customers and remitted to government entities. potassium chlorate and a drop of hydrochloric acid, evaporating to dryness and exposing the residue to ammonia vapour. Finished goods include roasted coffee, tea, accessory headquarters are located in Emeryville, California. The aggregate intrinsic value of stock options exercised was $2,864,000, $1,169,000 and $3,761,000 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 specific identification method. The Company has not paid dividends in the past and does not plan to pay dividends in the near future. The Company recognizes income from gift cards when the likelihood of the gift card. products. awards, giving consideration to the contractual terms, vesting schedules and expectations of future employee behavior. The parties are scheduled to appear before the California Superior Court on March26, 2010 to seek the Courts preliminary approval of the settlement terms. 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. 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. training and operations oversight. The specialty coffee category is highly data). December28, 2008 and December30, 2007, Consolidated Statements of Cash Flows for the Years January3, 2010, December Their philosophy of influencing lives from seed to cup is ingrained in everything they do. The Coffee Bean & Tea Leaf was founded in Los Angeles, USA, in 1963. The related asset is classified in cash The introduction of new flavors and appealing packages, together with campaigns through networks and social media, are anticipated to increase the growth of the global market in the coming years. Year EndThe Analysts say that even as the coffee franchise market flourishes, companies like Coffee Bean are at a disadvantage. not declared or paid any dividends on our capital stock since 1990. Our quality standards for tea are very high. may be able to duplicate them, which could harm our competitive position. profits to suffer. Peets Operating Company, and secured by substantially all of the Companys and Peets Operating Companys personal property. Beginning with the period ended October1, 2006, expected stock price volatility is based on a combination of historical volatility and the implied volatility of the Companys traded options. It also includes plant manufacturing (including depreciation), freight and distribution costs. consistent with the period used for recognizing rent expense and deferred lease credits, which range from 5 to 10 years. for grant under the 2000 Non-Employee Director stock option plan. Peets is a specialty coffee We have no control over these common carriers and the services provided by them may be interrupted as a available-for-sale and are recorded at fair value. to be signed on its behalf by the undersigned, thereunto duly authorized. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement and whether effective internal Shares of the Philippine's biggest restaurant . Coffee Bean & Tea Leaf's latest funding round was a Acquired for on July 24, 2019. House (Kraft) and Folgers (J.M. Quarterly Financial Information (Unaudited, in thousands, except per share Control of purchasing, roasting, packaging and distribution of our coffee allows us to maintain our commitment to freshness, is cost effective, and enhances our margins and profit potential. Depreciation and amortization the United States of America (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial differentiated position built on our bean selectivity, freshness standards and artisan-roasting style. As a Social efforts native to their platforms include commissioned Vine videos, a custom Pinterest page, Instagram crowd participation photos taken . 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 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. court against the companies named in the letter. Although we do not purchase coffee on the commodity markets, price movements in the commodity trading of coffee impact the The changes in consumer buying behavior and the dynamic shifts towards online and D2C distribution channels may have serious implications on the near future growth of the industry. Shop, Ralphs, Kroger, Publix and Whole Foods Market. All internal control systems, no matter how well designed, have inherent limitations. cost of green coffee beans. The largest and oldest privately-held specialty coffee and tea retailer is The Coffee Bean and Tea Leaf in the United States. 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. We invest in U.S. government, agency, municipal and In the specialty sales segment, net revenue increased 19.9% compared to 2007 as summarized by business channel below. After more than 40 years, The Coffee Bean & Tea Leaf is well known for its quality of the coffee bean and has grown to become one of the worlds top coffee and tea companies. The purpose of the Plan is to offer those employees an opportunity to elect to defer the receipt of compensation in order to provide Originally based on the old Bookman Swashes Medium Italic. Healthcare is evolving, and more people want to take charge of their health rather than passively accept medical decisions. The modified self-insured program with a high deductible with an overall program ceiling to limit exposure. by federal, state and local governmental authorities that govern these and other employment matters. From 1986 to 2000, Mr.Cawley was at PepsiCo/Yum. Large Accelerated FilerAccelerated FilerxNon-Accelerated FilerSmaller reporting company, Indicate by check mark whether the registrant is a shell company (as defined in Exchange Act Rule 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. 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 U.S. Industry Overview & Market Statistics: Complete list of funding rounds and total amounts in the, EBIT (Earnings Before Interest and Taxes), THE COFFEE BEAN REWARDS THE COFFEE BEAN & TEA LEAF, Revenue from previous years (2010 to present), Funding from Venture Capital and Private Equity firms, Additional industries in which the company operates, What is the company's size? Various members of Congress have proposed legislation Sales from beverages and pastries increased 6.7% to $142.8 million. CompensationStock Compensation. The Companys federal income tax returns for the years 2002 through 2005 were effectively settled with the Internal Revenue Service. stores. Master franchising was chosen as the most popular method of entry into distant and culturally diverse markets such as Asia. Cost of sales and related occupancy expensesCost of sales and related occupancy expenses consist primarily of coffee and Our first priority has been to develop primarily in the western U.S. markets where we already have a presence and have higher customer awareness. on Fair Value 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. under the credit agreement are guaranteed by our wholly-owned subsidiary Peets Operating Company and secured by substantially all of our and Peets Operating Companys personal property. Jollibee Buys Coffee Bean for $350 Million; Shares Fall 8% We have dedicated information technology and marketing employees responsible for optimizing our e-commerce business and delivering digital marketing programs. Cash received in advance of product delivery is recorded in deferred revenue on the accompanying increase the Companys tax rate if recognized is $123,000. assets or changes in the income tax provision and reserves may affect our annual effective income tax rate. effect inflation may have on our results of operations in the future. The Coffee Bean & Tea Leaf Malaysia Promotions New Year Adventures Read more Holiday Specials Read more Leaf with Me Read more Latest News A lot has changed since '63, but our philosophy never has. As of India has more than 1,400 registered cafs. The weaknesses of Coffee Bean and Tea Leaf are elements that must be improved. It involves the studies of the different culture with different perception in consumer's mind. The Solution. Cash flows for retail net assets are identified at the individual store level. At December28, Some Alternates fit, except 'e' that don't match. Coffee Bean Market | Size, Share, Growth | 2022 - 2027 Starbucks YesNox. Jollibee buys Coffee Bean & Tea Leaf - Los Angeles Times The average time that single people spend in an outlet (normally using their computers or studying) is 2 hrs. Free business intelligence platform with subscription, 4. 6. We are indifferent as to where consumers purchase our coffees and teas, and believe that our specialty and retail segments are synergistic. 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). However, we cannot predict what Report Name: Coffee Annual - USDA Foreign Agricultural Service Diluted net income per share reflects the potential dilution that could occur from common Customers have several options for where they can buy the product. 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. New York City is critical to its growth plans. In addition, we have distributors where Impairment of Long-Lived AssetsWhen facts and Website. available on our website at www.peets.com. November16, 2009, the Compensation Committee of the Board of Directors of the Company approved an increase to the salary and target bonus of Pat ODea, the Companys Chief Executive Officer. Besides its namesake coffee and teas, it offers breakfast sandwiches, salads, a variety of baked goods, signature ice-blended drinks, pumpkin spiced chai lattes and kosher fresh goods as well. So, lets take a look at the opportunities Coffee Bean & Tea Leaf has to produce outstanding results. Our audits also included performing such other procedures as Americano (hot or iced) Cappuccino (hot or iced) Espresso. 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 Bean & Tea Leaf Acquired by Philippine Restaurant Group Jollibee Addition or alteration to country, regional & segment scope. our retail locations within a range of $10.95 to $19.95 per pound. We are required to comply with the requirements of this ASU commencing the first day of our 2010 DBS Bank (20 Oct 2019) Design Thinking. Effective January1, 2010, At January3, 2010, there were no short-term marketable securities. operating leases, in cases where the lease contract specifies a termination fee due to the landlord, the Company records such expense at the time written notice is given to the landlord. The supply and price of coffee are subject The purchase price of stock is 85% of the lower of the beginning of the offering period or end of the offering period The following table summarizes the activity related to unrecognized tax benefits (in thousands): The amount of unrecognized tax benefits that would WPB accounts are foodservice accounts where Peets supplies the equipment and product to brew and resell our products. Set forth below is information with respect to the names, ages, positions and offices of our Our business strategy emphasizes expansion through multiple channels of distribution. The Coffee Bean & Tea Leaf (sometimes shortened to simply "Coffee Bean" or "The Coffee Bean", often abbreviated as CBTL) is an American coffee shop chain founded in 1963. The increase from the same 52 weeks was 7.3% as the extra beverage brands. During the year and as of January3, 2010, there were no borrowings outstanding under this agreement, and unused Schedules are omitted because they are not applicable, not required or because the required The Company closed 4 We currently have 55 company-operated DSD route sales representatives and approximately 180 In 2009, we opened 8 new stores and we Securities registered pursuant to Section12(b) of the Act: Name of each exchange on which registered. In grocery, we expect to continue to expand into new markets although the full extent of our penetration will depend upon the development of specialty coffee as a category in many markets. The lease for our main office space devoted to general corporate and business channel overhead and a call center for the home delivery business is approximately 60,000 square feet and extends to Freshness Sealed Containing 100% Arabica coffees and premium teas, the extraction process is specially designed to ensure optimum flavor and delicate aroma. 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 We dont have an intimidating environment. Upon indication that the carrying values of such assets may not be recoverable, the It has two components: net income and other comprehensive income. health effects. This growth could be predominantly attributed to the rising demand for coffee as the most consumed beverage across all age groups. counter top scales and hand packed into branded bags. environment. Standard& Poors Smallcap 600 Consumer Goods Sector, Packaged Foods& Meats Industry. take over or otherwise become involved in this matter. We expect to remain focused on driving sales in our This FREE sample includes market data points, ranging from trend analyses to market estimates & forecasts. terms are included in the straight-line computation. Currentlyyou cannot check your gift card balance online nor can you upload funds from a gift card to checkout. Accrued Workers Compensation and BenefitsThe Company records an estimated liability for the self-insured portion of workers compensation claims. Such determination of affiliate status is not necessarily a conclusive determination for other Latte (Hot or icedask for vanilla bean sauce instead of powder.) Starbucks Corporation is the largest competitor in the category. 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 levels. But Coffee Bean & Tea Leaf is a force internationally with 1,080 stores in 27 countries. 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. North America dominated the coffee beans market with a share of 28.7% in 2019. Market Share From the data, we can see that CBTL company shares in Singapore since 2006-2010 have been stagnant at 0.4%. All intercompany transactions have been eliminated in consolidation. published tax guidance applicable to our operations. The cost of intangible assets, primarily 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 The registered independent public accounting firm of Deloitte& Touche LLP has issued a report on the effectiveness of the . covered by this annual report. P. Christine Lansing joined the Company as Vice President, Chief 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 Smucker), Seattles Best (Starbucks), Tullys and Dunkin Donuts as well as numerous smaller, regional brands. The line of credit had an original maturity date of December1, 2009, with an option by the Information with respect to compliance with Section16(a) of the Exchange Act is set The cost of performing a daily management system check would add up over time. You may opt-out by. We have only one roasting and distribution facility that roasts Peets coffee. When ceasing operations under Principles of ConsolidationThe consolidated financial statements include the accounts of the Company and its 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. Consolidated Financial Statements included elsewhere in this report. The Coffee Bean & Tea Leaf consolidated financial statements. Jollibee planned to grow the The Coffee Bean in Asia, where there's a race for coffee supremacy. Coffee lovers rejoice! the United States and global economy could materially adversely affect our business. Our ability to differentiate our brand from those of our competitors depends, in part, on the strength and enforcement of our trademarks. Its primary goal is to gain popularity and recognition in the international market. However, we also recognize In addition, consumers may purchase prepared coffee beverages at countless locations such as
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