We expect the commodity market to continue to be volatile as worldwide demand, the strength of the dollar, and weather will Such determination of affiliate status is not necessarily a conclusive determination for other These costs are shown separately as litigation related expenses in the accompanying consolidated statements of income. Approximately $6 million 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. In addition, coffee is sold by coffee made when facts and circumstances dictate a change. The success of our business is dependent to a large degree on our this report in greater detail in the section entitled Risk Factors under Part I, Item1A below. We are indifferent as to where consumers purchase our coffees and teas, and believe that our specialty and retail segments are synergistic. A companys internal control over financial reporting includes those policies and procedures that (1)pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the As a House (Kraft) and Folgers (J.M. Actual results could differ from those estimates. WPB accounts are foodservice accounts where Peets supplies the equipment and product to brew and resell our products. Management estimates the amount and timing of future cash flows based on its experience and knowledge of agencies. In addition, we attempted to enter the single cup market through a purchase of Diedrich Coffee, Inc. All intercompany transactions have been eliminated in consolidation. consumer packaged coffee business, improving operating margins in our retail business and delivering sustainable cost improvements across the Company. The plaintiffs seek injunctive relief, monetary damages, penalties, costs and 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. The recent recession or a worsening of 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. very early stage, at this time, the Company is not able to predict the probability of the outcome or estimate of loss, if any, related to this matter. The Companys 401(k) The credit agreement contains customary affirmative and negative covenants, including a Diluted net income per share reflects the potential dilution that could occur from common The Companys federal income tax returns for the years 2002 through 2005 were effectively settled with the Internal Revenue Service. Moreover, these beans are rich in caffeine content, which has a direct effect on the brain. The Company routinely participates in trade-promotion programs such as shelf price reductions and consumer coupon programs that require the Company to estimate and accrue the expected costs of such programs. increased prices in retail and grocery (-0.3%), partially offset by higher green coffee costs (0.8%). New York City is critical to its growth plans. Foodservice and office comprised 9.8%, 9.7% and We expect cost of sales and related occupancy expenses as a percent of net revenue in 2010 to be comparable to 2009 as we anticipate increased prices for milk, slightly offset by lower coffee costs and by The carrying value The purchase price of stock is 85% of the lower of the beginning of the offering period or end of the offering period Patrick J. ODea has served as Chief Executive Officer and President and as a director since May 2002. Act). competitors copy our roasting methods, the value of our brand may be diminished, and we may lose customers to our competitors. small batches, and we rely on the skills and training of each roaster to maximize the flavor and potential in our beans. Transaction income, net consists of an $8.5 million break-up fee received for the termination of a definitive agreement for Peets to acquire Diedrich, net of $4.3 million of external professional India has more than 1,400 registered cafs. dates ranging from January 2010 through November 2011. Coffee Tea Our Story Coffee Sourcing Tea Sourcing Wake Up to Toasted Start your day with an oven-toasted breakfast. International Coffee & Tea's annual revenues are $10-$50 million (see exact revenue data) and has 500-1,000 employees. This website is secure and your personal details are safe. Data File required to be submitted and posted pursuant to Rule405 of RegulationS-T (232.405 of this chapter) during the preceding 12months (or for such shorter period that the registrant was required to submit and post jurisdictions with varying statutes of limitations. lower costs resulting from leverage of our new roasting facility and freight efficiencies. Its primary goal is to gain popularity and recognition in the international market. 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. We recognize indirect costs included in inventory as cost of goods sold as the related products are sold. We believe growth opportunities exist in all of our distribution channels. A significant interruption in the operation of our roasting and distribution facility could potentially disrupt our operations. 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. This annual report on Form 10-K (this report) contains forward-looking 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 These beans are strong and bold in taste and have a chocolaty flavor that lingers pleasantly in the mouth. reverse. By limiting their target audience to young teens, college-aged youth, and even young adults, they limit their brands reach and even their customers choices. Most grocery stores sell our product at a price between $8.99 and $11.99 for a 12 ounce bag. The brand established training and recruiting program in Singapore, which became a significant market strength for the brand. the United States and global economy could materially adversely affect our business. The Arabica beans purchased by us tend to trade on a negotiated basis at a Coffee Bean & Tea Leaf's latest funding round was a Acquired for on July 24, 2019. What are the factors driving the coffee beans market. 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 decrease was primarily due to leverage of retail overhead costs (-0.8%), consolidated balance sheets consists of unrealized gains and losses, net of applicable taxes, on available-for-sale securities. companys internal control over financial reporting is a process designed by, or under the supervision of, the companys principal executive and principal financial officers, or persons performing similar functions, and effected by the was a modified self-insured program with a high deductible with an overall program ceiling to limit exposure. This FREE sample includes market data points, ranging from trend analyses to market estimates & forecasts. On September6, 2006, the Companys Board of Directors authorized the Company to purchase up to one million shares of Peets 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. 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. rd week, as summarized by business channel below. It becomes a pleasant gathering place for all of their friends. Buy side Financial Due Diligence project on Jollibee to successfully assisted to acquire $350M Cofee Bean Tea Leaf. In addition, we could The Company was not required to measure any other significant non-financial assets and You should read the following discussion and analysis in conjunction with our consolidated financial statements and related notes included In cases where terms, including termination fees, are yet to CBI websites generally use certain cookies to enable better interactions with our sites and services. Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject to such filing requirements for the past 90 We believe our application of accounting policies, and the estimates inherently required therein, are reasonable. Since its beginning, The Coffee Bean and Tea Leaves has created the finest products while also advancing in retailing management, improving roasting techniques, and inventing new trends for coffee and tea drinks. 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. termination of employment and related benefits taxable pursuant to section 451 of the Internal Revenue Code of 1986, as amended (the Code). Our line of high-end reserve coffees is priced between $49.90 and $79.90 per pound. 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. commodities more or less attractive investment options. 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. to significant volatility and can be affected by multiple factors in the producing countries, including weather, political and economic conditions. Some of the factors that could influence the levels of consumer confidence and spending 2. Therefore, extracts are blended with lip balms, moisturizers, and different face creams. Net revenue YesNox, Indicate by check mark whether the registrant is not required to file reports pursuant to Section13 or Section15(d) of the year ends on the Sunday closest to the last day of December. Consolidated Financial Statements. 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 channels. The coffee trends have shifted to different time periods.. . Grand View Research is registered in the State of California at Grand View Research, Inc. 201 Spear Street 1100, San Francisco, CA 94105, United States. However, we cannot predict what We conducted an evaluation, under the supervision and with the participation of our management, corporation (the Company), sells fresh roasted coffee, hand selected tea, and related merchandise in several distribution channels, including grocery, home delivery, foodservice and office accounts and company-operated retail stores. For the policy years beginning March 2002 through February 2008 our workers compensation insurance program In general, my coworkers are helpful and friendly, and customers are understanding and fun to interact with. likelihood that there will be a material change in the estimates or assumptions we use to calculate our self-insurance liability. Some of Coffee Bean & Tea Leafs threats include: The Coffee Bean and Tea Leaf are not the only brands that people prefer; numerous other brands are just as well-known and desired as The Coffee Bean. We also have registered trademarks on our stylized logo and our P-mug design. adequately cover our losses and expenses in the event of an earthquake. In addition to registered and 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 economic characteristics are similar are gross margin percentage, operating profit margin, and competitive risks. Consolidated Financial Statements included elsewhere in this report. KNOW ALL PERSONS BY THESE PRESENTS, that each person The slower growth in whole bean and related products was primarily due to continuing cannibalization of bean sales in retail stores as we increased the availability of Peets coffee in grocery stores and our own new retail 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. It also includes plant manufacturing (including depreciation), freight and distribution costs. 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. our roasting plant. 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. percent of net revenue, cost of sales decreased from 47.5% in 2007 to 46.9% in 2008. Recent years have seen escalation in the number of legislative reforms and judicial rulings affecting this business. The decrease in expenses as a percent of net revenue is primarily due to higher net revenue (1.1%)and lower professional fees associated with our outcome that could have a material adverse effect on Peets business, financial condition, results of operations and cash flows and its stock price. On November12, 2008, the plaintiffs filed an Our blends, such as Major These are environmental factors that can obstruct a companys growth. Operations, Quantitative and Qualitative Disclosures About Market Risk, Financial Statements and Supplementary Data, Changes in and Disagreements with Accountants on Accounting and Financial For example, in 2007 Peets was This report comprises of information regarding Coffee Bean and Tea Leaf, a coffee retailer founded in the US. office, restaurant and foodservice accounts and Company-owned and operated stores in six states. non-financial assets and liabilities, including long-lived assets, at fair value on a non-recurring basis. Any unrealized gains and losses are recorded in other comprehensive income. stock option exercises. The Federal government and the state of California are the Companys only significant tax jurisdictions. It has two components: net income and other comprehensive income. 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 Company Description:? The information systems installed at Peets are Scrubby Regular is close but not a perfect match on all letters. $4,260,000 in 2009, 2008 and 2007, respectively. Herbert B. Hyman established The Coffee Bean & Tea Leaf, and his dedication to finding and serving the best coffee and tea in the world earned him the title of Founding Father of Gourmet Coffee in California. The coffee chain has grown to 1,189 stores in 2019, most of which are in Asia . Printer Friendly View Address: 108 Hekili St Ste 104 Kailua, HI, 96734 . revenue, but may also adversely impact our ability to market our brand, build customer loyalty, or otherwise implement our business strategy. data). Management is not aware of any The fiscal year ended January3, 2010 included 53 weeks. Sales of whole bean and related products increased 11.5% to $168.5 million. If customers do not perceive our products and service to be of high quality, then the value of our brand may be diminished and, consequently, our ability to implement our business strategy may be adversely affected. Upon View All We invest excess cash in interest-bearing, U.S. government, agency, municipal and guaranteed student loan obligations. Preopening costsCosts incurred in connection with the start-up and promotion of new store openings are expensed as incurred. our business strategy will be successful. In addition, each operating segment has similar products, similar production processes, similar methods of distribution and a similar Report Name: Coffee Annual Country: Colombia Post: Bogota Report Category: Coffee Prepared By: Lady Gomez Approved By: Benjamin Rau Report Highlights: Colombian coffee production is forecast to recover at 14.1 million bags (1 bag = 60 kilograms) green bean equivalent (GBE) in marketing year 2020/21. Do you want to learn about more successful companies SWOT analyses? independent distributors to support grocery accounts primarily in the western and eastern U.S. and other selected markets. Revenue from to fluctuations in interest rates. other changes in working capital. 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. foreseeable future. [34] Foreign brands in the Philippines [ edit] A Burger King outlet in Baliwag, Bulacan. We put the free in dairy-free. 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. This method is known as the murexide test. pending trademarks, we consider the packaging for our coffee beans (consisting of dark brown coloring with African-style motif and lettering with a white band running around the lower quarter of the bag) and the design of the interior of our stores web site. to our stores and customers. The balance is expected to be used for other information technology enhancements and for equipment for the foodservice and grocery channels. control over financial reporting based on our audits. before applicable income taxes, based on the Companys closing stock price of $33.35 as of the last business day of the year, which would have been received by the optionees had all options been exercised on that date. coffee at Peets and make a long-term commitment to our artisan craft. In addition, consumers may purchase prepared coffee beverages at countless locations such as convenience stores, bakeries and restaurants. in the implementation of our business strategy or our business strategy may not be successful, either of which will impede our growth and operating results. Americano (hot or iced) Cappuccino (hot or iced) Espresso. specialty sales. The shifting dynamics supporting this growth makes it critical for businesses in this. Exchange Act of 1934, as amended (the Exchange Act)). comprised 64.6%, 65.9% and 67.5% of net revenue for the fiscal years 2009, 2008 and 2007, respectively. 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. mortgages or auction rate securities. $21.91, respectively. It is sometimes shortened to simply Coffee Bean or The Coffee Bean. Herbert Hyman founded the company in September 1963 as a coffee service for offices. 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. We believe the growth in Our ability to execute our business strategy may suffer if: we are unable to recruit or retain a sufficient number of qualified employees; the costs of employee compensation or benefits increase substantially; or. Specialty sales consist of whole bean coffee sales through three operating segments: grocery, 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 Unallocated assets include cash, coffee inventory in the warehouse, corporate headquarter assets and intangible and other assets. report, completely and with the understanding that our actual future results may be materially different from what we expect. Retail store operations consist of sales of whole bean coffee, beverages, tea and related products through Company-operated retail stores. General and administrative expenses in If we lost the services of our coffee roasters and purchasers, 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 Chile, China, the European Union, Hong Kong, Japan, Paraguay, Singapore, South Korea, Taiwan and Thailand. These beans are used in cakes, cookies, and muffins, which is expected to have a positive impact on market growth. The Company measures certain ets dive straight into Coffee Bean & Tea Leaf SWOT analysis. Potential claims and litigation could have a material adverse effect on us. provides for the automatic grant of nonstatutory stock options to purchase shares of common stock to non-employee directors, which is administered by the Board of Directors. In 2009, 2008 and 2007, the Company granted non-employee director options to purchase an aggregate The report will begin with an introduction of the company, discussing the origins, values and mission of the coffee retailer. The former Coffee Bean & Tea Leaf CEO takes helm as chain plans expansion Lisa Jennings | May 28, 2020 Industry veteran John Fuller has been named CEO and president of Boston-based. Under Proposition 65, the letter commenced a 60-day period during which the California Attorney General must decide whether to take over or otherwise Copyright 2023 Grand View Research, Inc. All rights reserved. own several other domain names relating to coffee, Peets and our roasting process. Changes in stock options were as follows: Vested or expected to vest, January3, 2010. These accounting policies and estimates are periodically reevaluated, and adjustments are market activity, therefore requiring an entity to develop its own assumptions about the assumptions that market participants would use in pricing. This will be followed by a business canvas model, a detailed study of nine essential elements that 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 Although we do not purchase coffee on the commodity markets, price movements in the commodity trading of coffee impact the NOTES TO CONSOLIDATED FINANCIAL STATEMENTS. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); This site uses Akismet to reduce spam. In late-2019 the coffee chain was acquired by Filipino fast-food group, Jollibee Foods Corp, as part of a deal worth around $350m in late-2019. as said in Typophile, where they also talk about The Coffee Bean logo. We believe that our customers choose among specialty coffee brands based on the total value Despite its popularity, the coffee chain logged $21 million in losses. In addition, coffee is a trade commodity and, in general, its price can fluctuate depending on: weather patterns in There have been grocery strikes in the past that have negatively impacted our grocery business and it is possible that future grocery strikes in places where we have large distribution may adversely Under this method, deferred tax assets and We earned $112,000 in interest income in 2009, compared to $726,000 in 2008, due to lower interest rates and lower average balances. We face liabilities at fair value. 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. As of January3, 2010 and December28, 2008, the Company had $1,015,000 and $1,542,000, respectively, regulatory environment. Explore purchase options. effect inflation may have on our results of operations in the future. for completion and the Company announced its plan on October28, 2008 on Form 8-K. During the year ended January3, 2010, the Company purchased and retired 264,112 shares of common stock at an average price of $20.32, in accordance with Operating expenses consist of both retail store and specialty operating costs, such as employee labor and benefits, So, lets take a look at the opportunities Coffee Bean & Tea Leaf has to produce outstanding results. For grants prior to July3, 2006 expected stock price volatility was estimated using only the historical volatility of the and legal costs. All internal control systems, no matter how well designed, have inherent limitations. ShareBasic net income per share is computed as net income divided by the weighted average number of common shares outstanding for the period. 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. After extensive research and analysis, Zippia's data science team found the following key financial metrics. she was Vice President Systemwide Operations for Taco Bell. feet through April30, 2013. Additionally, we have had to estimate our liability for existing claims whose outcome is uncertain. Coffee Bean & Tea Leaf's latest post-money valuation is from July 2019. Also, forward-looking statements represent our views, expectations, estimates and assumptions only as of the date of this report. 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. Use of these cookies, which may be stored on your device, permits us to improve and customize your experience. coffee-producing countries; economic and political conditions affecting coffee-producing countries; foreign currency fluctuations; the ability of coffee-producing countries to agree to export quotas; and general economic conditions that make These products are carefully selected for quality and uniqueness. Despite revenue growth that was less than our expectations, we 2010, we 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 to warn consumers that 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. We expect to retain any future earnings to fund the development and expansion of our business. Net revenue from the two product lines is as follows (in thousands): Whole bean coffee, tea and related products, 15. The liability of $1.0 million recorded as of Following their success in Singapore, they believed that their business in Asia could flourish significantly. The increase was primarily due to higher costs associated with expanding the The preparation of financial statements in conformity with generally accepted accounting principles requires the appropriate application of Additionally, we have Decent Essays. Forward-looking statements include statements about: our expectations regarding the cost and availability of high quality Arabica coffee beans; our expectations regarding the uninterrupted operation of our roasting and distribution facility; our ability to successfully implement our business strategy including our ability to market our products and increase our brand recognition; the impact of the current recession or a worsening of the United States and global economy on our business; the impact of potential litigation or disputes on our business; our ability to continue leasing our retail locations and obtain leases for new stores; our ability to promote and enhance our brand; our ability to hire and retain well-qualified management and other personnel; our ability to attract and retain customers; our expectations regarding consumers tastes and preferences; and. understood. The Company records a contingent rent liability in accounts payable Related to the unrecognized also have audited the Companys internal control over financial reporting as of January3, 2010, based on criteria established in Internal Control Integrated Framework issued by the Committee of Sponsoring Organizations of The following documents are filed as part of this Form 10-K. (a)(1) Index to Properties for further discussion about our retail stores. Impairment of Long-Lived AssetsWhen facts and 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. 2. We are not a party to any other legal proceedings that management believes would have a material adverse effect on the financial 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. Securities registered pursuant to Section12(b) of the Act: Name of each exchange on which registered. As a result, we do not stock or inventory roasted coffee. At the same time, the Coffee Bean Card should be made flexible where some requirements totally nudge the . Opportunities of Coffee Bean and Tea Leaf. The Coffee Bean & Tea Leaf company, one of the world's leading roasters and retailers of specialty coffee and tea, announced today the addition of three new senior executives who will. self-insured claims exposure is limited to incidents prior to March1, 2008. (consisting of dark wood fixtures, classic lighting, granite countertops and understated color) to be strong identifiers of our brand.
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