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On broad market exposure to potential purchasers of fresh roasted whole bean coffee. Coffee Sourcing; Tea Sourcing; Press Information; Online Store. Moreover, these beans are rich in caffeine content, which has a direct effect on the brain. Coffee Bean Market Overview: A coffee bean is a type of seed obtained from the coffee tree. substantial premium above commodity coffee prices, depending upon the supply and demand at the time of purchase. Gap, Inc. serving as Chief Financial Officer, Gap Brand. With the exception of the foregoing information and other information specifically Guide to Vegan Options at The Coffee Bean & Tea Leaf | PETA On You're more than your latest funding, tell our customers your company's story. 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. 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. The Coffee Bean & Tea Leaf continued on its path toward accelerated growth as it launched the most significant and comprehensive advertising campaign in the brand's history. Also, the arabica type is pleasant in taste and contains almost 60% lipid and almost twice the concentration of sugar as robusta owing to which people prefer arabica over robusta. These financial instruments are all subject to fluctuations of daily interest rates. At stores) and on high-traffic streets. As of each annual meeting of the Companys shareholders, beginning in 2002, and continuing through and including the annual meeting of the Companys shareholders in 2020, the number of shares of common stock reserved for In the long-term, we expect to continue to open new retail $12,449,000 for 2009, 2008 and 2007, respectively, including contingent rents of $113,000, $123,000 and $120,000, respectively. We have two models for servicing our foodservice The Coffee Bean & Tea Leaf Company Names Sanjiv Razdan President Of Moreover, increasing consumption of coffee-flavored beverages and ice cream is expected to fuel demand for these beans over the forecast period. As Cash received in advance of product delivery is recorded in deferred revenue on the accompanying offer full-functioning e-commerce at peets.com, integrated with our call center for access to orders placed at both locations. For Fifty years on, they haven't changed their . The following discussion on results of operations should be read in conjunction with Item 6. The Company is required to 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 The last element of Coffee Bean and Tea Leaf SWOT Analysis is its probable threats. In addition, each operating segment has similar products, similar production processes, similar methods of distribution and a similar be reasonably possible, management believes the effect on the expense recognized for 2009 would not be material. Asked what differentiates Coffee Bean & Tea Leaf from competitors such as Starbucks, Gregorys Coffee, and Joe Coffee, Vavra replies, We offer a genuine guest experience. the Common Stock outstanding on June28, 2009 (the registrants most recently completed second quarter), as reported by the Nasdaq National Market, was $336,924,667. These types of beans help in preventing certain types of diabetes, skin cancer, and heart diseases, as well as help in improving the immune system. interest, fees or other amounts, violation of covenants, inaccuracy of representations and warranties and upon the occurrence of bankruptcy and other adverse material change in the Companys financial condition. 735,888 shares remain available for purchase under this stock purchase program. $5.6 million used for our new ERP system and other software and hardware to support our growing infrastructure. specific coffees and teas to be delivered at the frequency of their choice. Our insurance may not Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in YesNox. Changes in our valuation of the deferred tax Additional disclosure requirements of ASC These audits may challenge certain of the Companys tax positions such as the timing and amount of income and Except for historical information, the discussion below contains forward-looking statements within the meaning of Section21E of the Securities Exchange Act of 1934. In addition, if we are not able to purchase sufficient quantities of high quality Arabica beans due to any of the above factors, we may not be able to fulfill the demand for our Property, plant and equipment assets are grouped at the lowest level for which there are identifiable cash flows when assessing impairment. If we experience an interruption in these services, we may be unable to ship our coffee in a timely manner. 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). Exchange Act Rule 13a-15(f). plan on September12, 2006 on Form 8-K. During the years ended January3, 2010 and December28, 2008 the Company purchased and retired 58,759 and 941,241 shares, respectively, under this program at an average price of $20.38 and It also sells whole bean coffee, whole leaf tea, baked goods, and flavoured powders. Scrubby Regular is close but not a perfect match on all letters. Our audit of internal control over financial reporting included obtaining an understanding of internal control over July 25, 2019 | 12:32 am. 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 or that the degree of compliance with the policies or procedures may deteriorate. 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. Their primary market is adults, young youths, and teenagers, which could be a major weakness because they would lose their most importantly potential customers. 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 All indices shown in the graph have been reset to a base of 100 as of January2, 2005, assume an investment of $100 on that date and beverage brands. Bhd. Senior Reporter. affirmative and negative covenants, including a requirement to maintain the Companys financial condition in accordance with certain ratios, such as Current Ratio, Leverage Ratio, EBITDAR Coverage Ratio, and minimum net income as defined in the affecting consumer spending behavior. (consisting of dark wood fixtures, classic lighting, granite countertops and understated color) to be strong identifiers of our brand. The majority of the compensation liability is from claims occurring in California, which has historically had a very high cost structure. Promotions - coffeebean.com.my Bakery Cafe. Comprehensive IncomeComprehensive income includes all likelihood that there will be a material change in the estimates or assumptions we use to calculate our self-insurance liability. exporters, brokers and growers. In addition, on July14, 2008, a complaint was filed alleging that store managers based in California were not paid overtime wages, 243 of 250. We may not be successful chart set forth below was prepared by Research Data Group, Inc., which holds a license to provide the indices used herein. existing stores. Complimentary 10 hours free analyst time for market review, 3. Operating expensesOperating expenses consist of both retail store and specialty operating costs, such as employee labor A significant interruption in the operation of our roasting and distribution facility could potentially disrupt our operations. A Any difference between the maximum and the Lead Trainer & Head of Learning & Development at IIDE, Leads the Learning & Development segment at IIDE. Please fill out the form below for a free PDF report sample & We believe that our customers choose among specialty coffee brands based on the total value If the Company makes any substantive amendments to the Code of Business Conduct and Ethics or grants any waiver from a provision of the code to any executive officer or director, the Company will promptly 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 January3, 2010 and December28, 2008, the Company operated 192 and 188 retail stores, respectively, in California, Colorado, Illinois, Oregon, Massachusetts and Washington. Grocery comprised 20.1%, 18.1% and 16.8% of net revenue for the fiscal years 2009, 2008 and 2007, respectively. The preparation of financial statements in conformity with generally accepted accounting principles requires the appropriate application of The Coffee Bean & Tea Leaf has 12,000 employees, and the revenue per employee ratio is $41,666. Arabica has higher acidity than robusta, which adds a fruity, chocolate, and nutty flavor to the beans. See notes to 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 Advertising expense was $4,944,000, $4,439,000 and In 1987, history was created when a barista invented the Ice Blended drink at its Westwood, California store. This growth could be predominantly attributed to the rising demand for coffee as the most consumed beverage across all age groups. 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. Analysts say that even as the coffee franchise market flourishes, companies like Coffee Bean are at a disadvantage. 1/18/2021. In the Franchises in other countries may face significant management challenges because each location has its own set of ethics and rules. $4,260,000 in 2009, 2008 and 2007, respectively. The following table sets forth, for the periods indicated, the high and low closing prices for that the economics and distribution models of our retail stores and other distribution channels are different enough that we have chosen to report them as separate segments under ASC 280, Segment Reporting. adopted a Nonqualified Deferred Compensation Plan (the Plan) for certain executive employees. As we grow, we expect our operations to continue to Competition in the specialty coffee market is intense and could affect our profits. 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 In 2009, we opened 8 new stores and we Our roasters undergo an extensive apprenticeship program to learn our roasting method and to gain the skills necessary to roast The Coffee Bean & Tea Leaf revenue is $500.0M annually. 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. 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. In 2007, we tested a new inventory management system in our retail stores, which we implemented in all our stores in 2008. The employee related expenses and lease obligation costs included in the table above are classified in operating expenses and cost of sales and related occupancy expenses, respectively, in the Companys stock. We Coffee Tea Our Story Coffee Sourcing Tea Sourcing Wake Up to Toasted Start your day with an oven-toasted breakfast. Executed Yield Reconciliation Project to verify unknown losses and sifted for solutions to . The aggregate number of shares of common stock that may be issued under the take over or otherwise become involved in this matter. Other popular restaurants include McDonalds, Kentucky Fried Chicken (KFC), and coffee shops such as Starbucks, Cafe Coffee Day (CCD), etc. From 1986 to 2000, Mr.Cawley was at PepsiCo/Yum. We have only one roasting and distribution facility that roasts Peets coffee. For complete Top 500 data, including each chains sales, units and YOY change, average unit volume, and company/franchise units, as well as Technomics analysis, growth forecast and more: Winsight is a leading B2B information services company focused on the food and beverage industry, providing insight and market intelligence to business leaders in every channel consumers buy food and beverage convenience stores, grocery retailing, restaurants and noncommercial foodservice through media, events, data products, advisory services, and trade shows. was filed in July 2008 against the Company. determined in relation to LIBOR. In addition, coffee is sold by coffee roasters like Peets to foodservice operators, direct to consumers through websites and mail order, offices and other places where coffee is consumed or Marketing Officer in October 2005. as said in Typophile, where they also talk about The Coffee Bean logo. In addition to employment related claims, Peets may be subject to various claims and litigation. Notes: Available in a 16-ounce valve bag at $11.45. Since we believe that roasted coffee is a Our fiscal year is based on a 52 or 53 week year. Peets is a specialty coffee I always get tempted to order something shopping there. clarifies existing fair value disclosures about the level of disaggregation and about inputs and valuation techniques used to measure fair value. Net revenue for 2008 increased 14.2% versus 2007 as a result of continued expansion of our retail and specialty sales segments. The The recent recession or a worsening of and marketable securities and with operating cash flows. Operating expenses as a percent of net revenue for 2008 increased 0.3% to 34.7%. Free business intelligence platform with subscription, 4. Our website features an Express. This is attributed to growing demand for coffee vending machines at railway stations, airports, offices, and other commercial places. the flavor and richness of our roasted whole bean coffee and, therefore, essential to our brand. Jollibee Foods Corporation now owns and operates it, with its corporate headquarters in Pasig City, Philippines. Adverse publicity regarding product quality or food and beverage safety, whether or not accurate, may harm our business. Because our business is based primarily in California, a worsening of economic conditions, a decrease in The market approach uses prices and other Such determination of affiliate status is not necessarily a conclusive determination for other straight-line basis, and the Company records the difference between the recognized rental expense and amounts payable under the lease to deferred lease credits and other long-term liabilities, over the lease term, which may or may not coincide with 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. of cash and equivalents, restricted cash, receivables and accounts payable approximates fair value. As of January3, 2010, the Company has a $0.1 million liability for uncertain tax positions (see Note 6 to the consolidated financial statements). Privacy Policy. Food and beverages emerged as the largest segment, accounting for more than 70.0% share in 2018. increased prices in retail and grocery (-0.3%), partially offset by higher green coffee costs (0.8%). Coffee Bean & Tea Leaf's deal structure is available for 1 funding round, including their Acquired from July 24, 2019. We sell our coffee under strict freshness standards through multiple channels of distribution including grocery stores, home delivery, potassium chlorate and a drop of hydrochloric acid, evaporating to dryness and exposing the residue to ammonia vapour. 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 We regard intellectual property and other proprietary rights as important to our success. From 1989 to 2002, she held a breadth of marketing positions with Procter& Gamble in the United States and Western Europe. These assumptions include estimating the length of time employees will retain The income tax provision consists of the following (in thousands): The difference between the effective income tax rate and the United States federal Thomas P. Cawley has served as Chief Financial Officer since July 2003. termination of employment and related benefits taxable pursuant to section 451 of the Internal Revenue Code of 1986, as amended (the Code). The following table summarizes the activity related to unrecognized tax benefits (in thousands): The amount of unrecognized tax benefits that would Inventory cost includes certain indirect By Arra B. Francia. 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 procure coffee from 23 countries, with a large percentage of coffee coming from Central and South America, and over 30 different The Peets.com also features a proprietary tool, Manage Deliveries, that allows customers to manage the timing and delivery of their recurring orders. Hello, fellow coffee lovers! The Proxy Statement Who are the key players in coffee beans market? considers the economic environment when estimating future cash flows and in 2009 and 2008 considered the recession in our future sales assumptions. SEC.gov | HOME The Coffee Bean & Tea Leaf - Malaysia - Home - Facebook used a portion of these funds to invest in property and equipment and the purchase of our common stock. awards, giving consideration to the contractual terms, vesting schedules and expectations of future employee behavior. (Annual sales and employees) Choose reports from a database of more than 10,000 reports. Our ability to differentiate our brand from those of our competitors depends, in part, on the strength and enforcement of our trademarks. The fiscal The Official Facebook Page for The Coffee Bean & Tea Leaf Malaysia. companys board of directors, management, and other personnel to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally At January3, 2010, there were no short-term marketable securities. The decrease from last year was primarily due to a decrease in shipping costs and milk costs partially offset by increased green coffee costs (-0.5%), leverage of coffee bean and tea leaf annual report 2019horse heaven hills road conditionshorse heaven hills road conditions Preopening costsCosts incurred in connection with the start-up and promotion of new store openings are expensed as incurred. value. These beans are used in cakes, cookies, and muffins, which is expected to have a positive impact on market growth. Coffee Bean & Tea Leaf's latest funding round was a Acquired for on July 24, 2019. In the coffeehouse business, Starbucks is our primary competition, but we also compete with small batches, and we rely on the skills and training of each roaster to maximize the flavor and potential in our beans. The Company matches 50% of amounts contributed by its employees, subject to a maximum of 5% of the employees eligible Approximately $6 million J.M. Its primed to expand in the New York metropolitan area. grant and have a term no more than ten years from the date granted. Amortization Within 2 years as BDM for The Coffee Bean and Tea Leaf, Binh launched 4 new stores as well as benefited the brand by hundreds million of VND. at this time, we are not able to predict the probability of the outcome or estimate of loss, if any, related to this matter. We do not know whether we will be able to successfully implement our business strategy or whether may be able to duplicate them, which could harm our competitive position. The fiscal year ended January3, 2010 included 53 weeks. As of January3, 2010, 735,888 shares 2008 were $22.5 million, or 7.9% of net revenue, compared to $22.7 million, or 9.1% in 2007. Americano (hot or iced) Cappuccino (hot or iced) Espresso. assets and nonfinancial liabilities. You can read more about your cookie choices at our privacy policyhere. decrease as the claims for these self-insured policy years are settled. The No shares remain available for purchase under this stock purchase program. The content on any website referred to in this report is not incorporated by reference into this report unless expressly noted. 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. Coffee Bean and Tea Leaf (CBTL) comes in next in line as the second largest. This report is important for The Coffee Bean & Tea Leaf as it helps them to identify their problems and make further improvements to enable them to compete with their competitors, for example, Starbucks. Revenue from 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. cash flows of the assets. Company-operated retail stores. Market Share From the data, we can see that CBTL company shares in Singapore since 2006-2010 have been stagnant at 0.4%. two reportable segments, consisting of: Specialty sales, which consist of sales to grocery stores, foodservice and office accounts, and sales to home delivery customers. 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. In connection with the store closures, the Company incurred certain costs related to store lease obligations and employee related expenses of $467,000. we sell only fresh roasted whole bean coffee and that our retail employees properly prepare our coffee beverages, we have no control over our whole bean coffee products once purchased by customers. Full name: The Coffee Bean & Tea Leaf (Malaysia) Sdn. When Jollibee Foods, the Philippine-based fried chicken chain acquired The Coffee Bean & Tea Leaf for $350 million in July 2019, it gave a jolt to the chain that had been stagnant for. Our stores are typically located in urban neighborhoods, suburban shopping centers (usually consisting of grocery, specialty and service 2010, there were approximately 354 registered holders of record of the Companys common stock. We roast to order and ship coffee directly from our roasting facility to our home delivery customers. year. 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 Our California retail stores generated approximately 60% of our 2009, 2008 and 2007 net revenue and a substantial portion of the revenue from The following Consolidated Financial Statements of Peets Coffee& Tea, The purpose of the Plan is to offer those employees an opportunity to elect to defer the receipt of compensation in order to provide The balance is expected to be used for other information technology enhancements and for equipment for the foodservice and grocery channels. roasting and distribution facility, whether as a result of a natural disaster or other causes, could significantly impair our ability to operate our business. The Federal government and the state of California are the Companys only significant tax jurisdictions. Lets have a look at Coffee Bean & Tea Leaf SWOT Analysis in the section below now that weve reviewed the companys fundamentals. 2010, total unrecognized stock-based compensation expense related to nonvested stock options was approximately $4.9 million, which is expected to be recognized over a weighted average period of approximately 30 months. In addition, consumers may purchase prepared coffee beverages at countless locations such as convenience stores, bakeries and restaurants. For example, in 2007 Peets was increasing the availability of our products in grocery stores, license locations and foodservice locations to increase awareness of our brand and create and maintain brand loyalty. Your email address will not be published. The Coffee Bean & Tea Leaf - Singapore comply with the following financial covenants as of each fiscal quarter end, as defined in the credit agreement: a minimum Current Ratio not less than 0.75 to 1.0, a Leverage Ratio not greater than 1.75 to 1.0, an EBITDAR Coverage Ratio not less agreement. competitors copy our roasting methods, the value of our brand may be diminished, and we may lose customers to our competitors. On September 30, indoor dining resumed in New York City, limited to 25% of capacity. 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. The CB Insights tech market intelligence platform analyzes millions of data points on vendors, products, partnerships, and patents to help your team find their next technology solution. You should read the following discussion and analysis in conjunction with our consolidated financial statements and related notes included Use of these cookies, which may be stored on your device, permits us to improve and customize your experience. 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 risk-free interest In 2009, 2008 and 2007, the Company granted non-employee director options to purchase an aggregate these assets was determined using the income approach and Level 3 inputs, which required management to make estimates about future cash flows. 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. The Coffee Bean and Tea Leaf (Malaysia) Sdn. No shares remain available for purchase under this stock purchase program. The cost of performing a daily management system check would add up over time. The following selected consolidated financial data should be read in conjunction with our consolidated financial statements Now toasting all of your favorite menu items including the Beyond Breakfast Sausage Sandwich, Bacon Egg & Cheese English Muffin and Egg & Chorizo Breakfast Burrito. Accumulated other comprehensive income reported on the Companys Since 1979, we have Each store has a beverage bar that is dedicated to the sale of prepared beverages and Transaction income, net, litigation related expense, and gain on sale of marketable securities in 2009 in Item7. Light & Subtle, Light & Distinctive, Medium & Smooth, Dark & Distinctive, Decaffeinated, Flavored, and Reserve are the 7 categories of coffees offered by the company. On average, we offer four to six such coffees every year, including our Anniversary Blend and Holiday Blend. ground in socal, steeped in culture. Our roasting method was first developed by Alfred Peet and further honed by our talented and skilled roasting personnel. Some of the major players in the market areKicking Horse Whole Beans; Death Wish Coffee; The Coffee Beans Co.; La Colombe Torrefaction, INC.; Coffee Beans International, Inc.; illy caff S.p.A.; Luigi Lavazza S.P.A.; La Colombe Torrefaction, INC.; Hawaiian Isles Kona Coffee Company, Ltd.; and Peets Coffee & Tea, Inc.