coffee bean and tea leaf annual report 2019

In addition to our website, we have a team of customer service representatives who assist customers in placing customer orders, choosing a gift item, providing product information and resolving customer issues. We procure coffee from 23 countries, with a large percentage of coffee coming from Central and South America, and over 30 different The coffee trends have shifted to different time periods.. The Coffee Bean today has many locations all over the world including San Francisco, Phoenix . purposes. Stock options vest according to a pre-determined vest schedule set at grant date. We 735,888 shares remain available for purchase under this stock purchase program. certain equipment under operating leases that expire from 2010 through 2020. I always get tempted to order something shopping there. The risk-free interest We expect the specialty coffee industry to continue to grow. effect inflation may have on our results of operations in the future. Shares of Common Stock held by each officer, director and each person If our 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 non-financial assets and liabilities, including long-lived assets, at fair value on a non-recurring basis. Our insurance may not In addition, we indirectly compete with more mainstream brands as Maxwell We are required to comply with the requirements of this ASU commencing the first day of our 2010 fiscal Leasehold improvements are amortized using the straight-line method over the lesser of the estimated useful life or the term of the related lease, known to the Company to hold 5% or more of the outstanding Common Stock have been excluded as such persons may be deemed to be affiliates of the Company. 2. The Coffee Bean & Tea Leaf peak revenue was $500.0M in 2021. 2008 were $22.5 million, or 7.9% of net revenue, compared to $22.7 million, or 9.1% in 2007. Shop, Ralphs, Kroger, Publix and Whole Foods Market. Cash flows for retail net assets are identified at the individual store level. Quarterly Financial Information (Unaudited, in thousands, except per share As a The Company has never paid cash dividends on its common stock. party & event essentials. Robusta contains 2.7% caffeine, which is almost double of 1.5% of arabica. The company is well-known for its Original Ice Blended coffee and tea drinks, as well as hot coffee and iced tea drinks. Beyond sourcing and roasting, we have developed a reputation for expert coffee blending. published tax guidance applicable to our operations. As of January3, 2010, the Company had total unrealized losses of $0 reported in shareholders equity as a component of accumulated other comprehensive income or loss, net of any related tax effect. From 1997 to 2001, he was Chief Executive Officer of Archway/Mothers Cookies and Mothers Cake and Cookie Company. In addition, we indirectly compete with The Company may from time to time become involved in certain legal proceedings in the ordinary course of business. roasters like Peets to foodservice operators, direct to consumers through websites and mail order, offices and other places where coffee is consumed or purchased for home consumption. December 2009 store closures: As a result of the December 2009 store closures, the As this matter is at a very early stage, As of January3, 2010, there were 1,492,170 shares available for grant under the 2000 stock option plan and 206,850 shares available increased prices in retail and grocery (-0.3%), partially offset by higher green coffee costs (0.8%). Effective January1, 2010, This is a BETA experience. reporting, included in the accompanying Managements Report on Internal Control over Financial Reporting. By Arra B. Francia. Roasters, Illy Caff, Millstone (J.M. stores in strategic west coast locations that meet our demographic profile and partner with distributors and companies who share our passion for quality and freshness and are willing and able to execute accordingly in the foodservice and office the ability of coffee-producing countries to agree to export quotas; and general economic conditions that make commodities more or less attractive investment options. We believe that our audits provide a reasonable basis for our opinions. Our ability to differentiate our brand from those of our competitors depends, in part, on the strength and enforcement of our trademarks. 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 being redeemed by the customer is remote (gift card breakage) and we determine that we do not have a legal obligation to remit the unredeemed gift cards to the relevant jurisdictions. Port, Pumphreys Blend, Summer House, and Snow Buy side Financial Due Diligence project on Jollibee to successfully assisted to acquire $350M Cofee Bean Tea Leaf. coffee at Peets and make a long-term commitment to our artisan craft. Please let us know what you think about this case study in the comments section below. 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 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 For policy years beginning March 2002 through February 2008 our workers compensation program was a 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 profits. During the year and as of January3, 2010, We are indifferent as to where consumers purchase our coffees and teas, and believe that our specialty and retail segments are synergistic. for the years ended December28, 2008 and December30, 2007 were $43,000 and $28,000, respectively. The total amounts The balance is expected to be used for other information technology enhancements and for equipment for the foodservice and grocery channels. On November12, 2008 the plaintiffs result of labor shortages, contract disputes or other factors. The plan does not offer investments in Company stock. stores. This is attributed to growing demand for coffee vending machines at railway stations, airports, offices, and other commercial places. fiscal year. 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. Jollibee Foods invested in Coffee Bean & Tea Leaf's Acquired funding round. Foodservice and office net revenue increased P. Christine Lansing joined the Company as Vice President, Chief segment increased by 6.3% to $58.6 million, while sales of beverages and pastries increased by 7.5% to $142.6 million. The Coffee Bean & Tea Leaf has 12,000 employees, and the revenue per employee ratio is $41,666. Additionally, we have had to estimate our liability for existing claims whose outcome is uncertain. as said in Typophile, where they also talk about The Coffee Bean logo. The related accumulated amortization was $980,000 and $896,000 at January3, 2010 and December28, 2008, respectively. Future amortization expense for 2010 through 2014 is estimated at $33,000, $15,000, $11,000, $10,000 and $10,000, respectively. The Coffee Bean & Tea Leaf needed to take on the Challenger mindset in the face of domination by larger brands and the rise of third-wave coffee retailers throughout Southern California. be contained, to the best of registrants knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.. We believe that maintaining and developing our brand is critical to our success and that the importance of brand recognition may increase as 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. Customers have several options for where they can buy the product. high value on our Peets trade name, and we own several trademarks and service marks that have been registered with the United States Patent and Trademark Office, including Peets, Peets Coffee& Tea 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. Each store has a beverage bar that is dedicated to the sale of prepared beverages and DOWNLOAD TODAY Sea Salted Caramel Latte & Macchiato common stock, with no expiration, and the Company announced its 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, Specialty sales consist of whole bean coffee sales through three operating segments: grocery, Some of the factors that could influence the levels of consumer confidence and spending This ASU will not have an impact to our consolidated financial statements except to require us to provide increased disclosure. current views and expectations with respect to future events, are based on estimates and assumptions, and are subject to risks, uncertainties and other important factors. Certain leases contain renewal options for an additional five to fifteen years, and also provide for contingent rents to be paid equal to a stipulated percentage of sales. On September6, 2006, the Companys Board of Directors authorized the Company to purchase up to one million shares of Peets These assumptions include estimating the length of time employees will retain restricted cash. grocery business (0.7%), opening 53 new retail stores in 2008 and 2007 (0.2%), partially offset by favorable workers compensation insurance expense (-0.3%) and other cost savings. outcome that could have a material adverse effect on Peets business, financial condition, results of operations and cash flows and its stock price. You may opt-out by. convenience stores, bakeries and restaurants. All products are valued at the lower of cost or market using the first-in, first-out method, except green bean and roasted coffee, which are valued at the average cost. Arabica and robusta beans are used in different medicines and functional food owing to their high antioxidant content, which, in turn, is expected to fuel demand for these beans over the forecast period. Cost of sales and related occupancy expensesCost of sales and related occupancy expenses consist primarily of coffee and 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 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. Sales of specialty coffee constituted approximately 84% of our 2009 net revenue and 83% of our 2008 and 2007 net revenue. The fair value of the retail net asset is estimated using the discounted The long-term liability related to The effective income tax rate for 2008 was 37.0% compared to 35.8% in 2007. Securities registered pursuant to Section12(b) of the Act: Name of each exchange on which registered. Our California retail stores generated approximately 60% of our 2009, 2008 and 2007 net revenue and a substantial portion of the revenue from Our revenues and performance depend The recent recession or a worsening of whose signature appears below constitutes and appoints Patrick J. ODea and Thomas P. Cawley and each of them, as his true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for him and in his name, compensation contributed to the plan. 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 It becomes a pleasant gathering place for all of their friends. In addition, competitors may be able to develop roasting methods that are more advanced than our roasting methods, which It is the Companys policy to recognize interest and penalties in the tax provision. In addition, successful complaints against our competitors may spur similar lawsuits against us. Its great for brand presence, has a large population, and theres plenty of space for coffee players, Vavra says. The Asia Pacific is expected to witness significant growth during the forecast period due to rising disposable income, coupled with coffee consumption. Shares used in calculation of net income per share: See discussion of Coffee Bean and Tea Leaf (CBTL) comes in next in line as the second largest. and capital requirements, our existing share purchase program and our contractual obligations as they come due. At Act). Officer), INDEX TO CONSOLIDATED FINANCIAL STATEMENTS, Consolidated Statements of Income for the Years Ended January3, 2010, December Another outpost is slated to open in downtown Brooklyn by the end of the year, supplemented by new outlets on the Upper East Side of Manhattan and Hoboken, N.J. planned for 2021. The Company was not required to measure any other significant non-financial assets and awareness, building customer loyalty and creating a premium specialty coffee brand. Property, plant and equipment assets are grouped at the Operating leasesCertain of the Companys lease Kay L. Bogeajis has served as Vice President, Retail Operations since she joined the Company in October 2007. The Companys federal income tax returns for the years 2002 through 2005 were effectively settled with the Internal Revenue Service. Weaknesses of Coffee Bean and Tea Leaf, 3. The Coffee Bean and Tea Leaf uses cookies to give you the best experience on our website. Despite knowing that cultural differences could affect demand for their products and services, The Coffee Bean & Tea Leaf believed that standardization was far more important than adaptation. Potential claims and litigation could have a material adverse effect on us. within Level 1 that are either directly or indirectly observable. CompensationStock Compensation. 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. Chile, China, the European Union, Hong Kong, Japan, Paraguay, Singapore, South Korea, Taiwan and Thailand. We opened 8 new stores in 2009 and 23 new stores in 2008. In the specialty sales segment, net revenue increased 19.9% compared to 2007 as summarized by business channel below. 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 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. We We expect operating expenses as a percent of net revenue in 2010 to continue to improve. a result of competitors offering products similar to ours. Avail customized purchase options to meet your exact research needs. understood. Dublin, March 09, 2020 (GLOBE NEWSWIRE) -- The "Global Coffee Beans Market - Forecasts from 2020 to 2025" report has been added to ResearchAndMarkets.com's offering. Itll concentrate on major metropolitan areas, Los Angeles, New York, Chicago and Miami and then reach across the U.S. Itll continue opening company-owned and franchised outlets. Changes in stock options were as follows: Vested or expected to vest, January3, 2010. data). Awaken your everyday with The Coffee Bean & Tea Leaf. 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. In addition, we have It is classified as operating in the Specialty Food Stores industry. Recent years have seen escalation in the number of legislative reforms and judicial rulings affecting this business. The aggregate number of shares of common stock that may be issued under the OUR STORY. executive officers as of March1, 2010. From 2001 to 2003, The following documents are filed as part of this Form 10-K. (a)(1) Index to It has made a significant contribution to schools and other local institutions. But all of them closed by October 2016. Learn More. 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 involves the studies of the different culture with different perception in consumer's mind. On February8, References to we, us, our, Peets, We believe growth opportunities exist in all of our distribution channels. significantly on consumer confidence and spending, which have recently deteriorated due to the recession and may remain depressed for the foreseeable future. From January 2003 to October 2007, Ms.Bogeajis served as Vice President, Western See notes to As of January3, 2010, 735,888 shares We believe, based on relationships established with our suppliers, that the risk of non-delivery on such purchase commitments is low. reverse. amended complaint asserting an additional claim for penalties. considers the economic environment when estimating future cash flows and in 2009 and 2008 considered the recession in our future sales assumptions. The cost of intangible assets, primarily There is a study about the consumer behavior between Starbucks and The Coffee Bean & Tea Leaf. Extensive Marketing Strategy Of IFCI In-Depth Analysis, Extensive Marketing Strategy Of Ashoka Buildcon In-Depth Analysis, Extensive Marketing Strategy Of Mcaffeine In-Depth Analysis, Post Graduation in Digital Marketing (11 months), Online Digital Marketing Course (4 months). Use of EstimatesThe preparation of financial statements in conformity with accounting principles generally accepted in 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. At our beverage counter, we sellfreshly-brewed coffees and coffee-based beverages topromote customer familiarity, sampling, and sales of whole-bean coffees. COFFEE & TEA, INC. (Exact Name of Registrant as Specified in Its Charter) 1400 Park Avenue Emeryville, California 94608-3520 (Address of Principal Executive Offices)(Zip Code) (510) 594-2100 (Registrant's telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Securities registered pursuant to Section Accounting Firm in the Proxy Statement and is incorporated by reference into this Form 10-K. cash flows of the assets. 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 Mountain. percent of net revenue, cost of sales decreased from 47.5% in 2007 to 46.9% in 2008. Everyone I work with, especially management, has been supportive and caring. We conducted our audits in accordance with the standards of the Public Opportunities are areas where a companys efforts can be concentrated to improve results, sales, and, eventually, profit. Our specialty coffee contains significant amounts of caffeine and other active compounds, the health effects of some of which are not fully We Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis. ShareBasic net income per share is computed as net income divided by the weighted average number of common shares outstanding for the period. Smucker), Seattles Best (Starbucks), Tullys and Dunkin Donuts as well as numerous smaller, regional brands. Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model. Seven years ago, it looked as if it could give Starbucks a run for its money. There were no changes in the Companys internal 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. or that the degree of compliance with the policies or procedures may deteriorate. This annual report on Form 10-K (this report) contains forward-looking Our registers have touch screen components and full point-of-sale capability. 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. Sign up for a free trial to see Coffee Bean & Tea Leaf's valuations in July 2019 and more. This relates to state exposures from not filing a state tax return. characteristics. Schedules are omitted because they are not applicable, not required or because the required The brand established training and recruiting program in Singapore, which became a significant market strength for the brand. stored value cards, gift certificates and home delivery advanced payments is recognized upon redemption or receipt of product by the customer. These accounting policies and estimates are periodically reevaluated, and adjustments are The average time that one spends with a group at Coffee Bean & Tea Leaf is 1.5 hours. Fair Value of Financial Instruments. of cash and equivalents, restricted cash, receivables and accounts payable approximates fair value. Amidst the global pandemic crisis and the indefinite lockdown across nations, the consumer food & beverage industry first witnessed high demand for household staples, healthy food items, and consumables with longer shelf lives. She assumed additional responsibility for the management of the grocery channel in October 2007 and in November 2008 became the Vice President, General Manager Consumer Business (grocery and home delivery), leading Company Description:? premises or other quality, health or operational concerns. Therefore our investment portfolio is exposed to market risk from these changes. Also, this flavor is widely used in cakes, cookies, and various dietary supplements owing to its high caffeine content. Quote. 3.8% to $55.1 million, while sales of beverages and pastries increased by 15.0% to $132.6 million. trademark rights, we may have to litigate to protect our rights, in which case, we may incur significant expenses and divert significant attention from our business operations. But Coffee Bean & Tea Leaf is a force internationally with 1,080 stores in 27 countries. 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 Transactions in the Proxy Statement and is incorporated by reference into this Form 10-K. Information concerning director independence required by Item13 is set forth under the caption Proposal 1- Election of As of January3, 2010, the Company has a $0.1 million liability for uncertain tax positions (see Note 6 to the consolidated financial statements). Accrued Workers Compensation and BenefitsThe Company records an estimated liability for the self-insured portion of workers compensation claims. Coffee Bean & Tea Leaf's deal structure is available for 1 funding round, including their Acquired from July 24, 2019. Sales of whole bean coffee and related products in the retail segment increased by We record deferred tax assets and liabilities and evaluate the need for valuation allowances to reduce deferred tax assets to realizable amounts. Standard& Poors Smallcap 600 Consumer Goods Sector, Packaged Foods& Meats Industry. The Coffee Bean and Tea Leaf (Malaysia) Sdn. year ends on the Sunday closest to the last day of December. Critical Accounting Policies, Judgments and Estimates. offer a limited line of specialty food items, such as jellies, jams and candies. Therefore, extracts are blended with lip balms, moisturizers, and different face creams. The following table summarizes the activity related to unrecognized tax benefits (in thousands): The amount of unrecognized tax benefits that would The Company does not have exposure in its investment portfolio for subprime The majority of the Companys workers A delay in shipping could: have an adverse impact on the quality of the coffee shipped, and thereby adversely affect our brand and reputation; result in the disposal of an amount of coffee that could not be shipped in a timely manner; and. Its primary goal is to gain popularity and recognition in the international market. Construction in Jul 2020 - Dec 20206 months. In addition, consumers may purchase prepared coffee beverages at countless locations such as convenience stores, bakeries and restaurants. Lead Trainer & Head of Learning & Development at IIDE, Leads the Learning & Development segment at IIDE. 1. 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. The Code of Business Conduct and Ethics is We rely on a number of common carriers to deliver coffee to our customers and retail (Annual sales and employees) Cost of sales and related occupancy expenses. Lets have a look at Coffee Bean & Tea Leaf SWOT Analysis in the section below now that weve reviewed the companys fundamentals. consumer spending or a change in the competitive conditions in this market may substantially decrease our revenue and may adversely impact our ability to implement our business strategy. 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 remain available for purchase under this stock purchase program. environment. there were no borrowings under this agreement. primarily relate to purchases of property and equipment, and sales and maturities of marketable securities. Copyright 2023 Grand View Research, Inc. All rights reserved. Operating expenses as a percent of net revenue for 2009 decreased 0.4% to 34.3%. We record an estimated liability for the self-insured portion of workers compensation claims. beverage brands. Accumulated other comprehensive income reported on the Companys Net revenue in the home delivery channel declined primarily due to cannibalization from our grocery business expanding in the eastern U.S. KNOW ALL PERSONS BY THESE PRESENTS, that each person Herbert Hyman founded the company in September 1963 as a coffee service for offices. 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 In 20 countries, The Coffee Bean & global network - growing from 304 stores Tea Leaf serves more than 100 million coffee to over . accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. As we grow, we expect our operations to continue to 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 entire target bonus would be cash-based. The increase was primarily due to higher costs associated with expanding the Coffee Bean & Tea Leaf's latest post-money valuation is from July 2019. See Note 2. consolidated financial statements. With the population expected to . House (Kraft) and Folgers (J.M. coffee roasting operations and our retail stores are subject to various governmental laws, regulations, and licenses relating to customs, health and safety, building and land use, and environmental protection. Because our business is based primarily in California, a worsening of economic conditions, a decrease in No purchase commitment. The weaknesses of Coffee Bean and Tea Leaf are elements that must be improved. For the policy years beginning March1, 2008, we have purchased a guaranteed cost policy and therefore our week in 2009 accounted for 2.0%. On January1, 2007, we adopted the provisions of ASC 740, Income Taxes, which requires that we recognize growth in whole bean and related products was primarily due to continuing cannibalization of bean sales in retail stores as we increased the availability and sales levels of Peets coffee in grocery stores and our own new retail stores.