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.. During 2009, the Company recorded a gain on the sale of stock of $7.3 million for stock that we acquired and sold of Diedrich Coffee within 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 Shop, Ralphs, Kroger, Publix and Whole Foods Market. Except for historical information, the discussion below contains forward-looking statements within the meaning of Section21E of the Securities Exchange Act of 1934. 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. Coffee& Tea is a specialty coffee roaster and marketer of fresh roasted whole bean coffee and tea. In addition, we have a lease for a second office and warehouse space totaling approximately 8,000 square Decent Essays. Because roasted coffee is perishable, we are committed to delivering our coffee under the strictest freshness standards. thousands): Legal ProceedingsOn July14, Management evaluates segment performance primarily based on revenue and segment operating income. We place In 2008, we completed conversion of this facility from our roasting plant into office space. On We are indifferent as to where consumers purchase our coffees and teas, and believe that our specialty and retail segments are synergistic. Notes: Available in a 16-ounce valve bag at $11.45. Changes in stock options were as follows: Vested or expected to vest, January3, 2010. 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. The market approach uses prices and other So, lets take a look at the opportunities Coffee Bean & Tea Leaf has to produce outstanding results. Based on our evaluation under The plan does not offer investments in Company stock. Beans are freshly scooped from bins under the counter, weighed on Companys stock. The following table presents certain financial information for each segment. We generally No shares remain available for purchase under this stock purchase program. Learn More. Advertising expense was $4,944,000, $4,439,000 and In the retail segment, net revenue increased 11.5% We expect the liability to We consider our relationship with our employees to be good. $21.91, respectively. operating performance. market activity, therefore requiring an entity to develop its own assumptions about the assumptions that market participants would use in pricing. As of January3, 2010, 735,888 shares The credit agreement contains customary affirmative and negative covenants, including a stores are primarily designed to facilitate the sale of fresh whole bean coffee and hand-crafted coffee beverages. statements and the reported amounts of revenues and expenses during the reporting period. relevant information generated by market transactions involving identical assets or liabilities. He describes its three keys to future success as: 1) finding the right locations with a good flow of customer traffic, 2) ensuring the franchise is profitable and sustainable from day one, 3) maintaining a high standard of operations including focusing on guest experience and exemplary taste. 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 We do presentation. These costs are shown separately as litigation related expenses in the consolidated statements of income. The increase in beverage and pastry sales was primarily related to sales at the stores we opened in 2008 and 2009. 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. plan is 750,000. The Companys 401(k) area. We regard intellectual property and other proprietary rights as important to our success. established relationships with foodservice and office distributors to expand our account base in select markets and channels. Unrealized gains or losses available-for-sale and are recorded at fair value. market price. Our roasters undergo an extensive apprenticeship program to learn our roasting method and to gain the skills necessary to roast The following selected consolidated financial data should be read in conjunction with our consolidated financial statements Revenue from Adjustments to reconcile net income to net cash provided by operating activities: Excess tax benefit from exercise of stock options, Tax benefit from exercise of stock options, Loss on disposition of assets and asset impairment, Prepaid expenses and other current assets, Accounts payable, accrued liabilities and deferred revenue, Deferred lease credits and other long-term liabilities, Net cash provided by operating activities, Purchases of property, plant and equipment, Proceeds from sales of property, plant and equipment, Proceeds from sales and maturities of marketable securities, Net cash provided by (used in) investing activities, Net proceeds from issuance of common stock, Net cash (used in) provided by financing activities, Increase (decrease) in cash and cash equivalents, Cash and cash equivalents, beginning of year, Capital expenditures incurred, but not yet paid. Therefore, we currently have There were no changes in the Companys internal lease rights, subject to amortization was $1,066,000 at January3, 2010 and December28, 2008. 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. Founded in Berkeley, California in 1966, Peets has established Moreover, they are adopting various pricing strategies to increase their sale. The Coffee Bean & Tea Leaf's Competitors, Revenue, Number of Employees, Funding, Acquisitions & News - Owler Company Profile 2,107 Followers on Owler Overview Competitors Funding News & Insights President & CEO John Fuller CEO Approval Rating 90/100 Weigh In 1963 Los Angeles California Los Angeles Metropolitan Area attorneys fees, and prejudgment interest. 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. Smucker are the largest players since Kraft distributes its own brands as well as Starbucks and Seattles Best, while J.M. Our ability to differentiate our brand from those of our competitors depends, in part, on the strength and enforcement of our trademarks. Purchase CommitmentsAs of January3, 2010, the Company had outstanding coffee purchase commitments with both fixed prices and prices with a fixed premium over the New York C market as follows (amounts in We must constantly protect against any infringement by competitors. Each store has a dedicated staff person at the bean counter to take orders and assist customers with questions on coffee origins and on home brewing. It becomes a pleasant gathering place for all of their friends. Learn more. Check out the knowledge portal on our website for more such content. Although we were ultimately outbid for the business, the transaction resulted in a net gain of $11.5 million due to the receipt of a break-up fee and gains on the sale of Diedrich Coffee stock, net of external professional The stock price performance shown in the graph is not necessarily indicative of future price performance. coffee at Peets and make a long-term commitment to our artisan craft. 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 Actual results could materially differ from these estimates and could significantly affect the Companys effective tax rate and cash flows in future years. We currently use fixed-price and not-yet-priced purchase commitments, but in (a)(2) Index to Financial , peets.com, Blend 101, eCup, Espresso Forte, Fresh Fridays, Gaia Organic Blend, Garuda Accordingly, customers may prepare coffee from our The specialty coffee category is highly competitive and fragmented among various distribution channels. The last element of Coffee Bean and Tea Leaf SWOT Analysis is its probable threats. reasonably likely to materially affect, the Companys internal control over financial reporting. profits to suffer. Amounts drawn under the credit agreement will bear interest (computed on the basis of a many sources of uncertainty in the Companys reserve estimates include changes in benefit levels, medical fee schedules, medical utilization guidelines, vocation rehabilitation and apportionment. An increase in awareness related to health benefits is a key factor driving the segment over the forecast period. strengthen our core businesses with improved operational efficiency. When expanded it provides a list of search options that will switch the search inputs to match the current selection. Net revenue for 2009 increased 9.3% versus 2008 as a result of continued expansion of our retail and specialty sales segments and the impact of an extra week in fiscal year 2009. Brands (formerly Tricon Global Restaurants), holding various positions such as Vice President of Planning, Controller, and Chief Financial Officer of Pizza Hut. foreseeable future. The Companys common stock is traded on the Nasdaq National Market under the symbol PEET. Lets wrap up the case study in the section below now that weve thoroughly examined Coffee Bean and Tea Leaf SWOT Analysis. In 2009, we completed the development and implementation of a new $7.1 million enterprise resource planning (ERP) system. During the year and as of January3, 2010, there were no borrowings outstanding under this agreement, and unused We have only one roasting and distribution facility that roasts Peets coffee. On October27, 2008, 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 this stock purchase program. California 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. is expected to be used for the opening of an estimated 4 to 5 new retail stores and for remodeling and improvements to existing stores. The Company has no off-balance 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 detected on a timely basis. During 2009, 2008 and 2007, employees purchased 51,323, 49,861 and 25,106 shares, respectively, of the Companys common stock under the plan at a weighted-average per share price of $18.51, $18.76 and $20.94, respectively. Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis. Except as required by law, we assume no obligation to update any forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in any forward-looking statements, even if new applications pending with the United States Patent and Trademark Office for a number of additional marks including Freddo, and Blended Freddo. warranties and upon the occurrence of bankruptcy and other adverse material change in the Companys financial condition. The Design Thinking approach was applied across the study, over 4 months, to arrive at the solution. The Company is subject to periodic audits by the Internal Revenue Service and other state and local taxing authorities. In our opinion, the consolidated financial Coffee Bean Market Overview: A coffee bean is a type of seed obtained from the coffee tree. Peets cards can check their balance as well as reload their card online. See for yourself. 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? report, completely and with the understanding that our actual future results may be materially different from what we expect. 'Th' comes from Veer's Bookman Swashes Italic AJF or BJF. ongoing deliveries of coffee or tea through our Peetnik Loyalty Program. DirectorsIndependence of the Board of Directors in the Proxy Statement and is incorporated by reference into this Form 10-K. Information concerning principal accountant fees and services required by Item14 is set forth under the caption Proposal 3- Ratification of Selection of Independent Registered Public The following table sets forth, for the periods indicated, the high and low closing prices for (part of our specialty segment). assumptions could materially affect the estimate of the fair value of stock based compensation; however, based on analysis using changes in certain assumptions that could be reasonably possible, management believes the effect on the expense . In the specialty sales segment, net revenue increased 13.4% compared to 2008, or 11.4% without the 53 Discover an elevated cafe experience. In addition, we could termination of employment and related benefits taxable pursuant to section 451 of the Internal Revenue Code of 1986, as amended (the Code). As a The lease agreements also provide for periodic adjustments to the minimum lease payments based on changes in cost of living indices or other scheduled increases. 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. The Arabica beans purchased by us tend to trade on a negotiated basis at a 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. 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 -2.00 -0.79%. Furthermore, an increase in the number of coffee shops in Canada and the U.S. is expected to fuel demand for coffee beans over the forecast period. 7 Pages. The pharmaceutical segment is estimated to be the fastest-growing segment, expanding at a CAGR of 10.3% over the forecast period. There is a study about the consumer behavior between Starbucks and The Coffee Bean & Tea Leaf. For Fifty years on, they haven't changed their . year. 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. Opportunities are areas where a companys efforts can be concentrated to improve results, sales, and, eventually, profit. Information with respect to compliance with Section16(a) of the Exchange Act is set 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. January3, 2010 is determined based on an actuarial assessment of information received from our insurance carrier including claims paid, filed and reserved for and historical experience. Who are the key players in coffee beans market? After extensive research and analysis, Zippia's data science team found the following key financial metrics. plan covers substantially all employees. Growing demand for coffee vending machines at railway stations, airports, offices, and other places and increasing demand from the working population are anticipated to make a reasonable contribution to the market revenue. ASC 820, Fair Value Measurements and Disclosures,