The supply and price of coffee are subject We regard intellectual property and other proprietary rights as important to our success. Companys internal control over financial reporting as of January3, 2010. The Committee also increased Mr.ODeas annual target bonus from 66% to 90% of his base salary for the 2010 fiscal year, and determined that the The content on any website referred to in this report is not incorporated by reference into this report unless expressly noted. Stock-based compensation. Companys stock. require us to contract with alternative, and possibly more expensive, common carriers. in addition to cost improvements at the store level (-0.2%), partially offset by higher costs associated with expanding the grocery business (0.3%) and expenses incurred in closing four underperforming stores (0.3%). control over financial reporting identified in connection with the evaluation required by paragraph (d)of Exchange Act Rules 13a-15(e) or 15d-15(e) that was conducted during the last fiscal quarter that have materially affected, or are Key factors that are driving the market growth include growing awareness related to increasing penetration of brands such as CCD and Starbucks in India, China, and other emerging countries. In addition to employment related claims, Peets may be subject to various claims and litigation. The fair value of the retail net asset is estimated using the discounted title does pass to the distributor and revenue net of commissions is recorded upon delivery to the distributor. Such differences could be material to the financial statements. information is included in the Consolidated Financial Statements or Notes thereto. Level 3Unobservable inputs that are supported by little or no Even McDonalds has set a strategic price range for children and teenagers, which could put The Coffee Bean & Tea Leaf at a disadvantage. Robusta contains 2.7% caffeine, which is almost double of 1.5% of arabica. 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. regulatory environment. effect inflation may have on our results of operations in the future. North America dominated the coffee beans market with a share of 28.7% in 2019. In 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, This FREE sample includes market data points, ranging from trend analyses to market estimates & forecasts. tophy52. primarily relate to purchases of property and equipment, and sales and maturities of marketable securities. WPB accounts are foodservice accounts where Peets supplies the equipment and product to brew and resell our products. We believe the growth in $21.91, respectively. MEA is estimated to expand at the fastest CAGR of 9.9% over the forecast period owing to the increasing consumption of coffee. As a We expect the commodity market to continue to be volatile as worldwide demand, the strength of the dollar, and weather will two reportable segments, consisting of: Specialty sales, which consist of sales to grocery stores, foodservice and office accounts, and sales to home delivery customers. Actual results could differ from those estimates. 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. The Coffee Bean today has many locations all over the world including San Francisco, Phoenix . 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 Caffeine Essay. 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 Adverse publicity resulting from such allegations may materially adversely affect us, regardless of whether such allegations are true or whether we are ultimately held liable. This report comprises of information regarding Coffee Bean and Tea Leaf, a coffee retailer founded in the US. The Coffee Bean & Tea Leaf Franchise Information Coffee Franchises Download Full FDD Year Business Began:1963 Franchising Since:2002 Headquarters:Los Angeles, California Estimated Number of Units:1,035 Franchise Description:The franchisor is Super Magnificent Coffee Company Ireland Limited. We dont have an intimidating environment. and marketable securities and with operating cash flows. 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. We purchase tea directly from importers and brokers and store and pack the tea at our facility in Alameda, California. turn our inventory of green coffee beans two to three times per year. Depreciation and amortization awareness, building customer loyalty and creating a premium specialty coffee brand. KNOW ALL PERSONS BY THESE PRESENTS, that each person Retail stores The Company A significant interruption in the operation of our roasting and distribution facility could potentially disrupt our operations. Smucker), Seattles Best (Starbucks), and Dunkin Donuts as well as numerous smaller, regional brands. delivery, and office and restaurant accounts throughout the United States. The following documents are filed as part of this Form 10-K. (a)(1) Index to 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 Full name: The Coffee Bean & Tea Leaf (Malaysia) Sdn. Accrued Workers Compensation and BenefitsThe Company records an estimated liability for the self-insured portion of workers compensation claims. Since 2019, it is a trade name of Ireland-based Super Magnificent Coffee Company Ireland Limited. 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? If, at the end of the 60-day period, the Attorney General has not made the determination to take over the matter entirely, the law firm would be entitled to file an action in California state There is always a risk that one of these competitors could undertake a strategy that involves very high spending or discounting that would negatively impact our operating results. Young people under the legal drinking age are one of the coffee-drinking markets fastest-growing segments. 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. We believe that our customers choose among specialty coffee brands based on the total value Inventory cost includes certain indirect Smucker licenses and distributes the Dunkin Donuts brand in addition to its Folgers and Millstone brands. All information required by this item is included in Item15 of this annual report on Form 10-K and is incorporated in this item by reference. 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). International Coffee & Tea's annual revenues are $10-$50 million (see exact revenue data) and has 500-1,000 employees. The plan does not offer investments in Company stock. stock option exercises. indication that the carrying values of such assets may not be recoverable, the Company recognizes an impairment loss by a charge against current operations for an amount equal to the difference between the carrying value and the assets fair During the year and as of January3, 2010, The coffee bean and tea leaf annual report 2019giannis antetokounmpo fan mail address coffee bean and tea leaf annual report 2019. amstar nostalgia 49cc moped; land plane with scarifiers. Although we do not purchase coffee on the commodity markets, price movements in the commodity trading of coffee impact the Property, plant and equipmentProperty, plant and equipment are stated at cost. See notes to 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 and capital requirements, our existing share purchase program and our contractual obligations as they come due. Our brand building initiative involves We expect to finance these capital expenditures with our cash Beyond sourcing and roasting, we have developed a reputation for expert coffee blending. requirement to maintain the Companys financial condition in accordance with certain ratios and thresholds, and events of default that permit the Bank to accelerate the Companys outstanding obligations, including nonpayment of principal, 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 Coffee Bean & Tea Leaf has 12,000 employees, and the revenue per employee ratio is $41,666. Older adults also appreciate the low cost of a cup of coffee and a snack, where they can meet with friends, relax, or work. 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 Americano (hot or iced) Cappuccino (hot or iced) Espresso. Company Description:? be determined with certainty, the actual results will inevitably differ from our estimates. The Coffee Bean & Tea Leaf Malaysia Promotions New Year Adventures Read more Holiday Specials Read more Leaf with Me Read more Latest News A lot has changed since '63, but our philosophy never has. 9. For more details, please read our privacy policy. established relationships with foodservice and office distributors to expand our account base in select markets and channels. Gift CardsThe Company sells gift cards in its retail stores and through its Peets Coffee& Tea, Inc., a Washington At December28, No valuation allowance for deferred tax assets was recorded as management Unallocated assets include cash, coffee inventory in the warehouse, corporate headquarter assets and intangible and other assets. We may from time to time become involved in certain legal proceedings in the ordinary course of business. Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model. The Coffee Bean & Tea Leaf (abbreviated CBTL) is an American coffee shop chain. level of disaggregation and about inputs and valuation techniques used to measure fair value. year ends on the Sunday closest to the last day of December. subsidiaries. The Coffee Bean & Tea Leaf recently rolled out its largest advertising campaign ever focusing on traditional and digital platforms while supporting the role of mobile in consumers' everyday activities. July14, 2008, a complaint was filed against us in California Superior Court, Alameda County, by three former employees on behalf of themselves and all other California store managers. The increase from the same 52 weeks was 7.3% as the extra The Company files income tax returns in the U.S. federal jurisdiction and various state Information respecting executive officers of the Company is set forth at Part I of this Form 10-K under the caption BusinessExecutive Despite revenue growth that was less than our expectations, we intent and ability to hold the securities to recovery. 1/18/2021. These beans are strong and bold in taste and have a chocolaty flavor that lingers pleasantly in the mouth. Any action under Proposition 65 would likely seek statutory penalties and costs of enforcement, as well as a requirement to provide warnings and other notices to customers. 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 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. Peets The Companys common stock is traded on the Nasdaq National Market under the symbol PEET. The Federal government and the state of California are the Companys only significant tax jurisdictions. Matters, Certain Relationships and Related Transactions, and Director Independence, Exhibits and Financial Statement Schedules. In September 2006, the Financial Accounting that date. our sites and services. independent distributors to support grocery accounts primarily in the western and eastern U.S. and other selected markets. Impairment losses for underperforming stores of $128,000, $630,000 and $460,000 were recorded during Net cash provided by operations was $41.9 million in 2009 compared to Investing activities The Coffee Bean & Tea Leaf was founded in Los Angeles, USA, in 1963. The expected term of the options represents the estimated period of time from date of option grant until exercise and is based on historical experience of similar non-financial assets and liabilities, including long-lived assets, at fair value on a non-recurring basis. More on this chain: Coffee Bean & Tea Leaf. Our access to high quality Arabica beans depends on our relationships with coffee brokers, exporters and growers, with whom we have built long-term relationships to ensure a steady supply of coffee beans. In December 2006, we purchased approximately 460,000 square feet of land and a 138,000 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. Operations for Taco Bell Corporation, a Yum! 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. Construction in The preparation of financial statements in conformity with generally accepted accounting principles requires the appropriate application of their cash flows for each of the three fiscal years in the period ended January3, 2010, in conformity with accounting principles generally accepted in the United States of America. We consider roasted coffee a perishable product and we rely on these common carriers to deliver fresh roasted coffee on a daily basis. Moreover, increasing consumption of coffee-flavored beverages and ice cream is expected to fuel demand for these beans over the forecast period. When ceasing operations under per week, properly shelve the product, rotate to ensure freshness, sell and erect free-standing displays and forge store-level selling relationships. future, by the actions of certain organizations and associations that have historically attempted to influence commodity prices of green coffee beans through agreements establishing export quotas or restricting coffee supplies worldwide. We believe that our audits provide a reasonable basis for our opinions. 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. We believe, based on relationships established with our suppliers, that the risk of non-delivery on such purchase commitments is low. Unlike roasted coffee beans, green coffee beans are not highly perishable. ongoing deliveries of coffee or tea through our Peetnik Loyalty Program. (52 weeks). We expect operating expenses as a percent of net revenue in 2010 to continue to improve. The standard describes Principles of ConsolidationThe consolidated financial statements include the accounts of the Company and its lowest level for which there are identifiable cash flows when assessing impairment. Copyright 2023 CB Information Services, Inc. All rights reserved. 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. Changes in Internal Control over Financial Reporting. The growth in net revenue in grocery was due to the 2,400 new stores we added during 2008, as well as growth in our existing accounts in the western United States. In 20 countries, The Coffee Bean & global network - growing from 304 stores Tea Leaf serves more than 100 million coffee to over . the commencement of the lease. In addition to sales through our retail stores, we sell our products through a network of grocery stores, including Safeway, Stop& purchased for home consumption. The specialty coffee category is highly competitive and fragmented among various distribution channels. Income tax contingencies are accounted for in accordance with ASC 740, Income Taxes, and may require significant management judgment in estimating final While we believe our reserve methodology on these claims is appropriate, should a greater amount of claims freshness standards are consistently met, it is our policy not to serve brewed coffee that is more than 30 minutes old and every espresso based drink is made to order using freshly pulled shots of espresso and freshly steamed milk. Its primed to expand in the New York metropolitan area. Our registers have touch screen components and full point-of-sale capability. flavor of our coffees. small single-unit mom and pop coffee houses and regional or local chains such as Coffee Bean& Tea Leaf, Tullys and Seattles Best. and related notes and Managements Discussion and Analysis of Financial Condition and Results of Operations included elsewhere in this report. 2. Amortization affecting consumer spending behavior. participants on the measurement date. Management evaluates segment performance primarily based on revenue and segment operating income. small batches, and we rely on the skills and training of each roaster to maximize the flavor and potential in our beans. This annual report on Form 10-K (this report) contains forward-looking Flat White (Add vanilla bean sauce for a flavored option.) India has more than 1,400 registered cafs. is set forth under the caption Security Ownership of Certain Beneficial Owners and Management and Executive CompensationEquity Compensation Plan Information in the Proxy Statement and is incorporated by reference into Commission. We believe we offer competitive benefits packages to attract and retain valuable employees. DOWNLOAD TODAY Sea Salted Caramel Latte & Macchiato For financial assets and financial liabilities, this accounting guidance was effective for the Company beginning in fiscal 2008. ets dive straight into Coffee Bean & Tea Leaf SWOT analysis. Management estimates the amount and timing of future cash flows based on its experience and knowledge of Coffee Bean Market Overview: A coffee bean is a type of seed obtained from the coffee tree. Robusta is expected to be the fastest-growing market with a CAGR of 7.4% during the forecast period. In 2009, 2008 and 2007, the Company granted non-employee director options to purchase an aggregate 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. Form8-K. Information with respect to continuing directors and nominees of the Company, committees of the Board of Directors and the Companys Code of Business Conduct and Ethics is set forth under the caption January3, 2010 and December28, 2008, the Company operated 192 and 188 retail stores, respectively, in California, Colorado, Illinois, Oregon, Massachusetts and Washington. coffee futures options to manage coffee supply and price risk. offered health care. On September 30, indoor dining resumed in New York City, limited to 25% of capacity. fair value of each stock award is estimated on the grant date using the Black-Scholes-Merton option-pricing model based on assumptions for volatility, risk-free interest rates, expected life of the option, and dividends (if any). Company recorded a non-cash fixed asset write-off of $885,000, which is classified in operating expense in the accompanying consolidated statements of income. The Proxy Statement Judgments made by the Company related to the expected useful lives of long-lived assets and At the same time, the Coffee Bean Card should be made flexible where some requirements totally nudge the . 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Our audits also included performing such other procedures as As of January3, 2010, there were 1,492,170 shares available for grant under the 2000 stock option plan and 206,850 shares available Previously, she held prominent retail operations and sales positions with Taco Bell, Frito-Lay, Inc., a PepsiCo company, and Burger King Corporation. After extensive research and analysis, Zippia's data science team found the following key financial metrics. Besides its namesake coffee and teas, it offers breakfast sandwiches, salads, a variety of baked goods, signature ice-blended drinks, pumpkin spiced chai lattes and kosher fresh goods as well. Our stores are typically located in urban neighborhoods, suburban shopping centers (usually consisting of grocery, specialty and service offer full-functioning e-commerce at peets.com, integrated with our call center for access to orders placed at both locations. 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 week in 2009 accounted for 2.0%. Sign up for a free trial to see Coffee Bean & Tea Leaf's valuations in July 2019 and more. Our effective rate increased 1.2% primarily due to a lower impact from the domestic production deduction and decreased jurisdictions with varying statutes of limitations. 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. Free trial, before you make a purchase decision. accepted accounting principles. The 1,189-unit beverage chain reported a net loss of $21 million on revenue of $313 million in 2018. primarily due to a lower impact from tax-exempt interest income and the domestic production deduction. closed 4 underperforming stores. used to manage our operations and increase the productivity of our workforce. adversely affect our business. In addition to our reportable segments, we measure our business by monitoring the volume and revenue growth of two distinct business categories: Whole bean coffee and related products, consisting of products for home brewing, tea and packaged foods; and. This relates to state exposures from not filing a state tax return. management and our coffee roasters and purchasers. This ASU will not have an impact to our consolidated financial statements except to require us to provide increased disclosure. whole bean coffee inconsistent with our standards, store our whole bean coffee for long periods of time or resell our whole bean coffee without our consent, which in each case, potentially affects the quality of the coffee prepared from our Therefore our investment portfolio is exposed to market risk from these changes. Long lived assets to be disposed of are reported at the lower of their carrying amount or fair value, less estimated costs to sell. We recognize indirect costs included in inventory as cost of goods sold as the related products are sold. Despite its popularity, the coffee chain logged $21 million in losses. Smucker). applications pending with the United States Patent and Trademark Office for a number of additional marks including Freddo, and Blended Freddo. Revenue in USD million/billion and CAGR from 2019 to 2025, Revenue forecast, company ranking, competitive landscape, growth factors, and trends, North America; Europe; Asia Pacific; Central & South America; Middle East & Africa, U.S.; Canada; Mexico; Germany; China; India; Brazil, Kicking 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.; Peets Coffee & Tea, Inc. Free report customization (equivalent up to 8 analysts working days) with purchase. Adverse publicity regarding product quality or food and beverage safety, whether or not accurate, may harm our business. Red Eye (espresso shot in fresh brewed coffee) View this post on Instagram. Since future events and their impact cannot encourage customer trial of our coffee through coffee beverages. We're here to enjoy life. In the specialty sales segment, net revenue increased 19.9% compared to 2007 as summarized by business channel below. See Note 13, Commitments and Contingencies for further discussion. Our coffee and related items are sold through multiple channels of distribution that provide We're passionate about delivering the best handcrafted products and take pride in the journey from seed to cup. securities law claims, commercial disputes, and disputes relating to intellectual property. No transaction income, net was recorded in fiscal 2008 or 2007. entire target bonus would be cash-based. This is expected to fuel demand for robusta beans over the forecast period. We record deferred tax assets and liabilities and evaluate the need for valuation allowances to reduce deferred tax assets to realizable amounts. The stores) and on high-traffic streets. Our support available to help you 24 hours a day, five days a week. differentiated position built on our bean selectivity, freshness standards and artisan-roasting style. stable customer traffic to our retail stores despite the difficult economic environment. Commission (SEC). 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. a loyal customer base with strong brand awareness in California. value. 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. Key Principal: SUNNY SASSOON See more contacts Industry: Coffee shop. The number of cafes is expected to increase in the coming years, which is expected to fuel demand for robusta and arabica beans over the forecast period. We are subject to a variety of laws and regulations which govern such matters as minimum wages, overtime and other working conditions, various family leave mandates and a variety of other laws enacted, or rules and regulations promulgated, The Los Angeles-based independent coffee retailer said on Tuesday that it plans to open a few franchises in New York City this year.
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