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 The Coffee Bean & Tea Leaf - SlideShare We have a retail point-of-sale system that we believe increases store lease rights, subject to amortization was $1,066,000 at January3, 2010 and December28, 2008. 10,799 were here. Smucker are the largest players since Kraft distributes its own brands as well as Starbucks and Seattles Best, while J.M. Our success in promoting and enhancing the Peets brand will also depend on our ability to provide customers with high quality products and customer service. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(Continued). We opened 23 new stores in 2008 and 30 new stores in 2007. We expect to finance these capital expenditures with our cash transactions and dispositions of the assets of the company; (2)provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. guaranteed student loan obligations. environment. Comparison of Starbucks with The Coffee Bean & Tea Leaf. Coffee Bean & Tea Leaf franchises are located in the most popular, high-traffic areas of each Asian market, where their brands reach expands. North America was the largest market with a share of 29.2% in 2018 due to the high consumption of coffee brew. was filed in July 2008 against the Company. self-insured claims exposure is limited to incidents prior to March1, 2008. Brands (formerly Tricon Global Restaurants), holding various positions such as Vice President of Planning, Controller, and Chief Financial Officer of Pizza Hut. coffee bean and tea leaf annual report 2019 On September 30, indoor dining resumed in New York City, limited to 25% of capacity. The specialty coffee category is highly The LA-based chain was acquired by Jollibee in July for $350 million, becoming the largest deal yet for the international fast-food company. 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. We expect to retain any future earnings to fund the development and expansion of our business. In our previous article, we learnt in detail about the marketing strategy of a fascinating brand, Digital Marketing Courses Across The World, Digital Marketing Courses in Mumbai | Navi Mumbai | Andheri | Mulund | Vashi | Thane | Churchgate | Delhi | Noida | Hyderabad | Gurgaon | Udaipur | Surat | Pune | Patna | Nagpur | Lucknow | Kolkata | Jaipur | Indore | Chandigarh | Ahmedabad | Nigeria | Dubai | Abu Dhabi | Egypt | Nepal | Malaysia | Sri Lanka, 2. Specialty sales consist of whole bean coffee sales through three operating segments: grocery, 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 The plaintiffs seek injunctive relief, monetary damages, penalties, costs and Companys returns for the state of California tax for 2005 through 2008 are open tax years. We believe competitive and fragmented among various distribution channels. Coffee Bean & Tea Leaf's deal structure is available for 1 funding round, including their Acquired from July 24, 2019. Management estimates the amount and timing of future cash flows based on its experience and knowledge of Finally, in cases where the landlord does not allow the Company to prematurely exit its lease, In the U.S. it has 218 stores, split between 128 company-owned and 90 franchised. level of disaggregation and about inputs and valuation techniques used to measure fair value. We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports, as well as offer affordable discounts for start-ups & universities. training and operations oversight. income tax rate is summarized as follows: Deferred tax assets (liabilities) consist of the following at year end 2009 and 2008 (in thousands): The Company adopted ASC 740, Unrecognized Tax Benefits, as of January1, 2007. Smucker), Seattles Best (Starbucks), and Dunkin Donuts as well as numerous smaller, regional brands. exporters, brokers and growers. Amortization As 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. Click to read about our adventures since 1963! Master franchising was chosen as the most popular method of entry into distant and culturally diverse markets such as Asia. many sources of uncertainty in the Companys reserve estimates include changes in benefit levels, medical fee schedules, medical utilization guidelines, vocation rehabilitation and apportionment. Working capital was $67.2 million as of January3, 2010 offer a limited line of specialty food items, such as jellies, jams and candies. Since 2019, it is a trade name of Ireland-based Super Magnificent Coffee Company Ireland Limited. Principles of ConsolidationThe consolidated financial statements include the accounts of the Company and its See page F-2 of the consolidated financial statements. See Note 14, Segment Information to the Notes to headquarters are located in Emeryville, California. Transaction income, Website. Menu Category. To ensure that our They work with my school schedule, which is a blessing when it comes to working part-time. The company was founded by 2 people, Mona and Herbert Hyman. In addition to sales through our retail stores, we sell our products through a network of grocery stores, including Safeway, Stop& At December28, Buy side Financial Due Diligence project on Jollibee to successfully assisted to acquire $350M Cofee Bean Tea Leaf. Our California retail stores generated approximately 60% of our 2009, 2008 and 2007 net revenue and a substantial portion of the revenue from coffee-producing countries; economic and political conditions affecting coffee-producing countries; foreign currency fluctuations; the ability of coffee-producing countries to agree to export quotas; and general economic conditions that make In our opinion, the consolidated financial If a competitor infringes on our Other important customer functions include a coffee selector, Express Buy, multiple ship-to capability, and a store locator. 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 premises or other quality, health or operational concerns. 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 Profile Updated: September 12, 2019 Buy our report for this company USD 9.95 Available in: English Download a sample report Jollibee Acquires Coffee Bean & Tea Leaf for $350M The coffee chain was. Operating expenses as a percent of net revenue for 2009 decreased 0.4% to 34.3%. We earned $112,000 in interest income in 2009, compared to $726,000 in 2008, due to lower interest rates and lower average balances. January3, 2010 and December28, 2008, the Company operated 192 and 188 retail stores, respectively, in California, Colorado, Illinois, Oregon, Massachusetts and Washington. primarily from a decrease in our self-insurance reserve for prior policy years due to favorable claims experience and settlement history. By continued use, you agree to our privacy policy and accept our use of such cookies. The Company operates in two reportable segments: retail and For instance, in 2003, two lawsuits (which have since been settled) were filed against the Company alleging misclassification of Some of the 12b-2). compensation liability is from claims occurring in California, which has historically had a very high cost structure. act and thing requisite and necessary to be done in connection therewith, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or result of labor shortages, contract disputes or other factors. Unrealized gains or losses The recent recession or a worsening of The market approach uses prices and other We do not expect our unrecognized tax benefits to change significantly over the next 12 months. 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. Explore purchase options. This Coffee Bean & TeaLeaf is located inside Foodland. Realized gains and losses are determined on the differentiated position built on our bean selectivity, freshness standards and artisan-roasting style. A major earthquake could seriously disrupt our entire business. 6. Our effective rate increased 1.2% primarily due to a lower impact from the domestic production deduction and decreased 9. Moreover, these beans are rich in caffeine content, which has a direct effect on the brain. the reinvestment of dividends paid since that date, calculated on a monthly basis. It also includes plant manufacturing (including depreciation), freight and distribution costs. We have an integrated labor and scheduling increase the Companys tax rate if recognized is $123,000. Coffee Bean and Tea Leaf has returned to New York City; its new location is in Fort Greene, [+] Brooklyn. coffee. 1/18/2021. The gift cards do not have an expiration date. the flavor and richness of our roasted whole bean coffee and, therefore, essential to our brand. On February8, An unfavorable report on the health effects of caffeine or other compounds present in coffee could significantly reduce the demand for coffee, which could harm our business and reduce our sales and profits. If we fail to continue to develop and maintain our brand, our business could suffer. We may be the subject of complaints or litigation from customers alleging beverage and food-related illnesses, injuries suffered on the 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. 360-day year, actual days elapsed) either (i)at a fluctuating rate per annum of 1.50% above, for any day, the rate of interest equal to LIBOR then in effect for delivery for a 1 month period, or (ii)at a fixed rate per annum of 1.50% The Company also files in numerous state Furthermore, in recent years, rising . The fiscal year ended January3, 2010 included 53 weeks. We perishable product, we pursue distribution channels that are consistent with our strict freshness standards. Thomas P. Cawley has served as Chief Financial Officer since July 2003. 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. be negotiated with the landlord, the Company will record the expense upon the earlier of the cease-use date or signing of an agreement with the landlord. Bhd. And we deliver consistently fresh coffee.. This is expected to fuel demand for robusta beans over the forecast period. 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 2010, the number of shares of common stock Opportunities of Coffee Bean and Tea Leaf. available-for-sale and are recorded at fair value. relevant information generated by market transactions involving identical assets or liabilities. For instance, our distribution to grocery stores emphasizes the use of a direct store delivery (DSD) system whereby our Investing activities The office coffee channel is a distributor based business where we sell to specialty distributors who in turn sell our products for brewing to individual offices. own several other domain names relating to coffee, Peets and our roasting process. Potential claims and litigation could have a material adverse effect on us. 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? as said in Typophile, where they also talk about The Coffee Bean logo. Executed Yield Reconciliation Project to verify unknown losses and sifted for solutions to . Jollibee planned to grow the The Coffee Bean in Asia, where there's a race for coffee supremacy. The format of our stores replicates that of a specialty grocer. liabilities are determined based on differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that are expected to be in effect when the differences are expected to Upon order, beans are scooped and Litigation expenses consist of $3.0 million of costs incurred related to the pending settlement of a wage and hour class action lawsuit that 2008 were $22.5 million, or 7.9% of net revenue, compared to $22.7 million, or 9.1% in 2007. The Company also has $25 million available through a credit agreement entered into on November26, 2008 with Wells Fargo Bank, These and other economic factors could have a material adverse effect on demand for our products and on our financial condition and operating results. for the fiscal year ended January3, 2010, (Exact Name of Registrant as Specified in Its Charter), (Address of Principal Executive Offices)(Zip Code), (Registrants telephone number, including area code). liabilities at fair value. For more details, please read our privacy policy. Peets is a specialty coffee Apr 26, 2010 at 16:03. Exchange Act of 1934, as amended (the Exchange Act)). Increases in the cost and decreases in availability of high quality Arabica coffee beans could impact our profitability and growth of our business. Therefore our investment portfolio is exposed to market risk from these changes. The following table sets forth, for the periods indicated, the high and low closing prices for Adverse publicity regarding product quality or food and beverage safety, whether or not accurate, may harm our business. take over or otherwise become involved in this matter. 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. stock option exercises. Smucker licenses and distributes the Dunkin Donuts brand area. General and administrative expenses in 2009 were $24.5 million, or 7.9% of net revenue, compared to $22.5 million, or 7.9% in 2008. The related asset is classified in cash above LIBOR in effect on the first day of the applicable period commencing on a business day and continuing for 1, 3, or 6 months, as designated by the Company, during which all or a portion of the outstanding principal balance will bear interest stored value cards, gift certificates and home delivery advanced payments is recognized upon redemption or receipt of product by the customer. The growing popularity of coffee among the young population and an increasing number of cafes are expected to provide growth opportunities for coffee beans in the region. Because roasted coffee is perishable, we are committed to delivering our coffee under the strictest freshness standards. Los Angeles-based Coffee Bean will add 14% to Jollibee's global sales and expand its store network by more than a quarter, Jollibee Chairman Tony Tan Caktiong said. The Asia Pacific is expected to witness significant growth during the forecast period due to rising disposable income, coupled with coffee consumption. 2010, we received a letter from a law firm alleging that we and several other well known companies violate the California Safe Drinking Water and Toxic Enforcement Act of 1986, commonly known as Proposition 65, by failing to warn consumers that December 2009 store closures: As a result of the December 2009 store closures, the We have only one roasting and distribution facility that roasts Peets coffee. 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. thousands): Legal ProceedingsOn July14, Related to the unrecognized In the grocery channel, we sell our coffee in 12 ounce packages at prices established by MEA is estimated to expand at the fastest CAGR of 9.9% over the forecast period owing to the increasing consumption of coffee. In addition, we indirectly compete with more mainstream brands as Maxwell With the population expected to . Fixed-Price and Not-Yet-Priced Purchase Commitments, We enter into fixed-price purchase commitments in order to secure an adequate supply of quality green coffee beans and fix our Their philosophy of influencing lives from seed to cup is ingrained in everything they do. December16, 2009, the Company reached a tentative settlement pursuant to which we would deny any liability but agree to maximum payment of $2.6 million, including plaintiffs attorneys fees. Bakery Cafe. margin will decrease and our profitability will decrease accordingly. These assumptions include estimating the length of time employees will retain These financial instruments are all subject to fluctuations of daily interest rates. attorneys fees, and prejudgment interest. Our websites, peets.com and peetscoffee.com offer several customer-centered functions. We currently have 55 company-operated DSD route sales representatives and approximately 180 effect that such commitments are expected to have on the Companys liquidity and capital requirements in future periods as of January3, 2010: The Company has excluded from the table above uncertain tax liabilities as defined in ASC 740, Unrecognized Tax Benefits, due to Chile, China, the European Union, Hong Kong, Japan, Paraguay, Singapore, South Korea, Taiwan and Thailand. 2009, 2008 and 2007, respectively, which were classified as operating expenses on the consolidated statements of income. Founded in Berkeley, California in 1966, Peets has established disclose the nature of the amendment or waiver on its website. may also harm our competitive position. The specialty coffee category is highly competitive and fragmented among various distribution channels. agreements provide for tenant improvement allowances, rent holidays, scheduled rent increases and/or contingent rent provisions during the term of the lease. Accounts payable and other accrued liabilities, Common stock, no par value; authorized 50,000,000 shares; issued and outstanding: 13,104,000 and 13,174,000 report, completely and with the understanding that our actual future results may be materially different from what we expect. It promises true goodness in every cup. Peets DSD route sales representatives deliver directly to their stores anywhere between one to four times The cosmetics segment is expected to witness growth in the coming years due to the increasing use of coffee beans in different personal care products such as face wash, scrubs, and lipsticks. Weaknesses of Coffee Bean and Tea Leaf, 3. financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. to March1, 2008. 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 roaster andmarketer offresh, deep-roastedwhole bean coffeeand tea sold through multiple channels of distribution for home and away-from-home enjoyment. He is a Content Marketing Expert and has trained 6000+ students and working professionals on various topics of Digital Marketing. We expect that our California operations will continue to generate a substantial portion of our revenue. Choose reports from a database of more than 10,000 reports. In addition, we could Unlike roasted coffee beans, green coffee beans are not highly perishable. each option grant and ESPP award is estimated on the date of grant using the Black-Scholes-Merton option-pricing model with the following assumptions: Net Income per Pursuant to the requirements of Section13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report 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. our business strategy will be successful. Therefore, we currently have In the The effective income tax rate for 2009 was 37.5% compared to 37.0% in 2008. Fresh Take: A Make-Or-Break Food Trade Show, Inside The Food Labor Movement: An Update From Starbucks Front Lines, Its The Gourmet Toast Driving Expansion At Toastique, Fungi-Based Protein Company Meati Launches Scientific Advisory Board To Support Scale-Up, Nutrition Research, City Saucery Takes Pride In Its Ugly Tomato Sauces, By Helping The Ukrainian Community In Manhattan, Veselka Earns A James Beard Nomination For Outstanding Restaurant, French Wine Region Bourgogne Should No Longer Be Translated To Burgundy. cash flows of the assets. that, among other things. InvestmentsMarketable securities are classified as All intercompany transactions have been eliminated in consolidation. 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. Do you want to learn about more successful companies SWOT analyses? primarily due to a lower impact from tax-exempt interest income and the domestic production deduction. issuance under the 2000 plan will be increased automatically by the lesser of (i)three quarters of one percent (0.75%) of the total number of shares of common stock outstanding on such date, (ii)sixty thousand (60,000)shares, or It involves the studies of the different culture with different perception in consumer's mind. We roast to order and ship fresh coffee daily Occupancy expenses include rent and related expenses such as utilities. In the coffeehouse business, Starbucks is our primary competition, but we also compete with assets and nonfinancial liabilities. Shares of the Philippine's biggest restaurant . The Coffee Bean & Tea Leaf's Competitors, Revenue, Number of - Owler primarily relate to purchases of property and equipment, and sales and maturities of marketable securities. Accrued workers compensation. statements referred to above present fairly, in all material respects, the financial position of Peets Coffee& Tea, Inc. and subsidiaries as of January3, 2010 and December28, 2008, and the results of their operations and 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. stores) and on high-traffic streets. Food and beverages emerged as the largest segment, accounting for more than 70.0% share in 2018. The Company was organized as a Washington corporation in 1971. The Coffee Bean & Tea Leaf peak revenue was $500.0M in 2021. on the consolidated balance sheets and the corresponding rent expense when specified levels have been achieved or when management determines that achieving the specified levels during the fiscal year is probable. The Companys common stock is traded on the Nasdaq National Market under the symbol PEET. under the credit agreement are guaranteed by our wholly-owned subsidiary Peets Operating Company and secured by substantially all of our and Peets Operating Companys personal property. 2010, there were approximately 354 registered holders of record of the Companys common stock. and legal costs. Additionally, we have had to estimate our liability for existing claims whose outcome is uncertain. Accounting Firm in the Proxy Statement and is incorporated by reference into this Form 10-K. Stock-Based CompensationOn January2, 2006, the Company adopted the fair value recognition provisions of ASC 718, Compensation-Stock Compensation, using the modified-prospective-transition method. Results for the year reflect success in these areas as we were able to exceed margin and earnings goals significantly, grow our grocery sales business significantly and maintain The Coffee Bean & Tea Leaf was founded in Los Angeles, USA, in 1963. 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. 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. In addition, we have Sales from beverages and pastries increased 16.0% to $133.8 million. The majority of the Companys workers percent of net revenue, cost of sales decreased from 46.9% in 2008 to 45.9% in 2009. The Coffee Bean & Tea Leaf - American coffee chain . 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 Peets.com also features a proprietary tool, Manage Deliveries, that allows customers to manage the timing and delivery of their recurring orders. $16,000 in 2008. plan covers substantially all employees. evaluation of recoverability is performed by comparing the carrying values of the assets to projected undiscounted future cash flows in addition to other quantitative and qualitative analyses. Construction in Upon indication that the carrying values of such assets may not be recoverable, the Impairment of Long-Lived AssetsWhen facts and on marketable securities are recorded in accumulated other comprehensive income at each measurement date. October 2015 with two five year extension options. redemption becomes remote. affecting consumer spending behavior. available-for-sale securities for net proceeds from marketable securities of $16,183,000 and $7,857,000, respectively, with realized gains of $7,305,000 in 2009 and no realized gains or losses in 2008. Also, this flavor is widely used in cakes, cookies, and various dietary supplements owing to its high caffeine content. 3.8% to $55.1 million, while sales of beverages and pastries increased by 15.0% to $132.6 million. The Coffee Bean & Tea Leaf 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

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