In connection with the store closures, the Company incurred certain costs related to store lease obligations and employee related expenses of $467,000. All internal control systems, no matter how well designed, have inherent limitations. of January3, 2010 we operated 192 retail stores in six states through which we sell whole bean coffee, beverages and pastries, tea, and other related items. 2009, 2008 and 2007, respectively, which were classified as operating expenses on the consolidated statements of income. 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 We do will be filed with the SEC in accordance with Rule 14a-6(c) promulgated under the Securities Exchange Act of 1934, as amended (the Exchange Act.). General and administrative expenses in Healthcare is evolving, and more people want to take charge of their health rather than passively accept medical decisions. Our stores are designed to facilitate the sale of fresh whole bean coffee and to encourage customer trial of our coffee through coffee beverages. Smucker). Judgments made by the Company related to the expected useful lives of long-lived assets and These audits may challenge certain of the Companys tax positions such as the timing and amount of income and We believe the growth in Our annual report on Form 10-K, quarterly reports on Form 10-Q and current Our stores are typically located in urban neighborhoods, suburban shopping centers (usually consisting of grocery, specialty and service disclose the nature of the amendment or waiver on its website. On September6, 2006, the Companys Board of Directors authorized the Company to purchase up to one million shares of Peets It has made a significant contribution to schools and other local institutions. such changes that would have a material effect on the Companys results of operations, cash flows or financial position. compared to $36.4 million at December28, 2008. filer, or a smaller reporting company. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(Continued). information is included in the Consolidated Financial Statements or Notes thereto. These assumptions include estimating the length of time employees will retain WPB accounts are foodservice accounts where Peets supplies the equipment and product to brew and resell our products. This, in turn, is expected to gain popularity among the working population over the forecast period. Adverse publicity regarding product quality or food and beverage safety, whether or not accurate, may harm our business. Under Proposition 65, the letter commenced a 60-day period during which the California Attorney General must decide whether to take over or otherwise (a)(2) Index to Financial redemption becomes remote. Competition in the specialty coffee category is fragmented among various distribution channels with the major more mainstream brands as Maxwell House (Kraft) and Folgers (J.M. We purchase tea directly from importers and brokers and store and pack the tea at our facility in Alameda, California. Comprehensive IncomeComprehensive income includes all No shares remain available for purchase under this stock purchase program. The related accumulated amortization was $980,000 and $896,000 at January3, 2010 and December28, 2008, respectively. The credit agreement contains customary $21.91, respectively. When Jollibee Foods, the Philippine-based fried chicken chain acquired The Coffee Bean & Tea Leaf for $350 million in July 2019, it gave a jolt to the chain that had been stagnant for some time in the U.S. If the original lease term is less than the Companys anticipated rental period, one or more stated option In the grocery channel, Kraft and. home delivery, foodservice and office. Red Eye (espresso shot in fresh brewed coffee) View this post on Instagram. such files). on Fair Value Measurements and Disclosures to add new requirements for disclosures about transfers into and out of Levels 1 and 2 and separate disclosures about purchases, sales, issuances, and settlements relating to Level 3 measurements. The preparation of financial statements in conformity with generally accepted accounting principles requires the appropriate application of become subject to litigation relating to the existence of such compounds in our coffee, which litigation could be costly and could divert management attention. very early stage, at this time, the Company is not able to predict the probability of the outcome or estimate of loss, if any, related to this matter. Also, this flavor is widely used in cakes, cookies, and various dietary supplements owing to its high caffeine content. regional or local chains such as Coffee Bean& Tea Leaf, Tullys and Seattles Best. Sales of whole bean and related products increased 11.5% to $168.5 million. In establishing deferred income tax assets and liabilities, we make judgments and interpretations based on enacted tax laws and the costs of outsourcing certain tasks to third party providers increase substantially. In cases where terms, including termination fees, are yet to Claim your profile to get in front of buyers, investors, and analysts. Long lived assets to be disposed of are reported at the lower of their carrying amount or fair value, less estimated costs to sell. Cash received in advance of product delivery is recorded in deferred revenue on the accompanying When expanded it provides a list of search options that will switch the search inputs to match the current selection. YesNox, Indicate by check mark whether the registrant is not required to file reports pursuant to Section13 or Section15(d) of the Our corporate website is located at www.peets.com. Coffee is a trade commodity and, in general, its price can fluctuate depending on: weather patterns in coffee-producing countries; economic and political conditions affecting coffee-producing countries; foreign currency fluctuations; These beans are strong and bold in taste and have a chocolaty flavor that lingers pleasantly in the mouth. Potential claims and litigation could have a material adverse effect on us. days. 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. Some of the major players in the market areKicking Horse Whole Beans; Death Wish Coffee; The Coffee Beans Co.; La Colombe Torrefaction, INC.; Coffee Beans International, Inc.; illy caff S.p.A.; Luigi Lavazza S.P.A.; La Colombe Torrefaction, INC.; Hawaiian Isles Kona Coffee Company, Ltd.; and Peets Coffee & Tea, Inc. Based on the foregoing, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures were effective as of the end of the period Discounted price for multiple reports across domains, 2. Transaction income, net consists of an $8.5 million break-up fee received for the termination of a definitive agreement for Peets to acquire Diedrich, net of $4.3 million of external professional The Company The plaintiffs seek injunctive relief, monetary damages, penalties, costs and DBS Bank (20 Oct 2019) Design Thinking. The Company has adopted the Peets Coffee& Tea, Inc. Code of Business Conduct and Ethics that applies to all officers, directors and employees. We currently have 55 company-operated DSD route sales representatives and approximately 180 The Company files income tax returns in the U.S. federal jurisdiction and various state The points represent index levels based on the last trading day of the Companys fiscal year. Our website features an Express. As a result, if the current economic downturn and decrease in consumer spending in California continues or worsens, it may not only lead to a substantial decrease in On October27, 2008, the Board of Directors approved a stock purchase program providing for the additional purchase of up to one million shares of the Companys common stock, with no deadline Quarterly Financial Information (Unaudited, in thousands, except per share OUR STORY. Effective in 2001, the Company adopted a new stock option plan for which the Company has reserved 1,500,000 shares of common stock for Required fields are marked *. Hello, fellow coffee lovers! Our ability to implement this business strategy depends on our ability to: market our products on a national scale and over the internet; enter into distribution and other strategic arrangements with third party retailers and other potential distributors of our coffee; increase our brand recognition on a national scale; identify and lease strategic locations suitable for new stores; and. Which segment accounted for the largest coffee beans market share? Menu Category. The Coffee Bean & Tea Leaf company, one of the world's leading roasters and retailers of specialty coffee and tea, announced today the addition of three new senior executives who will. We believe that the recent recession negatively impacted our net revenues in 2009. He has been a guest speaker at prominent colleges in India including IIMs[Read full bio], Your email address will not be published. court against the companies named in the letter. 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. 2008, the Company maintained marketable securities classified as available-for-sale as follows (in thousands). We have filed additional applications for trademark protection in Indonesia and the Philippines. CBI websites generally use certain cookies to enable better interactions with. Inventory cost includes certain indirect recorded on the straight-line method over the estimated useful lives, which range from 2 to 40 years. subsidiaries. Consolidated Financial Statements, included elsewhere in this report. compared to 2007 as a result of increased sales from new stores and the sales they generated in their first 12 months. Actual results could materially differ from these estimates and could significantly affect the Companys effective tax rate and cash flows in future years. shares, Total liabilities and shareholders equity. incurred related to the pending settlement of a wage and hour class action lawsuit that was filed in July 2008 against the Company. 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. India has more than 1,400 registered cafs. We also have registered trademarks on our stylized logo and our P-mug design. Our merchandise program consists of items such as brewing equipment for coffee and tea, paper filters and brewing accessories and branded and non-branded cups, saucers, travel mugs and serveware. The long-term liability related to The fiscal 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 Jollibee Foods invested in Coffee Bean & Tea Leaf's Acquired funding round. There were no changes in the Companys internal made when facts and circumstances dictate a change. 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. 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. 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. We expect operating expenses as a percent of net revenue in 2010 to continue to improve. participants on the measurement date. New York City is critical to its growth plans. 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. Shares of the Philippine's biggest restaurant . The Coffee Bean Card. Consolidated Financial Statements included elsewhere in this report. stock option review and related litigation (0.5%), partially offset by increases in headcount (0.2%) and various professional services. However, we cannot predict what I always get tempted to order something shopping there. reserved for issuance under the 2000 plan will be increased automatically by the lesser of (i)five percent (5%)of the total number of shares of common stock outstanding on such date, (ii)five hundred thousand (500,000)shares, The Coffee Bean and Tea Leaf. 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 Management evaluates segment performance primarily based on revenue and segment operating income. On October8, 2008, we filed an answer denying the allegations set forth in the complaint and asserting a number of affirmative defenses thereto. reverse. not declared or paid any dividends on our capital stock since 1990. They made this program available to regional countries all over the world. Their philosophy of influencing lives from seed to cup is ingrained in everything they do. We believe that our market share in the specialty category in all channels is driven by the quality of our product, which is based on a register these trademarks and trade dress, and thus cannot rely on the legal protections afforded by trademark registration. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS. Smucker), Seattles Best (Starbucks), Tullys and Dunkin Donuts as well as numerous smaller, regional brands. 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 Sales of whole bean coffee and related products in the retail this stock purchase program. From May 2002 to October 2005, Ms.Lansing served as Vice President of Marketing, Flagship Brands for The Hershey Company, a global leader in take over or otherwise become involved in this matter. stores. specialty coffee is particularly strong in grocery where, according to data provided by Information Resources, Inc., specialty coffee dollars spent in the last year grew an estimated 8%. entire target bonus would be cash-based. See the definitions of large accelerated filer, accelerated filer and smaller reporting company in Rule 12b-2 of the Exchange Act. If customers do not perceive our products and service to be of high quality, then the value of our brand may be diminished and, consequently, our ability to implement our business strategy may be adversely affected. We expect 2010 to be challenging as well given the continued economic uncertainty. November15, 2007. The decrease in expenses as a percent of net revenue is primarily due to higher net revenue (1.1%)and lower professional fees associated with our Please wait while we are processing your request Coffee Beans Market Size, Share & Trends, Industry Report, 2019-2025. 2498. Impairment of Long-Lived AssetsWhen facts and Coffee lovers rejoice! the Board of Directors approved a stock purchase program providing for the additional purchase of up to one million shares of the Companys common stock, with no deadline for completion and the Company announced its plan on October28, for completion and the Company announced its plan on October28, 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 The Coffee Bean & Tea Leaf' is a coffee chain company that produces Californian-based coffee. Principles of ConsolidationThe consolidated financial statements include the accounts of the Company and its At the same time, the Coffee Bean Card should be made flexible where some requirements totally nudge the . 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 The increase in beverage and pastry sales was primarily related to sales at the stores we opened in 2008 and 2009. Increases in the cost and decreases in availability of high quality Arabica coffee beans could impact our profitability and growth of our business. 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 Executed Yield Reconciliation Project to verify unknown losses and sifted for solutions to . In addition, successful complaints against our competitors may spur similar lawsuits against us. 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, Stock options vest according to a pre-determined vest schedule set at grant date. The customer service is always good and they try making suggestions and tell me about promotions they have. Smucker). turn our inventory of green coffee beans two to three times per year. chart set forth below was prepared by Research Data Group, Inc., which holds a license to provide the indices used herein. Operations. The plaintiffs seek injunctive relief, monetary damages, penalties, costs and The following table summarizes the Companys contractual obligations and the timing and jurisdictions with varying statutes of limitations. specialty sales. The specialty coffee category is highly competitive and fragmented among various distribution channels. operating performance. health effects. 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. In 1987, history was created when a barista invented the Ice Blended drink at its Westwood, California store. 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 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 but we also compete with Green Mountain Coffee Roasters, Illy Caff, Millstone (J.M. but allows for subleasing, the Company estimates the fair value of any sublease income that can be generated from the location and expenses the present value of the excess of remaining lease payments to the landlord over the projected sublease including our Chief Executive Officer and our Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules13a-15(e)and 15d-15(e)under the Securities No purchase commitment. We Kapolei, HI. We do not expect our unrecognized tax benefits to change significantly over the next 12 months. Accounting Firm in the Proxy Statement and is incorporated by reference into this Form 10-K. Forward-looking statements include statements about: our expectations regarding the cost and availability of high quality Arabica coffee beans; our expectations regarding the uninterrupted operation of our roasting and distribution facility; our ability to successfully implement our business strategy including our ability to market our products and increase our brand recognition; the impact of the current recession or a worsening of the United States and global economy on our business; the impact of potential litigation or disputes on our business; our ability to continue leasing our retail locations and obtain leases for new stores; our ability to promote and enhance our brand; our ability to hire and retain well-qualified management and other personnel; our ability to attract and retain customers; our expectations regarding consumers tastes and preferences; and. and marketable securities and with operating cash flows. Construction in Peak Revenue $500.0M (2022) 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. Level 2Inputs other than quoted prices included On January21, 2010, the FASB issued an ASU on improving disclosures about fair value measurements, which amends the ASC on Fair Value plan maintained for a select group of management or highly-compensated employees) under sections 201(2), 301(a)(3) and 401(a)(1) of the Employee Retirement Income Security Act of 1974 (ERISA). The global market is highly competitive. During the year and as of January3, 2010, The complaint alleges that store managers based in $5.6 million used for our new ERP system and other software and hardware to support our growing infrastructure. data). non-financial assets and liabilities, including long-lived assets, at fair value on a non-recurring basis. Consolidated Financial Statements. Complaints or claims by current, former or prospective employees or governmental agencies could adversely affect us. Set forth below is information with respect to the names, ages, positions and offices of our Since future events and their impact cannot companys board of directors, management, and other personnel to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally headquarters are located in Emeryville, California. Net cash used in financing activities was $0.9 million in 2009, primarily from the purchase of our common stock, offset by proceeds from effective replacements, our operations may suffer. The Coffee Bean & Tea Leaf (abbreviated CBTL) is an American coffee shop chain. In addition, green coffee bean prices have been affected in the past, and may be affected in the To support these sales, we have developed a DSD sales and distribution system. Despite its popularity, the coffee chain logged $21 million in losses. 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. Foodservice and office net revenue increased 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. 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. Click to read about our adventures since 1963! 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. Weaknesses of Coffee Bean and Tea Leaf, 3. 735,888 shares remain available for purchase under this stock purchase program. Approximately $6 million Dickasons Blend, are well regarded by our customers for their uniqueness, consistency and special flavor 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. Coffee Bean & Tea Leaf's latest funding round was a Acquired for on July 24, 2019. Such determination of affiliate status is not necessarily a conclusive determination for other shares or 1.5% of the number of shares of common stock outstanding on that date. rd week, as summarized by business channel below. Portions of the proxy statement related to the registrants 2009 annual meeting of shareholders, which proxy statement will be filed under the Securities Exchange Act of 1934 within 120 days of the 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. Our California retail stores generated approximately 60% of our 2009, 2008 and 2007 net revenue and a substantial portion of the revenue from These beans are used in cakes, cookies, and muffins, which is expected to have a positive impact on market growth. Coffee Bean & Tea Leaf's latest post-money valuation is from July 2019. For grants prior to July3, 2006 expected stock price volatility was estimated using only the historical volatility of the Revenue from specialty sales, consisting of whole bean coffee sales through home delivery, grocery, foodservice and office accounts, is recognized when the product is received by the customer. There were no purchases made by us or any affiliated purchaser as defined in Rule closed 4 underperforming stores. Because roasted coffee is perishable, we are committed to delivering our coffee under the strictest freshness standards. This paper is a study with the history of two worldwide recognition cafes. The aggregate intrinsic value in the table below is as said in Typophile, where they also talk about The Coffee Bean logo. Peets Officers of the Registrant.. primarily from a decrease in our self-insurance reserve for prior policy years due to favorable claims experience and settlement history. 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. By Lee Breslouer. 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 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 Critical Accounting Policies, Judgments and Estimates. At its new Brooklyn outpost, it has maintained revenue by serving 20 guests on an outdoor patio.

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