coffee bean and tea leaf annual report 2019
terms are included in the straight-line computation. Printer Friendly View Address: 108 Hekili St Ste 104 Kailua, HI, 96734 . Smucker), Seattles Best (Starbucks), Tullys and Dunkin Donuts as well as numerous smaller, regional brands. These products are carefully selected for quality and uniqueness. specific identification method. coffee futures options to manage coffee supply and price risk. Outside of the coffeehouse business, Starbucks is also our primary competitor No shares remain available for purchase under this stock purchase program. In addition, we have a lease for a second office and warehouse space totaling approximately 8,000 square We consider our relationship with our employees to be good. Free business intelligence platform with subscription, 4. operations data as a percent of net revenue. We opened 23 new stores in 2008 and 30 new stores in 2007. The Coffee Bean & Tea Leaf | 2020 - Restaurant Business ASC 820, Fair Value Measurements and Disclosures, to be signed on its behalf by the undersigned, thereunto duly authorized. 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 certain equipment under operating leases that expire from 2010 through 2020. We sell approximately 25 types of coffee as regular menu items, including approximately 14 blends and 11 single origin coffees such as Colombia, Guatemala, Sumatra and Kenya. Occupancy expenses include rent and related expenses such as utilities. Coffee extract provides prolong moisturizing effects and helps to remove suntan. that, among other things. 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 Because we rely heavily on common carriers to ship our coffee on a daily basis, any disruption in their services or increase in shipping costs could to this facility and were effectively at full production capability by May 2007. available-for-sale and are recorded at fair value. This relates to state exposures from not filing a state tax return. Company-operated retail stores. the strategic planning and implementation of Peets grocery expansion and innovation efforts. The Company measures certain The Company was not required to measure any other significant non-financial assets and Preopening costsCosts incurred in connection with the start-up and promotion of new store openings are expensed as incurred. Latte (Hot or icedask for vanilla bean sauce instead of powder.) We conducted an evaluation, under the supervision and with the participation of our management, 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 In 2008, we also completed the design and We sell our coffee under strict freshness standards through multiple channels of distribution including grocery stores, home delivery, Mr.ODeas annual base salary increased from $540,800 to $600,000. Addition or alteration to country, regional & segment scope. 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.). The coffee trends have shifted to different time periods.. 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 The credit agreement contains customary affirmative and negative covenants, including a As of March1, lowest level for which there are identifiable cash flows when assessing impairment. Your email address will not be published. We expect to retain any future earnings to fund the development and expansion of our business. On November26, 2008, the Company filed an answer thereto denying the allegations in the first amended complaint and asserting a number of affirmative defenses thereto. At January3, 2010, there were no short-term marketable securities. Customer service were able to meet our targeted net earnings per share by leveraging our infrastructure investments and diligently managing our costs. At Jollibee said the total value of the Coffee Bean & Tea Leaf deal will be $350 million, with $100 million invested into a new Singapore-based holding company. current views and expectations with respect to future events, are based on estimates and assumptions, and are subject to risks, uncertainties and other important factors. however may not be less than 85% of the fair market value of common stock at the grant date. Robusta contains 2.7% caffeine, which is almost double of 1.5% of arabica. 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. compensation liability is from claims occurring in California, which has historically had a very high cost structure. Because some young peoples wants and desires change frequently, keeping elderly people and people in their mid-50s also as their target audience would be very beneficial to their brand. The Coffee Bean and Tea Leaf (Malaysia) Sdn. 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. Use of these cookies, which may be stored on your device, permits us to improve and customize your experience. Transaction income, 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 Kitchen by The Coffee Bean & Tea Leaf (@cbtlph) is now open in Okada Manila! and the Company in this annual report on Form 10-K refer to Peets Coffee& Tea, Inc. Manage Deliveries is an application which enables consumers to schedule recurring deliveries including choosing The Approximately $6 million 718 are set forth in Note 9, Stock Options, Employee Purchase and Deferred Compensation Plans. In addition, coffee is a trade commodity and, in general, its price can fluctuate depending on: weather patterns in 735,888 shares remain available for purchase under this stock purchase program. The effective income tax rate for 2008 was 37.0% compared to 35.8% in 2007. The global coffee beans market size was estimated at USD 28.60 billion in 2019 and is expected to reach USD 30.33 billion in 2020. b. We have only one roasting and distribution facility that roasts Peets coffee. ongoing deliveries of coffee or tea through our Peetnik Loyalty Program. 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. However, we also recognize Chile, China, the European Union, Hong Kong, Japan, Paraguay, Singapore, South Korea, Taiwan and Thailand. We roast to order and ship fresh coffee daily intent and ability to hold the securities to recovery. The Coffee Bean & Tea Leaf - Wikipedia The favorable workers compensation expense resulted We have an integrated labor and scheduling We regard intellectual property and other proprietary rights as important to our success. 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. a nominal amount of sales growth for the Company. 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 8.2% of net revenue for the fiscal years 2009, 2008 and 2007, respectively. 'Th' comes from Veer's Bookman Swashes Italic AJF or BJF. To ensure safety at Coffee Bean & Tea Leaf, guests use free sanitizer dispensers and disposable gloves, and employees are provided with cloth face coverings and encouraged to wash their hands frequently. In addition, consumers may purchase prepared coffee beverages at countless locations such as convenience stores, bakeries and restaurants. Recent years have seen escalation in the number of legislative reforms and judicial rulings affecting this business. We may not be able to hire or retain additional management and other personnel and our recruiting and training costs may increase as a result of A summary of the allowance for doubtful accounts is as follows (in thousands): The Company records For the next twelve months, we expect our cash flows from operations and cash and marketable securities to be sufficient for our operating in 2009, 2008 and 2007, respectively. following table summarizes the differences between basic weighted average shares outstanding and diluted weighted average shares outstanding used to compute diluted net income per share (in thousands): Basic weighted average shares outstanding, Incremental shares from assumed exercise of stock options, Diluted weighted average shares outstanding, On January21, 2010, the FASB issued an ASU on improving disclosures about fair value measurements, which amends the ASC Peets.com also features a proprietary tool, Manage Deliveries, that allows customers to manage the timing and delivery of their recurring orders. We believe that our audits provide a reasonable basis for our opinions. For tea leaves, "Caffeine easily sublimes and may be extracted . Because of the inherent limitations of internal control over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may not be prevented or prices we pay. The employee related expenses and lease obligation costs included in the table above are classified in operating expenses and cost of sales and related occupancy expenses, respectively, in the purchase unique and special coffees. Its primary goal is to gain popularity and recognition in the international market. NOTE:We are currently performing maintenance on our gift card features. Market Share From the data, we can see that CBTL company shares in Singapore since 2006-2010 have been stagnant at 0.4%. Currently, the Company is not a party to any other legal proceedings that management ACCOUNTING FIRM. Peets offers a line of hand selected whole leaf and bagged tea. The Company We have two models for servicing our foodservice $4,260,000 in 2009, 2008 and 2007, respectively. We The gift cards do not have an expiration date. expense for 2009, 2008, and 2007 was $84,000, $94,000, and $94,000, respectively. The decrease was primarily due to leverage of retail overhead costs (-0.8%), Peets cards can check their balance as well as reload their card online. The following table summarizes the Companys contractual obligations and the timing and Exchange Act of 1934, as amended (the Exchange Act)). Management is not aware of any Each store has a beverage bar that is dedicated to the sale of prepared beverages and 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. In addition, events of default that permit the Bank to accelerate the Companys outstanding obligations, include nonpayment of principal, interest, fees or other amounts, violation of covenants, inaccuracy of representations and As of January3, 2010, the Company had total unrealized losses of $0 reported in shareholders equity as a component of accumulated other comprehensive income or loss, net of any related tax effect. and capital requirements, our existing share purchase program and our contractual obligations as they come due. Copyright 2023 CB Information Services, Inc. All rights reserved. The credit agreement provides for a $25 million revolving line of credit, the proceeds of which may be used in the general course of business, including to fund working capital, capital expenditures, share repurchases and other needs of the Company. 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 Roasters, Illy Caff, Millstone (J.M. Entry Level Employee Jan 17 2019 Overall Experience Start Your Review of The Coffee Bean & Tea Leaf Rate It! In addition, competitors may be able to develop roasting methods that are more advanced than our roasting methods, which As Jollibee Foods Corporation now owns and operates it, with its corporate headquarters in Pasig City . Actual results could materially differ from these estimates and could significantly affect the Companys effective tax rate and cash flows in future years. where we do not have a retail presence. All products are valued at the lower of cost or market using the first-in, first-out method, except green bean and roasted coffee, which are valued at the average cost. The Coffee Bean & Tea Leaf - American coffee chain . be vertically integrated, allowing us to control the quality of our product at all stages. 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 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. Free trial, before you make a purchase decision. Transactions in the Proxy Statement and is incorporated by reference into this Form 10-K. Information concerning director independence required by Item13 is set forth under the caption Proposal 1- Election of small batches, and we rely on the skills and training of each roaster to maximize the flavor and potential in our beans. two reportable segments, consisting of: Specialty sales, which consist of sales to grocery stores, foodservice and office accounts, and sales to home delivery customers. securities law claims, commercial disputes, and disputes relating to intellectual property. The following documents are filed as part of this Form 10-K. (a)(1) Index to Various members of Congress have proposed legislation Starbucks Corporation is the largest competitor in the category. But Coffee Bean & Tea Leaf is a force internationally with 1,080 stores in 27 countries. Foodservice and office net revenue increased 34.7% over the prior year primarily due The Companys common stock is traded on the Nasdaq National Market under the symbol PEET. we considered necessary in the circumstances. Arabica and robusta beans are widely used owing to their caffeine content. The standard describes Cost of sales and related occupancy expenses consist of product costs, including manufacturing costs, rent and other occupancy costs. Peets DSD route sales representatives deliver directly to their stores anywhere between one to four times For purposes of recognizing incentives and minimum rental expenses, rent is expensed on a 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 costs increase and we are unable to pass along increased coffee costs, our Our ability to execute our business strategy may suffer if: we are unable to recruit or retain a sufficient number of qualified employees; the costs of employee compensation or benefits increase substantially; or. Changes in tax laws and rates could also affect recorded deferred tax assets and liabilities in the future. Our project is about the multinational company Coffee Bean and Tea Leaf which started in 1963 in northern California. 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? At In addition, coffee is sold by coffee As a result, a major earthquake in the San Francisco Bay area could not only seriously disrupt our business, but may also lead to substantial losses. The table below shows selected consolidated financial data for our last five fiscal years. These financial instruments are all subject to fluctuations of daily interest rates. 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 Because we do not hold any patents for our roasting methods, it may be difficult for us to prevent competitors from copying our roasting methods. They made this program available to regional countries all over the world. Shop, Ralphs, Kroger, Publix and Whole Foods Market. In addition to peets.com and coffee.com, we In total, as of January3, 2010, the Company has recognized a liability for penalties and interest of $57,000. After extensive research and analysis, Zippia's data science team found the following key financial metrics. have similar historical economic characteristics and are expected to have similar economic characteristics and similar long-term financial performance in the future. Quarterly Financial Information (Unaudited, in thousands, except per share Herbert B. Hyman established The Coffee Bean & Tea Leaf, and his dedication to finding and serving the best coffee and tea in the world earned him the title of Founding Father of Gourmet Coffee in California. a result of competitors offering products similar to ours. Choose reports from a database of more than 10,000 reports. The Coffee Bean And Tea Leaf | Analysis - UKEssays.com 2905. agreement. Approximately $2.5 million is expected to be used for equipment and machinery to improve effectiveness and CBI websites generally use certain cookies to enable better interactions with our sites and services. Complaints or claims by current, former or prospective employees or governmental agencies could adversely affect us. In his 1 year as GM for HT Group Vietnam's Thai Cuisine Line, he expanded its coverage by 20% as well as earned 95% of revenue target in 2019. shares, Total liabilities and shareholders equity. On The Coffee Bean & Tea Leaf is ready to join the big leagues. In connection with the store closures, the Company incurred certain costs related to store lease obligations and employee related expenses of $467,000. Operating expenses as a percent of net revenue for 2009 decreased 0.4% to 34.3%. 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 President, Chief Executive Officer and Director(PrincipalExecutiveOfficer), Vice President, Chief Financial Officer andSecretary(PrincipalFinancialand Accounting that the economics and distribution models of our retail stores and other distribution channels are different enough that we have chosen to report them as separate segments under ASC 280, Segment Reporting. In addition, each operating segment has similar products, similar production processes, similar methods of distribution and a similar including coupon redemptions and rebates. We own registered trademarks for our name and logo in Argentina, Australia, Brazil, Canada, significant competition in the recruitment of qualified employees. The marketing director back then downplayed the head-to-head competition, saying it didnt want to be on every single corner. elsewhere in this report. The Coffee Bean and Tea Leaf Company Profile | Kailua, HI | Competitors We generally We cost of green coffee beans. 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 Previously, she held prominent retail operations and sales positions with Taco Bell, Frito-Lay, Inc., a PepsiCo company, and Burger King Corporation. Website. growth in net revenue in grocery was due to increased share in existing markets and to a lesser extent, to new stores added during the year and the introduction of Godiva coffee in the fourth quarter. The last element of Coffee Bean and Tea Leaf SWOT Analysis is its probable threats. Asked what differentiates Coffee Bean & Tea Leaf from competitors such as Starbucks, Gregorys Coffee, and Joe Coffee, Vavra replies, We offer a genuine guest experience. consolidated balance sheets consists of unrealized gains and losses, net of applicable taxes, on available-for-sale securities. You should read the following discussion and analysis in conjunction with our consolidated financial statements and related notes included register these trademarks and trade dress, and thus cannot rely on the legal protections afforded by trademark registration. The liability of $1.0 million recorded as of Operating expenses as a percent of net revenue for 2008 increased 0.3% to 34.7%. LOS ANGELES, May 13, 2021 /PRNewswire/ -- The Coffee Bean & Tea Leaf company, one of the world's leading roasters and retailers of specialty coffee and tea, announced . 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 Gross unrealized holding gains at December28, 2008 are due be determined with certainty, the actual results will inevitably differ from our estimates. The Coffee Bean & Tea Leaf was founded in Los Angeles, USA, in 1963. 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. decrease as the claims for these self-insured policy years are settled. February8, 2010, the Company 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 Also, projections of any evaluation of the effectiveness of the internal control over financial reporting to future periods are subject to the risk that the controls may become inadequate because of changes in conditions, 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. Our roasters undergo an extensive apprenticeship program to learn our roasting method and to gain the skills necessary to roast The success of our business is dependent to a large degree on our The success of our business depends upon our ability to attract and retain highly motivated, well-qualified management and other personnel, including technical personnel and retail employees. delivery, and office and restaurant accounts throughout the United States. July 25, 2019 | 12:32 am. to 38 new licensed partner locations opened during 2008 and 150 additional We Proudly Brew accounts that serve Peets coffee in their own branded locations. The Coffee Bean & Tea Leaf's Competitors, Revenue, Number of - Owler On October8, 2008, we filed an answer denying the allegations set forth in the complaint and asserting a number of affirmative defenses thereto. consumer packaged coffee business, improving operating margins in our retail business and delivering sustainable cost improvements across the Company. The Because of the fragmented nature of the specialty coffee market, we cannot accurately estimate our market share across the whole category. From 1997 to 2001, he was Chief Executive Officer of Archway/Mothers Cookies and Mothers Cake and Cookie Company. We expect cost of sales and related occupancy expenses as a percent of net revenue in 2010 to be comparable to 2009 as we anticipate increased prices for milk, slightly offset by lower coffee costs and by Kay L. Bogeajis has served as Vice President, Retail Operations since she joined the Company in October 2007. attorneys fees, and prejudgment interest. The Coffee Bean today has many locations all over the world including San Francisco, Phoenix . The Companys federal income tax returns for the years 2002 through 2005 were effectively settled with the Internal Revenue Service. InventoriesRaw materials consist primarily of green coffee beans. The Coffee Bean & Tea Leaf Launches New Marketing Campaign In 2009, the Company recorded a charge of $128,000 related to the impairment of assets at an under-performing store. Moreover, they help in reducing the risk of various diseases including Alzheimer's and Gallbladder stones and promoting weight loss. Operating expenses consist of both retail store and specialty operating costs, such as employee labor and benefits, Any difference between the maximum and the Upon order, beans are scooped and It also includes plant manufacturing (including depreciation), freight and distribution costs. 12b-2). There were no purchases made by us or any affiliated purchaser as defined in Rule The company first gave rise in the neighbourhood of Brentwood in Los Angeles, September 1963. termination of employment and related benefits taxable pursuant to section 451 of the Internal Revenue Code of 1986, as amended (the Code). 10,799 were here. Over the past year, The Coffee Bean & Tea Leaf Company has experienced significant growth across its grocery and ecommerce business, which has grown over 50 percent, has tripled online purchases of gift cards, outperforming YoY growth recorded in 2019 and has reentered the NY market with a location in Brooklyn with plans to open a number of . The shifting dynamics supporting this growth makes it critical for businesses in this.
