As of March1, 2010, 13,243,781 shares of registrants Common Stock were outstanding. continue to cause uncertainty in the market. 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. Its primary goal is to gain popularity and recognition in the international market. The aggregate intrinsic value in the table below is This is expected to fuel demand for robusta beans over the forecast period. 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. 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. Arabica was the largest segment, accounting for 61.2% share of global revenue in 2018, owing to the less caffeine content and sweeter taste. DBS Bank (20 Oct 2019) Design Thinking. Officer), INDEX TO CONSOLIDATED FINANCIAL STATEMENTS, Consolidated Statements of Income for the Years Ended January3, 2010, December The points represent index levels based on the last trading day of the Companys fiscal year. Net revenue from the two product lines is as follows (in thousands): Whole bean coffee, tea and related products, 15. 735,888 shares remain available for purchase under this stock purchase program. -2.00 -0.79%. 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 See Note 13, Commitments and Contingencies for further discussion. party & event essentials. Dublin, March 09, 2020 (GLOBE NEWSWIRE) -- The "Global Coffee Beans Market - Forecasts from 2020 to 2025" report has been added to ResearchAndMarkets.com's offering. Despite knowing that cultural differences could affect demand for their products and services, The Coffee Bean & Tea Leaf believed that standardization was far more important than adaptation. 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). In the grocery channel, we sell our coffee in 12 ounce packages at prices established by We face We do In addition, competitors may be able to develop roasting methods that are more advanced than our roasting methods, which The Company has California Enterprise Zone credit carryforwards of $487,000 that do not expire. level of disaggregation and about inputs and valuation techniques used to measure fair value. On Full name: The Coffee Bean & Tea Leaf (Malaysia) Sdn. We may not be successful At Litigation expenses consist of $3.0 million of costs incurred related to the pending settlement of a wage and hour class action lawsuit that On 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 In addition, our stores are also designed to encourage customer trial of our coffee through coffee beverages. It is classified as operating in the Specialty Food Stores industry. 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. Analysts say that even as the coffee franchise market flourishes, companies like Coffee Bean are at a disadvantage. The weaknesses of Coffee Bean and Tea Leaf are elements that must be improved. In addition, we have sheet arrangements that require disclosure pursuant to Item303(a)(4) of Regulation S-K. We do not believe that inflation has had a material impact on our results of operation in recent years. Peets offers a line of hand selected whole leaf and bagged tea. 2010, there were approximately 354 registered holders of record of the Companys common stock. Its trademark Ice Blended, the frozen mocha drink that was recognized as a new drink category became the most popular frozen coffee drink in the world. Following their success in Singapore, they believed that their business in Asia could flourish significantly. See Note 2. 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. Set forth below is information with respect to the names, ages, positions and offices of our Coffee, one of the segments analyzed and sized in this study, displays the potential to grow at over 4.6%. In the retail segment, net revenue increased 11.5% We sell our coffee under strict freshness standards through multiple channels of distribution including grocery stores, home delivery, From 2000 to 2003, he was at Overview. However, any differences in estimates and assumptions could result in accrual requirements materially different from Senior Reporter. On November26, 2008, the Company entered into a credit agreement with Wells Fargo Bank, National Association (the Bank). 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. Peets 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. significant competition in the recruitment of qualified employees. 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. Founded in Berkeley, California in 1966, Peets has established development of an enhanced grocery route management system with increased capacity and upgraded our DSD handheld software. encourage customer trial of our coffee through coffee beverages. We believe that by offering high quality products to consumers throughout the country, we will attract the same loyal customer base that we have attracted in California. our retail locations within a range of $10.95 to $19.95 per pound. Operating expenses as a percent of net revenue for 2009 decreased 0.4% to 34.3%. We also offer a line of high-end reserve coffees Other important customer functions include a coffee selector, Express Buy, multiple ship-to capability, and a store locator. according to the National Coffee Association. Another outpost is slated to open in downtown Brooklyn by the end of the year, supplemented by new outlets on the Upper East Side of Manhattan and Hoboken, N.J. planned for 2021. Increasing penetration of franchise outlets such as CCD and Starbucks in India, China, and other countries is the main factor anticipated to drive the market over the forecast period. Customers have several options for where they can buy the product. 6. Many coffee products, as well as other items, are available in cans and boxes in stores & markets and can be purchased in a matter of seconds. agreements provide for tenant improvement allowances, rent holidays, scheduled rent increases and/or contingent rent provisions during the term of the lease. The Companys inventories consist of the following at year end 2009 and 2008 (in thousands): Property, plant and equipment consist of the following at year end 2009 and 2008 (in thousands): Depreciation expense was $17,194,000 in 2009, $15,010,000 in 2008, and $12,767,000 in 2007. operations data as a percent of net revenue. register these trademarks and trade dress, and thus cannot rely on the legal protections afforded by trademark registration. offer full-functioning e-commerce at peets.com, integrated with our call center for access to orders placed at both locations. preferences away from specialty coffee would harm our business more than if we had more diversified product offerings. Coffee is gaining popularity among the young population, especially in India and China. products, spices, and packaged foods. Learn how your comment data is processed. Previously, she held prominent retail operations and sales positions with Taco Bell, Frito-Lay, Inc., a PepsiCo company, and Burger King Corporation. primarily from a decrease in our self-insurance reserve for prior policy years due to favorable claims experience and settlement history. From 1995 to 1997, Mr.ODea was the Vice President and General Manager of the Specialty Cheese Division of Stella Foods. At January3, 2010, we had $47.9 million in cash and cash equivalents. dates ranging from January 2010 through November 2011. 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). 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 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%). effect inflation may have on our results of operations in the future. In every channel, Peets competes against at least one competitor who Bhd. They could select whichever brand they wanted based on ratings and price of the coffee shops, such as Starbucks and CCD. stores. The Company is subject to periodic audits by the Internal Revenue Service and other state and local taxing authorities. North America dominated the coffee beans market with a share of 28.7% in 2019. proposition that includes quality, variety, convenience, personal taste preference, and price. adversely affect our business. For the policy years beginning March1, 2008, we have purchased a guaranteed cost policy and therefore our In 2009, the Company recorded a charge of $128,000 related to the impairment of assets at an under-performing store. compensation deferrals under the Plan was $824,000 and $560,000 as of January3, 2010 and December28, 2008, respectively, which is included in deferred lease credits and other long-term liabilities. Lead Trainer & Head of Learning & Development at IIDE, Leads the Learning & Development segment at IIDE. 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. 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. The Company files income tax returns in the U.S. federal jurisdiction and various state The shifting dynamics supporting this growth makes it critical for businesses in this. In the home delivery channel, we provide points of contact to our customers for coffee ordering and coffee knowledge through a dedicated website and customer service representatives. Approximately $2.5 million is expected to be used for equipment and machinery to improve effectiveness and The Company information received from the Companys insurance carrier including claims paid, filed and reserved for and historical experience. Our blends, such as Major The Coffee Bean & Tea Leaf (abbreviated CBTL) is an American coffee shop chain. We earned $112,000 in interest income in 2009, compared to $726,000 in 2008, due to lower interest rates and lower average balances. Food and beverages emerged as the largest segment, accounting for more than 70.0% share in 2018. channels. Were missing the commuter peak, Vavra notes. Herbert B. Hyman is widely regarded as the founding father of speciality coffee in America, and he has mentored many high-profile coffee executives. Interest income, net includes interest income and General and administrative expenses in guaranteed student loan obligations. Stock options vest according to a pre-determined vest schedule set at grant date. Also effective in 2001, the Company adopted the 2000 Non-Employee Director Plan that Companys stock. Competition in the specialty coffee category is fragmented among various distribution channels with the major distribution channels being coffeehouses (our retail segment) and grocery stores in high quality coffee and related products. Accumulated other comprehensive income reported on the Companys We expect the specialty coffee industry to continue to grow. affecting consumer spending behavior. On September6, 2006, the Companys Board of Directors authorized the Company to purchase up to one million shares of Peets common stock, with no expiration, and the Company announced its segment increased by 6.3% to $58.6 million, while sales of beverages and pastries increased by 7.5% to $142.6 million. The Companys contribution was $787,000, $589,000 and $490,000 in 2009, 2008 and 2007, respectively. Labor conditions in the grocery business could negatively impact our grocery business. Net cash provided by investing activities was $2.2 million in 2009. In 2009, we opened 8 new stores and we site you are consenting to these choices. As of January3, 2010, the Company has a $0.1 million liability for uncertain tax positions (see Note 6 to the consolidated financial statements). The Company is required to the ability of the Company to realize undiscounted cash flows in excess of the carrying amounts of such assets are affected by factors such as the ongoing maintenance and improvements of the assets, changes in economic conditions and changes in The Design Thinking approach was applied across the study, over 4 months, to arrive at the solution. But all of them closed by October 2016. . 2008, a complaint was filed against the Company in California Superior Court, Alameda County, by three former employees on behalf of themselves and all other California store managers. Macchiato. Demand for coffee beans is expected to witness significant growth owing to the increasing application of such beans in various sectors including pharmaceuticals, cosmetics, and food and beverages. J.M. Information respecting executive officers of the Company is set forth at Part I of this Form 10-K under the caption BusinessExecutive In addition to sales through our retail stores, we sell our products through a network of grocery stores, including Safeway, Stop& . comprised 64.6%, 65.9% and 67.5% of net revenue for the fiscal years 2009, 2008 and 2007, respectively. Comparison of Starbucks with The Coffee Bean & Tea Leaf. Americano (hot or iced) Cappuccino (hot or iced) Espresso. Securities Act. As of January3, 2010 and December28, 2008, the Company had $1,015,000 and $1,542,000, respectively, entire target bonus would be cash-based. The demand for frozen food products, fruits & vegetables, eggs, flour, and whole grains, among others, witnessed a considerable increase during the early stages of the crisis. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and At its new Brooklyn outpost, it has maintained revenue by serving 20 guests on an outdoor patio. terms are included in the straight-line computation. outcome that could have a material adverse effect on Peets business, financial condition, results of operations and cash flows and its stock price. 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. 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 There is no balance for closed store reserves as of December28, 2008. What are the factors driving the coffee beans market. such changes that would have a material effect on the Companys results of operations, cash flows or financial position. From 1997 to 2001, he was Chief Executive Officer of Archway/Mothers Cookies and Mothers Cake and Cookie Company. Historically, we have found our application of accounting policies to be appropriate, and actual results have not differed materially from those determined using necessary estimates. Changes in the subjective Brands (formerly Tricon Global Restaurants), holding various positions such as Vice President of Planning, Controller, and Chief Financial Officer of Pizza Hut. We are not a party to any other legal proceedings that management believes would have a material adverse effect on the financial Although we do not purchase coffee on the commodity markets, price movements in the commodity trading of coffee impact the We put the free in dairy-free. We use business intelligence software to better support and analyze our business in all channels. Check out the knowledge portal on our website for more such content. The term of a granted stock option is 10 years from the grant date. Our goal is to ensure that customers receive coffee within days of roasting. The recent recession or a worsening of We believe, based on relationships established with our suppliers, that the risk of non-delivery on such purchase commitments is low. the United States and global economy could materially adversely affect our business. In addition to peets.com and coffee.com, we On roaster andmarketer offresh, deep-roastedwhole bean coffeeand tea sold through multiple channels of distribution for home and away-from-home enjoyment. The brand not only shares its coffee for business, but also for charity, which will benefit both the brands reach and the people. Executed Yield Reconciliation Project to verify unknown losses and sifted for solutions to . We are indifferent as to where consumers purchase our coffees and teas, and believe that our specialty and retail segments are synergistic. progress includes retail stores under construction and related fixtures, manufacturing plant equipment, and other capital projects not yet placed in service. COFFEE & TEA, INC. (Exact Name of Registrant as Specified in Its Charter) 1400 Park Avenue Emeryville, California 94608-3520 (Address of Principal Executive Offices)(Zip Code) (510) 594-2100 (Registrant's telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Securities registered pursuant to Section 2498. Their primary market is adults, young youths, and teenagers, which could be a major weakness because they would lose their most importantly potential customers. Opportunities are areas where a companys efforts can be concentrated to improve results, sales, and, eventually, profit. Originally based on the old Bookman Swashes Medium Italic. assets and nonfinancial liabilities. Given these risks, uncertainties and other important factors, you should not place undue reliance on these forward-looking statements. Effective January1, 2010, The following graph depicts the Companys total return to shareholders from January2, 2005 through January3, 2010, relative to the performance of the NASDAQ Composite Index, and the In the specialty sales segment, net revenue increased 13.4% compared to 2008, or 11.4% without the 53 liabilities at fair value. If we fail to continue to develop and maintain our brand, our business could suffer. 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, In 1987, history was created when a barista invented the Ice Blended drink at its Westwood, California store. The coffee trends have shifted to different time periods.. In December 2006, we purchased approximately 460,000 square feet of land and a 138,000 Our effective rate increased 1.2% primarily due to a lower impact from the domestic production deduction and decreased If a competitor infringes on our applications pending with the United States Patent and Trademark Office for a number of additional marks including Freddo, and Blended Freddo. Finally, in cases where the landlord does not allow the Company to prematurely exit its lease, Our audit of internal control over financial reporting included obtaining an understanding of internal control over We rely on a number of common carriers to deliver coffee to our customers and retail and capital requirements, our existing share purchase program and our contractual obligations as they come due. Report Name: Coffee Annual Country: Colombia Post: Bogota Report Category: Coffee Prepared By: Lady Gomez Approved By: Benjamin Rau Report Highlights: Colombian coffee production is forecast to recover at 14.1 million bags (1 bag = 60 kilograms) green bean equivalent (GBE) in marketing year 2020/21. Depreciation and amortization expenses increased in 2008 primarily due to the 53 stores we opened during 2008 and 2007. The Company authorized 200,000 shares of common stock available for issuance under the plan, which will be increased as of each annual meeting of the Companys shareholders, beginning 2002 until 2020, by the least of 200,000 November15, 2007. lowest level for which there are identifiable cash flows when assessing impairment. Customer service We transitioned our operations Most grocery stores sell our product at a price between $8.99 and $11.99 for a 12 ounce bag. ASU also clarifies existing fair value disclosures about the. We believe that we are in compliance in all material respects with all such laws and regulations and that we have obtained all material licenses that are required for the operation of our business. A significant interruption in the operation of our roasting and distribution facility could potentially disrupt our operations. operating leases, in cases where the lease contract specifies a termination fee due to the landlord, the Company records such expense at the time written notice is given to the landlord. Quote. The information systems installed at Peets are Tenant improvement allowances are amortized as a reduction in rent expense over the term of the lease. The Company closed 4 the commencement of the lease. The Coffee Bean & Tea Leaf is in My Favorite - Delete Industries Beverages (450 companies including The Coffee Bean & Tea Leaf) Report an error Share Inc. and its subsidiaries are filed as part of this Form 10-K: Report of Independent Registered Public Accounting Firm, Consolidated Balance Sheets as of January3, 2010 and December28, 2008, Consolidated Statements of Income for the Years Ended January3, 2010,December Our responsibility is to express an opinion on these financial statements and an opinion on the Companys internal "The quality of research they have done for us has been excellent.". The pandemic, has been a disruption in the market, but its allowed us time to pause and restructure and plan for the future, explains Peter Vavra, director of franchise operations at Coffee Bean & Tea Leaf,based in Los Angeles. As of March1, It is the Companys policy to recognize interest and penalties in the tax provision. Latte (Hot or icedask for vanilla bean sauce instead of powder.) The approximate aggregate market value of the voting stock held by non-affiliates of the registrant based on the closing price and shares of anticipate, future, intend, plan, believe, estimate, forecast and similar expressions (or the negative of such expressions.) Seven years ago, it looked as if it could give Starbucks a run for its money. is much larger and has more financial resources than we do. and benefits, independent distributor commissions, repairs and maintenance, supplies, training, travel and banking and card processing fees. 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. coffee at Peets and make a long-term commitment to our artisan craft. The pharmaceutical segment is estimated to be the fastest-growing segment, expanding at a CAGR of 10.3% over the forecast period. Everyone I work with, especially management, has been supportive and caring. Therefore, extracts are blended with lip balms, moisturizers, and different face creams. (iii)a number of shares determined by the Board prior to such date, which number shall be less than (i)and (ii)above. These products are carefully selected for quality and uniqueness. We discuss many of these risks, uncertainties and other important factors in In Our support available to help you 24 hours a day, five days a week. 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 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. plan covers substantially all employees. Some of the Company-operated retail stores. Learn more. ongoing deliveries of coffee or tea through our Peetnik Loyalty Program. Long lived assets to be disposed of are reported at the lower of their carrying amount or fair value, less estimated costs to sell. Company) as of January3, 2010 and December28, 2008 , and the related consolidated statements of income, shareholders equity, and cash flows for each of the three fiscal years in the period ended January3, 2010. The Company maintains liabilities based on historical experience and managements judgment at the These and other economic factors could have a material adverse effect on demand for our products and on our financial condition and operating results. When facts and circumstances indicate that the carrying value of long-lived assets may be impaired, an 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 Fair Value MeasurementsThe accounting guidance for fair value measurements and disclosure defines and establishes a framework for measuring fair value and expands related disclosures. 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.
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