The Company does not have exposure in its investment portfolio for subprime We The Company has California Enterprise Zone credit carryforwards of $487,000 that do not expire. Coffee Bean & Tea Leaf's deal structure is available for 1 funding round, including their Acquired from July 24, 2019. feet through April30, 2013. Preopening costsCosts incurred in connection with the start-up and promotion of new store openings are expensed as incurred. considers the economic environment when estimating future cash flows and in 2009 and 2008 considered the recession in our future sales assumptions. YesNox, Indicate by check mark whether the registrant is not required to file reports pursuant to Section13 or Section15(d) of the Any action under Proposition 65 would likely seek statutory penalties and costs of enforcement, as well as a requirement to provide warnings and other notices to customers. the Common Stock outstanding on June28, 2009 (the registrants most recently completed second quarter), as reported by the Nasdaq National Market, was $336,924,667. The Companys management is responsible for these financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial 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 Accrued workers compensation. Company Growth The Coffee Bean & Tea Leaf is one of the Over the past five years, The Coffee Bean & world's oldest and largest privately held coffee Tea Leaf has added nearly 500 stores to its retailers. respects, effective internal control over financial reporting as of January3, 2010, based on the criteria established in Internal Control Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. the Companys high deductible workers compensation policy and is classified in other assets, net on the consolidated balance sheets. See the definitions of large accelerated filer, accelerated filer and smaller reporting company in Rule 12b-2 of the Exchange Act. Grocery comprised 20.1%, 18.1% and 16.8% of net revenue for the fiscal years 2009, 2008 and 2007, respectively. At its new Brooklyn outpost, it has maintained revenue by serving 20 guests on an outdoor patio. 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 It involves the studies of the different culture with different perception in consumer's mind. Company-operated retail stores. published tax guidance applicable to our operations. Exchange Act of 1934, as amended (the Exchange Act)). We have Competition in the specialty coffee category is fragmented among various distribution channels with the major CBI websites generally use certain cookies to enable better interactions with our sites and services. We may from time to time become involved in certain legal proceedings in the ordinary course of business. A significant interruption in the operation of our roasting and distribution facility could potentially disrupt our operations. 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 this stock purchase program. reporting, included in the accompanying Managements Report on Internal Control over Financial Reporting. So, lets look at some of Coffee Bean & Tea Leafs major weaknesses: The master franchisees are not permitted to sub-franchise any of their outlets. Since 2019, it is a trade name of Ireland-based Super Magnificent Coffee Company Ireland Limited. Schedules are omitted because they are not applicable, not required or because the required 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. acquisition, use, or disposition of the companys assets that could have a material effect on the financial statements. If our brand building initiative is unsuccessful, we may never 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. premises or other quality, health or operational concerns. We consider our roasting methods essential to Because our business is based primarily in California, a worsening of economic conditions, a decrease in J.M. After extensive research and analysis, Zippia's data science team found the following key financial metrics. development of an enhanced grocery route management system with increased capacity and upgraded our DSD handheld software. Selected Consolidated Financial Data, the consolidated financial statements and accompanying notes Click to read about our adventures since 1963! Complaints or claims by current, former or prospective employees or governmental agencies could adversely affect us. 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 Outside of the coffeehouse business, Starbucks is also our primary competitor 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 establishing deferred income tax assets and liabilities, we make judgments and interpretations based on enacted tax laws and On Peets North America dominated the coffee beans market with a share of 28.7% in 2019. Company Accounting Oversight Board (United States). If these individuals leave or change their role within our Company without -2.00 -0.79%. Printer Friendly View Address: 108 Hekili St Ste 104 Kailua, HI, 96734 . You can identify forward-looking statements by the words may, should, could, predict, potential, continue, expect, Shares used in calculation of net income per share: See discussion of The following Consolidated Financial Statements of Peets Coffee& Tea, It promises true goodness in every cup. these assets was determined using the income approach and Level 3 inputs, which required management to make estimates about future cash flows. made when facts and circumstances dictate a change. Given these risks, uncertainties and other important factors, you should not place undue reliance on these forward-looking statements. By continuing to use this site you are consenting to these choices. From 2000 to 2003, he was at See Item 2. All intercompany transactions have been eliminated in consolidation. Adverse public or medical opinion about caffeine may harm our business. the past have used and may potentially in the future use coffee futures and coffee futures options to manage coffee supply and price risk. Some of the The Coffee Bean and Tea Leaf (Malaysia) Sdn. On October8, 2008, the Company filed an answer denying the allegations set forth in the complaint and asserting a number of affirmative defenses thereto. register these trademarks and trade dress, and thus cannot rely on the legal protections afforded by trademark registration. thousands): Legal ProceedingsOn July14, As of January3, 2010, 735,888 shares The company is well-known for its Original Ice Blended coffee and tea drinks, as well as hot coffee and iced tea drinks. The Company utilizes the market approach, as defined as Level 1 in the fair value hierarchy, to measure fair value for its financial assets and liabilities. 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; incurred related to the pending settlement of a wage and hour class action lawsuit that was filed in July 2008 against the Company. year. This, in turn, is expected to gain popularity among the working population over the forecast period. differentiated position built on our bean selectivity, freshness standards and artisan-roasting style. We record an estimated liability for the self-insured portion of workers compensation claims. Restricted cash of $2,449,000 and $3,326,000 as of January3, 2010 and December28, 2008, respectively, represents collateral for Stock options vest according to a pre-determined vest schedule set at grant date. The Companys common stock is traded on the Nasdaq National Market under the symbol PEET. 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 Kay L. Bogeajis has served as Vice President, Retail Operations since she joined the Company in October 2007. Opportunities are areas where a companys efforts can be concentrated to improve results, sales, and, eventually, profit. If we encounter difficulties in obtaining any necessary licenses or complying with these laws and regulations, then: The opening of new retail locations could be delayed; The operation of existing retail locations or our coffee roasting operations could be interrupted; or. The growth in net revenue in grocery was due to the 2,400 new stores we added during 2008, as well as growth in our existing accounts in the western United States. As of 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. On January21, 2010, the FASB issued an ASU on improving disclosures about fair value measurements, which amends the ASC on Fair Value 3, 2010, December28, 2008, and December30, 2007, Consolidated Statements of Cash Flows for the Years January3, 2010, December That opening marked its return to New York City. Blend, JR Reserve Blend, Major Dickasons Blend, Peetniks, Pride of the profits. We transitioned our operations The Companys federal income tax returns for the years 2002 through 2005 were effectively settled with the Internal Revenue Service. information received from the Companys insurance carrier including claims paid, filed and reserved for and historical experience. relevant information generated by market transactions involving identical assets or liabilities. understood. 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 . had approximately $37.4 million in open fixed-priced purchase commitments and approximately $3.5 million in not-yet-priced commitments for a total of approximately $40.9 million with delivery assets and nonfinancial liabilities. 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. From May 2002 to October 2005, Ms.Lansing served as Vice President of Marketing, Flagship Brands for The Hershey Company, a global leader in Therefore, extracts are blended with lip balms, moisturizers, and different face creams. Because we are highly dependent on consumer demand for specialty coffee, a shift in consumer document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); This site uses Akismet to reduce spam. 28, 2008 and December30, 2007, Consolidated Statements of Shareholders Equity for the Years Ended January3, 2010, The Company recognizes income from gift cards when the likelihood of the gift card. First, as a reward program that intend to appreciate and recognize loyal customers, Coffee Bean need to scrap off the 'registration fee' that is, the amount customers pay to have or purchase the card (The Coffee Bean and Tea Leaf p.1). Published on 7/22/2019 at 5:44 PM "Friends" drinks collection | The Coffee Bean & Tea Leaf 7 Pages. The liability is determined based on an actuarial assessment of After more than 40 years, The Coffee Bean & Tea Leaf is well known for its quality of the coffee bean and has grown to become one of the worlds top coffee and tea companies. It is classified as operating in the Specialty Food Stores industry. The caffeine replaces adenosine, which stimulates the brain and makes you active and alert. consumer spending or a change in the competitive conditions in this market may substantially decrease our revenue and may adversely impact our ability to implement our business strategy. also have audited the Companys internal control over financial reporting as of January3, 2010, based on criteria established in Internal Control Integrated Framework issued by the Committee of Sponsoring Organizations of Our roasting facility is subject to Port, Pumphreys Blend, Summer House, and Snow the commencement of the lease. Caffeine Essay. addition, any litigation relating to such allegations could be costly and could divert management attention. Some of the factors that could influence the levels of consumer confidence and spending LOS ANGELES (September 14, 2021) - 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 help scale the company, expand its omni channel marketing presence and introduce the brand to consumers in both existing and new By continued use, you agree to our privacy policy and accept our use of such cookies. Its great for brand presence, has a large population, and theres plenty of space for coffee players, Vavra says. Consolidated Financial Statements. In 2009, the Company recorded a charge of $128,000 related to the impairment of assets at an under-performing store. We're passionate about delivering the best handcrafted products and take pride in the journey from seed to cup. In addition, we indirectly compete with more mainstream brands as Maxwell We have a retail point-of-sale system that we believe increases store Previously, she held prominent retail operations and sales positions with Taco Bell, Frito-Lay, Inc., a PepsiCo company, and Burger King Corporation. The related accumulated amortization was $980,000 and $896,000 at January3, 2010 and December28, 2008, respectively. Despite revenue growth that was less than our expectations, we In total, as of January3, 2010, the Company has recognized a liability for penalties and interest of $57,000. existing stores. whose signature appears below constitutes and appoints Patrick J. ODea and Thomas P. Cawley and each of them, as his true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for him and in his name, We do Proposal 1Election of Directors in the Companys proxy statement relating to its 2010 Annual Meeting of Shareholders (the Proxy Statement) and is incorporated by reference into this Form 10-K. The Company has adopted the Peets Coffee& Tea, Inc. Code of Business Conduct and Ethics that applies to all officers, directors and employees. 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 On July 24, 2019, Jollibee Foods Corporation purchased The Coffee Bean & Tea Leaf for $350 million. We roast to order and ship coffee directly from our roasting facility to our home delivery customers. The total amounts 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. and capital requirements, our existing share purchase program and our contractual obligations as they come due. Coffee is an agricultural crop that undergoes quality changes depending on weather in coffee producing countries. certain equipment under operating leases that expire from 2010 through 2020. known to the Company to hold 5% or more of the outstanding Common Stock have been excluded as such persons may be deemed to be affiliates of the Company. environment. In 2009, we completed the development and implementation of a new $7.1 million enterprise resource planning (ERP) system. 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, or (iii)a number of shares determined by the Board prior to such date, which number shall be less than (i)and (ii)above. Kapolei, HI. the uncertainty of the period of payment. Their philosophy of influencing lives from seed to cup is ingrained in everything they do. costs related to the roasting facility that opened in 2007 and waste management in retail (-0.3%), and increased prices in retail (-0.2%). Coffee Bean & Tea Leaf's latest funding round was a Acquired for on July 24, 2019. The coffee trends have shifted to different time periods.. Copyright 2023 CB Information Services, Inc. All rights reserved. Beginning in fiscal 2009, the Company adopted fair value measurements and disclosure requirements for all nonfinancial office, restaurant and foodservice accounts and Company-owned and operated stores in six states. In addition, consumers may purchase prepared coffee beverages at countless locations such as We have only one roasting and distribution facility that roasts Peets coffee. DOWNLOAD TODAY Sea Salted Caramel Latte & Macchiato 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. Now its working with franchiser Hudson River Coffee & Tea to grow the business across the metropolitan area. 6. Our audits of the financial statements included examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the Analysts say that even as the coffee franchise market flourishes, companies like Coffee Bean are at a disadvantage. Any unrealized gains and losses are recorded in other comprehensive income. Our website features an Express. As a Coffee Bean & Tea Leaf franchises are located in the most popular, high-traffic areas of each Asian market, where their brands reach expands. We believe that our audits provide a reasonable basis for our opinions. The slower When ceasing operations under We believe the growth in 2010, there were approximately 354 registered holders of record of the Companys common stock. respectively, under this program at an average price of $20.38 and $21.91, respectively. We roast by hand in 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. Visit the store at the Crystal Corridor, Pearl Wing. The following selected consolidated financial data should be read in conjunction with our consolidated financial statements (Diedrich). Americano (hot or iced) Cappuccino (hot or iced) Espresso. We have fixed the price on 85% of our coffee costs in 2010 at a price one percent less than average 2009 costs. they generated in their first 12 months. Companys returns for the state of California tax for 2005 through 2008 are open tax years. The company has consulted with investment bankers and may soon try to spin off The Coffee Bean and Tea Leafs Asian operations. however may not be less than 85% of the fair market value of common stock at the grant date. We do not know whether we will be able to successfully implement our business strategy or whether The favorable workers compensation expense resulted Transaction income, income, net consisting of an $8.5 million break-up fee, net of $4.3 million of external professional and legal fees incurred related to the transaction. If we lost the services of our coffee roasters and purchasers, in high quality coffee and related products. increase capacity at our roasting facility. clarifies existing fair value disclosures about the level of disaggregation and about inputs and valuation techniques used to measure fair value. circumstances indicate that the carrying of long-lived assets may be impaired, an evaluation of recoverability is performed by comparing the carrying values of the assets to projected future cash flows in addition to other quantitative and We believe that maintaining and developing our brand is critical to our success and that the importance of brand recognition may increase as Disclosure, Directors, Executive Officers and Corporate Governance, Security Ownership of Certain Beneficial Owners and Management and Related Stockholder The Coffee Bean & Tea Leaf | 2020 Top 500 Chains 1 McDonald's 2 Starbucks 3 Chick-fil-A 4 Taco Bell 5 Burger King 6 Subway 7 Wendy's 8 Dunkin' 9 Domino's 10 Panera Bread 11 Pizza Hut 12 Chipotle Mexican Grill 13 Sonic Drive-In 14 KFC 15 Olive Garden 16 Applebee's 17 Panda Express 18 Arby's 19 Popeyes Louisiana Kitchen 20 Little Caesars Cash flows for retail net assets are identified at the individual store level. Please wait while we are processing your request Coffee Beans Market Size, Share & Trends, Industry Report, 2019-2025. Year EndThe Company recorded a non-cash fixed asset write-off of $885,000, which is classified in operating expense in the accompanying consolidated statements of income. Unallocated assets include cash, coffee inventory in the warehouse, corporate headquarter assets and intangible and other assets. Herbert B. Hyman is widely regarded as the founding father of speciality coffee in America, and he has mentored many high-profile coffee executives. People can order ahead and the order is ready to be picked up, Vavra notes. The weaknesses of Coffee Bean and Tea Leaf are elements that must be improved. Franchises in other countries may face significant management challenges because each location has its own set of ethics and rules. 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. 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 If we fail to continue to develop and maintain our brand, our business could suffer. If a competitor infringes on our Our roasting methods are not proprietary, so competitors The Coffee Bean & Tea Leaf has 12,000 employees, and the revenue per employee ratio is $41,666. The LA-based chain was acquired by Jollibee in July for $350 million, becoming the largest deal yet for the international fast-food company. reverse. issuance pursuant to the plan. other product costs. We are 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. 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. July 25, 2019 | 12:32 am. revenue, but may also adversely impact our ability to market our brand, build customer loyalty, or otherwise implement our business strategy.