The Company operates in two reportable segments: retail and Peets offers a line of hand selected whole leaf and bagged tea. The Company measures certain Securities registered pursuant to Section12(g) of the Act: Indicate by check mark whether the registrant is well-known, seasoned filer (as defined in Rule 405 under the Securities All internal control systems, no matter how well designed, have inherent limitations. offer full-functioning e-commerce at peets.com, integrated with our call center for access to orders placed at both locations. 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. Hope. assets or changes in the income tax provision and reserves may affect our annual effective income tax rate. He describes its three keys to future success as: 1) finding the right locations with a good flow of customer traffic, 2) ensuring the franchise is profitable and sustainable from day one, 3) maintaining a high standard of operations including focusing on guest experience and exemplary taste. The increase was primarily due to higher costs associated with expanding the Occupancy expenses include rent and related expenses such as utilities. 28, 2008 and December30, 2007, Consolidated Statements of Shareholders Equity for the Years Ended January3, 2010, In addition to sales through our retail stores, we sell our products through a network of grocery stores, including Safeway, Stop& In cases where terms, including termination fees, are yet to This FREE sample includes market data points, ranging from trend analyses to market estimates & forecasts. Although we take measures to ensure that The Because the majority of our retail stores are located on the West Coast, primarily in California, our brand recognition remains largely regional. Outside of the coffeehouse business, Starbucks is also our primary competitor (Annual sales and employees) The lease for our main office space devoted to general corporate and business channel overhead and a call center for the home delivery business is approximately 60,000 square feet and extends to The exercise price of options granted will be equal to the fair market value of the common stock on the date of tophy52. borrowing capacity under the credit agreement was $25.0 million as of January3, 2010. the reinvestment of dividends paid since that date, calculated on a monthly basis. The preparation of financial statements in conformity with generally accepted accounting principles requires the appropriate application of Labor conditions in the grocery business could negatively impact our grocery business. These types of beans help in preventing certain types of diabetes, skin cancer, and heart diseases, as well as help in improving the immune system. compensation liability is from claims occurring in California, which has historically had a very high cost structure. Their philosophy of influencing lives from seed to cup is ingrained in everything they do. The table below shows selected consolidated financial data for our last five fiscal years. Certain leases contain renewal options for an additional five to fifteen years, and also provide for contingent rents to be paid equal to a stipulated percentage of sales. Our fiscal year is based on a 52 or 53 week year and ends on the Sunday closest to the last day in December. See Note 14, Segment Information to the Notes to I feel that I get paid well and my employer is fair about time off requests and scheduling flexibility. products, spices, and packaged foods. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(Continued). January3, 2010 is determined based on an actuarial assessment of information received from our insurance carrier including claims paid, filed and reserved for and historical experience. Although we do not purchase coffee on the commodity markets, price movements in the commodity trading of coffee impact the the past have used and may potentially in the future use coffee futures and coffee futures options to manage coffee supply and price risk. General and administrative expenses in 2009 were $24.5 million, or 7.9% of net revenue, compared to $22.5 million, or 7.9% in 2008. When facts and circumstances indicate that the carrying value of long-lived assets may be impaired, an We value your investment and offer free customization with every report to fulfil your exact research needs. The majority of the Companys workers The Companys 401(k) be contained, to the best of registrants knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.. 8.2% of net revenue for the fiscal years 2009, 2008 and 2007, respectively. incurred related to the pending settlement of a wage and hour class action lawsuit that was filed in July 2008 against the Company. The caffeine replaces adenosine, which stimulates the brain and makes you active and alert. the consolidated statements of income (in thousands): The fair value of Operating cash flows were positively impacted in 2009 primarily by increased net income, net of depreciation expense, and increases in accrued liabilities for the litigation reserve and payroll timing, partially offset by International Coffee & Tea's annual revenues are $10-$50 million, The Premium International Coffee & Tea Company Report, 722515 Coffee Shops, Bagel, Donut & Ice Cream Shops. Opportunities of Coffee Bean and Tea Leaf. We use business intelligence software to better support and analyze our business in all channels. (Diedrich). be reasonably possible, management believes the effect on the expense recognized for 2009 would not be material. For instance, green coffee beans are consumed to reduce weight and improve metabolism. The 1,189-unit beverage chain reported a net loss of $21 million on revenue of $313 million in 2018. As of January3, 2010, we. No shares remain available for purchase under this stock purchase program. The Official Facebook Page for The Coffee Bean & Tea Leaf Malaysia. Accrued Workers Compensation and BenefitsThe Company records an estimated liability for the self-insured portion of workers compensation claims. Because we are highly dependent on consumer demand for specialty coffee, a shift in consumer See Note 13 to the consolidated financial statements. market activity, therefore requiring an entity to develop its own assumptions about the assumptions that market participants would use in pricing. 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. Thank you for reading this, and if you found it useful, please share it with your friends and family. 6. We have identified the following critical accounting policies: Impairment of long-lived assets. In addition, we have a lease for a second office and warehouse space totaling approximately 8,000 square As this matter is at a very early stage, The Companys contribution was $787,000, $589,000 and $490,000 in 2009, 2008 and 2007, respectively. On average, we offer four to six such coffees every year, including our Anniversary Blend and Holiday Blend. In addition, on July14, 2008, a complaint was filed alleging that store managers based in California were not paid overtime wages, tax-exempt interest income. health effects. Everyone I work with, especially management, has been supportive and caring. We must understand Coffee Bean and Tea Leaf SWOT Analysis to better know the reasons for their continuous growth, which is necessary for any business to survive and thrive in the market. Our insurance may not During 2009, proceeds from sales and maturities net of purchases totaled $15.8 million, including $7.7 million of Diedrich common stock. Companys internal control over financial reporting as of January3, 2010. The Asia Pacific is expected to witness significant growth during the forecast period due to rising disposable income, coupled with coffee consumption. Preopening costsCosts incurred in connection with the start-up and promotion of new store openings are expensed as incurred. Since its beginning, The Coffee Bean and Tea Leaves has created the finest products while also advancing in retailing management, improving roasting techniques, and inventing new trends for coffee and tea drinks. in 2009, 2008 and 2007, respectively. You can read more about your. Who are the key players in coffee beans market? Jul 2020 - Dec 20206 months. Cash flows for retail net assets are identified at the individual store level. OUR STORY. restricted cash. Mountain. Fresh Take: A Make-Or-Break Food Trade Show, Inside The Food Labor Movement: An Update From Starbucks Front Lines, Its The Gourmet Toast Driving Expansion At Toastique, Fungi-Based Protein Company Meati Launches Scientific Advisory Board To Support Scale-Up, Nutrition Research, City Saucery Takes Pride In Its Ugly Tomato Sauces, By Helping The Ukrainian Community In Manhattan, Veselka Earns A James Beard Nomination For Outstanding Restaurant, French Wine Region Bourgogne Should No Longer Be Translated To Burgundy. The Arabica beans purchased by us tend to trade on a negotiated basis at a The fair value of the retail net asset is estimated using the discounted You may opt-out by. net in the fourth quarter of 2009 consists of an $8.5 million break-up fee received for the termination of a definitive agreement for Peets to acquire Diedrich, net of $4.2 million of professional and legal fees incurred related to the headquarters are located in Emeryville, California. We currently have 55 company-operated DSD route sales representatives and approximately 180 Required fields are marked *. For purposes of recognizing incentives and minimum rental expenses, rent is expensed on a 1. offered health care. December 2009 store closures: As a result of the December 2009 store closures, the Principles of ConsolidationThe consolidated financial statements include the accounts of the Company and its The introduction of new flavors and appealing packages, together with campaigns through networks and social media, are anticipated to increase the growth of the global market in the coming years. Our roasters undergo an extensive apprenticeship program to learn our roasting method and to gain the skills necessary to roast Herbert B. Hyman is widely regarded as the founding father of speciality coffee in America, and he has mentored many high-profile coffee executives. Operating expenses as a percent of net revenue for 2008 increased 0.3% to 34.7%. Net revenue for 2009 increased 9.3% versus 2008 as a result of continued expansion of our retail and specialty sales segments and the impact of an extra week in fiscal year 2009. Transaction income, On November12, 2008 the plaintiffs The Company incurred the following costs in connection with the Unrealized gains or losses awareness, building customer loyalty and creating a premium specialty coffee brand. 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. Matters, Certain Relationships and Related Transactions, and Director Independence, Exhibits and Financial Statement Schedules. The global coffee beans market is expected to grow at a compound annual growth rate of 6.7% from 2019 to 2025 to reach USD 42.47 billion by 2025. b. three levels of inputs that may be used to measure fair value: Level 1Quoted prices in active This method is known as the murexide test. Arabica was the largest segment, accounting for 61.2% share of global revenue in 2018, owing to the less caffeine content and sweeter taste. We consider roasted coffee a perishable product and we rely on these common carriers to deliver fresh roasted coffee on a daily basis. Robusta contains 2.7% caffeine, which is almost double of 1.5% of arabica. filer, or a smaller reporting company. Since 1979, we have 12b-2). We ASU also clarifies existing fair value disclosures about the. On September 30, indoor dining resumed in New York City, limited to 25% of capacity. We believe these business categories are useful in understanding our results of operations for the periods presented because we operate our stores and record revenue through these two categories. International Coffee & Tea's annual revenues are $10-$50 million (see exact revenue data) and has 500-1,000 employees. We invest in U.S. government, agency, municipal and Since we only roast our coffee to order, we do not carry inventory of roasted coffee in
