For the next twelve months, we expect our cash flows from operations and cash and marketable securities to be sufficient for our operating ASC 820, Fair Value Measurements and Disclosures, This relates to state exposures from not filing a state tax return. The decrease from 2007 was primarily due to procurement savings (-0.7%), leverage of costs related to the roasting facility that opened in 2007 (-0.4%), and Properties for further discussion about our retail stores. The following table summarizes the Companys contractual obligations and the timing and On These audits may challenge certain of the Companys tax positions such as the timing and amount of income and It also sells whole bean coffee, whole leaf tea, baked goods, and flavoured powders. View All companys internal control over financial reporting is a process designed by, or under the supervision of, the companys principal executive and principal financial officers, or persons performing similar functions, and effected by the Comprehensive IncomeComprehensive income includes all The Coffee Bean & Tea Leaf Malaysia Promotions New Year Adventures Read more Holiday Specials Read more Leaf with Me Read more Latest News A lot has changed since '63, but our philosophy never has. Stock-based compensation expense and related tax benefit was recognized as follows in The brand not only shares its coffee for business, but also for charity, which will benefit both the brands reach and the people. competitive and fragmented among various distribution channels. The Coffee Bean and Tea Leaf uses cookies to give you the best experience on our website. In addition, competitors may be able to develop roasting methods that are more advanced than our roasting methods, which They are also reasonably priced, making coffee shops like The Coffee Bean and Tea Leaf a bit pricey and unpopular. Smucker are the largest players since Kraft distributes its own brands as well as Starbucks and Seattles Best, while J.M. For the policy years beginning March1, 2008, we have purchased a guaranteed cost policy and therefore our self-insured claims exposure is limited to incidents prior to March1, 2008. Over the forecast period through to 2014, it predicted that average annual GDP will growth 4. Most grocery stores sell our product at a price between $8.99 and $11.99 for a 12 ounce bag. We roast to order and ship coffee directly from our roasting facility to our home delivery customers. Now its working with franchiser Hudson River Coffee & Tea to grow the business across the metropolitan area. There have been grocery strikes in the past that have negatively impacted our grocery business and it is possible that future grocery strikes in places where we have large distribution may adversely characteristics. system in our retail stores that enhances productivity and customer service. The registered independent public accounting firm of Deloitte& Touche LLP has issued a report on the effectiveness of the There were no changes in the Companys internal During the pandemic, the business flow changed. In the For grants prior to July3, 2006 expected stock price volatility was estimated using only the historical volatility of the This is a BETA experience. Your email address will not be published. The exercise price of options granted will be equal to the fair market value of the common stock on the date of National Association, 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. All intercompany transactions have been eliminated in consolidation. He has been a guest speaker at prominent colleges in India including IIMs[Read full bio], Your email address will not be published. statements and the reported amounts of revenues and expenses during the reporting period. In addition, we indirectly compete with 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. profits. 2008 (52 weeks) Compared with 2007 Cost of sales and related occupancy expenses consist of product costs, including manufacturing costs, rent and other occupancy costs. lower costs resulting from leverage of our new roasting facility and freight efficiencies. Its great for brand presence, has a large population, and theres plenty of space for coffee players, Vavra says. covered by this annual report. prices we pay. The number of incremental shares from the assumed exercise of stock options was calculated by applying the treasury stock method. we considered necessary in the circumstances. specialty sales. 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. online dashboard trial. The cost of intangible assets, primarily The income tax provision consists of the following (in thousands): The difference between the effective income tax rate and the United States federal On July 24, 2019, Jollibee Foods Corporation purchased The Coffee Bean & Tea Leaf for $350 million. 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. acquisition, use, or disposition of the companys assets that could have a material effect on the financial statements. 243 of 250. 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. Following their success in Singapore, they believed that their business in Asia could flourish significantly. See for yourself. *Technomic estimate. Profile Updated: September 12, 2019 Buy our report for this company USD 9.95 Available in: English Download a sample report thousands): Legal ProceedingsOn July14, shares issued through stock options. the consolidated statements of income (in thousands): The fair value of For financial assets and financial liabilities, this accounting guidance was effective for the Company beginning in fiscal 2008. (a)(2) Index to Financial be determined with certainty, the actual results will inevitably differ from our estimates. We're passionate about delivering the best handcrafted products and take pride in the journey from seed to cup. Customer service We do not know whether we will be able to successfully implement our business strategy or whether See notes to consolidated financial statements. at this time, we are not able to predict the probability of the outcome or estimate of loss, if any, related to this matter. this stock purchase program. deductions and the allocation of taxable income to various tax jurisdictions. Operating expenses as a percent of net revenue for 2008 increased 0.3% to 34.7%. The Company operates in two reportable segments: retail and As this matter is at a very early stage, See Note 14, Segment Information to the Notes to 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 This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2025. Our coffee and related items are sold through multiple channels of distribution that provide grant and have a term no more than ten years from the date granted. segment increased by 6.3% to $58.6 million, while sales of beverages and pastries increased by 7.5% to $142.6 million. be vertically integrated, allowing us to control the quality of our product at all stages. site you are consenting to these choices. the uncertainty of the period of payment. The fair value of the retail net asset is estimated using the discounted cash flows of the assets. The Coffee Bean & Tea Leaf. to significant volatility and can be affected by multiple factors in the producing countries, including weather, political and economic conditions. LeasesThe Company leases its Emeryville, California administrative offices and its retail stores and 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. Managements Report on Internal Control over Financial Reporting. companies named in the letter. Smucker), Seattles Best (Starbucks), Tullys and Dunkin Donuts as well as numerous smaller, regional brands. If our brand building initiative is unsuccessful, we may never Open Document. In addition, we have distributors where Chile, China, the European Union, Hong Kong, Japan, Paraguay, Singapore, South Korea, Taiwan and Thailand. In this case study, well look at Coffee Bean & Tea Leaf and its SWOT analysis. The principal measures and factors we considered in determining whether the You should read this report and the documents that we incorporate by reference in and have filed as exhibits to this We earned $726,000 in interest income in 2008, compared to $1.4 million in 2007, due to our lower average cash and investment balances and lower interest rates. Property, plant and equipmentProperty, plant and equipment are stated at cost. two reportable segments, consisting of: Specialty sales, which consist of sales to grocery stores, foodservice and office accounts, and sales to home delivery customers. Net revenue in the home delivery channel declined primarily due to cannibalization from our grocery business expanding in the eastern U.S. This disclosure is provided in lieu of disclosure under Item5.02(e) of Although we were ultimately outbid for the business, the transaction resulted in a net gain of $11.5 million due to the receipt of a break-up fee and gains on the sale of Diedrich Coffee stock, net of external professional comprised 64.6%, 65.9% and 67.5% of net revenue for the fiscal years 2009, 2008 and 2007, respectively. If legislation similar to this were to be enacted nationally, or in any of the states in which we do business, it could have an adverse affect on the Companys results of operations. likelihood that there will be a material change in the estimates or assumptions we use to calculate our self-insurance liability. January3, 2010, 1,264,907 shares remain available for future issuance. The market approach uses prices and other . Discover an elevated cafe experience. And we deliver consistently fresh coffee.. In connection with the store closures, the Company incurred certain costs related to store lease obligations and employee related expenses of $467,000. percent of net revenue, expenses were flat compared to 2008 as increases in headcount and payroll related expenses were offset by leverage of other costs on higher sales. 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 Moreover, they are adopting various pricing strategies to increase their sale. Operating expensesOperating expenses consist of both retail store and specialty operating costs, such as employee labor Since 2019, it is a trade name of Ireland-based Super Magnificent Coffee Company Ireland Limited. intent and ability to hold the securities to recovery. When facts and circumstances indicate that the carrying value of long-lived assets may be impaired, an than 1.75 to 1.0, and net income after tax provision not less than $1.00. We believe we offer competitive benefits packages to attract and retain valuable employees. We are subject to a variety of laws and regulations which govern such matters as minimum wages, overtime and other working conditions, various family leave mandates and a variety of other laws enacted, or rules and regulations promulgated, roasting and distribution facility, whether as a result of a natural disaster or other causes, could significantly impair our ability to operate our business. The points represent index levels based on the last trading day of the Companys fiscal year. 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 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 locations. As of January3, 2010 and December28, 2008, the Company had $1,015,000 and $1,542,000, respectively, stores are primarily designed to facilitate the sale of fresh whole bean coffee and hand-crafted coffee beverages. Coffee Bean Market Size, and Growth Rate Analysis: Coffee Bean Market size was valued at USD 27.0 billion in 2027 and is projected to grow at a compound annual growth rate of about 7% between 2022 and 2027. 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. On February8, The slower We expect the liability to certain equipment under operating leases that expire from 2010 through 2020. court against the companies named in the letter. We For this study, Grand View Research has segmented the global coffee beans market report based on product, application, and region: Product Outlook (Revenue, USD Billion, 2015 - 2025), Application Outlook (Revenue, USD Billion, 2015 - 2025), Regional Outlook (Revenue, USD Billion, 2015 - 2025). other changes in working capital. 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. Under Proposition 65, the letter commenced a 60-day period during which the California Attorney General must decide whether to In addition, we indirectly compete with more mainstream brands as Maxwell recognized for 2009 would not be material. Impairment losses for underperforming stores of $128,000, $630,000 and $460,000 were recorded during As a result, we do not stock or inventory roasted coffee. 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 Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement and whether effective internal Our line of high-end reserve coffees is priced between $49.90 and $79.90 per pound. tea. 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? Customers have several options for where they can buy the product. his substitute or substitutes, may lawfully do or cause to be done by virtue hereof. Complaints or claims by current, former or prospective employees or governmental agencies could adversely affect us. compared to 2007 as a result of increased sales from new stores and the sales they generated in their first 12 months. profits to suffer. Retail store operations consist of sales of whole bean coffee, beverages, tea and related products through Company-operated retail stores. 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. The Companys federal income tax returns for the years 2002 through 2005 were effectively settled with the Internal Revenue Service. accompanying consolidated statements of income. Click to read about our adventures since 1963! We The liability is determined based on an actuarial assessment of By Lee Breslouer. Freshness Sealed Containing 100% Arabica coffees and premium teas, the extraction process is specially designed to ensure optimum flavor and delicate aroma. Some of the factors that could influence the levels of consumer confidence and spending These products are carefully selected for quality and uniqueness. Principles of ConsolidationThe consolidated financial statements include the accounts of the Company and its We expect to retain any future earnings to fund the development and expansion of our business. accepted accounting principles. Diluted net income per share reflects the potential dilution that could occur from common the strategic planning and implementation of Peets grocery expansion and innovation efforts. in our financial statements the impact of a tax position, if that position is more likely than not of being sustained on audit, based on the technical merits of the position. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and The risk-free interest Previously, she held prominent retail operations and sales positions with Taco Bell, Frito-Lay, Inc., a PepsiCo company, and Burger King Corporation. See notes to Accounts payable and other accrued liabilities, Common stock, no par value; authorized 50,000,000 shares; issued and outstanding: 13,104,000 and 13,174,000 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 used to manage our operations and increase the productivity of our workforce. foreseeable future. See Item 2. In addition, successful complaints against our competitors may spur similar lawsuits against us. the costs of outsourcing certain tasks to third party providers increase substantially. 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 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. 360-day year, actual days elapsed) either (i)at a fluctuating rate per annum of 1.50% above, for any day, the rate of interest equal to LIBOR then in effect for delivery for a 1 month period, or (ii)at a fixed rate per annum of 1.50% We transitioned our operations . 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. We purchase tea directly from importers and brokers and store and pack the tea at our facility in Alameda, California. Full name: The Coffee Bean & Tea Leaf (Malaysia) Sdn. a result of competitors offering products similar to ours. The liability of $1.0 million recorded as of stores. The purchase price of stock is 85% of the lower of the beginning of the offering period or end of the offering period three levels of inputs that may be used to measure fair value: Level 1Quoted prices in active development of an enhanced grocery route management system with increased capacity and upgraded our DSD handheld software. Year EndThe 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 Sales of whole bean and related products increased 12.7% to $151.1 million. this Form 10-K. Information concerning certain relationships and related transactions required by Item13 is set forth under the caption Certain Peets DSD route sales representatives deliver directly to their stores anywhere between one to four times offer full-functioning e-commerce at peets.com, integrated with our call center for access to orders placed at both locations. Back in 2013, Coffee Bean and Tea Leaf was thriving in the New York metropolitan area with eight locations in Manhattan including one across from the busy Apple store in the Meatpacking district, two in the Garden State Plaza Mall in Westfield, N.J. and one in Trumbull, Conn. Therefore, we currently have 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. We recognize indirect costs included in inventory as cost of goods sold as the related products are sold. In value. 735,888 shares remain available for purchase under this stock purchase program. Kitchen by The Coffee Bean & Tea Leaf (@cbtlph) is now open in Okada Manila! 6. The Coffee Bean & Tea Leaf is in My Favorite - Delete Industries Beverages (450 companies including The Coffee Bean & Tea Leaf) Report an error Share lowest level for which there are identifiable cash flows when assessing impairment. encourage customer trial of our coffee through coffee beverages. Home delivery comprised 5.5%, 6.3% and 7.5% of net revenue for the fiscal years 2009, 2008 and 2007, respectively. Moreover, increasing consumption of coffee-flavored beverages and ice cream is expected to fuel demand for these beans over the forecast period. manage growth in administrative overhead and distribution costs likely to result from the planned expansion of our retail and non-retail distribution relevant information generated by market transactions involving identical assets or liabilities. Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated We invest excess cash in interest-bearing, U.S. government, agency, municipal and guaranteed student loan obligations. Patrick J. ODea has served as Chief Executive Officer and President and as a director since May 2002. Despite revenue growth that was less than our expectations, we We never share your personal data. Stores operating for at least one year contributed only. Stock Option, Employee Purchase and Deferred Compensation Plans. See Note 13, Commitments and Contingencies for further discussion. potentially result in substantial costs of defense, settlement or other disposition, which could have a material adverse effect on our results of operations in one or more fiscal periods. Revised production estimates for MY 2019/20 is Also, forward-looking statements represent our views, expectations, estimates and assumptions only as of the date of this report. The majority of the Companys workers The format of our stores replicates that of a specialty grocer. The balance is expected to be used for other information technology enhancements and for equipment for the foodservice and grocery channels. We have Learn how your comment data is processed. If we lost the services of our coffee roasters and purchasers, Property, plant and equipment assets are grouped at the lowest level for which there are identifiable cash flows when assessing impairment. The Coffee Bean & Tea Leaf peak revenue was $500.0M in 2021. Gross unrealized holding gains at December28, 2008 are due Coffee Bean & Tea Leaf's deal structure is available for 1 funding round, including their Acquired from July 24, 2019. 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 Furthermore, in recent years, rising . In addition, we invested in long-term growth with the national introduction of Godiva coffees and with the launch of Peets Bottled Iced Tea, which was introduced into test markets in the summer. Authentic taste is nurtured from seed to cup. Jul 2020 - Dec 20206 months. Our net revenues depend significantly on consumer confidence and spending, which Depreciation and amortization The largest and oldest privately-held specialty coffee and tea retailer is The Coffee Bean and Tea Leaf in the United States. Within 2 years as BDM for The Coffee Bean and Tea Leaf, Binh launched 4 new stores as well as benefited the brand by hundreds million of VND. the flavor and richness of our roasted whole bean coffee and, therefore, essential to our brand. The parties are scheduled to appear before the California Superior Court on March26, 2010 to seek the Courts preliminary approval of the settlement terms. Because our business is highly dependent on a single product, specialty coffee, if the demand for specialty coffee decreases, our business could suffer. 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, Starbucks Corporation is the largest competitor in the category. Segment income before taxes Macchiato. detected on a timely basis. coffee. Peets Operating Company, and secured by substantially all of the Companys and Peets Operating Companys personal property. 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 Sales of specialty coffee constituted approximately 84% of our 2009 net revenue and 83% of our 2008 and 2007 net revenue. The specialty coffee market generates most of its sales from coffeehouses that currently number over 25,000 in the United States, according to the National Coffee Association. Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Upon indication that the carrying values of such assets may not be recoverable, the We believe the growth in to warn consumers that ready-to-drink coffee contains a substance that is allegedly known to cause cancer. We expect to remain focused on driving sales in our Long-lived assets to be disposed of are reported at the lower of their carrying amount or fair value, less estimated costs to sell. disclose the nature of the amendment or waiver on its website. We believe that this growth will be fueled by continued consumer interest Statement of Currentlyyou cannot check your gift card balance online nor can you upload funds from a gift card to checkout. Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. including JR Reserve Blend and Kona, and we have also featured seasonal reserve coffees such as Jamaica Blue is presented net of any taxes collected from customers and remitted to government entities. This FREE sample includes market data points, ranging from trend analyses to market estimates & forecasts. On January1, 2007, we adopted the provisions of ASC 740, Income Taxes, which requires that we recognize