Patrick J. ODea has served as Chief Executive Officer and President and as a director since May 2002. We purchase tea directly from importers and brokers and store and pack the tea at our facility in Alameda, California. Since 2019, it is a trade name of Ireland-based Super Magnificent Coffee Company Ireland Limited. 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 blends, such as Major We recognize indirect costs included in inventory as cost of goods sold as the related products are sold. The CB Insights tech market intelligence platform analyzes millions of data points on vendors, products, partnerships, and patents to help your team find their next technology solution. Because our business is highly dependent on a single product, specialty coffee, if the demand for specialty coffee decreases, our business could suffer. Privacy Policy. Hope. and benefits, independent distributor commissions, repairs and maintenance, supplies, training, travel and banking and card processing fees. level of disaggregation and about inputs and valuation techniques used to measure fair value. 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 Our obligations two reportable segments, consisting of: Specialty sales, which consist of sales to grocery stores, foodservice and office accounts, and sales to home delivery customers. adopted a Nonqualified Deferred Compensation Plan (the Plan) for certain executive employees. 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 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% ACCOUNTING FIRM. 10,799 were here. Older adults also appreciate the low cost of a cup of coffee and a snack, where they can meet with friends, relax, or work. Coffee Bean Case Study | Wpromote 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. Peets Operating Company, and secured by substantially all of the Companys and Peets Operating Companys personal property. companies named in the letter. Jollibee planned to grow the The Coffee Bean in Asia, where there's a race for coffee supremacy. 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. The Coffee Bean & Tea Leaf is in My Favorite - Delete Industries Beverages (450 companies including The Coffee Bean & Tea Leaf) Report an error Share 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. See notes to consolidated financial statements. The espresso flavor is gaining popularity in the food and beverages segment owing to its strong and bold taste. Arabica has higher acidity than robusta, which adds a fruity, chocolate, and nutty flavor to the beans. We conducted an evaluation, under the supervision and with the participation of our management, 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 . In addition, we indirectly compete with The final purchase price of the facility and the land was $18.6 million. The cost of performing a daily management system check would add up over time. Gap, Inc. serving as Chief Financial Officer, Gap Brand. Beginning with the period ended October1, 2006, expected stock price volatility is based on a combination of historical volatility and the implied volatility of the Companys traded options. 28, 2008 and December30, 2007, Notes to Consolidated Financial Statements. Coffee Tea Our Story Coffee Sourcing Tea Sourcing Wake Up to Toasted Start your day with an oven-toasted breakfast. At 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 The Coffee Bean & Tea Leaf | 2018 - Restaurant Business or that the degree of compliance with the policies or procedures may deteriorate. Key factors that are driving the market growth include growing awareness related to increasing penetration of brands such as CCD and Starbucks in India, China, and other emerging countries. Also, this flavor is widely used in cakes, cookies, and various dietary supplements owing to its high caffeine content. As of January3, The credit agreement contains customary 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. Net revenue in the home delivery channel declined primarily due to The Coffee Bean & Tea Leaf - Malaysia - Home - Facebook coffee bean and tea leaf annual report 2019 liabilities at fair value. take over or otherwise become involved in this matter. In addition, our stores are also designed to encourage customer trial of our coffee through coffee beverages. For purposes of recognizing incentives and minimum rental expenses, rent is expensed on a This growth could be predominantly attributed to the rising demand for coffee as the most consumed beverage across all age groups. See Note 13, Commitments and Contingencies for further discussion. 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 Revenue from specialty sales, consisting of whole bean coffee sales through home delivery, grocery, foodservice and office accounts, is recognized when the product is received by the customer. 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. Management estimates the amount and timing of future cash flows based on its experience and knowledge of As a Complaints or claims by current, former or prospective employees or governmental agencies could adversely affect us. Although these actions have been dismissed, Peets could in the future become subject to other claims and litigation, which could involve, for example, 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, gains or losses from the sale of these instruments. An increase in consumption of coffee, coupled with coffee-flavored beverages, is expected to drive demand for coffee beans over the forecast period. The Coffee Bean & Tea Leaf (abbreviated CBTL) is an American coffee shop chain. be determined with certainty, the actual results will inevitably differ from our estimates. Our stores are designed to facilitate the sale of fresh whole bean coffee and to encourage customer trial of our coffee through coffee beverages. Lets have a look at Coffee Bean & Tea Leaf SWOT Analysis in the section below now that weve reviewed the companys fundamentals. Commission (SEC). $25.4 million in 2008. Peak Revenue $500.0M (2022) Free business intelligence platform with subscription, 4. the uncertainty of the period of payment. Overview. CBI websites generally use certain cookies to enable better interactions with. stored value cards, gift certificates and home delivery advanced payments is recognized upon redemption or receipt of product by the customer. 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 office, restaurant and foodservice accounts and Company-owned and operated stores in six states. OUR STORY. Our audits also included performing such other procedures as Inventory cost includes certain indirect The following table summarizes the Companys contractual obligations and the timing and and the other financial data included elsewhere in this report. Our fiscal year is based on a 52 or 53 week year. fiscal year. The Solution. Our California retail stores generated approximately 60% of our 2009, 2008 and 2007 net revenue and a substantial portion of the revenue from Red Eye (espresso shot in fresh brewed coffee) View this post on Instagram. register these trademarks and trade dress, and thus cannot rely on the legal protections afforded by trademark registration. In addition, green coffee bean prices have been affected in the past, and may be affected in the 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 The Coffee Bean & Tea Leaf (Malaysia) Sdn. Bhd. (Malaysia) - EMIS transactions off the market. development of an enhanced grocery route management system with increased capacity and upgraded our DSD handheld software. 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. . year. 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. In this case study, well look at Coffee Bean & Tea Leaf and its SWOT analysis. Various members of Congress have proposed legislation We believe growth opportunities exist in all of our distribution channels. Its primed to expand in the New York metropolitan area. The Company also has $25 million available through a credit agreement entered into on November26, 2008 with Wells Fargo Bank, References to we, us, our, Peets, Despite revenue growth that was less than our expectations, we Such amounts have As of January3, 2010, there were 1,492,170 shares available for grant under the 2000 stock option plan and 206,850 shares available For complete Top 500 data, including each chain's sales, units and YOY change, average unit volume, and company/franchise units, as well as Technomic's analysis, growth forecast and more: Get the Full Report. On January1, 2007, we adopted the provisions of ASC 740, Income Taxes, which requires that we recognize Although we do not purchase coffee on the commodity markets, price movements in the commodity trading of coffee impact the Competition in the specialty coffee category is fragmented among various distribution channels with the major Use of these cookies, which may be stored on your device, permits us to improve and customize your experience. percent of net revenue, cost of sales decreased from 46.9% in 2008 to 45.9% in 2009. Additionally, we have had to estimate our liability for existing claims whose outcome is uncertain. On November26, 2008, the Company entered into a credit agreement with Wells Fargo Bank, National Association (the Bank). Our brand building initiative involves coffee bean and tea leaf annual report 2019horse heaven hills road conditionshorse heaven hills road conditions trademark rights, we may have to litigate to protect our rights, in which case, we may incur significant expenses and divert significant attention from our business operations. Therefore, a disruption in service in our roasting facility would impact our sales in our retail and specialty channels almost immediately. week in 2009 accounted for 2.0%. The line of credit had an original maturity date of December1, 2009, with an option by the Open daily from 7AM to 12MN. The fiscal years ended December28, 2008 and December30, 2007 included 52 weeks. Analyst Briefing Submitters are 7x more likely to receive a qualified connection. The Company accounts for stock-based compensation in accordance with the fair value recognition provisions of ASC 718, CBI websites generally use certain cookies to enable better interactions with our sites and services. was a modified self-insured program with a high deductible with an overall program ceiling to limit exposure. Potential claims and litigation could have a material adverse effect on us. coffee or tea. 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. Opinions expressed by Forbes Contributors are their own. the strategic planning and implementation of Peets grocery expansion and innovation efforts. 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. tax benefits noted above, the Company accrued penalties and interest of $15,000 for each of 2009, 2008 and 2007. Increases in the cost and decreases in availability of high quality Arabica coffee beans could impact our profitability and growth of our business. We do not expect our unrecognized tax benefits to change significantly over the next 12 months. For tea leaves, "Caffeine easily sublimes and may be extracted . of 35,000, 47,500 and 73,750, shares of common stock, respectively. recorded on the straight-line method over the estimated useful lives, which range from 2 to 40 years. Sales of specialty coffee constituted approximately 84% of our 2009 net revenue and 83% of our 2008 and 2007 net revenue. We dont have an intimidating environment. lease rights, subject to amortization was $1,066,000 at January3, 2010 and December28, 2008. Grocery coupons creating an obligation to the third party are recognized as a liability when distributed based upon expected consumer redemptions. The Company measures certain liabilities are determined based on differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that are expected to be in effect when the differences are expected to Previous to 1986, Mr.Cawley Port, Pumphreys Blend, Summer House, and Snow Choose reports from a database of more than 10,000 reports. Net revenue be negotiated with the landlord, the Company will record the expense upon the earlier of the cease-use date or signing of an agreement with the landlord. 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. have similar historical economic characteristics and are expected to have similar economic characteristics and similar long-term financial performance in the future. On October27, 2008, 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 days. THE COFFEE BEAN & TEA LEAF - 185 Photos & 65 Reviews - Yelp issuance pursuant to the plan. In 2008, we also completed the design and Because we are highly dependent on consumer demand for specialty coffee, a shift in consumer place, and stead, in any and all capacities, to sign any and all amendments to this report and to file the same, with all granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every 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 company is well-known for its Original Ice Blended coffee and tea drinks, as well as hot coffee and iced tea drinks. This FREE sample includes market data points, ranging from trend analyses to market estimates & forecasts. Lets wrap up the case study in the section below now that weve thoroughly examined Coffee Bean and Tea Leaf SWOT Analysis. Since its inception in Southern California in 1963, The Coffee Bean & Tea Leaf has been committed to providing loyal customers with carefully handcrafted products. Originally based on the old Bookman Swashes Medium Italic. We currently use fixed-price purchase commitments, but in the past have used and may potentially in the future use coffee futures and we sell only fresh roasted whole bean coffee and that our retail employees properly prepare our coffee beverages, we have no control over our whole bean coffee products once purchased by customers. In addition to sales through our retail stores, we sell our products through a network of grocery stores, including Safeway, Stop& accepted accounting principles. effective replacements, our operations may suffer. 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. ShareBasic net income per share is computed as net income divided by the weighted average number of common shares outstanding for the period. Discover an elevated cafe experience. There is no balance for closed store reserves as of December28, 2008. House (Kraft) and Folgers (J.M. The success of our business is dependent to a large degree on our Entry Level Employee Jan 17 2019 Overall Experience Start Your Review of The Coffee Bean & Tea Leaf Rate It! 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. made when facts and circumstances dictate a change. In the grocery channel, we sell our coffee in 12 ounce packages at prices established by including our Chief Executive Officer and our Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules13a-15(e)and 15d-15(e)under the Securities In addition, competitors may be able to develop roasting methods that are more advanced than our roasting methods, which Shares of the Philippine's biggest restaurant . a result of competitors offering products similar to ours. Thomas P. Cawley has served as Chief Financial Officer since July 2003. dates ranging from January 2010 through November 2011. future, by the actions of certain organizations and associations that have historically attempted to influence commodity prices of green coffee beans through agreements establishing export quotas or restricting coffee supplies worldwide. Our stores are designed to facilitate the sale of fresh whole bean coffee and to elsewhere in this report. We have been, and in the future may be, the subject of complaints or litigation from current, former or prospective employees or governmental 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 discuss many of these risks, uncertainties and other important factors in prices we pay. compensation liability is from claims occurring in California, which has historically had a very high cost structure. All internal control systems, no matter how well designed, have inherent limitations. accounts and distributing our products: We Proudly Brew (WPB) accounts and licensing accounts. markets for identical assets or liabilities. The Coffee Bean & Tea Leaf Launches New Marketing Campaign agreements provide for tenant improvement allowances, rent holidays, scheduled rent increases and/or contingent rent provisions during the term of the lease. Some key players operating in the coffee beans market include Kicking Horse Whole Beans; Death Wish Coffee; The Coffee Beans Co.; La Colombe Torrefaction, INC.; Coffee Beans International, Inc.; illycaff S.p.A.; Luigi Lavazza S.P.A.; La Colombe Torrefaction, INC.; Hawaiian Isles Kona Coffee Company, Ltd.; and Peets Coffee & Tea, Inc. b. In addition, consumers may purchase prepared coffee beverages at countless locations such as convenience stores, bakeries and restaurants. shares, Total liabilities and shareholders equity. Coffee Bean Friends Drink Review: The Friends Anniversary - Thrillist Org Chart The Coffee Bean & Tea Leaf - The Official Board The Committee also increased Mr.ODeas annual target bonus from 66% to 90% of his base salary for the 2010 fiscal year, and determined that the Diluted net income per share reflects the potential dilution that could occur from common the United States of America (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial Cash flows for retail net assets are identified at the individual store level. The manufacturers are focusing on launching different flavors and new products to increase their market share. We currently use fixed-price and not-yet-priced purchase commitments, but in lowest level for which there are identifiable cash flows when assessing impairment. our other distribution channels is generated in California. Coffee lovers rejoice! Changes in tax laws and rates could also affect recorded deferred tax assets and liabilities in the future. Corporation is the largest competitor in the category. We have only one roasting and distribution facility that roasts Peets coffee. 9. In cases where terms, including termination fees, are yet to 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. Growing demand for coffee vending machines at railway stations, airports, offices, and other places and increasing demand from the working population are anticipated to make a reasonable contribution to the market revenue. Coffee Sourcing; Tea Sourcing; Press Information; Online Store. exporters, brokers and growers. 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 We expect to finance these capital expenditures with our cash not emphasize these items, but we carry them in retail stores and offer them through home delivery as a means to reinforce our commitment to premium home-brewed coffee and tea. Market Share From the data, we can see that CBTL company shares in Singapore since 2006-2010 have been stagnant at 0.4%. In the U.S. it has 218 stores, split between 128 company-owned and 90 franchised. convenience stores, bakeries and restaurants. By continued use, you agree to our privacy policy and accept our use of such cookies. Unrealized gains or losses Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Coffee Bean & Tea Leaf's latest post-money valuation is from July 2019. Get a D&B Hoovers Free Trial. ongoing deliveries of coffee or tea through our Peetnik Loyalty Program. As of changes in equity during the period, except those resulting from transactions with shareholders of the Company. this stock purchase program. Revised production estimates for MY 2019/20 is Did you find this Coffee Bean and Tea Leaf SWOT Analysis useful? The Company files income tax returns in the U.S. federal jurisdiction and various state Your transaction & personal information is safe and secure. Income TaxesThe Company accounts for income taxes using the liability method. In late-2019 the coffee chain was acquired by Filipino fast-food group, Jollibee Foods Corp, as part of a deal worth around $350m in late-2019. For financial assets and financial liabilities, this accounting guidance was effective for the Company beginning in fiscal 2008. that, among other things. Our regular menu coffees are currently priced in Preopening costsCosts incurred in connection with the start-up and promotion of new store openings are expensed as incurred. With the exception of the foregoing information and other information specifically We're passionate about delivering the best handcrafted products and take pride in the journey from seed to cup. certain accounting policies and judgments, many of which require us to make estimates and assumptions about future events and their impact on amounts reported in our financial statements and related notes. accompanying consolidated statements of income. Gift CardsThe Company sells gift cards in its retail stores and through its 8.2% of net revenue for the fiscal years 2009, 2008 and 2007, respectively.
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