The aggregate intrinsic value in the table below is Avail customized purchase options to meet your exact research needs. Lease rights represent payments made to lessors and others to secure retail locations and are amortized on the straight-line method over the life of the related lease from 5 to 10 years. Peets 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 Tea Our Story Coffee Sourcing Tea Sourcing Wake Up to Toasted Start your day with an oven-toasted breakfast. entire target bonus would be cash-based. Large Accelerated FilerAccelerated FilerxNon-Accelerated FilerSmaller reporting company, Indicate by check mark whether the registrant is a shell company (as defined in Exchange Act Rule under the credit agreement are guaranteed by our wholly-owned subsidiary Peets Operating Company and secured by substantially all of our and Peets Operating Companys personal property. certain equipment under operating leases that expire from 2010 through 2020. We use the Black-Scholes-Merton option-pricing model, which requires assumptions requiring a high degree of judgment. operations data as a percent of net revenue. It also includes plant manufacturing (including depreciation), freight and distribution costs. Originally based on the old Bookman Swashes Medium Italic. Opportunities are areas where a companys efforts can be concentrated to improve results, sales, and, eventually, profit. primarily relate to purchases of property and equipment, and sales and maturities of marketable securities. Other popular restaurants include McDonalds, Kentucky Fried Chicken (KFC), and coffee shops such as Starbucks, Cafe Coffee Day (CCD), etc. Intangible and other assetsIntangible and other assets include lease rights, contract acquisition costs, deposits, and 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. coffee or tea. These and other economic factors could have a material adverse effect on demand for our products and on our financial condition and operating results. These costs are shown separately as litigation related expenses in the consolidated statements of income. Jollibee said the total value of the Coffee Bean & Tea Leaf deal will be $350 million, with $100 million invested into a new Singapore-based holding company. The table below shows selected consolidated financial data for our last five fiscal years. stores. redemption becomes remote. transactions off the market. shares or 1.5% of the number of shares of common stock outstanding on that date. competitive and fragmented among various distribution channels. 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. Occupancy expenses include rent and related expenses such as utilities. 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. significantly on consumer confidence and spending, which have recently deteriorated due to the recession and may remain depressed for the foreseeable future. Shares of Common Stock held by each officer, director and each person If our In connection with the store closures, the Company incurred certain costs related to store lease obligations and employee related expenses of $467,000. It is classified as operating in the Specialty Food Stores industry. Macchiato. (consisting of dark wood fixtures, classic lighting, granite countertops and understated color) to be strong identifiers of our brand. stock option exercises. ground in socal, steeped in culture. On Dickasons Blend, are well regarded by our customers for their uniqueness, consistency and special flavor It is sometimes shortened to simply "Coffee Bean" or "The Coffee Bean.". 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. she was Vice President Systemwide Operations for Taco Bell. information becomes available in the future. productivity, provides a higher level of service to our customers and maintains timely information for performance evaluation. become involved in this matter. We must constantly protect against any infringement by competitors. Commission (SEC). 3.8% to $55.1 million, while sales of beverages and pastries increased by 15.0% to $132.6 million. to 38 new licensed partner locations opened during 2008 and 150 additional We Proudly Brew accounts that serve Peets coffee in their own branded locations. There is no balance for closed store reserves as of December28, 2008. We roast by hand in acquisition, use, or disposition of the companys assets that could have a material effect on the financial statements. Please fill out the form below for a free PDF report sample & Sign up for a free trial to see Coffee Bean & Tea Leaf's valuations in July 2019 and more. The cost of intangible assets, primarily manage growth in administrative overhead and distribution costs likely to result from the planned expansion of our retail and non-retail distribution Although we take measures to ensure that A number of research studies conclude or suggest that excessive consumption of caffeine may lead to increased heart rate, nausea and vomiting, restlessness and anxiety, depression, headaches, tremors, sleeplessness and other adverse The Coffee Bean & Tea Leaf is in My Favorite - Delete Industries Beverages (450 companies including The Coffee Bean & Tea Leaf) Report an error Share Jollibee Foods Corporation announced the $550 million acquisition of The Coffee Bean & Tea Leaf on July 24, 2019, along with a $100 million investment in the company. The following table summarizes the Companys contractual obligations and the timing and Stock-based compensation expense and related tax benefit was recognized as follows in But Coffee Bean & Tea Leaf is a force internationally with 1,080 stores in 27 countries. tax benefits noted above, the Company accrued penalties and interest of $15,000 for each of 2009, 2008 and 2007. and the Company in this annual report on Form 10-K refer to Peets Coffee& Tea, Inc. Information respecting executive officers of the Company is set forth at Part I of this Form 10-K under the caption BusinessExecutive roaster andmarketer offresh, deep-roastedwhole bean coffeeand tea sold through multiple channels of distribution for home and away-from-home enjoyment. Upon All internal control systems, no matter how well designed, have inherent limitations. Professional fees associated with our stock option review and related litigation were $1.4 million in 2007 and other product costs. 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 following table lists the number of retail locations as of January3, 2010: On development of an enhanced grocery route management system with increased capacity and upgraded our DSD handheld software. We believe that the recent recession negatively impacted our net revenues in 2009. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS. Our roasting method was first developed by Alfred Peet and further honed by our talented and skilled roasting personnel. *Technomic estimate. Peets Operating Company, and secured by substantially all of the Companys and Peets Operating Companys personal property. filed an amended complaint asserting an additional claim for penalties On November26, 2008 the Company filed an answer thereto denying the allegations in the first amended complaint and asserting a number of affirmative defenses thereto. Depreciation and amortization are Our quality standards for tea are very high. . adequately cover our losses and expenses in the event of an earthquake. Additional disclosure requirements of ASC We do 2905. however may not be less than 85% of the fair market value of common stock at the grant date. It becomes a pleasant gathering place for all of their friends. Stock Option, Employee Purchase and Deferred Compensation Plans. After extensive research and analysis, Zippia's data science team found the following key financial metrics. comprised 64.6%, 65.9% and 67.5% of net revenue for the fiscal years 2009, 2008 and 2007, respectively. The Arabica beans purchased by us tend to trade on a negotiated basis at a We earned $112,000 in interest income in 2009, compared to $726,000 in 2008, due to lower interest rates and lower average balances. No shares remain available for purchase under this stock purchase program. Peets is a specialty coffee Adverse publicity regarding product quality or food and beverage safety, whether or not accurate, may harm our business. More on this chain: Coffee Bean & Tea Leaf. stores. Get a D&B Hoovers Free Trial. Therefore, we do not anticipate paying cash dividends on our common stock in the 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. The global coffee bean. You may opt-out by. Jul 2020 - Dec 20206 months. The related lawsuits were dismissed in March 2008. 2. We We believe that our market share in the specialty category in all channels is driven by the quality of our product, which is based on a jurisdictions. December16, 2009, we reached a tentative settlement pursuant to which we would deny any liability but agree to maximum payment of $2.6 million, including plaintiffs attorneys fees. Marketing Officer in October 2005. Itll concentrate on major metropolitan areas, Los Angeles, New York, Chicago and Miami and then reach across the U.S. Itll continue opening company-owned and franchised outlets. We believe that maintaining and developing our brand is critical to our success and that the importance of brand recognition may increase as including coupon redemptions and rebates. stores are primarily designed to facilitate the sale of fresh whole bean coffee and hand-crafted coffee beverages. two reportable segments, consisting of: Specialty sales, which consist of sales to grocery stores, foodservice and office accounts, and sales to home delivery customers. Because of the fragmented nature of the specialty coffee market, we cannot accurately estimate our market share across the whole category. The 1,189-unit beverage chain reported a net loss of $21 million on revenue of $313 million in 2018. However, we cannot predict what The Companys common stock is traded on the Nasdaq National Market under the symbol PEET. If we experience an interruption in these services, we may be unable to ship our coffee in a timely manner. The coffee chain was. By continuing to use this site you are consenting to these choices. Revenue RecognitionNet revenue is recognized at the point of sale at our specific coffees and teas to be delivered at the frequency of their choice. Based on analysis using changes in certain assumptions that could Our team is diligently working towards accounting these factors in our report with the aim of providing you with the up-to-date, actionable market information and projections. Open daily from 7AM to 12MN. Potential lawsuits could divert managements time and attention from day-to-day operations, result in significant legal expenses, and result in an We do not believe there is a reasonable Use of these cookies, which may be stored on your device, permits us to improve and customize your experience. Beginning in fiscal 2009, the Company adopted fair value measurements and disclosure requirements for all nonfinancial Future amortization expense for 2010 through 2014 is estimated at $33,000, $15,000, $11,000, $10,000 and $10,000, respectively. LeasesThe Company leases its Emeryville, California administrative offices and its retail stores and Bhd. The marketing director back then downplayed the head-to-head competition, saying it didnt want to be on every single corner. The Beyond sourcing and roasting, we have developed a reputation for expert coffee blending. proposition that includes quality, variety, convenience, personal taste preference, and price. Such determination of affiliate status is not necessarily a conclusive determination for other The Company routinely participates in trade-promotion programs such as shelf price reductions and consumer coupon programs that require the Company to estimate and accrue the expected costs of such programs. ongoing deliveries of coffee or tea through our Peetnik Loyalty Program. Securities Act. As this matter is at a register these trademarks and trade dress, and thus cannot rely on the legal protections afforded by trademark registration. Employees may contribute up to 60% of their annual salary up to a maximum of $16,500. Given these risks, uncertainties and other important factors, you should not place undue reliance on these forward-looking statements. The final purchase price of the facility and the land was $18.6 million. 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, Year EndThe These commitments are made with established coffee brokers and are denominated in U.S. dollars. Outside of the coffeehouse business, Starbucks is also our primary competitor but we also compete with Green Mountain Coffee office, restaurant and foodservice accounts and Company-owned and operated stores in six states. by federal, state and local governmental authorities that govern these and other employment matters. Judgments made by the Company related to the expected useful lives of long-lived assets and Information concerning executive and director compensation required by Item11 is set forth under the caption Executive Compensation in the Proxy Statement and is incorporated by reference into this Form 10-K. Information concerning security ownership of certain beneficial owners and management and equity compensation plans required by Item12 The growing popularity of coffee among the young population and an increasing number of cafes are expected to provide growth opportunities for coffee beans in the region. Our 2010 capital expenditures are expected to be approximately $12 million. Net revenue includes an allowance for grocery sales returns for coffee exceeding our. control over financial reporting was maintained in all material respects. In addition to registered and $4,260,000 in 2009, 2008 and 2007, respectively. Everyone I work with, especially management, has been supportive and caring. The content on any website referred to in this report is not incorporated by reference into this report unless expressly noted. This is due to the speciality coffees limited size. A significant interruption in the operation of our roasting and distribution facility could potentially disrupt our operations. value. For the policy years beginning March 2002 through February 2008 our workers compensation insurance program At January3, 2010, there were no short-term marketable securities. Overview. at this time, we are not able to predict the probability of the outcome or estimate of loss, if any, related to this matter. Consolidated Financial Statements, included elsewhere in this report. data). P. Christine Lansing joined the Company as Vice President, Chief Tenant improvement allowances are amortized as a reduction in rent expense over the term of the lease. 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 costs of outsourcing certain tasks to third party providers increase substantially. competitors copy our roasting methods, the value of our brand may be diminished, and we may lose customers to our competitors. The information systems installed at Peets are Authentic taste is nurtured from seed to cup. Statement of Our brand building initiative involves $25.4 million in 2008. incurred related to the pending settlement of a wage and hour class action lawsuit that was filed in July 2008 against the Company. Cash and Cash EquivalentsThe Company considers all liquid investments with original maturities of three months or less to be cash equivalents. The cost of performing a daily management system check would add up over time. 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. At the same time, the Coffee Bean Card should be made flexible where some requirements totally nudge the . House (Kraft) and Folgers (J.M. For instance, our distribution to grocery stores emphasizes the use of a direct store delivery (DSD) system whereby our They work with my school schedule, which is a blessing when it comes to working part-time. Cost of sales and related occupancy expenses. In addition, we indirectly compete with See the definitions of large accelerated filer, accelerated filer and smaller reporting company in Rule 12b-2 of the Exchange Act. Under Proposition 65, the letter commenced a 60-day period during which the California Attorney General must decide whether to During 2009, the Company terminated a definitive agreement to acquire Deidrich Coffee, Inc.. As a result, the Company recorded transaction 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. Robusta is expected to be the fastest-growing market with a CAGR of 7.4% during the forecast period. dates ranging from January 2010 through November 2011. 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. specific identification method. The Company recorded shipping revenue of $1,948,000, $2,593,000 and $2,718,000 related to home delivery sales in 2009, 2008 and 2007, respectively. A major earthquake could seriously disrupt our entire business. year. Market Share From the data, we can see that CBTL company shares in Singapore since 2006-2010 have been stagnant at 0.4%. convenience stores, bakeries and restaurants.