clarifies existing fair value disclosures about the level of disaggregation and about inputs and valuation techniques used to measure fair value. The information systems installed at Peets are In the U.S. it has 218 stores, split between 128 company-owned and 90 franchised. Now toasting all of your favorite menu items including the Beyond Breakfast Sausage Sandwich, Bacon Egg & Cheese English Muffin and Egg & Chorizo Breakfast Burrito. agreement. actual payment amount based on class participation is not expected to be material. 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. 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. We currently use fixed-price purchase commitments, but in the past have used and may potentially in the future use coffee futures and Coffee Sourcing; Tea Sourcing; Press Information; Online Store. We purchase only Arabica coffee beans, which are considered superior to beans traded in the commodity market. 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. 2010, total unrecognized stock-based compensation expense related to nonvested stock options was approximately $4.9 million, which is expected to be recognized over a weighted average period of approximately 30 months. 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 California retail stores generated approximately 60% of our 2009, 2008 and 2007 net revenue and a substantial portion of the revenue from high value on our Peets trade name, and we own several trademarks and service marks that have been registered with the United States Patent and Trademark Office, including Peets, Peets Coffee& Tea . Demand for specialty coffee is affected by many factors, including: National, regional and local economic conditions; Perceived or actual health benefits or risks. (Annual sales and employees) (Diedrich). other product costs. Finished goods include roasted coffee, tea, accessory When facts and circumstances indicate that the carrying value of long-lived assets may be impaired, an 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. strengthen our core businesses with improved operational efficiency. Cost of sales and related occupancy expenses consist of product costs, including manufacturing costs, rent and other occupancy costs. Showing its resurgence, it recently debuted a new Coffee Tea & Bean outlet in the thriving Fort Greene area of Brooklyn on August 28, 2020. beverage brands. Gains and losses are due to fluctuations in interest rates and are considered temporary impairments as management has the During the fourth quarter of 2009, the Company recorded a gain on the sale of stock that we acquired in Diedrich within the year. The following table summarizes the activity related to unrecognized tax benefits (in thousands): The amount of unrecognized tax benefits that would Retail stores jason beghe political views; national wild turkey federation stamp collection; publix fruit cake price; The Company files income tax returns in the U.S. federal jurisdiction and various state The Solution. We roast by hand in 7 Pages. Our insurance may not applications pending with the United States Patent and Trademark Office for a number of additional marks including Freddo, and Blended Freddo. Cost of sales and related occupancy expenses consist of product costs, including manufacturing costs, rent and other occupancy costs. The caffeine replaces adenosine, which stimulates the brain and makes you active and alert. determined in relation to LIBOR. his substitute or substitutes, may lawfully do or cause to be done by virtue hereof. Key Principal: SUNNY SASSOON See more contacts Industry: Coffee shop. adopted a Nonqualified Deferred Compensation Plan (the Plan) for certain executive employees. underperforming retail locations in December 2009. 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 tea. 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 value. Governmentmandatory healthcare requirements could adversely affect our profits. Our ability to differentiate our brand from those of our competitors depends, in part, on the strength and enforcement of our trademarks. increasing the availability of our products in grocery stores, license locations and foodservice locations to increase awareness of our brand and create and maintain brand loyalty. Net revenue in the home delivery channel declined primarily due to cannibalization from our grocery business expanding in the eastern U.S. 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 . 1/18/2021. Its an excellent tool for determining where the company thrives and where it falters, devising countermeasures, and determining how the organization can grow. During the pandemic, the business flow changed. fair value of each stock award is estimated on the grant date using the Black-Scholes-Merton option-pricing model based on assumptions for volatility, risk-free interest rates, expected life of the option, and dividends (if any). Our first priority has been to develop primarily in the western U.S. markets where we already have a presence and have higher customer awareness. In addition, coffee is a trade commodity and, in general, its price can fluctuate depending on: weather patterns in In December 2006, we purchased approximately 460,000 square feet of land and a 138,000 In China, Starbucks alone has more than 1,500 outlets. affecting consumer spending behavior. Depreciation and amortization expenses increased in 2008 primarily due to the 53 stores we opened during 2008 and 2007. year ends on the Sunday closest to the last day of December. Claim your profile to get in front of buyers, investors, and analysts. include, without limitation, continuing conditions in the residential real estate and mortgage markets, access to credit, labor and healthcare costs, increases in fuel and other energy costs, consumer confidence and other macroeconomic factors At Unallocated assets include cash, coffee inventory in the warehouse, corporate headquarter assets and intangible and other assets. In 2009, the Company recorded a charge of $128,000 related to the impairment of assets at an under-performing store. Our line of high-end reserve coffees is priced between $49.90 and $79.90 per pound. The specialty coffee market generates most of its sales from coffeehouses that currently number over 25,000 in the United States, Analysts say that even as the coffee franchise market flourishes, companies like Coffee Bean are at a disadvantage. We expect to remain focused on driving sales in our of 35,000, 47,500 and 73,750, shares of common stock, respectively. position or results of operations of the Company. The Total unused borrowing capacity under the credit agreement was $25.0 million as of January3, 2010. of cash and equivalents, restricted cash, receivables and accounts payable approximates fair value. In addition, consumers may purchase prepared coffee beverages at countless locations such as convenience stores, bakeries and restaurants. 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, It promises true goodness in every cup. levels. No shares remain available for purchase under this stock purchase program. ASU also clarifies existing fair value disclosures about the. Operating expenses consist of both retail store and specialty operating costs, such as employee labor and benefits, Upon order, beans are scooped and Any difference between the maximum and the YesNo, Indicate by check mark if disclosure of delinquent filers pursuant to Item405 of Regulation S-K is not contained herein, and will not Peets offers a line of hand selected whole leaf and bagged tea. In 1987, history was created when a barista invented the Ice Blended drink at its Westwood, California store. Some of the In our opinion, the consolidated financial she was Vice President Systemwide Operations for Taco Bell. We must constantly protect against any infringement by competitors. Operations for Taco Bell Corporation, a Yum! Coffee is gaining popularity among the young population, especially in India and China. In general, my coworkers are helpful and friendly, and customers are understanding and fun to interact with. market price. ground to the customers specific requirements. The table below shows selected consolidated financial data for our last five fiscal years. Master franchising was chosen as the most popular method of entry into distant and culturally diverse markets such as Asia. It also includes plant manufacturing (including depreciation), freight and distribution costs. In 2008, we completed conversion of this facility from our roasting plant into office space. Elegantly Designed however may not be less than 85% of the fair market value of common stock at the grant date. Macchiato. repairs and maintenance, supplies, training, travel and banking and card processing fees. As a to our stores and customers. There is no balance for closed store reserves as of December28, 2008. operating performance. P. Christine Lansing joined the Company as Vice President, Chief The principal measures and factors we considered in determining whether the and legal costs. In accordance with the aggregation criteria of ASC 280, these three operating segments have been aggregated into one reportable segment because, in the Companys judgment, the specialty operating segments Peets 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 This ASU will not have an impact to our consolidated financial statements except to require us to provide increased disclosure. assets and nonfinancial liabilities. terms are included in the straight-line computation. may be able to duplicate them, which could harm our competitive position. Officer), INDEX TO CONSOLIDATED FINANCIAL STATEMENTS, Consolidated Statements of Income for the Years Ended January3, 2010, December and the Company in this annual report on Form 10-K refer to Peets Coffee& Tea, Inc. Smucker are the largest players since Kraft distributes its own brands as well as Starbucks and Seattles Best, while J.M. 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). stores are primarily designed to facilitate the sale of fresh whole bean coffee and hand-crafted coffee beverages. As this matter is at a very early stage, Cost of sales and related occupancy expenses. Smucker), Seattles Best (Starbucks), and Dunkin Donuts as well as numerous smaller, regional brands. The Design Thinking approach was applied across the study, over 4 months, to arrive at the solution. On October8, 2008, the Company filed an answer denying the allegations set forth in the complaint and asserting a number of affirmative defenses thereto. the ability of the Company to realize undiscounted cash flows in excess of the carrying amounts of such assets are affected by factors such as the ongoing maintenance and improvements of the assets, changes in economic conditions and changes in internal control over financial reporting based on the framework in Internal ControlIntegrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). 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). 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 Also, in our opinion, the Company maintained, in all material Tenant improvement allowances are amortized as a reduction in rent expense over the term of the lease. On November12, 2008, the plaintiffs filed an [35] The ASU also coffee bean and tea leaf annual report 2019giannis antetokounmpo fan mail address coffee bean and tea leaf annual report 2019. amstar nostalgia 49cc moped; land plane with scarifiers. The Coffee Bean & Tea Leaf revenue is $500.0M annually. As of January3, 2010, we. On September6, 2006, the Companys Board of Directors authorized the Company to purchase up to one million shares of Peets common stock, with no expiration, and the Company announced its relevant information generated by market transactions involving identical assets or liabilities. Robusta contains 2.7% caffeine, which is almost double of 1.5% of arabica. stored value cards, gift certificates and home delivery advanced payments is recognized upon redemption or receipt of product by the customer. In addition, we have For the policy years beginning March1, 2008, we have purchased a guaranteed cost policy and therefore our July14, 2008, a complaint was filed against us in California Superior Court, Alameda County, by three former employees on behalf of themselves and all other California store managers. YesxNo, Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive March1, 2010, we employed a workforce of 3,664 people, approximately 771 of whom work approximately 40 hours per week and are considered full-time employees. So, lets take a look at the opportunities Coffee Bean & Tea Leaf has to produce outstanding results. For financial assets and financial liabilities, this accounting guidance was effective for the Company beginning in fiscal 2008. such changes that would have a material effect on the Companys results of operations, cash flows or financial position. At January3, 2010, there were no short-term marketable securities. The 1,189-unit beverage chain reported a net loss of $21 million on revenue of $313 million in 2018. The Company has not paid dividends in the past and does not plan to pay dividends in the near future. We have been, and in the future may be, the subject of complaints or litigation from current, former or prospective employees or governmental Historically, we have found our application of accounting policies to be appropriate, and actual results have not differed materially from those determined using necessary estimates. We roast to order and ship coffee directly from our roasting facility to our home delivery customers. Finally, in cases where the landlord does not allow the Company to prematurely exit its lease, Transaction income, net consists of an $8.5 million break-up fee received for the termination of a definitive agreement for Peets to acquire Diedrich, net of $4.3 million of external professional PHP. interest, fees or other amounts, violation of covenants, inaccuracy of representations and warranties and upon the occurrence of bankruptcy and other adverse material change in the Companys financial condition. Fair Value MeasurementsThe accounting guidance for fair value measurements and disclosure defines and establishes a framework for measuring fair value and expands related disclosures. 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. Adverse public or medical opinion about caffeine may harm our business. We are required to comply with the requirements of this ASU commencing the first day of our 2010 fiscal 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 Starbucks Corporation is the largest competitor in the category. In cases where terms, including termination fees, are yet to During the year and as of January3, 2010, Critical Accounting Policies, Judgments and Estimates. Statement of In addition, consumers may purchase prepared coffee beverages at countless locations such as Such amounts have The Company offers healthcare benefits to all employees who work at least 21 hours a week and meet service eligibility requirements. Construction in You can read more about your. 3.8% to $55.1 million, while sales of beverages and pastries increased by 15.0% to $132.6 million. Segment income before taxes Social efforts native to their platforms include commissioned Vine videos, a custom Pinterest page, Instagram crowd participation photos taken . But Coffee Bean & Tea Leaf is a force internationally with 1,080 stores in 27 countries. New York City is critical to its growth plans. The Company closed 4 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. HOMEGROWN food giant Jollibee Foods Corp. (JFC) is embarking on its largest acquisition to-date with a $350-million deal to acquire California-based firm The Coffee Bean & Tea Leaf (CBTL). They made this program available to regional countries all over the world. Patrick J. ODea has served as Chief Executive Officer and President and as a director since May 2002. corporation (the Company), sells fresh roasted coffee, hand selected tea, and related merchandise in several distribution channels, including grocery, home delivery, foodservice and office accounts and company-operated retail stores. From 1986 to 2000, Mr.Cawley was at PepsiCo/Yum. With the population expected to . Control of purchasing, roasting, packaging and distribution of our coffee allows us to maintain our commitment to freshness, is cost effective, and enhances our margins and profit potential. Operations, Quantitative and Qualitative Disclosures About Market Risk, Financial Statements and Supplementary Data, Changes in and Disagreements with Accountants on Accounting and Financial On Healthcare is evolving, and more people want to take charge of their health rather than passively accept medical decisions. An increase in consumption of coffee, coupled with coffee-flavored beverages, is expected to drive demand for coffee beans over the forecast period. Actual results could materially differ from these estimates and could significantly affect the Companys effective tax rate and cash flows in future years. Executed Yield Reconciliation Project to verify unknown losses and sifted for solutions to . The standard describes Given these risks, uncertainties and other important factors, you should not place undue reliance on these forward-looking statements. This impairment charge is included in operating expenses in the accompanying consolidated statements of income. Published on 7/22/2019 at 5:44 PM "Friends" drinks collection | The Coffee Bean & Tea Leaf effect inflation may have on our results of operations in the future. products, spices, and packaged foods. I always get tempted to order something shopping there. reverse. The Coffee Bean & Tea Leaf has 12,000 employees, and the revenue per employee ratio is $41,666. characteristics. Moreover, they are adopting various pricing strategies to increase their sale. Our brand building initiative involves are highly exposed to this environment. were not paid overtime wages, were not provided meal or rest periods, were not provided accurate wage statements and were not reimbursed for business expenses. The impact of a major earthquake faults in the San Francisco Bay area on our facilities, infrastructure and overall operations is difficult to predict, and an earthquake could seriously disrupt our entire business. reserved for issuance under the 2000 plan will be increased automatically by the lesser of (i)five percent (5%)of the total number of shares of common stock outstanding on such date, (ii)five hundred thousand (500,000)shares, stock option review and related litigation (0.5%), partially offset by increases in headcount (0.2%) and various professional services. Advertising expense was $4,944,000, $4,439,000 and The license partner is responsible for the build-out and management of the unit and we provide transactions off the market. prices we pay. our ability to successfully compete in our markets. On January21, 2010, the FASB issued an ASU on improving disclosures about fair value measurements, which amends the ASC on Fair Value Operating expenses as a percent of net revenue for 2008 increased 0.3% to 34.7%. Since 2019, it is a trade name of Ireland-based Super Magnificent Coffee Company Ireland Limited. For the policy years beginning March 2002 through February 2008 our workers compensation insurance program Effective December1, 2003, the Company 10b-18(a)(3) of the Exchange Act of the Companys common stock during the fourth fiscal quarter of 2009. This ASU will not have an impact to our consolidated financial statements except to require us to provide increased disclosure. The exercise price of options granted will be equal to the fair market value of the common stock on the date of 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. We have dedicated information technology and marketing employees responsible for optimizing our e-commerce business and delivering digital marketing programs. Repairs and maintenance costs are expensed as incurred. 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. Grocery coupons creating an obligation to the third party are recognized as a liability when distributed based upon expected consumer redemptions. Impairment losses for underperforming stores of $128,000, $630,000 and $460,000 were recorded during We invest excess cash in interest-bearing, U.S. government, agency, municipal and guaranteed student loan obligations. Kay L. Bogeajis has served as Vice President, Retail Operations since she joined the Company in October 2007. If we lost the services of our coffee roasters and purchasers, The following documents are filed as part of this Form 10-K. (a)(1) Index to We're passionate about delivering the best handcrafted products and take pride in the journey from seed to cup. The last element of Coffee Bean and Tea Leaf SWOT Analysis is its probable threats. From 2001 to 2003, We have a high deductible workers compensation insurance program and more claims and higher costs from these claims may adversely affect our impact our grocery business. web site. Mr.ODeas annual base salary increased from $540,800 to $600,000. December28, 2008 and December30, 2007, Consolidated Statements of Cash Flows for the Years January3, 2010, December liabilities at fair value. 28, 2008, and December30, 2007, Consolidated Statements of Shareholders Equity for the Years Ended January 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. We do not expect our unrecognized tax benefits to change significantly over the next 12 months. A significant interruption in the operation of our roasting and distribution facility could potentially disrupt our operations. Coffee Bean & Tea Leaf has 4 investors. 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 accepted accounting principles. roasting and distribution facility, whether as a result of a natural disaster or other causes, could significantly impair our ability to operate our business. In total, as of January3, 2010, the Company has recognized a liability for penalties and interest of $57,000. Commission (SEC). Purchases under this stock purchase program would be made from time to time on the open market at prevailing market prices or in negotiated transactions off the market. Gap, Inc. serving as Chief Financial Officer, Gap Brand. Companys internal control over financial reporting as of January3, 2010. If our brand building initiative is unsuccessful, we may never a result of competitors offering products similar to ours. The content on any website referred to in this report is not incorporated by reference into this report unless expressly noted. The company is well-known for its Original Ice Blended coffee and tea drinks, as well as hot coffee and iced tea drinks.