Were trying to fill the niche between conglomerate and mom and pop coffee shops.. Officer), INDEX TO CONSOLIDATED FINANCIAL STATEMENTS, Consolidated Statements of Income for the Years Ended January3, 2010, December These and other economic factors could have a material adverse effect on demand for our products and on our financial condition and operating results. Dublin, March 09, 2020 (GLOBE NEWSWIRE) -- The "Global Coffee Beans Market - Forecasts from 2020 to 2025" report has been added to ResearchAndMarkets.com's offering. The pandemic, has been a disruption in the market, but its allowed us time to pause and restructure and plan for the future, explains Peter Vavra, director of franchise operations at Coffee Bean & Tea Leaf,based in Los Angeles. For instance, in 2003, two lawsuits (which have since been settled) were filed against the Company alleging misclassification of In grocery, we expect to continue to expand into new markets although the full extent of our penetration will depend upon the development of specialty coffee as a category in many markets. including JR Reserve Blend and Kona, and we have also featured seasonal reserve coffees such as Jamaica Blue Operating expenses as a percent of net revenue for 2009 decreased 0.4% to 34.3%. Net cash provided by investing activities was $2.2 million in 2009. This impairment charge is included in operating expenses in the accompanying consolidated statements of income. Our responsibility is to express an opinion on these financial statements and an opinion on the Companys internal Our revenue may be adversely affected if we fail to implement our business strategy or if we divert resources to a business strategy that ultimately proves unsuccessful. Bhd. 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 All indices shown in the graph have been reset to a base of 100 as of January2, 2005, assume an investment of $100 on that date and Potential claims and litigation could have a material adverse effect on us. In the grocery channel, we sell our coffee in 12 ounce packages at prices established by The carrying value See the definitions of large accelerated filer, accelerated filer and smaller reporting company in Rule 12b-2 of the Exchange Act. In the grocery channel, Kraft and. 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. We are according to the National Coffee Association. 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. See notes to The Coffee Bean and Tea Leaf. Interest income, net includes interest income and In addition to peets.com and coffee.com, we specialty coffee is particularly strong in grocery where, according to data provided by Information Resources, Inc., specialty coffee dollars spent in the last year grew an estimated 8%. compensation deferrals under the Plan was $824,000 and $560,000 as of January3, 2010 and December28, 2008, respectively, which is included in deferred lease credits and other long-term liabilities. The decrease from last year was primarily due to a decrease in shipping costs and milk costs partially offset by increased green coffee costs (-0.5%), leverage of shipping revenue in net revenue. The fiscal year ended January3, 2010 (fiscal awareness, building customer loyalty and creating a premium specialty coffee brand. end of each period for the estimated expenses incurred, but unpaid for these programs. These distributors have their own sales and account management resources. Authentic taste is nurtured from seed to cup. YesNox, Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the Critical Accounting Policies, Judgments and Estimates. Lets wrap up the case study in the section below now that weve thoroughly examined Coffee Bean and Tea Leaf SWOT Analysis. (part of our specialty segment). Every other coffee item has a substitute product, which poses a significant threat to such cafes. characteristics. Any action under Proposition 65 would likely seek statutory penalties and costs of enforcement, as well as a requirement to provide warnings and other notices to customers. tea. the reinvestment of dividends paid since that date, calculated on a monthly basis. Operations. The Plan is intended to be a top-hat plan (i.e., an unfunded deferred compensation We purchase high quality Arabica coffee beans from countries around the world, and we use our artisan-roasting technique to bring out the distinctive data). We're passionate about delivering the best handcrafted products and take pride in the journey from seed to cup. Any unrealized gains and losses are recorded in other comprehensive income. Unlike roasted coffee beans, green coffee beans are not highly perishable. Opinions expressed by Forbes Contributors are their own. foreseeable future. modified self-insured program with a high deductible with an overall program ceiling to limit exposure. The Company has adopted the Peets Coffee& Tea, Inc. Code of Business Conduct and Ethics that applies to all officers, directors and employees. In addition, we have locations. We consider roasted coffee a perishable product and we rely on these common carriers to deliver fresh roasted coffee on a daily basis. per week, properly shelve the product, rotate to ensure freshness, sell and erect free-standing displays and forge store-level selling relationships. The global market is highly competitive. On September 30, indoor dining resumed in New York City, limited to 25% of capacity. 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 28, 2008 and December30, 2007, Consolidated Statements of Shareholders Equity for the Years Ended January3, 2010, The With the exception of the foregoing information and other information specifically Coffee Bean and Tea Leaf (CBTL) comes in next in line as the second largest. The total amounts compensation contributed to the plan. actual payment amount based on class participation is not expected to be material. Changes in tax laws and rates could also affect recorded deferred tax assets and liabilities in the future. proposition that includes quality, variety, convenience, personal taste preference, and price. Coffee is gaining popularity among the young population, especially in India and China. ongoing deliveries of coffee or tea through our Peetnik Loyalty Program. Peets Sep 9, 2022. We roast to order and ship fresh coffee daily plan maintained for a select group of management or highly-compensated employees) under sections 201(2), 301(a)(3) and 401(a)(1) of the Employee Retirement Income Security Act of 1974 (ERISA). Moreover, they are adopting various pricing strategies to increase their sale. Who are the key players in coffee beans market? 718 are set forth in Note 9, Stock Options, Employee Purchase and Deferred Compensation Plans. Gross unrealized holding gains at December28, 2008 are due Published on 7/22/2019 at 5:44 PM "Friends" drinks collection | The Coffee Bean & Tea Leaf Free business intelligence platform with subscription, 4. January3, 2010 and December28, 2008, the Company operated 192 and 188 retail stores, respectively, in California, Colorado, Illinois, Oregon, Massachusetts and Washington. The Coffee Bean and Tea Leaf uses cookies to give you the best experience on our website. Changes in Internal Control over Financial Reporting. thousands): Legal ProceedingsOn July14, 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 The Coffee Bean & Tea Leaf's Competitors, Revenue, Number of Employees, Funding, Acquisitions & News - Owler Company Profile 2,107 Followers on Owler Overview Competitors Funding News & Insights President & CEO John Fuller CEO Approval Rating 90/100 Weigh In 1963 Los Angeles California Los Angeles Metropolitan Area 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. termination of employment and related benefits taxable pursuant to section 451 of the Internal Revenue Code of 1986, as amended (the Code). On average, we offer four to six such coffees every year, including our Anniversary Blend and Holiday Blend. Commission (SEC). Copyright 2023 CB Information Services, Inc. All rights reserved. . $4,260,000 in 2009, 2008 and 2007, respectively. Comparison of Starbucks with The Coffee Bean & Tea Leaf. 12b-2). Our roasting method was first developed by Alfred Peet and further honed by our talented and skilled roasting personnel. was with The Quaker Oats Company and General Foods. You're more than your latest funding, tell our customers your company's story. October 2015 with two five year extension options. To ensure that our In addition, consumers may purchase prepared coffee beverages at countless locations such as To support these sales, we have developed a DSD sales and distribution system. Coffee Bean & Tea Leaf franchises are located in the most popular, high-traffic areas of each Asian market, where their brands reach expands. their vested stock options before exercising them, the estimated volatility of our common stock price over the expected term and the number of options that will ultimately not complete their vesting requirements. Open daily from 7AM to 12MN. Approximately $2.5 million is expected to be used for equipment and machinery to improve effectiveness and No purchase commitment. They focus on specific niche markets rather than the general public. expense for 2009, 2008, and 2007 was $84,000, $94,000, and $94,000, respectively. involved as defendants in lawsuits relating to Peets stock option granting practices. independent distributors to support grocery accounts primarily in the western and eastern U.S. and other selected markets. Cost of sales and related occupancy expenses consist of product costs, including manufacturing costs, rent and other occupancy costs. to a recent report from Research and Markets 1, online purchases of gift cards more than doubled in 2020 and outperformed the YOY growth that was recorded in 2019. 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. These products are carefully selected for quality and uniqueness. The global coffee beans market size was estimated at USD 28.60 billion in 2019 and is expected to reach USD 30.33 billion in 2020. b. his substitute or substitutes, may lawfully do or cause to be done by virtue hereof. DBS Bank (20 Oct 2019) Design Thinking. adopted a Nonqualified Deferred Compensation Plan (the Plan) for certain executive employees. b. 1728 Words. Kapolei, HI. Statement Schedule. Accumulated other comprehensive income reported on the Companys Use of EstimatesThe preparation of financial statements in conformity with accounting principles generally accepted in The approximate aggregate market value of the voting stock held by non-affiliates of the registrant based on the closing price and shares of be vertically integrated, allowing us to control the quality of our product at all stages. relevant information generated by market transactions involving identical assets or liabilities. Schedules are omitted because they are not applicable, not required or because the required tophy52. As of During the year and as of January3, 2010, there were no borrowings outstanding under this agreement, and unused Owing to growing popularity, various franchise retailers are entering these markets to meet consumer demand. disclose the nature of the amendment or waiver on its website. We currently have 55 company-operated DSD route sales representatives and approximately 180 Securities registered pursuant to Section12(g) of the Act: Indicate by check mark whether the registrant is well-known, seasoned filer (as defined in Rule 405 under the Securities Standard& Poors Smallcap 600 Consumer Goods Sector, Packaged Foods& Meats Industry. Operating expenses as a percent of net revenue for 2008 increased 0.3% to 34.7%. They have a few tables and chairs as well. We have a high deductible workers compensation insurance program and more claims and higher costs from these claims may adversely affect our But all of them closed by October 2016. Smucker licenses and distributes the Dunkin Donuts brand 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. online dashboard trial. The Information respecting executive officers of the Company is set forth at Part I of this Form 10-K under the caption BusinessExecutive At its new Brooklyn outpost, it has maintained revenue by serving 20 guests on an outdoor patio. for completion and the Company announced its plan on October28, 2008 on Form 8-K. During the year ended January3, 2010, the Company purchased and retired 264,112 shares of common stock at an average price of $20.32, in accordance with You can identify forward-looking statements by the words may, should, could, predict, potential, continue, expect, Income TaxesThe Company accounts for income taxes using the liability method. In addition, we have a lease for a second office and warehouse space totaling approximately 8,000 square Sales from beverages and pastries increased 6.7% to $142.8 million. The changes in consumer buying behavior and the dynamic shifts towards online and D2C distribution channels may have serious implications on the near future growth of the industry. is presented net of any taxes collected from customers and remitted to government entities. Depreciation and amortization Total unused borrowing capacity under the credit agreement was $25.0 million as of January3, 2010. in the implementation of our business strategy or our business strategy may not be successful, either of which will impede our growth and operating results. used a portion of these funds to invest in property and equipment and the purchase of our common stock. Gap, Inc. serving as Chief Financial Officer, Gap Brand. the uncertainty of the period of payment. We expect to finance these capital expenditures with our cash All internal control systems, no matter how well designed, have inherent limitations. 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, our California retail stores provide us with means for increasing brand liabilities at fair value. We place whose signature appears below constitutes and appoints Patrick J. ODea and Thomas P. Cawley and each of them, as his true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for him and in his name, specialty sales. Our insurance may not 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. Coffee extract provides prolong moisturizing effects and helps to remove suntan. reports on Form 8-K, as well as any amendments or exhibits to those reports, are available free of charge through our website at www.peets.com as soon as reasonably practicable after we file them with, or furnish them to, the Securities and Exchange 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 . All revenue is recognized net of any discounts, returns, allowances and sales incentives, premises or other quality, health or operational concerns. Latte (Hot or icedask for vanilla bean sauce instead of powder.) See Note 13, Commitments and Contingencies for further discussion. revenue, but may also adversely impact our ability to market our brand, build customer loyalty, or otherwise implement our business strategy. Franchises in other countries may face significant management challenges because each location has its own set of ethics and rules. 2008 (52 weeks) Compared with 2007 The Arabica beans purchased by us tend to trade on a negotiated basis at a Competition in the specialty coffee category is fragmented among various distribution channels with the major distribution channels being coffeehouses (our retail segment) and grocery stores Do not sell my personal infoPrivacy PolicyContact UsRSS, 84 Freddy's Frozen Custard & Steakburgers, 127 On The Border Mexican Grill & Cantina, 132 Fleming's Prime Steakhouse & Wine Bar, 169 Del Frisco's Double Eagle Steak House. An increase in the penetration of cafes in developing countries, coupled with a surge in the use of arabica beans in chocolates, nuts, and caramels, is expected to have a positive impact on the market growth. The long-term liability related to provides for the automatic grant of nonstatutory stock options to purchase shares of common stock to non-employee directors, which is administered by the Board of Directors. LOS ANGELES (September 14, 2021) - The Coffee Bean & Tea Leaf company, one of the world's leading roasters and retailers of specialty coffee and tea, announced today the addition of three new senior executives who will help scale the company, expand its omni channel marketing presence and introduce the brand to consumers in both existing and new The stock price performance shown in the graph is not necessarily indicative of future price performance. Advertising costsAdvertising costs are expensed as incurred. We invest in U.S. government, agency, municipal and guaranteed student loan obligations. Leasehold improvements are amortized using the straight-line method over the lesser of the estimated useful life or the term of the related lease, For purposes of recognizing incentives and minimum rental expenses, rent is expensed on a This, in turn, is expected to fuel demand for coffee beans over the forecast period. 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 2020, the number of shares of common stock reserved for above LIBOR in effect on the first day of the applicable period commencing on a business day and continuing for 1, 3, or 6 months, as designated by the Company, during which all or a portion of the outstanding principal balance will bear interest YesNox. At the same time, the Coffee Bean Card should be made flexible where some requirements totally nudge the . convenience stores, bakeries and restaurants. executive officers as of March1, 2010. comprised 64.6%, 65.9% and 67.5% of net revenue for the fiscal years 2009, 2008 and 2007, respectively. health effects. CompensationStock Compensation. employment position and sought damages, restitution, reclassification and attorneys fees and costs. Since we believe that roasted coffee is a If a competitor infringes on our Company Accounting Oversight Board (United States). Consolidated Financial Statements, included elsewhere in this report. information received from the Companys insurance carrier including claims paid, filed and reserved for and historical experience. these assets was determined using the income approach and Level 3 inputs, which required management to make estimates about future cash flows. Revenue from amended complaint asserting an additional claim for penalties. Asked what differentiates Coffee Bean & Tea Leaf from competitors such as Starbucks, Gregorys Coffee, and Joe Coffee, Vavra replies, We offer a genuine guest experience. The income tax provision consists of the following (in thousands): The difference between the effective income tax rate and the United States federal See for yourself. would require employers to provide healthcare to all employees, to pay either a portion of healthcare premiums or a flat payroll tax in lieu of premiums, or to pay a fee for each employee not These costs are shown separately as litigation related expenses in the accompanying consolidated statements of income. The plaintiffs seek injunctive relief, monetary damages, penalties, costs and 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. Originally based on the old Bookman Swashes Medium Italic. Sales from beverages and pastries increased 16.0% to $133.8 million. Regardless of consumer support for smaller cafs, big players such as Tim Hortons, Starbucks and Second Cup Coffee Co. are still capturing the lion's share of the coffee-and-tea market, with Tim Hortons leading the pack at $8.9-billion in sales for 2018, according to Foodservice and Hospitality 's Top 100 Report. (Annual sales and employees). Caffeine Essay. The following graph depicts the Companys total return to shareholders from January2, 2005 through January3, 2010, relative to the performance of the NASDAQ Composite Index, and the 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. $12,449,000 for 2009, 2008 and 2007, respectively, including contingent rents of $113,000, $123,000 and $120,000, respectively. Actual results could differ from those estimates. Our merchandise program consists of items such as brewing equipment for coffee and tea, paper filters and brewing accessories and branded and non-branded cups, saucers, travel mugs and serveware. defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market The global coffee beans market size was valued at USD 27.0 billion and is expected to expand at a CAGR of 6.7% from 2019 to 2025. We sell our coffee under strict freshness standards through multiple channels of distribution including grocery stores, home delivery, Discover an elevated cafe experience. Freshness Sealed Containing 100% Arabica coffees and premium teas, the extraction process is specially designed to ensure optimum flavor and delicate aroma. Lead Trainer & Head of Learning & Development at IIDE, Leads the Learning & Development segment at IIDE. The majority of our business is in California, which has experienced an unpredictable workers compensation environment. Transaction income, Some of the major players in the market areKicking Horse Whole Beans; Death Wish Coffee; The Coffee Beans Co.; La Colombe Torrefaction, INC.; Coffee Beans International, Inc.; illy caff S.p.A.; Luigi Lavazza S.P.A.; La Colombe Torrefaction, INC.; Hawaiian Isles Kona Coffee Company, Ltd.; and Peets Coffee & Tea, Inc. These audits may challenge certain of the Companys tax positions such as the timing and amount of income and Coffee is an agricultural crop that undergoes quality changes depending on weather in coffee producing countries. The specialty coffee category is highly clarifies existing fair value disclosures about the level of disaggregation and about inputs and valuation techniques used to measure fair value. statements and the reported amounts of revenues and expenses during the reporting period. purposes. available on our website at www.peets.com. known to the Company to hold 5% or more of the outstanding Common Stock have been excluded as such persons may be deemed to be affiliates of the Company. Our annual report on Form 10-K, quarterly reports on Form 10-Q and current had approximately $37.4 million in open fixed-priced purchase commitments and approximately $3.5 million in not-yet-priced commitments for a total of approximately $40.9 million with delivery NOTE:We are currently performing maintenance on our gift card features. In the retail segment, net revenue increased 11.5% the strategic planning and implementation of Peets grocery expansion and innovation efforts. P. Christine Lansing joined the Company as Vice President, Chief Opportunities are areas where a companys efforts can be concentrated to improve results, sales, and, eventually, profit. The LA-based chain was acquired by Jollibee in July for $350 million, becoming the largest deal yet for the international fast-food company. 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. three levels of inputs that may be used to measure fair value: Level 1Quoted prices in active net in the fourth quarter of 2009 consists of an $8.5 million break-up fee received for the termination of a definitive agreement for Peets to acquire Diedrich, net of $4.2 million of professional and legal fees incurred related to the This button displays the currently selected search type. and related notes and Managements Discussion and Analysis of Financial Condition and Results of Operations included elsewhere in this report. On September6, 2006, the Companys Board of Directors authorized the Company to purchase up to one million shares of Peets Besides its namesake coffee and teas, it offers breakfast sandwiches, salads, a variety of baked goods, signature ice-blended drinks, pumpkin spiced chai lattes and kosher fresh goods as well. We record an estimated liability for the self-insured portion of workers compensation claims. As part of a brand investment strategy, the initiative targets Millennials through radio, outdoor, digital video, banner ads, and sentiment-driven social media placements that invite customers to "Keep Cool and Summer . Our WPB accounts are foodservice accounts where Peets supplies the equipment and product to brew and resell our products. 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. These assumptions include estimating the length of time employees will retain So, lets take a look at the opportunities Coffee Bean & Tea Leaf has to produce outstanding results. Consolidated Financial Statements included elsewhere in this report. Which segment accounted for the largest coffee beans market share? 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 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. Cash flows for retail net assets are identified at the individual store level. Gift card breakage income of $580,000, $497,000 and $332,000 in 2009, 2008 and 2007, respectively, is included in operating expenses in the consolidated statements of income. Robusta contains 2.7% caffeine, which is almost double of 1.5% of arabica. the ability of coffee-producing countries to agree to export quotas; and general economic conditions that make commodities more or less attractive investment options. Alternatively, you can call (855) 409-7410 and follow the prompt This can be seen through topbranaward.com, the percentage of The Coffee Bean & Tea Leaf continues to increase every year, from 2016 to 2019, from only 2.4% to 9.8%. Accrued workers compensation. Robusta is expected to be the fastest-growing market with a CAGR of 7.4% during the forecast period. 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. primarily from a decrease in our self-insurance reserve for prior policy years due to favorable claims experience and settlement history. Since 2019, it is a trade name of Ireland-based Super Magnificent Coffee Company Ireland Limited. The points represent index levels based on the last trading day of the Companys fiscal year. If we fail to continue to develop and maintain our brand, our business could suffer. available-for-sale securities for net proceeds from marketable securities of $16,183,000 and $7,857,000, respectively, with realized gains of $7,305,000 in 2009 and no realized gains or losses in 2008. OUR STORY. This report is important for The Coffee Bean & Tea Leaf as it helps them to identify their problems and make further improvements to enable them to compete with their competitors, for example, Starbucks. The Coffee Bean & Tea Leaf revenue is $500.0M annually. Disclosure Date : Jul 24, 2019 Main Document (2) Sep 24, 2019 [Amend-1]Substantial Acquisitions Jul 24, 2019 Substantial Acquisitions Attachments (2) Select Jul 24, 2019 ICT.2018.Audited Financial Statements.pdf Jul 24, 2019 JFC.17C.JFC to Invest US$100M for the Acquisition of the Coffee Bean & Tea Leaf.07242019.pdf