Its primary goal is to assist organizations in gaining a thorough understanding of all the factors that influence business decisions. Peets incurred related to the pending settlement of a wage and hour class action lawsuit that was filed in July 2008 against the Company. All internal control systems, no matter how well designed, have inherent limitations. The fiscal adequately cover our losses and expenses in the event of an earthquake. stock option exercises. data). OUR STORY. Portions of the proxy statement related to the registrants 2009 annual meeting of shareholders, which proxy statement will be filed under the Securities Exchange Act of 1934 within 120 days of the If members of our management leave without effective replacements, our ability to implement our business strategy could be impaired. Its 80% [4] stake is by multinational company Jollibee Foods Corporation. In addition, we have This Coffee Bean & TeaLeaf is located inside Foodland. 2008 were $22.5 million, or 7.9% of net revenue, compared to $22.7 million, or 9.1% in 2007. *Technomic estimate. He has been a guest speaker at prominent colleges in India including IIMs[Read full bio], Your email address will not be published. and legal costs. The following documents are filed as part of this Form 10-K. (a)(1) Index to The related asset is classified in cash You should read this report and the documents that we incorporate by reference in and have filed as exhibits to this accrued for workers compensation. 2009) included 53 weeks and the fiscal years ended December28, 2008 (fiscal 2008) and December30, 2007 (fiscal 2007) included 52 weeks each. compared to $36.4 million at December28, 2008. home delivery, foodservice and office. shares issued through stock options. We do not know whether we will be able to successfully implement our business strategy or whether Thank you for reading this, and if you found it useful, please share it with your friends and family. We are required to comply with the requirements of this ASU commencing the first day of our 2010 Outside of the coffeehouse business, Starbucks is also our primary competitor but we also compete with Green Mountain Coffee There is always a risk that one of these competitors could undertake a strategy that involves very high spending or discounting that would negatively impact our operating results. If we experience an interruption in these services, we may be unable to ship our coffee in a timely manner. In establishing deferred income tax assets and liabilities, we make judgments and interpretations based on enacted tax laws and No purchase commitment. Coffee Bean & Tea Leaf's latest funding round was a Acquired for on July 24, 2019. result of labor shortages, contract disputes or other factors. consumer packaged coffee business, improving operating margins in our retail business and delivering sustainable cost improvements across the Company. Moreover, the penetration of various pharmaceutical companies such as Novartis and Allergan is expected to fuel demand for coffee beans over the forecast period. The Coffee Bean & Tea Leaf is betting on 'Starbucks fatigue' - CNNMoney Interest income, net includes interest income and Accordingly, customers may prepare coffee from our View All Property, plant and equipmentProperty, plant and equipment are stated at cost. stores. In Our line of high-end reserve coffees is priced between $49.90 and $79.90 per pound. As of January3, 2010, 735,888 shares percent of net revenue, cost of sales decreased from 46.9% in 2008 to 45.9% in 2009. 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 Company establishes an allowance for estimated doubtful accounts based on historical experience and current trends. ground to the customers specific requirements. 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. We use the Black-Scholes-Merton option-pricing model, which requires assumptions requiring a high degree of judgment. Jollibee acquiring Coffee Bean & Tea Leaf - BusinessWorld Online Our ability to implement this business strategy depends on our ability to: market our products on a national scale and over the internet; enter into distribution and other strategic arrangements with third party retailers and other potential distributors of our coffee; increase our brand recognition on a national scale; identify and lease strategic locations suitable for new stores; and. Smucker licenses and distributes the Dunkin Donuts brand 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 The Proxy Statement Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in accompanying consolidated statements of income. to be signed on its behalf by the undersigned, thereunto duly authorized. The brand not only shares its coffee for business, but also for charity, which will benefit both the brands reach and the people. $25.4 million in 2008. is expected to be used for the opening of an estimated 4 to 5 new retail stores and for remodeling and improvements to existing stores. 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). 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. Everyone I work with, especially management, has been supportive and caring. Use of these cookies, which may be stored on your device, permits us to improve and customize your experience. amended complaint asserting an additional claim for penalties. The aggregate intrinsic value in the table below is Cost of sales and related occupancy expenses consist of product costs, including manufacturing costs, rent and other occupancy costs. Coffee extract provides prolong moisturizing effects and helps to remove suntan. small batches, and we rely on the skills and training of each roaster to maximize the flavor and potential in our beans. outcomes. December 2009 store closures: As a result of the December 2009 store closures, the Older adults also appreciate the low cost of a cup of coffee and a snack, where they can meet with friends, relax, or work. The report will begin with an introduction of the company, discussing the origins, values and mission of the coffee retailer. On Previously, she held prominent retail operations and sales positions with Taco Bell, Frito-Lay, Inc., a PepsiCo company, and Burger King Corporation. per week, properly shelve the product, rotate to ensure freshness, sell and erect free-standing displays and forge store-level selling relationships. 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. That opening marked its return to New York City. By Arra B. Francia. Cash flows for retail net assets are identified at the individual store level. Our fiscal year is based on a 52 or 53 week year. coffee bean and tea leaf annual report 2019horse heaven hills road conditionshorse heaven hills road conditions 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 1728 Words. 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. Founded in Berkeley, California in 1966, Peets has established In 20 countries, The Coffee Bean & global network - growing from 304 stores Tea Leaf serves more than 100 million coffee to over . Sales of whole bean coffee and related products in the retail segment increased by During the pandemic, the business flow changed. 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. flavor of our coffees. that date. 6. It also includes plant manufacturing (including depreciation), freight and distribution costs. It promises true goodness in every cup. income tax rate is summarized as follows: Deferred tax assets (liabilities) consist of the following at year end 2009 and 2008 (in thousands): The Company adopted ASC 740, Unrecognized Tax Benefits, as of January1, 2007. The line of credit had an original maturity date of December1, 2009, with an option by the Operations. What font is that? - forum | dafont.com Changes in stock options were as follows: Vested or expected to vest, January3, 2010. 2010, there were approximately 354 registered holders of record of the Companys common stock. Such determination of affiliate status is not necessarily a conclusive determination for other We have an integrated labor and scheduling is much larger and has more financial resources than we do. or that the degree of compliance with the policies or procedures may deteriorate. We believe we offer competitive benefits packages to attract and retain valuable employees. We reward our most loyal home delivery customers who maintain regular, 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 also have audited the Companys internal control over financial reporting as of January3, 2010, based on criteria established in Internal Control Integrated Framework issued by the Committee of Sponsoring Organizations of If we lost the services of our coffee roasters and purchasers, We consider our roasting methods essential to Repairs and maintenance costs are expensed as incurred. The favorable workers compensation expense resulted The customer service is always good and they try making suggestions and tell me about promotions they have. The term of a granted stock option is 10 years from the grant date. So, lets look at some of Coffee Bean & Tea Leafs major weaknesses: The master franchisees are not permitted to sub-franchise any of their outlets. with the option to fix the price at any time. Under the supervision and with the participation of our management, including our Chief Executive Officer and our Chief Financial Officer, as directed by our board of directors, we conducted an evaluation of the effectiveness of our Professional fees associated with our stock option review and related litigation were $1.4 million in 2007 and Beans are freshly scooped from bins under the counter, weighed on employment position and sought damages, restitution, reclassification and attorneys fees and costs. We may from time to time become involved in certain legal proceedings in the ordinary course of business. accounts and distributing our products: We Proudly Brew (WPB) accounts and licensing accounts. statements and the reported amounts of revenues and expenses during the reporting period. ASU also clarifies existing fair value disclosures about the. Our fiscal year is based on a 52 or 53 week year and ends on the Sunday closest to the last day in December. No transaction income, net was recorded in fiscal 2008 or 2007. These audits may challenge certain of the Companys tax positions such as the timing and amount of income and We regard intellectual property and other proprietary rights as important to our success. We are required to comply with the requirements of this ASU commencing the first day of our 2010 fiscal Our project is about the multinational company Coffee Bean and Tea Leaf which started in 1963 in northern California. The purpose of the Plan is to offer those employees an opportunity to elect to defer the receipt of compensation in order to provide Their primary market is adults, young youths, and teenagers, which could be a major weakness because they would lose their most importantly potential customers. In addition to sales through our retail stores, we sell our products through a network of grocery stores, including Safeway, Stop& state and local air-quality and emissions regulations. The lease agreements also provide for periodic adjustments to the minimum lease payments based on changes in cost of living indices or other scheduled increases. foreseeable future. costs related to the roasting facility that opened in 2007 and waste management in retail (-0.3%), and increased prices in retail (-0.2%). Principles of ConsolidationThe consolidated financial statements include the accounts of the Company and its An increase in consumption of coffee, coupled with coffee-flavored beverages, is expected to drive demand for coffee beans over the forecast period. Standards Board (FASB) introduced a framework for measuring fair value and expanded required disclosure about fair value measurements of assets and liabilities, effective for financial assets and liabilities for fiscal years beginning after competitors copy our roasting methods, the value of our brand may be diminished, and we may lose customers to our competitors. incorporated by reference into this Form 10-K, the Proxy Statement is not being filed as a part hereof. We expect to remain focused on driving sales in our These assumptions include estimating the length of time employees will retain 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. Management evaluates segment performance primarily based on revenue and segment operating income. 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. The Coffee Bean & Tea Leaf is ready to join the big leagues. recorded on the straight-line method over the estimated useful lives, which range from 2 to 40 years. Intangible and other assetsIntangible and other assets include lease rights, contract acquisition costs, deposits, and The Company Because we are highly dependent on consumer demand for specialty coffee, a shift in consumer Our goals for 2009 were to continue to grow our business and to the past have used and may potentially in the future use coffee futures and coffee futures options to manage coffee supply and price risk. 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 Hello, fellow coffee lovers! many sources of uncertainty in the Companys reserve estimates include changes in benefit levels, medical fee schedules, medical utilization guidelines, vocation rehabilitation and apportionment. and marketable securities and with operating cash flows. A significant interruption in the operation of our roasting and distribution facility could potentially disrupt our operations. Net revenue in the home delivery channel declined primarily due to Based on our evaluation under Opinions expressed by Forbes Contributors are their own. 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. Data File required to be submitted and posted pursuant to Rule405 of RegulationS-T (232.405 of this chapter) during the preceding 12months (or for such shorter period that the registrant was required to submit and post Menu Category. In China, Starbucks alone has more than 1,500 outlets. This impairment charge is included in operating expenses in the accompanying consolidated statements of income. Net cash provided by investing activities was $2.2 million in 2009. Published on 7/22/2019 at 5:44 PM "Friends" drinks collection | The Coffee Bean & Tea Leaf 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 Securities registered pursuant to Section12(b) of the Act: Name of each exchange on which registered. our roasting plant. Approximately $2.5 million is expected to be used for equipment and machinery to improve effectiveness and locations. 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 Each store has a dedicated staff person at the bean counter to take orders and assist customers with questions on coffee origins and on home brewing. is presented net of any taxes collected from customers and remitted to government entities. Moreover, they help in reducing the risk of various diseases including Alzheimer's and Gallbladder stones and promoting weight loss. segment increased by 6.3% to $58.6 million, while sales of beverages and pastries increased by 7.5% to $142.6 million. 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. Commission (SEC). the ability of coffee-producing countries to agree to export quotas; and general economic conditions that make commodities more or less attractive investment options. The liability of $1.0 million recorded as of On They made this program available to regional countries all over the world. This growth could be predominantly attributed to the rising demand for coffee as the most consumed beverage across all age groups. Managements Discussion and Analysis of Financial Condition and Results of Operations. 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. The Companys 401(k) 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 has not paid dividends in the past and does not plan to pay dividends in the near future. 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 Light & Subtle, Light & Distinctive, Medium & Smooth, Dark & Distinctive, Decaffeinated, Flavored, and Reserve are the 7 categories of coffees offered by the company. grant and have a term no more than ten years from the date granted. web site. Coffee is gaining popularity among the young population, especially in India and China. The Company utilizes the market approach, as defined as Level 1 in the fair value hierarchy, to measure fair value for its financial assets and liabilities. Full name: The Coffee Bean & Tea Leaf (Malaysia) Sdn. site you are consenting to these choices. 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. Also effective in 2001, the Company adopted the 2000 Non-Employee Director Plan that 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 Solution. We are active in seeking, roasting and selling unique special lot and one-time coffees. employees or agents deliver fresh goods to our grocery partners. transaction. This disclosure is provided in lieu of disclosure under Item5.02(e) of The cosmetics segment is expected to witness growth in the coming years due to the increasing use of coffee beans in different personal care products such as face wash, scrubs, and lipsticks. We opened 23 new stores in 2008 and 30 new stores in 2007. In addition, we indirectly compete with more mainstream brands as Maxwell square foot building with related site improvements in Alameda, California for the purpose of operating a new roasting and distribution facility. We conducted an evaluation, under the supervision and with the participation of our management, These types of claims could divert our managements time and attention from our business operations and might Smucker are the largest players since Kraft distributes its own brands as well as Starbucks and Seattles Best, while J.M. headquarters are located in Emeryville, California. In addition, we have distributors where Sales of whole bean coffee and related products in the retail transactions and dispositions of the assets of the company; (2)provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles 2498. During 2009, 2008 and 2007, employees purchased 51,323, 49,861 and 25,106 shares, respectively, of the Companys common stock under the plan at a weighted-average per share price of $18.51, $18.76 and $20.94, respectively. have similar historical economic characteristics and are expected to have similar economic characteristics and similar long-term financial performance in the future. online dashboard trial. Any difference between the maximum and the 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 The Coffee Bean & Tea Leaf | CBTL We invest in U.S. government, agency, municipal and Coffee Bean Market Size & Share: Industry Report, 2022-2027 Securities Act. YesNox, Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the In the retail segment, net revenue increased 11.5% Under Proposition 65, the letter commenced a 60-day period during which the California Attorney General must decide whether to We earned $112,000 in interest income in 2009, compared to $726,000 in 2008, due to lower interest rates and lower average balances. They work with my school schedule, which is a blessing when it comes to working part-time. understood. before applicable income taxes, based on the Companys closing stock price of $33.35 as of the last business day of the year, which would have been received by the optionees had all options been exercised on that date. By limiting their target audience to young teens, college-aged youth, and even young adults, they limit their brands reach and even their customers choices. Finished goods include roasted coffee, tea, accessory non-financial assets and liabilities, including long-lived assets, at fair value on a non-recurring basis. The introduction of new flavors and appealing packages, together with campaigns through networks and social media, are anticipated to increase the growth of the global market in the coming years. 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