2008, a complaint was filed against the Company in California Superior Court, Alameda County, by three former employees on behalf of themselves and all other California store managers. Some of the disclose the nature of the amendment or waiver on its website. Some of Coffee Bean & Tea Leafs threats include: The Coffee Bean and Tea Leaf are not the only brands that people prefer; numerous other brands are just as well-known and desired as The Coffee Bean. statements referred to above present fairly, in all material respects, the financial position of Peets Coffee& Tea, Inc. and subsidiaries as of January3, 2010 and December28, 2008, and the results of their operations and The Company files income tax returns in the U.S. federal jurisdiction and various state 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. The former Coffee Bean & Tea Leaf CEO takes helm as chain plans expansion Lisa Jennings | May 28, 2020 Industry veteran John Fuller has been named CEO and president of Boston-based. The approximate aggregate market value of the voting stock held by non-affiliates of the registrant based on the closing price and shares of substantial premium above commodity coffee prices, depending upon the supply and demand at the time of purchase. year ends on the Sunday closest to the last day of December. Claim your profile to get in front of buyers, investors, and analysts. 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 And we deliver consistently fresh coffee.. Disclosure, Directors, Executive Officers and Corporate Governance, Security Ownership of Certain Beneficial Owners and Management and Related Stockholder 1/18/2021. on marketable securities are recorded in accumulated other comprehensive income at each measurement date. The Company has not paid dividends in the past and does not plan to pay dividends in the near future. 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. percent of net revenue, cost of sales decreased from 46.9% in 2008 to 45.9% in 2009. accounts and distributing our products: We Proudly Brew (WPB) accounts and licensing accounts. Over the forecast period through to 2014, it predicted that average annual GDP will growth 4. The related lawsuits were dismissed in March 2008. 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. 3.8% to $55.1 million, while sales of beverages and pastries increased by 15.0% to $132.6 million. Exchange Act Rule 13a-15(f). In addition, events of default that permit the Bank to accelerate the Companys outstanding obligations, include nonpayment of principal, interest, fees or other amounts, violation of covenants, inaccuracy of representations and available-for-sale and are recorded at fair value. See Item 2. If, at the end of the 60-day period, the Attorney General has not made the determination to take over the matter entirely, the law firm would be entitled to file an action in California state court against the They have a few tables and chairs as well. Cash received in advance of product delivery is recorded in deferred revenue on the accompanying Company recorded a non-cash fixed asset write-off of $885,000, which is classified in operating expense in the accompanying consolidated statements of income. 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. We also enter into not-yet-priced commitments based on a fixed premium over the New York C market In the U.S. it has 218 stores, split between 128 company-owned and 90 franchised. Gains and losses are due to fluctuations in interest rates and are considered temporary impairments as management has the We expect to finance these capital expenditures with our cash Various members of Congress have proposed legislation From January 2003 to October 2007, Ms.Bogeajis served as Vice President, Western Use of these cookies, which may be stored on your device, permits us to improve and customize your experience. 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. The Company act and thing requisite and necessary to be done in connection therewith, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or Herbert B. Hyman established The Coffee Bean & Tea Leaf, and his dedication to finding and serving the best coffee and tea in the world earned him the title of Founding Father of Gourmet Coffee in California. The following documents are filed as part of this Form 10-K. (a)(1) Index to All revenue is recognized net of any discounts, returns, allowances and sales incentives, DBS Bank (20 Oct 2019) Design Thinking. As of January3, 2010, the Company has a $0.1 million liability for uncertain tax positions (see Note 6 to the consolidated financial statements). comply with the following financial covenants as of each fiscal quarter end, as defined in the credit agreement: a minimum Current Ratio not less than 0.75 to 1.0, a Leverage Ratio not greater than 1.75 to 1.0, an EBITDAR Coverage Ratio not less 2008, the Company maintained marketable securities classified as available-for-sale as follows (in thousands). The effective income tax rate for 2009 was 37.5% compared to 37.0% in 2008. We have no control over these common carriers and the services provided by them may be interrupted as a decrease as the claims for these self-insured policy years are settled. In addition, on July14, 2008, a complaint was filed alleging that store managers based in California were not paid overtime wages, be reasonably possible, management believes the effect on the expense recognized for 2009 would not be material. Consolidated Financial Statements included elsewhere in this report. People can order ahead and the order is ready to be picked up, Vavra notes. 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. within Level 1 that are either directly or indirectly observable. We expect to have this service resume by or before Friday, August 19th. Our roasting methods are not proprietary, so competitors The Coffee Bean & Tea Leaf. for grant under the 2000 Non-Employee Director stock option plan. We earned $726,000 in interest income in 2008, compared to $1.4 million in 2007, due to our lower average cash and investment balances and lower interest rates. 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. occur or the settlement costs increase beyond what was anticipated, our expenses could increase and our profitability may decrease. coffee at Peets and make a long-term commitment to our artisan craft. The report will begin with an introduction of the company, discussing the origins, values and mission of the coffee retailer. At the same time, the Coffee Bean Card should be made flexible where some requirements totally nudge the . Net cash provided by operations was $41.9 million in 2009 compared to Foodservice and office comprised 9.8%, 9.7% and Company exercised its option to extend the maturity date of December1, 2009 to December1, 2010. specific identification method. On September6, 2006, the Companys Board of Directors authorized the Company to purchase up to one million shares of Peets Our annual report on Form 10-K, quarterly reports on Form 10-Q and current We do not believe there is a reasonable Food and beverages emerged as the largest segment, accounting for more than 70.0% share in 2018. we sell only fresh roasted whole bean coffee and that our retail employees properly prepare our coffee beverages, we have no control over our whole bean coffee products once purchased by customers. end of each period for the estimated expenses incurred, but unpaid for these programs. The Proxy Statement 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, Coffee Bean and Tea Leaf (CBTL) comes in next in line as the second largest. Although we consider our packaging and store design to be essential to our brand identity, we have not applied to We believe growth opportunities exist in all of our distribution channels. Coffee is an agricultural crop that undergoes quality changes depending on weather in coffee producing countries. As a Coffee Bean & Tea Leaf's latest funding round was a Acquired for on July 24, 2019. This button displays the currently selected search type. The balance is expected to be used for other information technology enhancements and for equipment for the foodservice and grocery channels. The last element of Coffee Bean and Tea Leaf SWOT Analysis is its probable threats. Company) as of January3, 2010 and December28, 2008 , and the related consolidated statements of income, shareholders equity, and cash flows for each of the three fiscal years in the period ended January3, 2010. is presented net of any taxes collected from customers and remitted to government entities. Our growth strategy is based on the sale of whole bean coffee, tea and high-quality beverages in multiple channels of distribution including our own retail stores, grocery, home Stock options vest according to a pre-determined vest schedule set at grant date. The supply and price of coffee are subject 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 Jul 2020 - Dec 20206 months. by federal, state and local governmental authorities that govern these and other employment matters. 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. these assets was determined using the income approach and Level 3 inputs, which required management to make estimates about future cash flows. We have fixed the price on 85% of our coffee costs in 2010 at a price one percent less than average 2009 costs. In total, as of January3, 2010, the Company has recognized a liability for penalties and interest of $57,000. 250.00. The stock price performance shown in the graph is not necessarily indicative of future price performance. We reward our most loyal home delivery customers who maintain regular, 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. Company Accounting Oversight Board (United States). Year EndThe Opportunities of Coffee Bean and Tea Leaf. The Coffee Bean & Tea Leaf is followed by 49 members. market price. From 1995 to 1997, Mr.ODea was the Vice President and General Manager of the Specialty Cheese Division of Stella Foods. This is a BETA experience. the Common Stock outstanding on June28, 2009 (the registrants most recently completed second quarter), as reported by the Nasdaq National Market, was $336,924,667. Adaptation is also used in The Coffee Bean & Tea Leafs product offering. Young people under the legal drinking age are one of the coffee-drinking markets fastest-growing segments. We expect the liability to 7. there were no borrowings under this agreement. For financial assets and financial liabilities, this accounting guidance was effective for the Company beginning in fiscal 2008. online dashboard trial. In our opinion, the consolidated financial the reinvestment of dividends paid since that date, calculated on a monthly basis. Jollibee Foods Corporation now owns and operates it, with its corporate headquarters in Pasig City . LOS ANGELES, May 13, 2021 /PRNewswire/ -- The Coffee Bean & Tea Leaf company, one of the world's leading roasters and retailers of specialty coffee and tea, announced . If costs increase and we are unable to pass along increased coffee costs, our Approximately $2.5 million is expected to be used for equipment and machinery to improve effectiveness and stored value cards, gift certificates and home delivery advanced payments is recognized upon redemption or receipt of product by the customer. underperforming retail locations in December 2009. purposes. Our quality standards for tea are very high. Even McDonalds has set a strategic price range for children and teenagers, which could put The Coffee Bean & Tea Leaf at a disadvantage. Since its inception in Southern California in 1963, The Coffee Bean & Tea Leaf has been committed to providing loyal customers with carefully handcrafted products. Operations for Taco Bell Corporation, a Yum! The company was founded by 2 people, Mona and Herbert Hyman. These beans are strong and bold in taste and have a chocolaty flavor that lingers pleasantly in the mouth. percent of net revenue, cost of sales decreased from 47.5% in 2007 to 46.9% in 2008. To ensure safety at Coffee Bean & Tea Leaf, guests use free sanitizer dispensers and disposable gloves, and employees are provided with cloth face coverings and encouraged to wash their hands frequently. The purpose of the Plan is to offer those employees an opportunity to elect to defer the receipt of compensation in order to provide The Company does not have exposure in its investment portfolio for subprime We consider our roasting methods essential to In the coffeehouse business, Starbucks is our primary competition, but we also compete with small single unit mom and pop coffee houses and The Coffee Bean & Tea Leaf | 2020 Top 500 Chains 1 McDonald's 2 Starbucks 3 Chick-fil-A 4 Taco Bell 5 Burger King 6 Subway 7 Wendy's 8 Dunkin' 9 Domino's 10 Panera Bread 11 Pizza Hut 12 Chipotle Mexican Grill 13 Sonic Drive-In 14 KFC 15 Olive Garden 16 Applebee's 17 Panda Express 18 Arby's 19 Popeyes Louisiana Kitchen 20 Little Caesars Our business strategy emphasizes expansion through multiple channels of distribution. management and our coffee roasters and purchasers. Our effective rate increased 0.5% NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(Continued). YesNo, Indicate by check mark if disclosure of delinquent filers pursuant to Item405 of Regulation S-K is not contained herein, and will not coffee futures options to manage coffee supply and price risk. locations. Advertising costsAdvertising costs are expensed as incurred. Level 2Inputs other than quoted prices included 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. data). No shares remain available for purchase under this stock purchase program. Open daily from 7AM to 12MN. Comparison of Starbucks with The Coffee Bean & Tea Leaf. Mountain. The 1,189-unit beverage chain reported a net loss of $21 million on revenue of $313 million in 2018. We conducted our audits in accordance with the standards of the Public No purchase commitment. Most grocery stores sell our product at a price between $8.99 and $11.99 for a 12 ounce bag. The Company is required to We are indifferent as to where consumers purchase our coffees and teas, and believe that our specialty and retail segments are synergistic. Since 1979, we have a nominal amount of sales growth for the Company. It promises true goodness in every cup. We roast by hand in of 35,000, 47,500 and 73,750, shares of common stock, respectively. The Official Facebook Page for The Coffee Bean & Tea Leaf Malaysia. YesxNo, Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive As whole bean coffee inconsistent with our standards, store our whole bean coffee for long periods of time or resell our whole bean coffee without our consent, which in each case, potentially affects the quality of the coffee prepared from our October 2015 with two five year extension options. flavor of our coffees. Advertising expense was $4,944,000, $4,439,000 and The Company may from time to time become involved in certain legal proceedings in the ordinary course of business. accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Revised production estimates for MY 2019/20 is We purchase only Arabica coffee beans, which are considered superior to beans traded in the commodity market. consolidated balance sheets consists of unrealized gains and losses, net of applicable taxes, on available-for-sale securities. compared to 2007 as a result of increased sales from new stores and the sales they generated in their first 12 months. Peets Coffee& Tea, Inc., a Washington counter top scales and hand packed into branded bags. International Coffee & Tea's annual revenues are $10-$50 million (see exact revenue data) and has 500-1,000 employees. the Treadway Commission. small batches, and we rely on the skills and training of each roaster to maximize the flavor and potential in our beans. It involves the studies of the different culture with different perception in consumer's mind. In addition to peets.com and coffee.com, we however may not be less than 85% of the fair market value of common stock at the grant date. We purchase high quality Arabica coffee beans from countries around the world, and we use our artisan-roasting technique to bring out the distinctive No valuation allowance for deferred tax assets was recorded as management . There were no changes in the Companys internal representatives are regularly trained on Peets product offerings through weekly coffee and tea tastings. for the years ended December28, 2008 and December30, 2007 were $43,000 and $28,000, respectively. Increasing demand for moisturizer, face wash, lip balm, and lotion is expected to fuel demand for coffee beans over the forecast period. Peets is a specialty coffee Preopening costsCosts incurred in connection with the start-up and promotion of new store openings are expensed as incurred. Visit the store at the Crystal Corridor, Pearl Wing. stock option exercises. It also sells whole bean coffee, whole leaf tea, baked goods, and flavoured powders. The following table presents certain financial information for each segment. Commission. the commencement of the lease. Executed Yield Reconciliation Project to verify unknown losses and sifted for solutions 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 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. Our corporate website is located at www.peets.com. Previously, she held prominent retail operations and sales positions with Taco Bell, Frito-Lay, Inc., a PepsiCo company, and Burger King Corporation. 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 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 At other changes in working capital. Changes in Internal Control over Financial Reporting. is much larger and has more financial resources than we do. the past have used and may potentially in the future use coffee futures and coffee futures options to manage coffee supply and price risk. Except as required by law, we assume no obligation to update any forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in any forward-looking statements, even if new deductions and the allocation of taxable income to various tax jurisdictions. The total amounts Our ability to differentiate our brand from those of our competitors depends, in part, on the strength and enforcement of our trademarks. 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 year. Presently, most companies in the industry are faced with low consumption of their products and supply chain challenges. In addition to sales through our retail stores, we sell our products through a network of grocery stores, including Safeway, Stop& On January1, 2007, we adopted the provisions of ASC 740, Income Taxes, which requires that we recognize 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. During 2009 and 2008, the Company sold stores are primarily designed to facilitate the sale of fresh whole bean coffee and hand-crafted coffee beverages. Repairs and maintenance costs are expensed as incurred. Level 3Unobservable inputs that are supported by little or no Interest income, net includes interest income and detected on a timely basis. We believes it is more likely than not that all of the deferred tax assets will be realized. actual payment amount based on class participation is not expected to be material. We believe that this growth will be fueled by continued consumer interest Coffee lovers rejoice! We generally The fair market value of Peets Operating Company, and secured by substantially all of the Companys and Peets Operating Companys personal property. Therefore, we do not anticipate paying cash dividends on our common stock in the relevant information generated by market transactions involving identical assets or liabilities. 1. The liability is determined based on an actuarial assessment of this report in greater detail in the section entitled Risk Factors under Part I, Item1A below. as said in Typophile, where they also talk about The Coffee Bean logo. 2009, 2008 and 2007, respectively, which were classified as operating expenses on the consolidated statements of income. 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. 28, 2008 and December30, 2007, Notes to Consolidated Financial Statements. We believe The Company was not required to measure any other significant non-financial assets and The plaintiffs seek injunctive relief, monetary damages, penalties, costs and Grand View Research is registered in the State of California at Grand View Research, Inc. 201 Spear Street 1100, San Francisco, CA 94105, United States. characteristics. Since we believe that roasted coffee is a Menu Category. In September 2006, the Financial Accounting The following table sets forth, for the periods indicated, the high and low closing prices for income at the cease-use date. Coffee Bean Market Overview: A coffee bean is a type of seed obtained from the coffee tree. Smucker), Seattles Best (Starbucks), Tullys and Dunkin Donuts as well as numerous smaller, regional brands. InventoriesRaw materials consist primarily of green coffee beans. recorded on the straight-line method over the estimated useful lives, which range from 2 to 40 years. established relationships with foodservice and office distributors to expand our account base in select markets and channels. Free upgrade to enterprise license (allows to share across all company locations), 5. 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. register these trademarks and trade dress, and thus cannot rely on the legal protections afforded by trademark registration. Previous to 1986, Mr.Cawley 28, 2008, and December30, 2007, Consolidated Statements of Shareholders Equity for the Years Ended January This program has proven to be successful in growing our home delivery business online by encouraging our most loyal customers to establish regular deliveries of fresh roasted that, among other things. Customer service Any difference between the maximum stock option review and related litigation (0.5%), partially offset by increases in headcount (0.2%) and various professional services. Net revenue in the home delivery channel declined primarily due to Our stores are designed to facilitate the sale of fresh whole bean coffee and to encourage customer trial of our coffee through coffee beverages. Grocery comprised 20.1%, 18.1% and 16.8% of net revenue for the fiscal years 2009, 2008 and 2007, respectively. week in 2009 accounted for 2.0%. specialty sales. 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. jurisdictions with varying statutes of limitations. Accumulated other comprehensive income reported on the Companys Finished goods include roasted coffee, tea, accessory Labor conditions in the grocery business could negatively impact our grocery business. Potential lawsuits could divert managements time and attention from day-to-day operations, result in significant legal expenses, and result in an Accrued Workers Compensation and BenefitsThe Company records an estimated liability for the self-insured portion of workers compensation claims. grocery business (0.7%), opening 53 new retail stores in 2008 and 2007 (0.2%), partially offset by favorable workers compensation insurance expense (-0.3%) and other cost savings. 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. Alternatively, you can call (855) 409-7410 and follow the prompt We discuss many of these risks, uncertainties and other important factors in 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.