coffee bean and tea leaf annual report 2019

be determined with certainty, the actual results will inevitably differ from our estimates. The number of cafes is expected to increase in the coming years, which is expected to fuel demand for robusta and arabica beans over the forecast period. During 2009, proceeds from sales and maturities net of purchases totaled $15.8 million, including $7.7 million of Diedrich common stock. our common stock as reported on the Nasdaq National Market for each quarter during the last two fiscal years. 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. The slower growth in whole bean and related products was primarily due to continuing cannibalization of bean sales in retail stores as we increased the availability of Peets coffee in grocery stores and our own new retail Jollibee planned to grow the The Coffee Bean in Asia, where there's a race for coffee supremacy. It is sometimes shortened to simply Coffee Bean or The Coffee Bean. Herbert Hyman founded the company in September 1963 as a coffee service for offices. 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 Were missing the commuter peak, Vavra notes. Their philosophy of influencing lives from seed to cup is ingrained in everything they do. The fair value of the retail net asset is estimated using the discounted The Arabica beans purchased by us tend to trade on a negotiated basis at a Additionally, we have had to estimate our liability for existing claims whose outcome is uncertain. In addition, we have stock option review and related litigation (0.5%), partially offset by increases in headcount (0.2%) and various professional services. incurred related to the pending settlement of a wage and hour class action lawsuit that was filed in July 2008 against the Company. Moreover, increasing consumption of coffee-flavored beverages and ice cream is expected to fuel demand for these beans over the forecast period. The Company considers the economic environment when estimating future cash flows and in 2008 and 2009 considered the recession in our future sales assumptions. Effective in 2001, the Company adopted a new stock option plan for which the Company has reserved 1,500,000 shares of common stock for People can order ahead and the order is ready to be picked up, Vavra notes. The specialty coffee category is highly competitive and fragmented among various distribution channels. The following table summarizes the Companys contractual obligations and the timing and however may not be less than 85% of the fair market value of common stock at the grant date. Operating expensesOperating expenses consist of both retail store and specialty operating costs, such as employee labor reverse. issuance pursuant to the plan. days. risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. We put the free in dairy-free. subsidiaries. These beans are strong and bold in taste and have a chocolaty flavor that lingers pleasantly in the mouth. income, net consisting of an $8.5 million break-up fee, net of $4.3 million of external professional and legal fees incurred related to the transaction. and legal fees incurred related to the transaction. 7. They work with my school schedule, which is a blessing when it comes to working part-time. Related to the unrecognized In A purple colour is produced with caffeine and other purine derivatives" (Evans, Evans, Trease, 2009). margin will decrease and our profitability will decrease accordingly. North America was the largest market with a share of 29.2% in 2018 due to the high consumption of coffee brew. The final purchase price of the facility and the land was $18.6 million. But all of them closed by October 2016. 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. Companys fiscal year end is the Sunday closest to December31. In addition, green coffee bean prices have been affected in the past, and may be affected in the require us to contract with alternative, and possibly more expensive, common carriers. forth under the caption Section 16(a) Beneficial Ownership Reporting Compliance in the Proxy Statement and is incorporated by reference into this Form 10-K. pending trademarks, we consider the packaging for our coffee beans (consisting of dark brown coloring with African-style motif and lettering with a white band running around the lower quarter of the bag) and the design of the interior of our stores but allows for subleasing, the Company estimates the fair value of any sublease income that can be generated from the location and expenses the present value of the excess of remaining lease payments to the landlord over the projected sublease References to we, us, our, Peets, 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%. amended complaint asserting an additional claim for penalties. coffee roasting operations and our retail stores are subject to various governmental laws, regulations, and licenses relating to customs, health and safety, building and land use, and environmental protection. presentation. Get a D&B Hoovers Free Trial. COFFEE & TEA, INC. (Exact Name of Registrant as Specified in Its Charter) 1400 Park Avenue Emeryville, California 94608-3520 (Address of Principal Executive Offices)(Zip Code) (510) 594-2100 (Registrant's telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Securities registered pursuant to Section Jollibee Foods invested in Coffee Bean & Tea Leaf's Acquired funding round. purchase unique and special coffees. 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. Depreciation and amortization expenses increased in 2008 primarily due to the 53 stores we opened during 2008 and 2007. not declared or paid any dividends on our capital stock since 1990. In addition to registered and 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. Since we believe that roasted coffee is a As this matter is at a very early stage, 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. for the years ended December28, 2008 and December30, 2007 were $43,000 and $28,000, respectively. Buy side Financial Due Diligence project on Jollibee to successfully assisted to acquire $350M Cofee Bean Tea Leaf. Statement Schedule. The Proxy Statement See the definitions of large accelerated filer, accelerated filer and smaller reporting company in Rule 12b-2 of the Exchange Act. We 28, 2008, and December30, 2007, REPORT OF INDEPENDENT REGISTERED PUBLIC The fair value of the retail net asset is estimated using the discounted cash flows of the assets. The following documents are filed as part of this Form 10-K. (a)(1) Index to Third-party deliverers, Postmates and DoorDash, help generate revenue as does its own app. 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 Social efforts native to their platforms include commissioned Vine videos, a custom Pinterest page, Instagram crowd participation photos taken . accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We recognize indirect costs included in inventory as cost of goods sold as the related products are sold. Transaction income, net, litigation related expense, and gain on sale of marketable securities in 2009 in Item7. The Company is subject to periodic audits by the Internal Revenue Service and other state and local taxing authorities. Growing demand for coffee vending machines at railway stations, airports, offices, and other places and increasing demand from the working population are anticipated to make a reasonable contribution to the market revenue. The Coffee Bean & Tea Leaf was founded in Los Angeles, USA, in 1963. The increase in beverage and pastry sales was primarily related to sales at the stores we opened in 2008 and 2009. affirmative and negative covenants, including a requirement to maintain the Companys financial condition in accordance with certain ratios, such as Current Ratio, Leverage Ratio, EBITDAR Coverage Ratio, and minimum net income as defined in the 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. on the consolidated balance sheets and the corresponding rent expense when specified levels have been achieved or when management determines that achieving the specified levels during the fiscal year is probable. In cases where terms, including termination fees, are yet to The risk-free interest In the retail segment, net revenue increased 11.5% The information systems installed at Peets are What are the factors driving the coffee beans market. the strategic planning and implementation of Peets grocery expansion and innovation efforts. Our goal is to ensure that customers receive coffee within days of roasting. plan covers substantially all employees. Actual results could materially differ from these estimates and could significantly affect the Companys effective tax rate and cash flows in future years. This is expected to fuel demand for robusta beans over the forecast period. We typically carry approximately $14 million to $23 million of green coffee beans in our inventory. OUR STORY. Herbert B. Hyman is widely regarded as the founding father of speciality coffee in America, and he has mentored many high-profile coffee executives. The purchase price of the common stock issuable under this plan is determined by the Board of Directors, 2. Labor conditions in the grocery business could negatively impact our grocery business. The coffee chain was. 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. Beans are freshly scooped from bins under the counter, weighed on 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 Net revenue Officers of the Registrant.. The effective income tax rate for 2009 was 37.5% compared to 37.0% in 2008. the Companys high deductible workers compensation policy and is classified in other assets, net on the consolidated balance sheets. a loyal customer base with strong brand awareness in California. Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. Consolidated Financial Statements, included elsewhere in this report. detected on a timely basis. covered by this annual report. Hope. Over the forecast period through to 2014, it predicted that average annual GDP will growth 4. Year EndThe our retail locations within a range of $10.95 to $19.95 per pound. The preparation of financial statements in conformity with generally accepted accounting principles requires the appropriate application of adequately cover our losses and expenses in the event of an earthquake. 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 consolidated balance sheets consists of unrealized gains and losses, net of applicable taxes, on available-for-sale securities. This annual report on Form 10-K (this report) contains forward-looking Effective December1, 2003, the Company Coffee extract provides prolong moisturizing effects and helps to remove suntan. The carrying value On November26, 2008, the Company entered into a credit agreement with Wells Fargo Bank, National Association (the Bank). The fiscal year ended January3, 2010 included 53 weeks. very early stage, at this time, the Company is not able to predict the probability of the outcome or estimate of loss, if any, related to this matter. Peets used a portion of these funds to invest in property and equipment and the purchase of our common stock. In the U.S. it has 218 stores, split between 128 company-owned and 90 franchised. to fluctuations in interest rates. 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 We expect that our California operations will continue to generate a substantial portion of our revenue. Cost of sales and related occupancy expenses consist of product costs, including manufacturing costs, rent and other occupancy costs. The coffee chain has grown to 1,189 stores in 2019, most of which are in Asia . More on this chain: Coffee Bean & Tea Leaf. Working capital was $67.2 million as of January3, 2010 Smucker), Seattles Best (Starbucks), Tullys and Dunkin Donuts as well as numerous smaller, regional brands. We have a retail point-of-sale system that we believe increases store This method is known as the murexide test. The Company files income tax returns in the U.S. federal jurisdiction and various state being redeemed by the customer is remote (gift card breakage) and we determine that we do not have a legal obligation to remit the unredeemed gift cards to the relevant jurisdictions. Pursuant to the requirements of the 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). 735,888 shares remain available for purchase under this stock purchase program. The Company also has $25 million available through a credit agreement entered into on November26, 2008 with Wells Fargo Bank, 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. 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. Our A major earthquake could seriously disrupt our entire business. As a result, we do not stock or inventory roasted coffee. Stock-based compensation expense and related tax benefit was recognized as follows in borrowing capacity under the credit agreement was $25.0 million as of January3, 2010. We believe we offer competitive benefits packages to attract and retain valuable employees. . Changes in our valuation of the deferred tax lease rights, subject to amortization was $1,066,000 at January3, 2010 and December28, 2008. Information concerning executive and director compensation required by Item11 is set forth under the caption Executive Compensation in the Proxy Statement and is incorporated by reference into this Form 10-K. Information concerning security ownership of certain beneficial owners and management and equity compensation plans required by Item12 The related asset is classified in cash determine the gift card breakage rate based upon our historical redemption patterns. stock option exercises. At January3, 2010, there were no short-term marketable securities. Since its beginning, The Coffee Bean and Tea Leaves has created the finest products while also advancing in retailing management, improving roasting techniques, and inventing new trends for coffee and tea drinks. Accounting Firm in the Proxy Statement and is incorporated by reference into this Form 10-K. locations. He describes its three keys to future success as: 1) finding the right locations with a good flow of customer traffic, 2) ensuring the franchise is profitable and sustainable from day one, 3) maintaining a high standard of operations including focusing on guest experience and exemplary taste. The global market is highly competitive. For instance, our distribution to grocery stores emphasizes the use of a direct store delivery (DSD) system whereby our percent of net revenue, cost of sales decreased from 47.5% in 2007 to 46.9% in 2008. 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). For the next twelve months, we expect our cash flows from operations and cash and marketable securities to be sufficient for our operating Our website features an Express. The Coffee Bean and Tea Leaf. including JR Reserve Blend and Kona, and we have also featured seasonal reserve coffees such as Jamaica Blue three levels of inputs that may be used to measure fair value: Level 1Quoted prices in active Our regular menu coffees are currently priced in Thank you for reading this, and if you found it useful, please share it with your friends and family. each option grant and ESPP award is estimated on the date of grant using the Black-Scholes-Merton option-pricing model with the following assumptions: Net Income per Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and roaster andmarketer offresh, deep-roastedwhole bean coffeeand tea sold through multiple channels of distribution for home and away-from-home enjoyment. Such determination of affiliate status is not necessarily a conclusive determination for other Hello, fellow coffee lovers! A significant interruption in the operation of our 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. At levels. In addition, we could For Fifty years on, they haven't changed their . title does pass to the distributor and revenue net of commissions is recorded upon delivery to the distributor. filed an amended complaint asserting an additional claim for penalties On November26, 2008 the Company filed an answer thereto denying the allegations in the first amended complaint and asserting a number of affirmative defenses thereto. WPB accounts are foodservice accounts where Peets supplies the equipment and product to brew and resell our products. . 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). The principal measures and factors we considered in determining whether the We must constantly protect against any infringement by competitors. We invest in U.S. government, agency, municipal and guaranteed student loan obligations. See notes to consolidated financial statements. recorded on the straight-line method over the estimated useful lives, which range from 2 to 40 years. 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 2010, the number of shares of common stock For policy years beginning March 2002 through February 2008 our workers compensation program was a Because we do not hold any patents for our roasting methods, it may be difficult for us to prevent competitors from copying our roasting methods. Retail store operations consist of sales of whole bean coffee, beverages, tea and related products through Company-operated retail stores. Coffee is a trade commodity and, in general, its price can fluctuate depending on: weather patterns in coffee-producing countries; economic and political conditions affecting coffee-producing countries; foreign currency fluctuations; The Plan is intended to be a top-hat plan (i.e., an unfunded deferred compensation and cash equivalents on the consolidated balance sheets. Set forth below is information with respect to the names, ages, positions and offices of our Report Name: Coffee Annual Country: Colombia Post: Bogota Report Category: Coffee Prepared By: Lady Gomez Approved By: Benjamin Rau Report Highlights: Colombian coffee production is forecast to recover at 14.1 million bags (1 bag = 60 kilograms) green bean equivalent (GBE) in marketing year 2020/21. Los Angeles-based Coffee Bean will add 14% to Jollibee's global sales and expand its store network by more than a quarter, Jollibee Chairman Tony Tan Caktiong said. We regard intellectual property and other proprietary rights as important to our success. They have a few tables and chairs as well. Selected Consolidated Financial Data, the consolidated financial statements and accompanying notes The credit agreement contains customary Also effective in 2001, the Company adopted the 2000 Non-Employee Director Plan that 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. 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 The Company has adopted the standard for those assets and liabilities as of the beginning of the 2008 fiscal year and the impact of adoption was not significant. There is no balance for closed store reserves as of December28, 2008. Additionally, customers with It has two components: net income and other comprehensive income. distribution channels being coffeehouses (our retail segment) and grocery stores (part of our specialty segment). court against the companies named in the letter. A delay in shipping could: have an adverse impact on the quality of the coffee shipped, and thereby adversely affect our brand and reputation; result in the disposal of an amount of coffee that could not be shipped in a timely manner; and. The Company routinely participates in trade-promotion programs such as shelf price reductions and consumer coupon programs that require the Company to estimate and accrue the expected costs of such programs.

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