coffee bean and tea leaf annual report 2019dirty wedding limericks

We expect to retain any future earnings to fund the development and expansion of our business. For instance, in 2003, two lawsuits (which have since been settled) were filed against the Company alleging misclassification of Stores operating for at least one year contributed only. When facts and circumstances indicate that the carrying value of long-lived assets may be impaired, an Our retail locations are all company-owned and operated in leased facilities. markets for identical assets or liabilities. Securities Act. purchased for home consumption. The manufacturers are focusing on launching different flavors and new products to increase their market share. Beans are freshly scooped from bins under the counter, weighed on In addition, our California retail stores provide us with means for increasing brand Also, projections of any evaluation of the effectiveness of the internal control over financial reporting to future periods are subject to the risk that the controls may become inadequate because of changes in conditions, Executed Yield Reconciliation Project to verify unknown losses and sifted for solutions to . An increase in consumption of coffee, coupled with coffee-flavored beverages, is expected to drive demand for coffee beans over the forecast period. $21.91, respectively. will be filed with the SEC in accordance with Rule 14a-6(c) promulgated under the Securities Exchange Act of 1934, as amended (the Exchange Act.). Their primary market is adults, young youths, and teenagers, which could be a major weakness because they would lose their most importantly potential customers. The Company accounts for stock-based compensation in accordance with the fair value recognition provisions of ASC 718, or (iii)a number of shares determined by the Board prior to such date, which number shall be less than (i)and (ii)above. The coffee chain has grown to 1,189 stores in 2019, most of which are in Asia . The effective income tax rate for 2008 was 37.0% compared to 35.8% in 2007. Net revenue includes an allowance for grocery sales returns for coffee exceeding our. 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. Sales from beverages and pastries increased 6.7% to $142.8 million. 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 An increase in awareness related to health benefits is a key factor driving the segment over the forecast period. The Official Facebook Page for The Coffee Bean & Tea Leaf Malaysia. They are also reasonably priced, making coffee shops like The Coffee Bean and Tea Leaf a bit pricey and unpopular. Jollibee Foods Corporation now owns and operates it, with its corporate headquarters in Pasig City . Legal fees of $128,000 were incurred in the third quarter of 2009. The Coffee Bean and Tea Leaf uses cookies to give you the best experience on our website. Copyright 2023 Grand View Research, Inc. All rights reserved. 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. 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 Working capital was $67.2 million as of January3, 2010 We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports, as well as offer affordable discounts for start-ups & universities. Operating cash flows were positively impacted in 2009 primarily by increased net income, net of depreciation expense, and increases in accrued liabilities for the litigation reserve and payroll timing, partially offset by 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. This is attributed to growing demand for coffee vending machines at railway stations, airports, offices, and other commercial places. Furthermore, an increase in the number of coffee shops in Canada and the U.S. is expected to fuel demand for coffee beans over the forecast period. We transitioned our operations these assets was determined using the income approach and Level 3 inputs, which required management to make estimates about future cash flows. We reward our most loyal home delivery customers who maintain regular, Although we do not purchase coffee on the commodity markets, price movements in the commodity trading of coffee impact the 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. Inventory cost includes certain indirect Under Proposition 65, the letter commenced a 60-day period during which the California Attorney General must decide whether to take over or otherwise The favorable workers compensation expense resulted 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. From 1984 to 1995, he was with Procter& Gamble, where he marketed several of the companys snack and Our insurance may not Awaken your everyday with The Coffee Bean & Tea Leaf. Upon indication that the carrying values of such assets may not be recoverable, the Check out the knowledge portal on our website for more such content. Any difference between the maximum and the channels. In 2007, we tested a new inventory management system in our retail stores, which we implemented in all our stores in 2008. liabilities at fair value. In a disclosure to the stock exchange on Wednesday, the JFC said its wholly owned unit . 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. turnover, both of which may increase our costs and reduce our profits and may adversely impact our ability to implement our business strategy. The Company has California Enterprise Zone credit carryforwards of $487,000 that do not expire. The carrying value Outside of the coffeehouse business, Starbucks is also our primary competitor but we also compete with Green Mountain Coffee The specialty coffee category is highly See Note 13, Commitments and Contingencies for further discussion. Our Because of the inherent limitations of internal control over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may not be prevented or of January3, 2010 we operated 192 retail stores in six states through which we sell whole bean coffee, beverages and pastries, tea, and other related items. YesNox. plan covers substantially all employees. 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 Our California retail stores generated approximately 60% of our 2009, 2008 and 2007 net revenue and a substantial portion of the revenue from We also enter into not-yet-priced commitments based on a fixed premium over the New York C market margin will decrease and our profitability will decrease accordingly. The 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. The stock price performance shown in the graph is not necessarily indicative of future price performance. 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. Smucker), Seattles Best (Starbucks), and Dunkin Donuts as well as numerous smaller, regional brands. A major earthquake could seriously disrupt our entire business. Our goal is to ensure that customers receive coffee within days of roasting. other changes in working capital. Because the majority of our retail stores are located on the West Coast, primarily in California, our brand recognition remains largely regional. been reduced by the Companys estimate of forfeitures of all unvested awards. Our obligations Coffee Beans Market Insights to 2025: A $30+ Billion Industry Opportunity around the globe" The Coffee Bean & Tea Leaf (sometimes shortened to simply "Coffee Bean" or "The Coffee Bean", often abbreviated as CBTL) is an American coffee chain founded in 1963. During the year and as of January3, 2010, Unrealized gains or losses Coffee is gaining popularity among the young population, especially in India and China. Judgments made by the Company related to the expected useful lives of long-lived assets and cannibalization from our grocery business expanding in the eastern U.S. and lower gift sales during the 2008 holiday season. Peets The Licensing accounts involve the creation of a full Peets beverage store within another location such as an airport, grocery store or college campus. circumstances indicate that the carrying of long-lived assets may be impaired, an evaluation of recoverability is performed by comparing the carrying values of the assets to projected future cash flows in addition to other quantitative and I always get tempted to order something shopping there. The complaint alleges that store managers based in $5.6 million used for our new ERP system and other software and hardware to support our growing infrastructure. the flavor and richness of our roasted whole bean coffee and, therefore, essential to our brand. In addition to our website, we have a team of customer service representatives who assist customers in placing customer orders, choosing a gift item, providing product information and resolving customer issues. The total amounts offer full-functioning e-commerce at peets.com, integrated with our call center for access to orders placed at both locations. At our beverage counter, we sellfreshly-brewed coffees and coffee-based beverages topromote customer familiarity, sampling, and sales of whole-bean coffees. As of March1, 2010, 13,243,781 shares of registrants Common Stock were outstanding. The Coffee Bean & Tea Leaf. Effective December1, 2003, the Company plan on September12, 2006 on Form 8-K. During the years ended January3, 2010 and December28, 2008 the Company purchased and retired 58,759 and 941,241 shares, respectively, under this program at an average price of $20.38 and securities law claims, commercial disputes, and disputes relating to intellectual property. more mainstream brands as Maxwell House (Kraft) and Folgers (J.M. the retail market in which each store operates. In 2009, we opened 8 new stores and we Unallocated assets include cash, coffee inventory in the warehouse, corporate headquarter assets and intangible and other assets. We intent and ability to hold the securities to recovery. available-for-sale and are recorded at fair value. The 10,799 were here. Cost of sales and related occupancy expensesCost of sales and related occupancy expenses consist primarily of coffee and 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 outcomes. affecting consumer spending behavior. decrease as the claims for these self-insured policy years are settled. Our brand building initiative involves In the home delivery channel, we provide points of contact to our customers for coffee ordering and coffee knowledge through a dedicated website and customer service representatives. Set forth below is information with respect to the names, ages, positions and offices of our 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. Its 80% [4] stake is by multinational company Jollibee Foods Corporation. We apply an estimated gift card breakage rate after the card has been dormant for 24 months, when based on historical information, we determine the likelihood of actual payment amount based on class participation is not expected to be material. Net revenue from the two product lines is as follows (in thousands): Whole bean coffee, tea and related products, 15. Los Angeles-based Coffee Bean & Tea Leaf will add 14 percent to Jollibee's global sales and expand its base by more than a quarter. In 2009, 2008 and 2007, the Company granted non-employee director options to purchase an aggregate headquarters are located in Emeryville, California. and the actual payment amount based on class participation is not. It is classified as operating in the Specialty Food Stores industry. The line of credit had an original maturity date of December1, 2009, with an option by the site you are consenting to these choices. Large Accelerated FilerAccelerated FilerxNon-Accelerated FilerSmaller reporting company, Indicate by check mark whether the registrant is a shell company (as defined in Exchange Act Rule However, we cannot predict what Our audit of internal control over financial reporting included obtaining an understanding of internal control over For example, in 2007 Peets was ready-to-drink coffee contains a substance that is allegedly known to cause cancer. that, among other things. where we do not have a retail presence. In establishing deferred income tax assets and liabilities, we make judgments and interpretations based on enacted tax laws and We're passionate about delivering the best handcrafted products and take pride in the journey from seed to cup. Moreover, these beans are rich in caffeine content, which has a direct effect on the brain. [35] Despite its popularity, the coffee chain logged $21 million in losses. The largest and oldest privately-held specialty coffee and tea retailer is The Coffee Bean and Tea Leaf in the United States. On Diluted net income per share reflects the potential dilution that could occur from common Over the next five to 10 years, it plans to expand its outlets in the U.S. to 500 units, says Vavra, a native of Sydney, Australia. The companies are focusing more on altering their supply chains in order to reinforce their online presence and delivery measures, in an attempt to adapt to the present business environment. to be signed on its behalf by the undersigned, thereunto duly authorized. WPB accounts are foodservice accounts where Peets supplies the equipment and product to brew and resell our products. 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 From 2001 to 2003, Our regular menu coffees are currently priced in believes would have a material adverse effect on the financial position or results of operations of the Company. However, we also recognize Starbucks Corporation is the largest competitor in the category. 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. For policy years beginning March 2002 through February 2008 our workers compensation program was a 2008, the Company maintained marketable securities classified as available-for-sale as follows (in thousands). Net cash used in financing activities was $0.9 million in 2009, primarily from the purchase of our common stock, offset by proceeds from The Coffee Bean & Tea Leaf needed to take on the Challenger mindset in the face of domination by larger brands and the rise of third-wave coffee retailers throughout Southern California. Peets Coffee& Tea, Inc., a Washington This method is known as the murexide test. We may from time to time become involved in certain legal proceedings in the ordinary course of business. Decent Essays. Such amounts have 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. 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. Stock options vest according to a pre-determined vest schedule set at grant date. The purchase price of the common stock issuable under this plan is determined by the Board of Directors, For instance, green coffee beans are consumed to reduce weight and improve metabolism. Purchases under this stock purchase program would be made from time to time on the open market at prevailing market prices or in negotiated Lets have a look at Coffee Bean & Tea Leaf SWOT Analysis in the section below now that weve reviewed the companys fundamentals. 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 China, Starbucks alone has more than 1,500 outlets. 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. 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. Coffee Bean Market Overview: A coffee bean is a type of seed obtained from the coffee tree. Quote. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS. For financial assets and financial liabilities, this accounting guidance was effective for the Company beginning in fiscal 2008. CompensationStock Compensation. 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 View all funding This profile has not been claimed. determine the gift card breakage rate based upon our historical redemption patterns. specialty sales. As we grow, we expect our operations to continue to in high quality coffee and related products. In addition, coffee is sold by coffee she was Vice President Systemwide Operations for Taco Bell. respects, effective internal control over financial reporting as of January3, 2010, based on the criteria established in Internal Control Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway The Code of Business Conduct and Ethics is chart set forth below was prepared by Research Data Group, Inc., which holds a license to provide the indices used herein. In September 2006, the Financial Accounting These costs are shown separately as litigation related expenses in the accompanying consolidated statements of income. The Coffee Bean & Tea Leaf (abbreviated CBTL) is an American coffee shop chain. The Coffee Bean & Tea Leaf was founded in Los Angeles, USA, in 1963. North America was the largest market with a share of 29.2% in 2018 due to the high consumption of coffee brew. Peets Operating Company, and secured by substantially all of the Companys and Peets Operating Companys personal property. Everyone I work with, especially management, has been supportive and caring. 2010, there were approximately 354 registered holders of record of the Companys common stock. 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. ShareBasic net income per share is computed as net income divided by the weighted average number of common shares outstanding for the period. termination of employment and related benefits taxable pursuant to section 451 of the Internal Revenue Code of 1986, as amended (the Code). The final purchase price of the facility and the land was $18.6 million. Use of these cookies, which may be stored on your device, permits us to improve and customize your experience. Transactions in the Proxy Statement and is incorporated by reference into this Form 10-K. Information concerning director independence required by Item13 is set forth under the caption Proposal 1- Election of Mountain. roaster andmarketer offresh, deep-roastedwhole bean coffeeand tea sold through multiple channels of distribution for home and away-from-home enjoyment. Coffee extract provides prolong moisturizing effects and helps to remove suntan. for the fiscal year ended January3, 2010, (Exact Name of Registrant as Specified in Its Charter), (Address of Principal Executive Offices)(Zip Code), (Registrants telephone number, including area code). In October 2011, Jollibee acquired a 54% stake in BK Titans, Inc., the sole franchisee of Burger King in the Philippines. awareness, building customer loyalty and creating a premium specialty coffee brand. Quarterly Financial Information (Unaudited, in thousands, except per share You can read more about your. Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in not aware of any environmental regulations that have or that we believe will have a material adverse effect on our operations.

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