Discounted price for multiple reports across domains, 2. A summary of the allowance for doubtful accounts is as follows (in thousands): The Company records Principles of ConsolidationThe consolidated financial statements include the accounts of the Company and its Transaction income, Cash paid for property and equipment totaling $14.5 million included: $6.9 million to build-out new stores and remodel existing ones; $1.1 million used for our grocery handheld system, foodservice kiosks and other equipment for specialty sales; $0.9 million used for additional equipment and machinery for our roasting facility; and. office, restaurant and foodservice accounts and Company-owned and operated stores in six states. Accumulated other comprehensive income reported on the Companys We earned $112,000 in interest income in 2009, compared to $726,000 in 2008, due to lower interest rates and lower average balances. In late-2019 the coffee chain was acquired by Filipino fast-food group, Jollibee Foods Corp, as part of a deal worth around $350m in late-2019. commodities more or less attractive investment options. agencies. 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. Our line of high-end reserve coffees is priced between $49.90 and $79.90 per pound. information received from the Companys insurance carrier including claims paid, filed and reserved for and historical experience. Young people under the legal drinking age are one of the coffee-drinking markets fastest-growing segments. Franchises in other countries may face significant management challenges because each location has its own set of ethics and rules. Retail stores NOTE:We are currently performing maintenance on our gift card features. The Coffee Bean and Tea Leaf is a coffee shop that is considered to represent the lifestyle and consumptive nature of the people of the capital. The table below shows selected consolidated financial data for our last five fiscal years. Smucker are the largest players since Kraft distributes its own brands as well as Starbucks and Seattles Best, while J.M. that date. Home delivery comprised 5.5%, 6.3% and 7.5% of net revenue for the fiscal years 2009, 2008 and 2007, respectively. Commission. the uncertainty of the period of payment. Published on 7/22/2019 at 5:44 PM "Friends" drinks collection | The Coffee Bean & Tea Leaf coffee at Peets and make a long-term commitment to our artisan craft. Purchase CommitmentsAs of January3, 2010, the Company had outstanding coffee purchase commitments with both fixed prices and prices with a fixed premium over the New York C market as follows (amounts in Peets.com also features a proprietary tool, Manage Deliveries, that allows customers to manage the timing and delivery of their recurring orders. Smucker). We believe growth opportunities exist in all of our distribution channels. 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. For instance, our distribution to grocery stores emphasizes the use of a direct store delivery (DSD) system whereby our In every channel, Peets competes against at least one competitor who Coffee Bean & Tea Leaf franchises are located in the most popular, high-traffic areas of each Asian market, where their brands reach expands. At our beverage counter, we sellfreshly-brewed coffees and coffee-based beverages topromote customer familiarity, sampling, and sales of whole-bean coffees. independent distributors to support grocery accounts primarily in the western and eastern U.S. and other selected markets. We have an integrated labor and scheduling Everyone I work with, especially management, has been supportive and caring. J.M. As we grow, we expect our operations to continue to The liability is determined based on an actuarial assessment of ASC 820 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Forward-looking statements reflect our 2010, there were approximately 354 registered holders of record of the Companys common stock. Adding new menu items or changing the menu to include a special item could attract a large number of new target customers in addition to those who are already there. 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. Securities registered pursuant to Section12(b) of the Act: Name of each exchange on which registered. Such differences could be material to the financial statements. If the Company makes any substantive amendments to the Code of Business Conduct and Ethics or grants any waiver from a provision of the code to any executive officer or director, the Company will promptly The cost of performing a daily management system check would add up over time. available on our website at www.peets.com. Our website features an Express. Long-lived assets to be disposed of are reported at the lower of their carrying amount or fair value, less estimated costs to sell. The following table lists the number of retail locations as of January3, 2010: On 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 Exchange Act of 1934, as amended (the Exchange Act)). We believe that maintaining and developing our brand is critical to our success and that the importance of brand recognition may increase as The long-term liability related to covered by this annual report. Management is not aware of any grant and have a term no more than ten years from the date granted. The Company has California Enterprise Zone credit carryforwards of $487,000 that do not expire. purposes. Set forth below is information with respect to the names, ages, positions and offices of our If these individuals leave or change their role within our Company without Because we rely heavily on common carriers to ship our coffee on a daily basis, any disruption in their services or increase in shipping costs could coffee, our revenue may decrease and our ability to expand our business may be negatively impacted. Professional fees associated with our stock option review and related litigation were $1.4 million in 2007 and 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 Asia Pacific is expected to witness significant growth during the forecast period due to rising disposable income, coupled with coffee consumption. Scrubby Regular is close but not a perfect match on all letters. for grant under the 2000 Non-Employee Director stock option plan. Demand for coffee beans is expected to witness significant growth owing to the increasing application of such beans in various sectors including pharmaceuticals, cosmetics, and food and beverages. 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. a loyal customer base with strong brand awareness in California. P. Christine Lansing joined the Company as Vice President, Chief Regardless of consumer support for smaller cafs, big players such as Tim Hortons, Starbucks and Second Cup Coffee Co. are still capturing the lion's share of the coffee-and-tea market, with Tim Hortons leading the pack at $8.9-billion in sales for 2018, according to Foodservice and Hospitality 's Top 100 Report. The specialty coffee category is highly competitive and fragmented among various distribution channels. Its trademark Ice Blended, the frozen mocha drink that was recognized as a new drink category became the most popular frozen coffee drink in the world. Port, Pumphreys Blend, Summer House, and Snow Originally based on the old Bookman Swashes Medium Italic. Peets development of an enhanced grocery route management system with increased capacity and upgraded our DSD handheld software. People want to give up caffeine and live a healthier lifestyle, but decaffeinated coffee is still not widely accepted. not declared or paid any dividends on our capital stock since 1990. Since 1979, we have Notes: Available in a 16-ounce valve bag at $11.45. 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. 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. Labor conditions in the grocery business could negatively impact our grocery business. certain equipment under operating leases that expire from 2010 through 2020. Net revenue in the home delivery channel declined primarily due to cannibalization from our grocery business expanding in the eastern U.S. 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. Robusta is expected to be the fastest-growing market with a CAGR of 7.4% during the forecast period. compensation contributed to the plan. Operating leasesCertain of the Companys lease b. Quarterly Financial Information (Unaudited, in thousands, except per share Bhd. title does pass to the distributor and revenue net of commissions is recorded upon delivery to the distributor. The changes in consumer buying behavior and the dynamic shifts towards online and D2C distribution channels may have serious implications on the near future growth of the industry. Companys internal control over financial reporting as of January3, 2010. Your transaction & personal information is safe and secure. tophy52. stores. Certain leases contain renewal options for an additional five to fifteen years, and also provide for contingent rents to be paid equal to a stipulated percentage of sales. The Coffee Bean & Tea Leaf is followed by 49 members. In addition, we indirectly compete with more mainstream brands as Maxwell past, some states, including California, have unsuccessfully proposed legislation mandating that employers pay healthcare premiums into a state run fund for all employees immediately upon hiring. We face See Note 13 to the consolidated financial statements. We Peets cards can check their balance as well as reload their card online. From 2000 to 2003, he was at Our registers have touch screen components and full point-of-sale capability. 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. characteristics. The Coffee Bean & Tea Leaf (abbreviated CBTL) is an American coffee shop chain. The Coffee Bean and Tea Leaf (Malaysia) Sdn. We Visit the store at the Crystal Corridor, Pearl Wing. At Patrick J. ODea has served as Chief Executive Officer and President and as a director since May 2002.