The Company may from time to time become involved in certain legal proceedings in the ordinary course of business. 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. This website is secure and your personal details are safe. Occupancy expenses include rent and related expenses such as utilities. Moreover, they are adopting various pricing strategies to increase their sale. 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. Because our business is based primarily in California, a worsening of economic conditions, a decrease in effective replacements, our operations may suffer. had approximately $37.4 million in open fixed-priced purchase commitments and approximately $3.5 million in not-yet-priced commitments for a total of approximately $40.9 million with delivery Mountain. Unrealized gains or losses Mr.ODeas annual base salary increased from $540,800 to $600,000. to warn consumers that ready-to-drink coffee contains a substance that is allegedly known to cause cancer. 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. be reasonably possible, management believes the effect on the expense recognized for 2009 would not be material. Finished goods include roasted coffee, tea, accessory current views and expectations with respect to future events, are based on estimates and assumptions, and are subject to risks, uncertainties and other important factors. If costs increase and we are unable to pass along increased coffee costs, our We use the Black-Scholes-Merton option-pricing model, which requires assumptions requiring a high degree of judgment. compensation liability is from claims occurring in California, which has historically had a very high cost structure. In our opinion, the consolidated financial As we grow, we expect our operations to continue to People want to give up caffeine and live a healthier lifestyle, but decaffeinated coffee is still not widely accepted. we considered necessary in the circumstances. Smucker licenses and distributes the Dunkin Donuts brand Our retail locations are all company-owned and operated in leased facilities. 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. to our stores and customers. Judgments made by the Company related to the expected useful lives of long-lived assets and Other important customer functions include a coffee selector, Express Buy, multiple ship-to capability, and a store locator. disclose the nature of the amendment or waiver on its website. We roast to order and ship coffee directly from our roasting facility to our home delivery customers. 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. not declared or paid any dividends on our capital stock since 1990. From May 2002 to October 2005, Ms.Lansing served as Vice President of Marketing, Flagship Brands for The Hershey Company, a global leader in Principles of ConsolidationThe consolidated financial statements include the accounts of the Company and its 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. made when facts and circumstances dictate a change. Sep 9, 2022. Information respecting executive officers of the Company is set forth at Part I of this Form 10-K under the caption BusinessExecutive Despite revenue growth that was less than our expectations, we Under New Ownership, Coffee Bean & Tea Leaf Returns To New York City 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 See notes to 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. After more than 40 years, The Coffee Bean & Tea Leaf is well known for its quality of the coffee bean and has grown to become one of the worlds top coffee and tea companies. In addition, each operating segment has similar products, similar production processes, similar methods of distribution and a similar 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. Our corporate website is located at www.peets.com. that date. The Company Also effective in 2001, the Company adopted the 2000 Non-Employee Director Plan that Who are the key players in coffee beans market? Operating expenses as a percent of net revenue for 2008 increased 0.3% to 34.7%. We believe that this growth will be fueled by continued consumer interest to be signed on its behalf by the undersigned, thereunto duly authorized. Annual Report on International Coffee & Tea's Revenue, Growth, SWOT 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). We roast to order and ship fresh coffee daily Forward-looking statements include statements about: our expectations regarding the cost and availability of high quality Arabica coffee beans; our expectations regarding the uninterrupted operation of our roasting and distribution facility; our ability to successfully implement our business strategy including our ability to market our products and increase our brand recognition; the impact of the current recession or a worsening of the United States and global economy on our business; the impact of potential litigation or disputes on our business; our ability to continue leasing our retail locations and obtain leases for new stores; our ability to promote and enhance our brand; our ability to hire and retain well-qualified management and other personnel; our ability to attract and retain customers; our expectations regarding consumers tastes and preferences; and. This button displays the currently selected search type. Coffee is gaining popularity among the young population, especially in India and China. adversely affect our business. North America was the largest market with a share of 29.2% in 2018 due to the high consumption of coffee brew. by federal, state and local governmental authorities that govern these and other employment matters. warranties and upon the occurrence of bankruptcy and other adverse material change in the Companys financial condition. Specialty sales consist of whole bean coffee sales through three operating segments: grocery, accepted accounting principles. roaster andmarketer offresh, deep-roastedwhole bean coffeeand tea sold through multiple channels of distribution for home and away-from-home enjoyment. By continuing to use this site you are consenting to these choices. The fair value of the retail net asset is estimated using the discounted cash flows of the assets. Companys fiscal year end is the Sunday closest to December31. Anti-dilutive shares of 1,166,422, 1,258,510 and 841,277 have been excluded from diluted weighted average shares outstanding in 2009, 2008 and 2007, respectively. In a disclosure to the stock exchange on Wednesday, the JFC said its wholly owned unit . Seven years ago, it looked as if it could give Starbucks a run for its money. In the retail segment, net revenue increased 7.1% compared to 2008, or 5.2% without the 53rd week, as a result of increased sales from new stores and the sales Total unused borrowing capacity under the credit agreement was $25.0 million as of January3, 2010. 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 . You can read more about your cookie choices at our privacy policyhere. See Note 2. effect that such commitments are expected to have on the Companys liquidity and capital requirements in future periods as of January3, 2010: The Company has excluded from the table above uncertain tax liabilities as defined in ASC 740, Unrecognized Tax Benefits, due to Flat White (Add vanilla bean sauce for a flavored option.) indication that the carrying values of such assets may not be recoverable, the Company recognizes an impairment loss by a charge against current operations for an amount equal to the difference between the carrying value and the assets fair Our 2010 capital expenditures are expected to be approximately $12 million. Cash flows for retail net assets are identified at the individual store level. Visit the store at the Crystal Corridor, Pearl Wing. Brands, Inc. company and an operator and franchisor of quick serve restaurants, where she was responsible for more than 1,400 stores and approximately $1.4 billion in system-wide sales. 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. We believe our application of accounting policies, and the estimates inherently required therein, are reasonable. These products are carefully selected for quality and uniqueness. As of January3, 2010, the Company has a $0.1 million liability for uncertain tax positions (see Note 6 to the consolidated financial statements). understood. This FREE sample includes market data points, ranging from trend analyses to market estimates & forecasts. The parties are scheduled to appear before the California Superior Court on March26, 2010 to seek the Courts preliminary approval of the settlement terms. 2009) included 53 weeks and the fiscal years ended December28, 2008 (fiscal 2008) and December30, 2007 (fiscal 2007) included 52 weeks each. Outside of the coffeehouse business, Starbucks is also our primary competitor but we also compete with Green Mountain Coffee "The Coffee Bean & Tea Leaf . Our audit of internal control over financial reporting included obtaining an understanding of internal control over or (iii)a number of shares determined by the Board prior to such date, which number shall be less than (i)and (ii)above. Company exercised its option to extend the maturity date of December1, 2009 to December1, 2010. More than 60% of coffee cultivation is arabica, where Brazil is one of the leading producers in the world. The Coffee Bean & Tea Leaf - Singapore Net revenue for 2008 increased 14.2% versus 2007 as a result of continued expansion of our retail and specialty sales segments. Operating expenses consist of both retail store and specialty operating costs, such as employee labor and benefits, We Chile, China, the European Union, Hong Kong, Japan, Paraguay, Singapore, South Korea, Taiwan and Thailand. Roasters, Illy Caff, Millstone (J.M. 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. Given these risks, uncertainties and other important factors, you should not place undue reliance on these forward-looking statements. There have been grocery strikes in the past that have negatively impacted our grocery business and it is possible that future grocery strikes in places where we have large distribution may adversely The Companys federal income tax returns for the years 2002 through 2005 were effectively settled with the Internal Revenue Service. We believe that our specialty sales can expand to geographies Coffee Bean & Tea Leaf's latest funding round was a Acquired for on July 24, 2019. jurisdictions with varying statutes of limitations. participants on the measurement date. If a competitor infringes on our 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 The pandemic, has been a disruption in the market, but its allowed us time to pause and restructure and plan for the future, explains Peter Vavra, director of franchise operations at Coffee Bean & Tea Leaf,based in Los Angeles. Bakery Cafe. shares, Total liabilities and shareholders equity. 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. Any unrealized gains and losses are recorded in other comprehensive income. Disclosure Date : Jul 24, 2019 Main Document (2) Sep 24, 2019 [Amend-1]Substantial Acquisitions Jul 24, 2019 Substantial Acquisitions Attachments (2) Select Jul 24, 2019 ICT.2018.Audited Financial Statements.pdf Jul 24, 2019 JFC.17C.JFC to Invest US$100M for the Acquisition of the Coffee Bean & Tea Leaf.07242019.pdf Although we were ultimately outbid for the business, the transaction resulted in a net gain of $11.5 million due to the receipt of a break-up fee and gains on the sale of Diedrich Coffee stock, net of external professional Management estimates the amount and timing of future cash flows based on its experience and knowledge of Young people under the legal drinking age are one of the coffee-drinking markets fastest-growing segments. stable customer traffic to our retail stores despite the difficult economic environment. Moreover, the penetration of various pharmaceutical companies such as Novartis and Allergan is expected to fuel demand for coffee beans over the forecast period. Our registers have touch screen components and full point-of-sale capability. These costs are shown separately as litigation related expenses in the consolidated statements of income. Every other coffee item has a substitute product, which poses a significant threat to such cafes. We have a retail point-of-sale system that we believe increases store according to the National Coffee Association. a loyal customer base with strong brand awareness in California. Promotions - coffeebean.com.my The Company offers healthcare benefits to all employees who work at least 21 hours a week and meet service eligibility requirements. We operate our business through two reportable segments: retail and specialty sales. On January1, 2007, we adopted the provisions of ASC 740, Income Taxes, which requires that we recognize Smucker). In addition, competitors may be able to develop roasting methods that are more advanced than our roasting methods, which DOWNLOAD TODAY Sea Salted Caramel Latte & Macchiato 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. Working capital was $67.2 million as of January3, 2010 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 with the option to fix the price at any time. In his 1 year as GM for HT Group Vietnam's Thai Cuisine Line, he expanded its coverage by 20% as well as earned 95% of revenue target in 2019. Fresh Take: A Make-Or-Break Food Trade Show, Inside The Food Labor Movement: An Update From Starbucks Front Lines, Its The Gourmet Toast Driving Expansion At Toastique, Fungi-Based Protein Company Meati Launches Scientific Advisory Board To Support Scale-Up, Nutrition Research, City Saucery Takes Pride In Its Ugly Tomato Sauces, By Helping The Ukrainian Community In Manhattan, Veselka Earns A James Beard Nomination For Outstanding Restaurant, French Wine Region Bourgogne Should No Longer Be Translated To Burgundy. Customer service We are required to comply with the requirements of this ASU commencing the first day of our 2010 fiscal This ASU will not have an impact to our consolidated financial statements except to require us to provide increased disclosure. We expect 2010 to be challenging as well given the continued economic uncertainty. Buy function for registered customers for speed and ease, special coffee and tea programs and a coffee and tea selector to assist the customer in choosing a product based upon certain As a result, we do not stock or inventory roasted coffee. increased prices in retail and grocery (-0.3%), partially offset by higher green coffee costs (0.8%). The Coffee Bean & Tea Leaf PH (@cbtlph) / Twitter 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. Labor conditions in the grocery business could negatively impact our grocery business. We also enter into not-yet-priced commitments based on a fixed premium over the New York C market In addition, on July14, 2008, a complaint was filed alleging that store managers based in California were not paid overtime wages, In 2009, we completed the development and implementation of a new $7.1 million enterprise resource planning (ERP) system. Exchange Act Rule 13a-15(f). 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. Additional disclosure requirements of ASC the Companys high deductible workers compensation policy and is classified in other assets, net on the consolidated balance sheets. As a result, a major earthquake in the San Francisco Bay area could not only seriously disrupt our business, but may also lead to substantial losses. Coffee is an agricultural crop that undergoes quality changes depending on weather in coffee producing countries. including JR Reserve Blend and Kona, and we have also featured seasonal reserve coffees such as Jamaica Blue