Coffee break time…………….
Domains of interest on Sedo.com
awd4x4trader.com ( Sale includes awd4x4trader .co.uk )
schoolclubs.co.uk !!!!!!!!! YOUR TO LATE ITS GONE !!!!!!!!!!
Websites for Sale on Sedo
April 4th, 2012Cost Plus World Market Kicks Off Black Friday Weekend with Free Giveaways and Special In-Store and Online Savings
November 21st, 2011FREE COFFEE ……………………………………….
Stores Open at 7:00 am on Friday, November 25
OAKLAND, Calif.–(BUSINESS WIRE)–Black Friday, the day savvy shoppers have been waiting for, is only days away and Cost Plus World Market (worldmarket.com) will have the best deals of the year in store and online with “buy one, get one FREE!” and 50% off savings on popular gifts throughout the shopping weekend.
“We feel very strongly that our employees should spend Thanksgiving relaxing at home. Even as other retailers began announcing their midnight Black Friday hours, we remained committed to our word to our employees and World Market will not open earlier than our previously announced 7:00 am opening”
First and foremost, World Market believes the Thanksgiving holiday is to be enjoyed with family and friends and not meant to wait in store lines for a midnight opening. Therefore, World Market continues its tradition of opening its doors on Black Friday at 7:00 am and Saturday and Sunday at 8:00 am. “We feel very strongly that our employees should spend Thanksgiving relaxing at home. Even as other retailers began announcing their midnight Black Friday hours, we remained committed to our word to our employees and World Market will not open earlier than our previously announced 7:00 am opening,” says Barry Feld, CEO & Chairman, Cost Plus World Market.
Best Deals of the Year
Shoppers will want to be the first in line on Friday, November 25 to take advantage of free giveaways and some phenomenal savings, including one-day BOGO deals on tabletop frames, including beautiful hand-painted frames from India, whimsical retro toys and games, unique jewelry pieces, and 50% off luxe faux fur throws, shawls, stacking mugs, and all cookbooks. World Market’s amazing deals aren’t just on Black Friday. The specialty retailer will be offering Saturday-only and Sunday-only deals so each day will be filled with different specials, including BOGO Advent calendars, candles, and non-paper cups, and 50% off select merchandise, including authentic Asian ceramic tea and sake sets. World Market will also be providing free coffee and breakfast treats on Friday morning to early shoppers to keep the morning energy level up.
Free Giveaways
Also during Black Friday weekend, from Friday, November 25 through Sunday, November 27, the first 100 customers in stores each day will receive a free, exclusive The Adventures of Tintin ornament (a different ornament each day) along with a free movie ticket as part of World Market’s partnership with Paramount Pictures in the release of the highly anticipated movie, The Adventures of Tintin.
Based on the series of books and comic strips by the legendary Belgian artist Hergé, the movie will make its U.S. theatrical release on December 21, 2011. Now through December 24, customers can enter for a chance to win a European vacation for two inspired by the film at worldmarketsweepstakes.com.
For information about World Market’s current promotions and events, please go to www.worldmarket.com. Keep up with World Market by following us on www.facebook.com/worldmarket and www.twitter.com/worldmarket.
About Cost Plus World Market
Cost Plus World Market operates 258 stores in 30 states under the names “World Market” and “Cost Plus World Market.” The store features an ever-changing selection of casual home furnishings, housewares, gifts, jewelry, decorative accessories, over 500 international wines, gourmet foods and beverages offered at affordable prices and imported from more than 50 countries. Many items are unique and exclusive to World Market and are regularly supplied by an international network of individual and regional artisans developed over the Company’s more than 50 years in the import business.
Coffee Break Time…… Cool Websites
November 15th, 2011
Coffee break time …….. check out this website Waffle and Beatz http://www.wafflesandbeatz.com
Music, Beats, loops and waffle, interesting stuff to check out during your coffee break…..
Starbucks Acquires Evolution Fresh to Establish National Retail and Grocery Health and Wellness Brand
November 14th, 2011
Acquisition is the latest example of how Starbucks is executing its growth strategy, focusing on the rapidly growing $50 billion Health and Wellness sector
SEATTLE–(BUSINESS WIRE)–As part of its commitment to evolve and enhance the Customer Experience with innovative and wholesome products, Starbucks Coffee Company (NASDAQ:SBUX) today announced the acquisition of Evolution Fresh, Inc. Starbucks has seen success with expanded healthier menu items to deliver the nutritious, on-the-go options consumers are seeking. With this acquisition, Starbucks will reinvent the $1.6 billion super-premium juice segment, its significant next step in entering the larger $50 billion Health and Wellness sector.
“Not only are we able to tap into the $1.6 billion super-premium juice market, but the acquisition of Evolution Fresh marks an important milestone for us within the $50 billion Health and Wellness sector.”
With Evolution Fresh, Starbucks will bring a unique, premium juice product to the marketplace through the creation of a differentiated brand and experience, similar to what Starbucks pioneered 40 years ago for coffee consumers. Leveraging Starbucks unique business model – retail footprint, CPG grocery distribution channels, digital breadth and in-depth customer engagement – the company believes it will be able to take a currently undifferentiated, commoditized product segment and introduce a unique, high-quality product to redefine and grow the super-premium juice market.
“Our intent is to build a national Health and Wellness brand leveraging our scale, resources and premium product expertise. Bringing Evolution Fresh into the Starbucks family marks an important step forward in this pursuit,” said Howard Schultz, Starbucks chairman, president and ceo. “Over the last year-and-a-half we have looked comprehensively at possible opportunities and chose Evolution Fresh because it stood above anything else in terms of premium quality, nutrition and potential for growth.”
The introduction of Starbucks VIA® Ready Brew changed the way consumers thought of and experienced instant coffee. Similar to VIA’s successful introduction, Starbucks recognizes an opportunity to attract new customers as well as meet needs of existing customers looking for nutritious beverage and food options.
“The acquisition of Evolution Fresh supports our growth strategy to innovate with new products, enter new categories, and expand into new channels of distribution,” said Jeff Hansberry, president, Channel Development for Starbucks. “Not only are we able to tap into the $1.6 billion super-premium juice market, but the acquisition of Evolution Fresh marks an important milestone for us within the $50 billion Health and Wellness sector.”
Evolution Fresh was started by the original founder of Naked Juice, Jimmy Rosenberg. He decided to get back into the premium juice business to found Evolution Fresh, one of the only true juiceries left in the industry that still cracks, peels, presses, and squeezes its own raw fruits and vegetables. This was an opportunity to raise the quality and nutritional benefits in the juice category. Using an innovative technology new to juice called High Pressure Pasteurization (HPP), Evolution Fresh is able to deliver one of the only “never heated” juice products for an increasingly larger number of its offerings, ensuring fresh tasting and nutritious juices.
“Using High Pressure Pasteurization (HPP) to help ensure the inherent nutrients are kept intact during the juicing process is a key point of differentiation for a growing number of our juices,” said Jimmy Rosenberg, founder of Evolution Fresh, Inc. and the newly named chief juice officer of Evolution Fresh. Mr. Rosenberg, who will lead product innovation and development for the brand continued, “Consumers trust the Starbucks brand to deliver on superior best-in-category quality and taste. On behalf of all of us at Evolution Fresh, we are proud to join the Starbucks organization.”
Over time, Starbucks plans to expand beyond Evolution Fresh’s current distribution into additional channels, as well as begin to make Evolution Fresh products available in Starbucks company-owned retail stores providing nationwide presence and awareness. In order to achieve this, Starbucks will look to make investments over time for upgrades to existing facilities as well as expansion needed for the broadened distribution of the product and for future growth plans for the brand.
Additionally, to showcase Starbucks growing portfolio, and as consumers become increasingly aware of Evolution Fresh, the company plans to introduce a new health and wellness retail concept which will further redefine the super-premium juice category and experience for consumers unlike any prior existing juice retail. It will share Starbucks mission and values, be pioneered by Starbucks partners (employees), and provide a new wholesome portfolio of food and beverage offerings. The retail concept is planned for early-to-mid calendar 2012.
Starbucks acquired Evolution Fresh for $30 million in cash, and the transaction closed today. While additional financial terms of the transaction were not disclosed, Starbucks Fiscal 2012 financial targets provided on November 3 in conjunction with the company’s 2011 fourth-quarter and fiscal year-end earnings, are unchanged as a result of this acquisition. Evolution Fresh is expected to operate at a modest loss in Fiscal 2012 then reach breakeven in Fiscal 2013.
Based in San Bernardino, California, Evolution Fresh currently sells its products in retail stores including Whole Foods Markets and PCC, exclusively on the West Coast. Evolution Fresh, Inc. will be a wholly-owned subsidiary of Starbucks Corporation.
Webcast Information
Starbucks chairman, president and ceo Howard Schultz and Starbucks president, Consumer Products Group and Foodservice, Jeff Hansberry, will host a webcast today at 10:45 a.m. PST to discuss this exciting strategic acquisition and its significance to Starbucks growing health and wellness business. A simultaneous webcast will be available and subsequently archived at Starbucks Newsroom at http://news.starbucks.com.
About Starbucks Corporation
Since 1971, Starbucks Coffee Company has been committed to ethically sourcing and roasting the highest-quality arabica coffee in the world. Today, with stores around the globe, the company is the premier roaster and retailer of specialty coffee in the world. Through our unwavering commitment to excellence and our guiding principles, we bring the unique Starbucks Experience to life for every customer through every cup. To share in the experience, please visit us in our stores or online at www.starbucks.com.
Starbucks Corporation Forward-Looking Statements
Certain statements contained herein are “forward-looking statements” within the meaning of the applicable securities laws and regulations. Generally, these statements can be identified by the use of words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “feel,” “forecast,” “intend,” “may,” “plan,” “potential,” “project,” “should,” “will,” “would,” and similar expressions intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These statements are based on information available to Starbucks as of the date hereof, and Starbucks actual results or performance could differ materially from those stated or implied, due to risks and uncertainties associated with its business. These risks and uncertainties include: evolving understanding of the definition of and consumer preference for super-premium juice; continued growth in the Health and Wellness sector and market acceptance of Starbucks in that sector; the ability of Starbucks to accelerate its growth in the Health and Wellness sector and in the super-premium juice market; the potential introduction of super-premium juice by new market entrants; the long-term success of Starbucks strategy to innovate with new products, enter new categories and expand into new channels of distribution; and the risk factors disclosed in the most recent Annual Report on Form 10-K, which Starbucks filed with the Securities and Exchange Commission on November 22, 2010. Forward-looking statements reflect management’s analysis as of the date of this release. Starbucks does not undertake to revise these statements to reflect subsequent developments, except as required under the federal securities laws.
Caribou Coffee Knits Joy This Holiday Season
November 14th, 2011
Coffeehouse launches holiday Facebook App to drive sweater donation
MINNEAPOLIS–(BUSINESS WIRE)– Caribou Coffee is Making it Merry this holiday season with the launch of its Sweater Maker Facebook App, which allows consumers to dress their Facebook photos in festive holiday sweaters and share them through various social networks.
“This provides a great opportunity for our customers to have a lot of fun and interact with friends and family”
In addition to providing consumers with fun and sharable online content, the nation’s second-largest coffeehouse operator has turned this cherished holiday tradition into a source of true holiday spirit. For every sweater that’s virtually knitted on Caribou Coffee’s Sweater Maker Facebook App, a real one will be donated to someone in need.
“This provides a great opportunity for our customers to have a lot of fun and interact with friends and family,” said Alfredo Martel, senior vice president of marketing and product management. “At the same time this app works in a tangible way to literally provide the warmth of the season to people in our communities.”
This season, Caribou Coffee has pledged to donate a total of 10,000 men’s, women’s and children’s sweaters to the Salvation Army. Consumers take four easy steps to complete the app:
- Pick a sweater: options include solo, couple, group or even pet templates
- Choose a background: images can be placed in front of an array of holiday themes, including the option to enhance an image with animated décor and gifts
- Upload a photo: take a webcam picture or upload an existing photo to the app
- Choose how to share it: upload the image as your Facebook or Twitter profile pic, or save it to your desktop or blog
This new app is supplementary to Caribou Coffee’s larger, ongoing Do Good initiative, in which the coffee retailer commits to addressing various social issues, like environmental consciousness, and raising awareness and funds for breast cancer research. Caribou Coffee is also an annual donor, and now a corporate donation drop-off, for Toys for Tots.
In-Store This Season
Caribou Coffee has brought back holiday favorites this winter. The limited-time-only Spicy Chocolate Mocha, Fa La Latte and Ho Ho Mint Chocolate
Mocha are Caribou’s signature holiday drinks, all of which can be customized with premium milk, dark or white chocolate. The company is also bringing back the highly popular soft gingerbread and its famous, 100% Rainforest Alliance Certified Reindeer Blend.
Caribou Coffee is a providing an array of great gift and stocking stuffer options, with items like holiday ornaments, mugs, tumblers, coffee and tea gift baskets, knit hats and more. All items can be purchased in-store or online at www.cariboucoffee.com.
We’re spreading the joy – and warmth – this holiday season. Won’t you join us?
Twittercue
@Caribou_Coffee launches holiday Facebook app linked to sweater giveaway http://on.fb.me/nOSESE
About Caribou Coffee
Founded in 1992, Caribou Coffee Company is one of the leading branded coffee companies in the United States, with a compelling multi-channel approach to their customers. Based on the number of coffeehouses, Caribou Coffee is the second largest company-operated premium coffeehouse operator in the United States. As of July 3, 2011, the Company had 554 coffeehouses, including 147 franchised locations, in 20 states, the District of Columbia and nine international markets. The Company’s coffeehouses aspire to be the community place loved by guests who are provided an extraordinary experience that makes their day better. Caribou Coffee provides the highest quality handcrafted beverages, foods and coffee lifestyle items with a unique blend of expertise, fun and authentic human connection in a comfortable and welcoming coffeehouse environment. In addition, Caribou Coffee’s unique coffees are available within grocery stores, mass merchandisers, club stores, office coffee and foodservice providers, hotels, entertainment venues and e-commerce channels. Caribou Coffee is a proud recipient of the Rainforest Alliance Corporate Green Globe Award and is committed to operating practices that promote sustainability and environmental protection. For more information, visit www.cariboucoffee.com.
Green Mountain Coffee Roasters, Inc. Reports Full Year and Fiscal 2011 Fourth Quarter Results
November 14th, 2011
Keurig is Changing the Way North America Brews; Driving 95% Annual Revenue Growth
WATERBURY, Vt.–(BUSINESS WIRE)–Green Mountain Coffee Roasters, Inc., (GMCR) (NASDAQ: GMCR), a leader in specialty coffee and coffeemakers, today announced its full year and fiscal 2011 fourth quarter results for the thirteen and fifty-two weeks ended September 24, 2011.
“GAAP to Non-GAAP Reconciliation of Unaudited Consolidated Statements of Operations”
Performance Highlights
Fiscal 2011
- Net sales of $2,650.9 million, up 95% over fiscal 2010
- GAAP EPS of $1.31 increases 126% over fiscal 2010; non-GAAP EPS of $1.64 increases 113% over a year ago
- GAAP operating income of $368.9 million increases 166% over fiscal 2010; non-GAAP operating income of $428.7 million improves 148% over a year ago
- GAAP net income of $199.5 million increases 151% over 2010; non-GAAP net income of $248.9 million up 135% over 2010
Fourth Quarter Fiscal 2011
- Net sales of $711.9 million, up 91% over the same period in fiscal 2010
- GAAP EPS of $0.47 increases 135% over fourth quarter fiscal 2010; non-GAAP EPS of $0.47 increases 96% over the year ago quarter
- GAAP operating income of $106.7 million increases 156% over fourth quarter fiscal 2010; non-GAAP operating income of $119.1 million improves 128% over the year ago quarter
- GAAP net income of $75.4 million increases 179% over Q4’10; non-GAAP net income of $75.3 million increases 126% over Q4’10
“With 95% annual revenue growth over last year the business continues to demonstrate extraordinary momentum as a result of broad consumer adoption of the Keurig® Single Cup Brewing system,” said Lawrence J. Blanford, president and CEO of GMCR. “We are seeing continued evidence of strong consumer demand for both brewers and portion packs from our customers and from third party sources that track consumer purchases such as NPD Group and SymphonyIRI Group, Inc. For instance, NPD reports Keurig® Single Cup Brewer unit sales increased 56% in our fiscal 2011 fourth quarter from the same period last year. As an indication of what we believe will be strong holiday consumer demand, for the month of September alone, NPD reports Keurig brewer unit sales are up 73% from the same month in 2010.”
“Our fiscal fourth quarter revenue growth of 91% was strong. This was off of our estimates as a result of a number of factors including changes in wholesale customer ordering patterns in our grocery and club channels despite steady consumer point-of-sale demand in those channels,” continued Blanford.
Blanford concluded, “While like most consumer products companies we are watchful of broader consumer sentiment going into the holidays, we remain confident in the Company’s growth potential and comfortable reiterating our estimate for fiscal year 2012 non-GAAP earnings per diluted share in a range of $2.55 to $2.65.”
Fiscal 2011 Financial Review
Net Sales (in millions)
| 2011 | 2010 | $ Increase (decrease) |
% Increase (decrease) |
||||||||||||||
| K-Cup® Portion Packs | $ | 1,704.0 | $ | 834.4 | $ | 869.6 | 104 | % | |||||||||
| Brewers and Accessories | 524.7 | 330.8 | 193.9 | 59 | % | ||||||||||||
| Other Products | 414.0 | 169.6 | 244.4 | 144 | % | ||||||||||||
| Royalties | 8.2 | 22.0 | (13.8 | ) | (63 | )% | |||||||||||
| Total Net Sales | $ | 2,650.9 | $ | 1,356.8 | $ | 1,294.1 | 95 | % | |||||||||
- Approximately 84% of consolidated net sales in fiscal 2011 were from the Keurig®Single Cup Brewing system and its recurring portion pack sales, including Keurig-related accessory sales, with the remainder of total sales consisting primarily of sales of bagged coffee and revenue from the office coffee services business.
- The increase in K-Cup® portion pack net sales is driven by a 76 percentage point increase in K-Cup® portion pack sales volume, an 18 percentage point increase in K-Cup® portion pack net price realization due to price increases implemented during fiscal 2011 to offset higher green coffee and other input costs, and a 10 percentage point increase in K-Cup® portion pack net sales due to the acquisition of Van Houtte.
- Supporting continued growth in portion pack demand, GMCR sold 5.9 million Keurig® Single Cup Brewers during fiscal 2011. This brewer shipment number does not account for consumer returns to retailers. We estimate that GMCR brewer shipments represented approximately 91% of total brewers shipped with Keurig technology in the year.
- Royalty revenue declined from 2010 due to the acquisitions of Timothy’s, Diedrich and Van Houtte, all of which previously paid royalties to GMCR as third party licensed roasters.
- Revenue from the Canadian business unit segment, which includes the acquisition of Van Houtte completed on December 17, 2010, contributed approximately $321.4 million to net sales for the year.
- Gross profit for fiscal 2011 was $904.6 million, or 34.1% of net sales as compared to $425.8 million, or 31.4% of net sales, in fiscal 2010.
- The impact of price increases on K-Cup® portion packs during fiscal 2011 improved gross margin by approximately 400 basis points.
- The benefit from the K-Cup® portion pack price increases was offset by higher green coffee costs in fiscal 2011 as compared to fiscal 2010, which decreased the Company’s gross margin by approximately 330 basis points.
- Gross margin also increased due to a shift in the Company’s sales mix.
- Net sales from Keurig® Single Cup Brewers and related accessories were lower as a percentage of total Company net sales in fiscal 2011 as compared to fiscal 2010.
- The Company sells the majority of Keurig® Single Cup Brewers approximately at cost, or sometimes at a loss when factoring in the incremental costs related to sales, including fulfillment charges, returns and warranty expense.
- In fiscal 2011, the decrease in Keurig® Single Cup Brewer and accessories net sales as a percentage of total net sales improved the Company’s gross margin by approximately 230 basis points.
- The Company’s effective income tax rate was 33.6% for fiscal 2011 compared to a 40.3% effective tax rate for fiscal 2010. The difference is primarily attributable to the release of valuation allowances related to a $17.7 million capital loss carryforward and a $5.4 million net operating loss carryforward in the fourth quarter of fiscal 2011. In addition, in fiscal 2011 as compared to fiscal 2010, the Company had a larger percentage of foreign-based sales in Canada which has a lower corporate tax rate.
- Diluted weighted average shares outstanding increased 10% to 152.1 million in fiscal 2011 from 137.8 million in fiscal 2010 primarily due to the issuance of approximately 8.6 million shares of common stock to Luigi Lavazza S.p.A (“Lavazza”) on September 28, 2010 and approximately 10.1 million shares on May 11, 2011 from a public offering and concurrent private placement to Lavazza pursuant to its preemptive rights. The initial Lavazza sale raised $250.0 million and the May offering raised approximately $688.9 million after deducting underwriting discounts and commissions and offering expenses.
- The Company allocates at least 5% of its pre-tax profits to social and environmental programs. GMCR estimates that total resources allocated to social and environmental programs totaled approximately $15.2 million for fiscal 2011.
Balance Sheet Highlights
- Accounts receivable increased 80% year-over-year to $310.3 at September 24, 2011, from $172.2 million at September 25, 2010, reflecting continuing sales growth and the addition of Van Houtte-related accounts receivables.
- Inventories were $672.2 million at September 24, 2011 including $52.0 million of Van Houtte-related inventories. This compares to $262.5 million at September 25, 2010. The year-over-year increase is comprised of:
- a $136.5 million, or 295%, increase in raw materials most notably from an increase in green coffee volume and 65% average green coffee cost increase;
- a $273.3 million, or 126%, increase in finished goods inventory with approximately half of the increase due to K-Cup® portion packs on hand and the other half due to Keurig® Single Cup Brewers and accessories on hand.
- Debt outstanding increased to $582.6 million at September 24, 2011 from $354.5 million at September 25, 2010 as a result of an increase in the long-term revolver.
- On October 3, 2011, the Company completed the sale of the Filterfresh U.S.-based coffee services business portion of its Van Houtte acquisition to ARAMARK Refreshment Services, LLC for an aggregate cash purchase price of approximately $145.0 million. As of September 24, 2011, the business was classified as “assets held for sale” in the Company’s financial statements.
Capital Expenditures
+Following is a summary of the Company’s 2011 and 2010 capital expenditures (in millions):
| Description | 2011 | 2010 | |||||
| K-Cup® Portion Pack Packaging | $ | 138.9 | $ | 63.1 | |||
| Next Generation Portion Pack Packaging | $ | 32.6 | $ | 8.0 | |||
| Coffee Processing (primarily roasting & grinding equipment) | $ | 27.6 | $ | 13.0 | |||
| Manufacturing Facilities & Infrastructure | $ | 62.0 | $ | 27.6 | |||
| Information Systems Technology | $ | 25.4 | $ | 21.0 | |||
| Other | $ | 3.8 | $ | 1.3 | |||
| $ | 290.3 | $ | 134.0 | ||||
+ Note: Capital expenditures do not include capital acquired in the Timothy’s, Diedrich or Van Houtte acquisitions.
Fiscal 2011 Fourth Quarter Financial Review
Net Sales (in millions)
| Q4 2011 | Q4 2010 | $ Increase (decrease) |
% Increase (decrease) |
|||||||||||||
| K-Cup® Portion Packs | $ | 475.5 | $ | 249.5 | $ | 226.0 | 91 | % | ||||||||
| Brewers and Accessories | 115.1 | 82.2 | 32.9 | 40 | % | |||||||||||
| Other Products | 120.3 | 38.5 | 81.8 | 212 | % | |||||||||||
| Royalties | 1.0 | 2.9 | (1.9 | ) | (66 | )% | ||||||||||
| Total Net Sales | $ | 711.9 | $ | 373.1 | $ | 338.8 | 91 | % | ||||||||
- Approximately 83% of consolidated net sales in the fourth quarter were from the Keurig® Single Cup Brewing system and its recurring portion pack sales, including Keurig-related accessory sales, with the remainder of total sales consisting primarily of sales of bagged coffee and revenue from the office coffee services business.
- The increase in K-Cup® portion pack net sales is driven by a 52 percentage point increase in K-Cup® portion pack sales volume, a 29 percentage point increase in K-Cup® portion pack net price realization due to price increases implemented during fiscal 2011 to offset higher green coffee and other input costs, and a 10 percentage point increase in K-Cup® portion pack net sales due to the acquisition of Van Houtte.
- GMCR sold 1.3 million Keurig® Single Cup Brewers during the fourth quarter of fiscal 2011. This brewer shipment number does not account for consumer returns to retailers. We estimate that GMCR brewer shipments represented approximately 92% of total brewers shipped with Keurig technology in the period.
- Royalty revenue declined from the fourth quarter of 2010 due to the acquisition of Van Houtte, which previously paid royalties to GMCR as a third party licensed roaster.
- Revenue from the Canadian business unit segment, which includes the acquisition of Van Houtte completed on December 17, 2010, contributed approximately $100.4 million to net sales in the fourth quarter of fiscal 2011.
- Fourth quarter fiscal 2011 gross margin was 35.7% of total net sales compared to 30.4% for the corresponding quarter in fiscal 2010. The elements of the gross margin improvement are primarily:
- The impact of price increases on K-Cup® portion packs during the fourth quarter of fiscal 2011 improved gross margin by approximately 710 basis points.
- The benefit from the K-Cup® portion pack price increases was offset by higher green coffee costs in the fourth quarter of fiscal 2011 as compared to the prior year quarter, which decreased the Company’s gross margin by approximately 860 basis points.
- Gross margin also increased due to a shift in the Company’s sales mix.
- Net sales from Keurig® Single Cup Brewers and related accessories were lower as a percentage of total Company net sales in the fourth quarter of fiscal 2011 as compared to the fourth quarter of fiscal 2010.
- The Company sells the majority of Keurig® Single Cup Brewers approximately at cost, or sometimes at a loss when factoring in the incremental costs related to sales, including fulfillment charges, returns and warranty expenses.
- In the fourth quarter of fiscal 2011, the decrease in Keurig® Single Cup Brewer and accessories net sales as a percentage of total net sales improved the Company’s gross margin by approximately 250 basis points over the fourth quarter of fiscal 2010.
- The Company’s effective income tax rate was 23.7% for the fourth quarter of fiscal 2011 compared to a 32.0% effective tax rate for the fourth quarter of fiscal 2010. The difference is primarily attributable to the release of valuation allowances related to a $17.7 million capital loss carryforward and a $5.4 million net operating loss carryforward in the fourth quarter of fiscal 2011. In addition, in the fourth quarter of fiscal 2011 as compared to the fourth quarter of fiscal 2010, the Company had a larger percentage of foreign-based sales in Canada, which has a lower corporate tax rate.
- Diluted weighted average shares outstanding increased 15% to 159.2 million in the fourth quarter of fiscal 2011 from 138.3 million in the fourth quarter of fiscal 2010 primarily due to the issuance of approximately 8.6 million shares of common stock to Luigi Lavazza S.p.A (“Lavazza”) on September 28, 2010 and approximately 10.1 million shares on May 11, 2011 from a public offering and concurrent private placement to Lavazza pursuant to its preemptive rights.
Business Outlook and Other Forward-Looking Information
Company Estimates for First Quarter Fiscal Year 2012
The Company is providing initial estimates for its first quarter of fiscal 2012:
- Fiscal first quarter consolidated net sales growth of 85% to 90%.
- Fiscal first quarter fully diluted non-GAAP earnings per share in the range of $0.35 to $0.40 per share excluding any acquisition-related transaction expenses; legal and accounting expenses related to the SEC inquiry and the Company’s pending litigation; amortization of identifiable intangibles related to the Company’s acquisitions; and any gain from sale of the Filterfresh U.S.-based coffee services business.
Company Estimates for Fiscal Year 2012
The Company provided the following estimates for its fiscal year 2012:
- Total consolidated net sales growth of 60% to 65% from fiscal 2011.
- Fiscal 2012 non-GAAP earnings per diluted share in a range of $2.55 to $2.65 per diluted share, excluding any acquisition-related transaction expenses; legal and accounting expenses related to the SEC inquiry and the Company’s pending litigation; amortization of identifiable intangibles related to the Company’s acquisitions; and any gain from sale of the Filterfresh U.S.-based coffee services business.
- For fiscal 2012, we currently expect to invest between $630.0 million to $700.0 million in capital expenditures to support the Company’s future growth. We expect approximately $225.0 million will be spent to increase our portion pack packaging capacity related to our current Keurig® Single Cup Brewing platform, approximately $100.0 million will be spent for portion pack packaging capacity related to our next-generation Keurig® Single Cup Brewing platform, approximately $175.0 million will be spent to expand our physical plants, research and development facilities and office space, approximately $100 million will be spent for coffee processing equipment, and approximately $65.0 million will be spent for information technology infrastructure and systems.
Use of Non-GAAP Financial Measures
In addition to reporting financial results in accordance with generally accepted accounting principles (GAAP), the Company provides non-GAAP operating results that exclude certain charges or credits such as transaction expenses related to the Company’s acquisitions including the foreign exchange impact of hedging the risk associated with the Canadian dollar purchase price of the Van Houtte acquisition; any gain from sale of the Fitlerfresh U.S.-based coffee services business; legal and accounting expenses related to the SEC inquiry and pending litigation; non-cash related items such as amortization of identifiable intangibles and losses incurred on the extinguishment of debt; and the effect of net operating and capital loss carryforwards, each of which include adjustments to show the tax impact of excluding these items. These amounts are not in accordance with, or an alternative to, GAAP. The Company’s management believes that these measures provide investors with transparency by helping illustrate the underlying financial and business trends relating to the Company’s results of operations and financial condition and comparability between current and prior periods. Management uses the measures to establish and monitor budgets and operational goals and to evaluate the performance of the Company. Please see the “GAAP to Non-GAAP Reconciliation of Unaudited Consolidated Statements of Operations” tables that accompany this document for a full reconciliation the Company’s GAAP to non-GAAP results.
Conference Call and Webcast
Green Mountain Coffee Roasters, Inc. will be discussing these financial results with analysts and investors in a conference call and live webcast available via the Internet at 5:00 p.m. ET today, November 9, 2011. Management’s prepared remarks on its quarterly results will be provided via a Current Report on Form 8-K and also posted under the events link in the Investor Relations section of the Company’s website at www.GMCR.com. As a result, the conference call will include only brief remarks by management followed by a question and answer session. The call along with accompanying slides is accessible via live webcast from the events link in the Investor Relations portion of the Company’s website at http://investor.gmcr.com/events.cfm. The Company archives the latest conference call for a period of time. A replay of the conference call also will be available by telephone at (719) 457-0820, Passcode 7944796 from 9:00 p.m. ET on November 9, 2011 through 9:00 p.m. ET on Sunday, November 13, 2011.
About Green Mountain Coffee Roasters, Inc.
As a leader in specialty coffee and coffee makers, Green Mountain Coffee Roasters, Inc. (GMCR) (NASDAQ: GMCR), is recognized for its award-winning coffees, innovative Keurig® Single Cup brewing technology, and socially responsible business practices. GMCR supports local and global communities by offsetting 100% of its direct greenhouse gas emissions, investing in sustainably-grown coffee, and donating at least five percent of its pre-tax profits to social and environmental projects.
GMCR routinely posts information that may be of importance to investors in the Investor Relations section of its website, including news releases and its complete financial statements, as filed with the SEC. The Company encourages investors to consult this section of its website regularly for important information and news. Additionally, by subscribing to the Company’s automatic email news release delivery, individuals can receive news directly from GMCR as it is released.
Forward-Looking Statements
Certain statements contained herein are not based on historical fact and are “forward-looking statements” within the meaning of the applicable securities laws and regulations. Generally, these statements can be identified by the use of words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “feel,” “forecast,” “intend,” “may,” “plan,” “potential,” “project,” “should,” “would,” and similar expressions intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Owing to the uncertainties inherent in forward-looking statements, actual results could differ materially from those stated here. Factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, the impact on sales and profitability of consumer sentiment in this difficult economic environment, the Company’s success in efficiently expanding operations and capacity to meet growth, the Company’s success in efficiently and effectively integrating the Company’s acquisitions, the Company’s success in introducing and producing new product offerings, the ability of lenders to honor their commitments under the Company’s credit facility, competition and other business conditions in the coffee industry and food industry in general, fluctuations in availability and cost of high-quality green coffee, any other increases in costs including fuel, the Company’s ability to continue to grow and build profits in the At Home and Away from Home businesses, the Company experiencing product liability, product recall and higher than anticipated rates of warranty expense or sales returns associated with a product quality or safety issue, the extent to which the data security of the Company’s websites may be compromised, the impact of the loss of major customers for the Company or reduction in the volume of purchases by major customers, delays in the timing of adding new locations with existing customers, the Company’s level of success in continuing to attract new customers, sales mix variances, weather and special or unusual events, the impact of the inquiry initiated by the SEC and any related litigation or additional governmental investigative or enforcement proceedings, as well as other risks described more fully in the Company’s filings with the SEC. Forward-looking statements reflect management’s analysis as of the date of this release. The Company does not undertake to revise these statements to reflect subsequent developments, other than in its regular, quarterly earnings releases.
GMCR-C
| GREEN MOUNTAIN COFFEE ROASTERS, INC. | |||||||||||||||
| Unaudited Consolidated Statements of Operations | |||||||||||||||
| (Dollars in thousands except per share data) | |||||||||||||||
| Thirteen | Thirteen | Fifty-two | Fifty-two | ||||||||||||
| weeks ended | weeks ended | weeks ended | weeks ended | ||||||||||||
| September 24, | September 25, | September 24, | September 25, | ||||||||||||
| 2011 | 2010 | 2011 | 2010 | ||||||||||||
| Net sales | $ | 711,883 | $ | 373,087 | $ | 2,650,899 | $ | 1,356,775 | |||||||
| Cost of sales | 457,793 | 259,641 | 1,746,274 | 931,017 | |||||||||||
| Gross profit | 254,090 | 113,446 | 904,625 | 425,758 | |||||||||||
| Selling and operating expenses | 95,150 | 44,105 | 348,696 | 186,418 | |||||||||||
| General and administrative expenses | 52,228 | 27,665 | 187,016 | 100,568 | |||||||||||
| Operating income | 106,712 | 41,676 | 368,913 | 138,772 | |||||||||||
| Other income (expense), net | (285 | ) | (52 | ) | 648 | 85 | |||||||||
| Gain (loss) on financial instruments, net | 5,574 | - | (6,245 | ) | (354 | ) | |||||||||
| Loss on foreign currency, net | (7,555 | ) | - | (2,912 | ) | - | |||||||||
| Interest expense | (5,097 | ) | (1,918 | ) | (57,657 | ) | (5,294 | ) | |||||||
| Income before income taxes | 99,349 | 39,706 | 302,747 | 133,209 | |||||||||||
| Income tax expense | (23,528 | ) | (12,715 | ) | (101,699 | ) | (53,703 | ) | |||||||
| Net Income | $ | 75,821 | $ | 26,991 | $ | 201,048 | $ | 79,506 | |||||||
| Net income attributable to noncontrolling interests | 452 | - | 1,547 | - | |||||||||||
| Net income attributable to GMCR | $ | 75,369 | $ | 26,991 | $ | 199,501 | $ | 79,506 | |||||||
| Basic income per share: | |||||||||||||||
| Basic weighted average shares outstanding | 153,837,445 | 132,210,938 | 146,214,860 | 131,529,412 | |||||||||||
| Net income per common share – basic | $ | 0.49 | $ | 0.20 | $ | 1.36 | $ | 0.60 | |||||||
| Diluted income per share: | |||||||||||||||
| Diluted weighted average shares outstanding | 159,207,852 | 138,256,219 | 152,142,434 | 137,834,123 | |||||||||||
| Net income per common share – diluted | $ | 0.47 | $ | 0.20 | $ | 1.31 | $ | 0.58 | |||||||
| GREEN MOUNTAIN COFFEE ROASTERS, INC. | |||||||
| Unaudited Consolidated Balance Sheets | |||||||
| (Dollars in thousands) | |||||||
| September 24, | September 25, | ||||||
| 2011 | 2010 | ||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 12,989 | $ | 4,401 | |||
| Restricted cash and cash equivalents | 27,523 | 355 | |||||
| Receivables, less uncollectible accounts and return allowances | |||||||
| of $21,407 and $14,056 at September 24, 2011 and | |||||||
| September 25, 2010, respectively | 310,321 | 172,200 | |||||
| Inventories | 672,248 | 262,478 | |||||
| Income taxes receivable | 18,258 | 5,350 | |||||
| Other current assets | 28,072 | 23,488 | |||||
| Deferred income taxes, net | 36,231 | 26,997 | |||||
| Current assets held for sale | 25,885 | - | |||||
| Total current assets | 1,131,527 | 495,269 | |||||
| Fixed assets, net | 579,219 | 258,923 | |||||
| Intangibles, net | 529,494 | 220,005 | |||||
| Goodwill | 789,305 | 386,416 | |||||
| Other long-term assets | 47,759 | 9,961 | |||||
| Long-term assets held for sale | 120,583 | - | |||||
| Total assets | $ | 3,197,887 | $ | 1,370,574 | |||
| Liabilities and Stockholders’ Equity | |||||||
| Current liabilities: | |||||||
| Current portion of long-term debt | $ | 6,669 | $ | 19,009 | |||
| Accounts payable | 265,511 | 139,220 | |||||
| Accrued compensation costs | 43,260 | 24,236 | |||||
| Accrued expenses | 92,120 | 49,279 | |||||
| Income tax payable | 9,617 | 1,934 | |||||
| Deferred income taxes, net | 243 | - | |||||
| Other current liabilities | 34,613 | 4,377 | |||||
| Current liabilities related to assets held for sale | 19,341 | - | |||||
| Total current liabilities | 471,374 | 238,055 | |||||
| Long-term debt | 575,969 | 335,504 | |||||
| Deferred income taxes, net | 189,637 | 92,579 | |||||
| Other long-term liabilities | 27,184 | 5,191 | |||||
| Long-term liabilities related to assets held for sale | 474 | - | |||||
| Commitments and contingencies | |||||||
| Redeemable noncontrolling interests | 21,034 | - | |||||
| Stockholders’ equity: | |||||||
| Preferred stock, $0.10 par value: Authorized – 1,000,000 shares; | |||||||
| No shares issued or outstanding | - | - | |||||
| Common stock, $0.10 par value: Authorized – 200,000,000 shares; | |||||||
| Issued and outstanding – 154,466,463 and 132,823,585 shares at | |||||||
| September 24, 2011 and September 25, 2010, respectively | 15,447 | 13,282 | |||||
| Additional paid-in capital | 1,499,616 | 473,749 | |||||
| Retained earnings | 411,727 | 213,844 | |||||
| Accumulated other comprehensive loss | (14,575 | ) | (1,630 | ) | |||
| Total stockholders’ equity | $ | 1,912,215 | $ | 699,245 | |||
| Total liabilities and stockholders’ equity | $ | 3,197,887 | $ | 1,370,574 | |||
| GREEN MOUNTAIN COFFEE ROASTERS, INC. | |||||||
| Unaudited Consolidated Statements of Cash Flows | |||||||
| (Dollars in thousands) | |||||||
| Fifty-two | Fifty-two | ||||||
| weeks ended | weeks ended | ||||||
| September 24, | September 25, | ||||||
| 2011 | 2010 | ||||||
| Cash flows from operating activities: | |||||||
| Net income | $ | 201,048 | $ | 79,506 | |||
| Adjustments to reconcile net income to net cash (used in) | |||||||
| provided by operating activities: | |||||||
| Depreciation | 72,297 | 29,484 | |||||
| Amortization of intangibles | 41,339 | 14,973 | |||||
| Amortization deferred financing fees | 6,158 | 862 | |||||
| Loss on extinguishment of debt | 19,732 | - | |||||
| Unrealized loss of foreign currency | 1,041 | - | |||||
| Loss on disposal of fixed assets | 884 | 573 | |||||
| Provision for doubtful accounts | 2,584 | 610 | |||||
| Provision for sales returns | 64,457 | 40,139 | |||||
| Unrealized (gain) loss on financial instruments, net | 3,292 | (188 | ) | ||||
| Tax expense from exercise of non-qualified options and | |||||||
| disqualified dispositions of incentive stock options | (6,142 | ) | (713 | ) | |||
| Excess tax benefits from equity-based compensation plans | (67,813 | ) | (14,590 | ) | |||
| Deferred income taxes | (8,828 | ) | (6,931 | ) | |||
| Deferred compensation and stock compensation | 10,575 | 8,110 | |||||
| Contributions to the ESOP | - | 1,376 | |||||
| Changes in assets and liabilities, net of effects of acquisition: | |||||||
| Receivables | (157,329 | ) | (102,297 | ) | |||
| Inventories | (375,709 | ) | (116,653 | ) | |||
| Income tax receivable, net | 63,487 | 10,065 | |||||
| Other current assets | (715 | ) | (10,692 | ) | |||
| Other long-term assets, net | (11,454 | ) | (5,349 | ) | |||
| Accounts payable | 106,202 | 41,007 | |||||
| Accrued compensation costs | 2,233 | (1,830 | ) | ||||
| Accrued expenses | 25,600 | 23,405 | |||||
| Other current liabilities | (3,118 | ) | 1,645 | ||||
| Other long-term liabilities | 10,964 | 5,191 | |||||
| Net cash provided by (used in) operating activities | 785 | (2,297 | ) | ||||
| Cash flows from investing activities: | |||||||
| Change in restricted cash | 2,074 | (75 | ) | ||||
| Proceeds from sale of short-term investments | - | 50,000 | |||||
| Proceeds from notes receivable | 499 | 1,788 | |||||
| Acquisition of Timothy’s Coffee of the World Inc. | - | (154,208 | ) | ||||
| Acquisition of Diedrich Coffee, Inc., net of cash acquired | - | (305,261 | ) | ||||
| Acquisition of LJVH Holdings, Inc. (Van Houtte), net of cash acquired | (907,835 | ) | - | ||||
| Purchases of short-term investments | - | - | |||||
| Capital expenditures for fixed assets | (283,444 | ) | (126,205 | ) | |||
| Proceeds from disposal of fixed assets | 1,192 | 526 | |||||
| Other investing activities | (158 | ) | - | ||||
| Net cash used in investing activities | (1,187,672 | ) | (533,435 | ) | |||
| Cash flows from financing activities: | |||||||
| Net change in revolving line of credit | 333,835 | 145,000 | |||||
| Proceeds from issuance of common stock under compensation plans | 17,328 | 8,788 | |||||
| Proceeds from issuance of common stock for private placement | 291,096 | - | |||||
| Proceeds from issuance of common stock for public equity offering | 673,048 | - | |||||
| Financing costs in connection with public equity offering | (25,685 | ) | - | ||||
| Cash distributions to redeemable noncontrolling interests shareholders | (1,063 | ) | - | ||||
| Excess tax benefits from equity-based compensation plans | 67,813 | 14,590 | |||||
| Capital lease obligations | (8 | ) | (217 | ) | |||
| Proceeds from borrowings of long-term debt | 796,375 | 140,000 | |||||
| Deferred financing fees | (46,009 | ) | (1,339 | ) | |||
| Repayment of long-term debt | (906,885 | ) | (8,500 | ) | |||
| Net cash provided by financing activities | 1,199,845 | 298,322 | |||||
| Change in cash balances included in short-term assets held for sale | (5,160 | ) | - | ||||
| Effect of exchange rate changes on cash and cash equivalents | 790 | - | |||||
| Net increase (decrease) in cash and cash equivalents | 8,588 | (237,410 | ) | ||||
| Cash and cash equivalents at beginning of period | 4,401 | 241,811 | |||||
| Cash and cash equivalents at end of period | $ | 12,989 | $ | 4,401 | |||
| Supplemental disclosures of cash flow information: | |||||||
| Cash paid for interest | $ | 33,452 | $ | 6,486 | |||
| Cash paid for income taxes | $ | 58,182 | $ | 42,313 | |||
| Fixed asset purchases included in accounts payable | |||||||
| and not disbursed at the end of each year | $ | 25,737 | $ | 20,261 | |||
| Noncash investing activity: | |||||||
| Liabilities assumed in conjunction with acquisitions | $ | - | $ | 1,533 | |||
| GREEN MOUNTAIN COFFEE ROASTERS, INC. | |||||||||
| GAAP to Non-GAAP Reconciliation of Unaudited Consolidated Statements of Operations | |||||||||
| (Dollars in thousands) | |||||||||
| Thirteen weeks ended September 24, 2011 |
Thirteen weeks ended September 25, 2010 |
||||||||
| Operating income | $ | 106,712 | $ | 41,676 | |||||
| Acquisition-related expenses (1) | - | 5,017 | |||||||
| Expenses related to SEC inquiry and pending litigation (2) | 675 | - | |||||||
| Amortization of identifiable intangibles (3) | 11,752 | 5,476 | |||||||
| Non-GAAP operating income | $ | 119,139 | $ | 52,169 | |||||
| Thirteen weeks ended September 24, 2011 |
Thirteen weeks ended September 25, 2010 |
||||||||
| Net income attributable to GMCR | $ | 75,369 | $ | 26,991 | |||||
| After tax: | |||||||||
| Acquisition-related expenses (1) | - | 2,884 | |||||||
| Expenses related to SEC inquiry and pending litigation (2) | 453 | - | |||||||
| Amortization of identifiable intangibles (3) | 7,829 | 3,437 | |||||||
| Net operating and capital loss carryforwards (4) | (8,376 | ) | - | ||||||
| Non-GAAP net income | $ | 75,275 | $ | 33,312 | |||||
| Thirteen weeks ended September 24, 2011 |
Thirteen weeks ended September 25, 2010 |
||||||||
| Diluted income per share | $ | 0.47 | $ | 0.20 | |||||
| After tax: | |||||||||
| Acquisition-related expenses (1) | $ | - | $ | 0.02 | |||||
| Expenses related to SEC inquiry and pending litigation (2) | $ | - | $ | - | |||||
| Amortization of identifiable intangibles (3) | $ | 0.05 | $ | 0.02 | |||||
| Net operating and capital loss carryforwards (4) | $ | (0.05 | ) | $ | - | ||||
| Non-GAAP net income per share | $ | 0.47 | $ | 0.24 | |||||
| (1 | ) | Represents direct acquisition-related expenses classified as general and administrative expense. | |||||||
| (2 | ) | Represents legal and accounting expenses related to the SEC inquiry and pending litigation classified as general and administrative expense. | |||||||
| (3 | ) | Represents the amortization of intangibles related to the Company’s acquisitions classified as general and administrative expense. | |||||||
| (4 | ) | Represents the release of the valuation allowance against federal capital loss carryforwards which represents the estimate of the tax benefit for the amount of capital losses that will be utilized in the first quarter of fiscal 2012 on capital gains generated on the sale of Filterfresh and the utilization in fiscal 2011 of net operating loss carryforwards generated from the Filterfresh acquisition. | |||||||
| GREEN MOUNTAIN COFFEE ROASTERS, INC. | |||||||||
| GAAP to Non-GAAP Reconciliation of Unaudited Consolidated Statements of Operations | |||||||||
| (Dollars in thousands) | |||||||||
| Fifty-two weeks ended September 24, 2011 |
Fifty-two weeks ended September 25, 2010 |
||||||||
| Operating income | $ | 368,913 | $ | 138,772 | |||||
| Acquisition-related expenses (1) | 10,573 | 18,906 | |||||||
| Expenses related to SEC inquiry and pending litigation (2) | 7,868 | - | |||||||
| Amortization of identifiable intangibles (3) | 41,339 | 14,973 | |||||||
| Non-GAAP operating income | $ | 428,693 | $ | 172,651 | |||||
| Fifty-two weeks ended September 24, 2011 |
Fifty-two weeks ended September 25, 2010 |
||||||||
| Net income attributable to GMCR | $ | 199,501 | $ | 79,506 | |||||
| After tax: | |||||||||
| Acquisition-related expenses (6) | 14,524 | 16,773 | |||||||
| Expenses related to SEC inquiry and pending litigation (2) | 4,895 | - | |||||||
| Amortization of identifiable intangibles (3) | 27,343 | 9,527 | |||||||
| Loss on extinguishment of debt (4) | 11,027 | - | |||||||
| Net operating and capital loss carryforwards (5) | (8,376 | ) | - | ||||||
| Non-GAAP net income | $ | 248,914 | $ | 105,806 | |||||
| Fifty-two weeks ended September 24, 2011 |
Fifty-two weeks ended September 25, 2010 |
||||||||
| Diluted income per share | $ | 1.31 | $ | 0.58 | |||||
| After tax: | |||||||||
| Acquisition-related expenses (6) | $ | 0.10 | $ | 0.12 | |||||
| Expenses related to SEC inquiry and pending litigation (2) | $ | 0.03 | $ | - | |||||
| Amortization of identifiable intangibles (3) | $ | 0.18 | $ | 0.07 | |||||
| Loss on extinguishment of debt (4) | $ | 0.07 | $ | - | |||||
| Net operating and capital loss carryforwards (5) | $ | (0.06 | ) | $ | - | ||||
| Non-GAAP net income per share | $ | 1.64 | * | $ | 0.77 | ||||
| * Does not add due to rounding. | |||||||||
| (1 | ) | Represents direct acquisition-related expenses classified as general and administrative expense. | |||||||
| (2 | ) | Represents legal and accounting expenses related to the SEC inquiry and pending litigation classified as general and administrative expense. | |||||||
| (3 | ) | Represents the amortization of intangibles related to the Company’s acquisitions classified as general and administrative expense. | |||||||
| (4 | ) | Represents the write-off of debt issuance costs and original issue discount, net of tax, primarily associated with the extinguishment of the Term B loan under the Credit Agreement. | |||||||
| (5 | ) | Represents the release of the valuation allowance against federal capital loss carryforwards which represents the estimate of the tax benefit for the amount of capital losses that will be utilized in the first quarter of fiscal 2012 on capital gains generated on the sale of Filterfresh and the utilization in fiscal 2011 of net operating loss carryforwards generated from the Filterfresh acquisition. | |||||||
| (6 | ) | The 2011 fiscal year reflects direct acquisition-related expenses of $10.6 million ($8.9 million after-tax); the write-off of deferred financing expenses of $2.6 million ($1.6 million after-tax) on our Former Credit Facility in conjunction with the new financing secured for the Van Houtte acquisition; and the foreign exchange impact of hedging the risk associated with the Canadian dollar purchase price of the Van Houtte acquisition of $5.3 million ($4.0 million after-tax). The 2010 fiscal year represents direct acquisition-related expenses of $18.9 million ($16.8 million after-tax). Direct acquisition-related expenses incurred prior to the closing of the acquisition are tax affected. Generally, upon the close of the acquisition, the direct acquisition-related expenses are nondeductible. | |||||||
Starbucks to Present at Morgan Stanley Global Consumer Conference
November 14th, 2011Morgan Stanley Global Consumer Conference 2011SEATTLE–(BUSINESS WIRE)–Starbucks Corporation (NASDAQ: SBUX) will be presenting on Tuesday, November 15, 2011 at the Morgan Stanley Global Consumer Conference in New York at 1:30 p.m. Eastern Time. A live webcast of the presentation will be available at http://investor.starbucks.com. An archived webcast will be available on Starbucks website, at the same URL, through Friday, December 16, 2011.
About Starbucks
Since 1971, Starbucks Coffee Company has been committed to ethically sourcing and roasting the highest quality arabica coffee in the world. Today, with stores around the globe, the company is the premier roaster and retailer of specialty coffee in the world. Through our unwavering commitment to excellence and our guiding principles, we bring the unique Starbucks Experience to life for every customer through every cup. To share in the experience, please visit us in our stores or online at www.starbucks.com.
The Boston Globe Names Keurig, Incorporated Among the Top Ten Places to Work in 2011 For the Second Consecutive Year
November 4th, 2011
READING, Mass.–(BUSINESS WIRE)–Keurig®, Incorporated, a wholly-owned subsidiary of Green Mountain Coffee Roasters, Inc. (GMCR) (NASDAQ:GMCR) has been named one of the Top Places to Work in Massachusetts in the fourth annual employee-based survey from The Boston Globe. Keurig was ranked seventh in the midsize employer category, maintaining ‘top ten’ status for the second consecutive year, next to other innovative companies such as Google and The Children’s Hospital. The Top Places to Work 2011 magazine will be published in the Sunday Globe on November 6. Online access to the report can be found at www.boston.com/topworkplaces.
“Since its inception, Green Mountain Coffee Roasters, Inc. has been committed to fostering talented and successful employees and we’re pleased to see our Keurig subsidiary recognized by The Boston Globe as a Top Place to Work for a second straight year”
“Keurig understands the significance of employing top talent that is passionate about their work, their colleagues and their communities,” said Michelle Stacy, President of Keurig.
“This honor, for the second year in a row, is particularly rewarding because it is based on feedback from our own people, who are an integral part of what makes our company so successful. By creating opportunities for our employees to learn, grow, and develop themselves and their careers, Keurig fosters talent that grows both personally and professionally. The passionate and collaborative workplace culture that we as a company strive to cultivate is what continues to allow us to share in our successes as individuals and together as a great place to work,” Stacy continued.
“Since its inception, Green Mountain Coffee Roasters, Inc. has been committed to fostering talented and successful employees and we’re pleased to see our Keurig subsidiary recognized by The Boston Globe as a Top Place to Work for a second straight year,” said Lawrence J. Blanford, President and CEO of GMCR.
The Top Places to Work recognizes the most progressive companies in the state, based on employee opinions about company leadership, compensation and training, diversity/inclusion, career development, family-friendly flexibility, and values and ethics. Private companies and nonprofits, as well as publicly-held businesses, were included in the analysis.
GMCR and its business units, including Keurig, support local and global communities by offsetting 100% of its greenhouse gas emissions, investing in sustainably grown coffee, and allocating at least five percent of its pre-tax profits to social and environmental projects. GMCR and its business units give back through donations, employee volunteerism, and local as well as national grants. Through its “CAFE Time” or “Community Action for Employees” programs, GMCR encourages its employees to volunteer up to 52 hours annually of company-paid service to give back to local organizations and communities. These efforts are undertaken in support of GMCR’s purpose statement: To create the ultimate coffee experience in every life we touch, from tree to cup — transforming the way the world views business.
To qualify for the Boston Globe’s Top Places to Work, a company must have more than 100 employees in Massachusetts. Rankings were composite scores calculated purely on the basis of employee responses.
About Keurig, Incorporated® and Green Mountain Coffee Roasters, Inc. (NASDAQ:GMCR)
Keurig, Incorporated, a wholly-owned subsidiary of Green Mountain Coffee Roasters, Inc., is a pioneer and leading manufacturer of single-cup brewing systems. Keurig’s proprietary brewing system combines a pressurized hot water brewer with multiple varieties of K-Cup® portion packs, which feature a patented design that preserves the freshness of gourmet coffee and tea. Through licensing agreements, Keurig offers more than 200 varieties of premium branded coffees and teas in K-Cups. More than 3 billion cups of Keurig Brewed® coffee and tea have been enjoyed since 1998. For more information, please visit www.keurig.com or call 888-CUP-BREW.
As a leader in specialty coffee and coffee makers, Green Mountain Coffee Roasters, Inc. is recognized for its award-winning coffees, innovative Keurig® Single Cup brewing technology, and socially responsible business practices. GMCR supports local and global communities by offsetting 100% of its direct greenhouse gas emissions, investing in sustainably-grown coffee, and donating at least five percent of its pre-tax profits to social and environmental projects.
GMCR routinely posts information that may be of importance to investors in the Investor Relations section of its website, including news releases and its complete financial statements, as filed with the SEC. The Company encourages investors to consult this section of its website regularly for important information and news. Additionally, by subscribing to the Company’s automatic email news release delivery, individuals can receive news directly from GMCR as it is released.
Research and Markets: Hot Drinks in South Africa – Industry and Country Analysis
November 4th, 2011DUBLIN–(BUSINESS WIRE)–Research and Markets (http://www.researchandmarkets.com/research/a1fe71/hot_drinks_in_sout) has announced the addition of the “Hot Drinks in South Africa – Industry and Country Analysis” report to their offering.
“Hot Drinks in South Africa – Industry and Country Analysis”
Hot Drinks in South Africa – Industry and Country Analysis provides five forces Industry analysis, along with PESTLE country analysis of South Africa. This report concludes with profiles of the leading companies in the South African hot drinks market.
Project Description:
Includes market value/volume, geographical segmentation, and five forces (buyer power, supplier power, new entrants, substitutes, and rivalry) analysis of the Hot Drinks Industry in South Africa. The PESTLE analysis section analyzes the current challenges, future prospects and risks across political, economic, social, technological, legal and environmental areas of the country.
Scope:
- Contains data on market value, volume and/or segmentation for Hot Drinks in South Africa.
- Incorporates in-depth five forces competitive environment analysis.
- analyzes the political, economic, social, technological, legal and environmental (PESTLE) structure of South Africa.
- The leading companies are identified with supporting key financial metrics (where available)
Highlights:
The South African hot drinks market generated total revenues of $757.1 million in 2009, representing a compound annual growth rate (CAGR) of 4.7% for the period spanning 2005-2009.
Coffee sales proved the most lucrative for the South African hot drinks market in 2009, generating total revenues of $349.1 million, equivalent to 46.1% of the market’s overall value.
The performance of the market is forecast to decelerate, with an anticipated CAGR of 4.2% for the five-year period 2009-2014, which is expected to lead the market to a value of $930.2 million by the end of 2014.
Reasons to purchase:
- Spot future trends and developments
- Inform your business decisions
- Add weight to presentations and marketing materials
For more information visit http://www.researchandmarkets.com/research/a1fe71/hot_drinks_in_sout
Hilton Hotel – Wolfgang Puck gourmet coffee service
November 4th, 2011
DoubleTree by Hilton Hotel Debuts in Louisiana’s Capital City
DoubleTree by Hilton Baton Rouge Offers Ideal Location for Business or Leisure within Minutes of Louisiana State University and All Area Attractions
BATON ROUGE, La.–(BUSINESS WIRE)–DoubleTree by Hilton has announced the conversion of the Aspen Suites Hotel to the DoubleTree by Hilton Baton Rouge in Baton Rouge, La. Located just five miles from both downtown Baton Rouge and Louisiana State University’s legendary Tiger Stadium, the 127-room, 100% smoke-free hotel is located near the Shaw Center for the Arts, the Baton Rouge River Center, the Hollywood Casino Baton Rouge as well as access to regional airports and Gulf Coast attractions.
“DoubleTree by Hilton is delighted to introduce a rewarding new hotel location for our loyal business and leisure customers in Louisiana’s capital city”
The DoubleTree by Hilton Baton Rouge is operated by Summit Hotel TRS 047, LLC under a franchise license agreement with a subsidiary of Hilton Worldwide and is managed by Interstate Hotels & Resorts.
“DoubleTree by Hilton is delighted to introduce a rewarding new hotel location for our loyal business and leisure customers in Louisiana’s capital city,” said Rob Palleschi, global head, DoubleTree by Hilton. “From Baton Rouge to Beijing, this latest hotel opening continues to reinforce a steady pace of hotel developments and expansion for our brand and the world’s travelers – a wide-ranging portfolio of more than 260 hotels and resorts that now spans across five continents and 21 countries.”
The oversized, smartly designed guestrooms at the newly renamed DoubleTree by Hilton Baton Rouge feature an array of in-room amenities, including MP3-compatible stereo clock radios; 32-inch, flat screen, LCD TVs; microwave oven and refrigerators; generous work surfaces with ergonomic chairs; Wolfgang Puck gourmet coffee service; complimentary wireless high-speed Internet access; and refreshing Crabtree & Evelyn Citron bath products.
For small-to-medium-sized meetings, conferences and social gatherings, the DoubleTree by Hilton Baton Rouge provides flexible meeting space, capable of accommodating groups of up to 100 guests, as well as a fully-equipped, self-service business center. Delicious onsite dining options include an extensive DoubleTree Breakfast buffet in the morning as well as dinner nightly at the 4964 restaurant, featuring popular American fare in a casual environment. Freshly prepared snacks, salads, sandwiches and more are available at the hotel’s 24-hour Grab-n-Go shop and in-room dining also is available during peak hours.
For guests who wish to keep up with their workout program while traveling at the DoubleTree by Hilton Baton Rouge, a state-of-the-art fitness facility equipped with the latest in weight training and cardio equipment is available 24 hours a day along with a heated, indoor swimming pool and whirlpool.
The DoubleTree by Hilton Baton Rouge, located at 4964 Constitution Avenue in Baton Rouge, is a fifteen-minute drive to Baton Rouge Metropolitan/Ryan Field and just moments from the Louisiana Art & Science Museum, River Center Baton Rouge entertainment district, Bluebonnet Swamp Nature Center, Magnolia Mound Plantation and much more. For more information or to make reservations, please visit the hotel’s website at www.batonrouge.doubletree.com, or call 1-800-222-TREE in the U.S. and Canada, or contact the hotel directly at 225-925-1005.
About DoubleTree by Hilton Hotels
With a fast-growing global collection of contemporary, upscale hotels in more than 250 gateway cities, metropolitan areas and vacation destinations across five continents, every little thing we do at DoubleTree by Hilton inspires us to create a rewarding experience for our hotel guests, our team members and the communities we proudly serve. Our hospitality begins with a warm chocolate chip cookie welcome upon arrival and continues with the award-winning Hilton HHonors guest loyalty programme, an array of fine services and amenities and our longstanding CARE Culture tradition that empowers more than 60,000 team members to provide the special comforts and acts of kindness that make the traveller feel human again.
To make reservations at any DoubleTree by Hilton hotel, travelers may visit our brand website at www.doubletree.com. Social media users may connect with us at www.facebook.com/doubletree, www.twitter.com/doubletree and www.youtube.com/doubletreehotels. For the latest news, story starters and fact sheets about our brand, reporters and bloggers may visit our DoubleTree by Hilton Global Media Center at www.doubletreebyhiltonglobalmediacenter.com.
About Hilton Worldwide
Hilton Worldwide is the leading global hospitality company, spanning the lodging sector from luxurious full-service hotels and resorts to extended-stay suites and mid-priced hotels. For 93 years, Hilton Worldwide has been offering business and leisure travellers the finest in accommodations, service, amenities and value. The company is dedicated to continuing its tradition of providing exceptional guest experiences across its global brands. Its brands are comprised of more than 3,750 hotels and timeshare properties, with 615,000 rooms in 85 countries and include Waldorf Astoria Hotels & Resorts, Conrad Hotels & Resorts, Hilton Hotels & Resorts, DoubleTree by Hilton, Embassy Suites Hotels, Hilton Garden Inn, Hampton Hotels, Homewood Suites by Hilton, Home2 Suites by Hilton and Hilton Grand Vacations. The company also manages the world-class guest reward programme Hilton HHonors. For more information about the company, visit www.HiltonWorldwide.com or connect with Hilton Worldwide at www.HiltonWorldwide.com/media.
