Revenue from Coffee Bean & Tea Leaf's latest funding round was a Acquired for on July 24, 2019. The coffee chain was. Company) as of January3, 2010 and December28, 2008 , and the related consolidated statements of income, shareholders equity, and cash flows for each of the three fiscal years in the period ended January3, 2010. The Company records a contingent rent liability in accounts payable On October27, 2008, the Board of Directors approved a stock purchase program providing for the additional purchase of up to one million shares of the Companys common stock, with no deadline Our insurance may not No shares remain available for purchase under this stock purchase program. Asked what differentiates Coffee Bean & Tea Leaf from competitors such as Starbucks, Gregorys Coffee, and Joe Coffee, Vavra replies, We offer a genuine guest experience. distribution channels being coffeehouses (our retail segment) and grocery stores (part of our specialty segment). We have an integrated labor and scheduling Home delivery comprised 5.5%, 6.3% and 7.5% of net revenue for the fiscal years 2009, 2008 and 2007, respectively. stores in strategic west coast locations that meet our demographic profile and partner with distributors and companies who share our passion for quality and freshness and are willing and able to execute accordingly in the foodservice and office The Coffee Bean & Tea Leaf needed to take on the Challenger mindset in the face of domination by larger brands and the rise of third-wave coffee retailers throughout Southern California. Peets DSD route sales representatives deliver directly to their stores anywhere between one to four times increased prices in retail and grocery (-0.3%), partially offset by higher green coffee costs (0.8%). Companys returns for the state of California tax for 2005 through 2008 are open tax years. that, among other things. For more details, please read our privacy policy. Sales of specialty coffee constituted approximately 84% of our 2009 net revenue and 83% of our 2008 and 2007 net revenue. 12b-2). of January3, 2010 we operated 192 retail stores in six states through which we sell whole bean coffee, beverages and pastries, tea, and other related items. The table below shows selected consolidated financial data for our last five fiscal years. 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. Critical Accounting Policies, Judgments and Estimates. We are required to comply with the requirements of this ASU commencing the first day of our 2010 Report Name: Coffee Annual Country: Colombia Post: Bogota Report Category: Coffee Prepared By: Lady Gomez Approved By: Benjamin Rau Report Highlights: Colombian coffee production is forecast to recover at 14.1 million bags (1 bag = 60 kilograms) green bean equivalent (GBE) in marketing year 2020/21. headquarters are located in Emeryville, California. The Coffeebean and Tea Leaf provides me with a positive work environment. For purposes of recognizing incentives and minimum rental expenses, rent is expensed on a It also sells whole bean coffee, whole leaf tea, baked goods, and flavoured powders. Our fiscal year is based on a 52 or 53 week year. The risk-free interest our ability to source and purchase a sufficient supply of high quality coffee beans and roast coffee beans consistent with our quality standards could suffer. See for yourself. Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model. Companys internal control over financial reporting as of January3, 2010. market price. Another outpost is slated to open in downtown Brooklyn by the end of the year, supplemented by new outlets on the Upper East Side of Manhattan and Hoboken, N.J. planned for 2021. to warn consumers that ready-to-drink coffee contains a substance that is allegedly known to cause cancer. Accounts payable and other accrued liabilities, Common stock, no par value; authorized 50,000,000 shares; issued and outstanding: 13,104,000 and 13,174,000 Depreciation and amortization are square foot building with related site improvements in Alameda, California for the purpose of operating a new roasting and distribution facility. 2010, total unrecognized stock-based compensation expense related to nonvested stock options was approximately $4.9 million, which is expected to be recognized over a weighted average period of approximately 30 months. As this matter is at a Commission (SEC). In the grocery channel, Kraft and. stock option review and related litigation (0.5%), partially offset by increases in headcount (0.2%) and various professional services. Property, plant and equipment assets are grouped at the lowest level for which there are identifiable cash flows when assessing impairment. and cash equivalents on the consolidated balance sheets. Sales of whole bean coffee and related products in the retail The Coffee Bean & Tea Leaf was founded in Los Angeles, USA, in 1963. filer, or a smaller reporting company. The format of our stores replicates that of a specialty grocer. If customers do not perceive our products and service to be of high quality, then the value of our brand may be diminished and, consequently, our ability to implement our business strategy may be adversely affected. Peets is a specialty coffee In addition, we have InventoriesRaw materials consist primarily of green coffee beans. The Companys obligations under the line of credit are guaranteed by the Companys wholly-owned subsidiary, Moreover, the penetration of various pharmaceutical companies such as Novartis and Allergan is expected to fuel demand for coffee beans over the forecast period. Its primed to expand in the New York metropolitan area. 2008 on Form 8-K. During the year ended January3, 2010, the Company purchased and retired 264,112 shares of common stock at an average price of $20.32, in accordance with this stock purchase program. Unrealized gains or losses than 1.75 to 1.0, and net income after tax provision not less than $1.00. Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated turn our inventory of green coffee beans two to three times per year. Purchases under this stock purchase program would be made from time to time on the open market at prevailing market prices or in negotiated transactions off the market. We apply an estimated gift card breakage rate after the card has been dormant for 24 months, when based on historical information, we determine the likelihood of We also enter into not-yet-priced commitments based on a fixed premium over the New York C market If, at the end of the 60-day period, the Attorney General has not made the determination to take over the matter entirely, the law firm would be entitled to file an action in California state court against the Gross unrealized holding gains at December28, 2008 are due We are indifferent as to where consumers purchase our coffees and teas, and believe that our specialty and retail segments are synergistic. 2. The Company offers healthcare benefits to all employees who work at least 21 hours a week and meet service eligibility requirements. We Our California retail stores generated approximately 60% of our 2009, 2008 and 2007 net revenue and a substantial portion of the revenue from We invest in U.S. government, agency, municipal and They are also reasonably priced, making coffee shops like The Coffee Bean and Tea Leaf a bit pricey and unpopular. Exchange Act of 1934, as amended (the Exchange Act)). accounts and distributing our products: We Proudly Brew (WPB) accounts and licensing accounts. Our ability to implement this business strategy depends on our ability to: market our products on a national scale and over the internet; enter into distribution and other strategic arrangements with third party retailers and other potential distributors of our coffee; increase our brand recognition on a national scale; identify and lease strategic locations suitable for new stores; and. court against the companies named in the letter. addition, any litigation relating to such allegations could be costly and could divert management attention. We expect that our California operations will continue to generate a substantial portion of our revenue. Complimentary 10 hours free analyst time for market review, 3. Franchises in other countries may face significant management challenges because each location has its own set of ethics and rules. They made this program available to regional countries all over the world. may also harm our competitive position. Any significant increase in shipping costs could lower our profit margins or force us to raise prices, which could cause our revenue and President, Chief Executive Officer and Director(PrincipalExecutiveOfficer), Vice President, Chief Financial Officer andSecretary(PrincipalFinancialand Accounting . Inc. and its subsidiaries are filed as part of this Form 10-K: Report of Independent Registered Public Accounting Firm, Consolidated Balance Sheets as of January3, 2010 and December28, 2008, Consolidated Statements of Income for the Years Ended January3, 2010,December The Coffee Bean & Tea Leaf recently rolled out its largest advertising campaign ever focusing on traditional and digital platforms while supporting the role of mobile in consumers' everyday activities. respects, effective internal control over financial reporting as of January3, 2010, based on the criteria established in Internal Control Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway was filed in July 2008 against the Company. The The lease for our main office space devoted to general corporate and business channel overhead and a call center for the home delivery business is approximately 60,000 square feet and extends to For complete Top 500 data, including each chains sales, units and YOY change, average unit volume, and company/franchise units, as well as Technomics analysis, growth forecast and more: Winsight is a leading B2B information services company focused on the food and beverage industry, providing insight and market intelligence to business leaders in every channel consumers buy food and beverage convenience stores, grocery retailing, restaurants and noncommercial foodservice through media, events, data products, advisory services, and trade shows. Grocery comprised 20.1%, 18.1% and 16.8% of net revenue for the fiscal years 2009, 2008 and 2007, respectively. Competition in the specialty coffee market is intense and could affect our profits. roasters like Peets to foodservice operators, direct to consumers through websites and mail order, offices and other places where coffee is consumed or purchased for home consumption. He describes its three keys to future success as: 1) finding the right locations with a good flow of customer traffic, 2) ensuring the franchise is profitable and sustainable from day one, 3) maintaining a high standard of operations including focusing on guest experience and exemplary taste. Every other coffee item has a substitute product, which poses a significant threat to such cafes. See notes to delivery, and office and restaurant accounts throughout the United States. International Coffee & Tea's annual revenues are $10-$50 million, The Premium International Coffee & Tea Company Report, 722515 Coffee Shops, Bagel, Donut & Ice Cream Shops. Comparison of Starbucks with The Coffee Bean & Tea Leaf. Jollibee planned to grow the The Coffee Bean in Asia, where there's a race for coffee supremacy. As we grow, we expect our operations to continue to Approximately $2.5 million is expected to be used for equipment and machinery to improve effectiveness and In addition, we have distributors where The following table summarizes the Companys contractual obligations and the timing and The following Consolidated Financial Statements of Peets Coffee& Tea, During the pandemic, the business flow changed. Smucker are the largest players since Kraft distributes its own brands as well as Starbucks and Seattles Best, while J.M. on marketable securities are recorded in accumulated other comprehensive income at each measurement date. Labor conditions in the grocery business could negatively impact our grocery business. YesNox. Based on analysis using changes in certain assumptions that could Operations. We have no control over these common carriers and the services provided by them may be interrupted as a If we encounter difficulties in obtaining any necessary licenses or complying with these laws and regulations, then: The opening of new retail locations could be delayed; The operation of existing retail locations or our coffee roasting operations could be interrupted; or. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and recorded on the straight-line method over the estimated useful lives, which range from 2 to 40 years. Securities registered pursuant to Section12(g) of the Act: Indicate by check mark whether the registrant is well-known, seasoned filer (as defined in Rule 405 under the Securities We must constantly protect against any infringement by competitors. 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. 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. 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 Effective in 2001, the Company adopted a new stock option plan for which the Company has reserved 1,500,000 shares of common stock for In total, as of January3, 2010, the Company has recognized a liability for penalties and interest of $57,000. 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 Standards Board (FASB) introduced a framework for measuring fair value and expanded required disclosure about fair value measurements of assets and liabilities, effective for financial assets and liabilities for fiscal years beginning after Results for the year reflect success in these areas as we were able to exceed margin and earnings goals significantly, grow our grocery sales business significantly and maintain Patrick J. ODea has served as Chief Executive Officer and President and as a director since May 2002. were able to meet our targeted net earnings per share by leveraging our infrastructure investments and diligently managing our costs. Tenant improvement allowances are amortized as a reduction in rent expense over the term of the lease. The tax benefits noted above, the Company accrued penalties and interest of $15,000 for each of 2009, 2008 and 2007. Because some young peoples wants and desires change frequently, keeping elderly people and people in their mid-50s also as their target audience would be very beneficial to their brand. Manage Deliveries is an application which enables consumers to schedule recurring deliveries including choosing Total unused borrowing capacity under the credit agreement was $25.0 million as of January3, 2010. The following table presents certain financial information for each segment. The global coffee beans market size was estimated at USD 28.60 billion in 2019 and is expected to reach USD 30.33 billion in 2020. b. Shares of Common Stock held by each officer, director and each person There were no purchases made by us or any affiliated purchaser as defined in Rule Operating expensesOperating expenses consist of both retail store and specialty operating costs, such as employee labor affecting consumer spending behavior. January3, 2010 and December28, 2008, the Company operated 192 and 188 retail stores, respectively, in California, Colorado, Illinois, Oregon, Massachusetts and Washington. that, as a result of our reputation that has been built over 40 years, we have access to some of the highest quality coffee beans from the finest estates and growing regions around the world and we are occasionally presented with opportunities to whole bean coffee inconsistent with our standards, store our whole bean coffee for long periods of time or resell our whole bean coffee without our consent, which in each case, potentially affects the quality of the coffee prepared from our The following documents are filed as part of this Form 10-K. (a)(1) Index to The Company measures certain The stock price performance shown in the graph is not necessarily indicative of future price performance. The parties are scheduled to appear before the California Superior Court on March26, 2010 to seek the Courts preliminary approval of the settlement terms. Operations for Taco Bell Corporation, a Yum! flavor of our coffees. The decrease was primarily due to leverage of retail overhead costs (-0.8%), Recent years have seen escalation in the number of legislative reforms and judicial rulings affecting this business. Smucker), Seattles Best (Starbucks), and Dunkin Donuts as well as numerous smaller, regional brands. in addition to its Folgers and Millstone brands. according to the National Coffee Association. The Company authorized 200,000 shares of common stock available for issuance under the plan, which will be increased as of each annual meeting of the Companys shareholders, beginning 2002 until 2020, by the least of 200,000 Our roasting method was first developed by Alfred Peet and further honed by our talented and skilled roasting personnel. understood. actual payment amount based on class participation is not expected to be material. Our responsibility is to express an opinion on these financial statements and an opinion on the Companys internal YesNo, Indicate by check mark if disclosure of delinquent filers pursuant to Item405 of Regulation S-K is not contained herein, and will not excludes unallocated marketing expenses and general and administrative expenses. Grocery coupons creating an obligation to the third party are recognized as a liability when distributed based upon expected consumer redemptions. We CBI websites generally use certain cookies to enable better interactions with. The fiscal year ended January3, 2010 included 53 weeks. Our audits of the financial statements included examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the rate is based on the implied yield available on U.S. Treasury zero-coupon issues with an equivalent term. All revenue is recognized net of any discounts, returns, allowances and sales incentives, jason beghe political views; national wild turkey federation stamp collection; publix fruit cake price; A SWOT analysis is used to assess a companys strengths, weaknesses, opportunities, and threats. Dublin, March 09, 2020 (GLOBE NEWSWIRE) -- The "Global Coffee Beans Market - Forecasts from 2020 to 2025" report has been added to ResearchAndMarkets.com's offering. The slower growth in whole bean and related products was primarily due to continuing cannibalization of bean sales in retail stores as we increased the availability of Peets coffee in grocery stores and our own new retail restricted cash. We opened 23 new stores in 2008 and 30 new stores in 2007. California were not paid overtime wages, were not provided meal or rest periods, were not provided accurate wage statements and were not reimbursed for business expenses. Our blends, such as Major We purchase high quality Arabica coffee beans from countries around the world, and we use our artisan-roasting technique to bring out the distinctive Stock-based compensation expense and related tax benefit was recognized as follows in be negotiated with the landlord, the Company will record the expense upon the earlier of the cease-use date or signing of an agreement with the landlord. We are 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 . was a modified self-insured program with a high deductible with an overall program ceiling to limit exposure. the grocery store. Coffee Bean and Tea Leaf (CBTL) comes in next in line as the second largest. the Common Stock outstanding on June28, 2009 (the registrants most recently completed second quarter), as reported by the Nasdaq National Market, was $336,924,667. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS. Beginning in fiscal 2009, the Company adopted fair value measurements and disclosure requirements for all nonfinancial 2009) included 53 weeks and the fiscal years ended December28, 2008 (fiscal 2008) and December30, 2007 (fiscal 2007) included 52 weeks each. Some of the factors that could influence the levels of consumer confidence and spending Master franchising was chosen as the most popular method of entry into distant and culturally diverse markets such as Asia. We consider our relationship with our employees to be good. In addition, on July14, 2008, a complaint was filed alleging that store managers based in California were not paid overtime wages, These products are carefully selected for quality and uniqueness. "The quality of research they have done for us has been excellent.". 1. However, any differences in estimates and assumptions could result in accrual requirements materially different from 10,799 were here. Companys distribution to grocery stores is through employees or independent distributors who do not take title to the inventory and revenue is recognized when the product is delivered to the grocer. these assets was determined using the income approach and Level 3 inputs, which required management to make estimates about future cash flows. Measurements and Disclosures to add new requirements for disclosures about transfers into and out of Levels 1 and 2 and separate disclosures about purchases, sales, issuances, and settlements relating to Level 3 measurements. Because roasted coffee is perishable, we are committed to delivering our coffee under the strictest freshness standards. The following table sets forth, for the periods indicated, the high and low closing prices for The plaintiffs seek injunctive relief, monetary damages, penalties, costs and 28, 2008, and December30, 2007, REPORT OF INDEPENDENT REGISTERED PUBLIC We regard intellectual property and other proprietary rights as important to our success. Coffee Bean Market Size, and Growth Rate Analysis: Coffee Bean Market size was valued at USD 27.0 billion in 2027 and is projected to grow at a compound annual growth rate of about 7% between 2022 and 2027. July14, 2008, a complaint was filed against us in California Superior Court, Alameda County, by three former employees on behalf of themselves and all other California store managers. include, without limitation, continuing conditions in the residential real estate and mortgage markets, access to credit, labor and healthcare costs, increases in fuel and other energy costs, consumer confidence and other macroeconomic factors on the consolidated balance sheets and the corresponding rent expense when specified levels have been achieved or when management determines that achieving the specified levels during the fiscal year is probable. Commission. Since we only roast our coffee to order, we do not carry inventory of roasted coffee in The success of our business is dependent to a large degree on our In 2008, we completed conversion of this facility from our roasting plant into office space. There were no changes in the Companys internal potentially result in substantial costs of defense, settlement or other disposition, which could have a material adverse effect on our results of operations in one or more fiscal periods. Transactions in the Proxy Statement and is incorporated by reference into this Form 10-K. Information concerning director independence required by Item13 is set forth under the caption Proposal 1- Election of In addition, events of default that permit the Bank to accelerate the Companys outstanding obligations, include nonpayment of principal, interest, fees or other amounts, violation of covenants, inaccuracy of representations and Our audit of internal control over financial reporting included obtaining an understanding of internal control over Arabica has higher acidity than robusta, which adds a fruity, chocolate, and nutty flavor to the beans. whose signature appears below constitutes and appoints Patrick J. ODea and Thomas P. Cawley and each of them, as his true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for him and in his name, year ends on the Sunday closest to the last day of December. We reward our most loyal home delivery customers who maintain regular, Starbucks Corporation is the largest competitor in the category. Information with respect to compliance with Section16(a) of the Exchange Act is set costs related to the purchasing, transportation and warehousing of coffee, tea and merchandise. This is a BETA experience. 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. 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. stores. Sign up for a free trial to see Coffee Bean & Tea Leaf's valuations in July 2019 and more. changes in equity during the period, except those resulting from transactions with shareholders of the Company. substantial premium above commodity coffee prices, depending upon the supply and demand at the time of purchase. The Company has California Enterprise Zone credit carryforwards of $487,000 that do not expire. Since 2019, it is a trade name of Ireland-based Super Magnificent Coffee Company Ireland Limited. Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis. before applicable income taxes, based on the Companys closing stock price of $33.35 as of the last business day of the year, which would have been received by the optionees had all options been exercised on that date. Coffee Bean & Tea Leaf's latest post-money valuation is from July 2019. 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. December16, 2009, the Company 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. covered by this annual report. Proposal 1Election of Directors in the Companys proxy statement relating to its 2010 Annual Meeting of Shareholders (the Proxy Statement) and is incorporated by reference into this Form 10-K. (iii)a number of shares determined by the Board prior to such date, which number shall be less than (i)and (ii)above. More than 60% of coffee cultivation is arabica, where Brazil is one of the leading producers in the world.