This ASU will not have an impact to our consolidated financial statements except to require us to provide increased disclosure. The Company 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. reserved for issuance under the 2000 plan will be increased automatically by the lesser of (i)five percent (5%)of the total number of shares of common stock outstanding on such date, (ii)five hundred thousand (500,000)shares, coffee futures options to manage coffee supply and price risk. Opinions expressed by Forbes Contributors are their own. Other popular restaurants include McDonalds, Kentucky Fried Chicken (KFC), and coffee shops such as Starbucks, Cafe Coffee Day (CCD), etc. exporters, brokers and growers. We invest excess cash in interest-bearing, U.S. government, agency, municipal and guaranteed student loan obligations. 360-day year, actual days elapsed) either (i)at a fluctuating rate per annum of 1.50% above, for any day, the rate of interest equal to LIBOR then in effect for delivery for a 1 month period, or (ii)at a fixed rate per annum of 1.50% $12,449,000 for 2009, 2008 and 2007, respectively, including contingent rents of $113,000, $123,000 and $120,000, respectively. Managements Report on Internal Control over Financial Reporting. Stock Option, Employee Purchase and Deferred Compensation Plans. stores. occur or the settlement costs increase beyond what was anticipated, our expenses could increase and our profitability may decrease. Although these actions have been dismissed, Peets could in the future become subject to other claims and litigation, which could involve, for example, differentiated position built on our bean selectivity, freshness standards and artisan-roasting style. information becomes available in the future. YesNox, Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the Coffee Bean & Tea Leaf's latest funding round was a Acquired for on July 24, 2019. Our merchandise program consists of items such as brewing equipment for coffee and tea, paper filters and brewing accessories and branded and non-branded cups, saucers, travel mugs and serveware. The decrease from 2007 was primarily due to procurement savings (-0.7%), leverage of costs related to the roasting facility that opened in 2007 (-0.4%), and expenses increased in 2009 primarily due to the 31 stores we opened during 2009 and 2008 and the implementation of a new ERP system during the year. fiscal year. small single-unit mom and pop coffee houses and regional or local chains such as Coffee Bean& Tea Leaf, Tullys and Seattles Best. We also enter into not-yet-priced commitments based on a fixed premium over the New York C market 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. covered by this annual report. Our ability to execute our business strategy may suffer if: we are unable to recruit or retain a sufficient number of qualified employees; the costs of employee compensation or benefits increase substantially; or. Purchase CommitmentsAs of January3, 2010, the Company had outstanding coffee purchase commitments with both fixed prices and prices with a fixed premium over the New York C market as follows (amounts in perishable product, we pursue distribution channels that are consistent with our strict freshness standards. The Company has no off-balance The content on any website referred to in this report is not incorporated by reference into this report unless expressly noted. 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. The Coffee Bean and Tea Leaf uses cookies to give you the best experience on our website. The Coffee Bean Card. Open daily from 7AM to 12MN. Growing demand for coffee vending machines at railway stations, airports, offices, and other places and increasing demand from the working population are anticipated to make a reasonable contribution to the market revenue. Future minimum lease payments required under non-cancelable operating leases subsequent to January3, 2010 are as follows (amounts in thousands): Rent expense was $15,957,000, $14,513,000 and Every other coffee item has a substitute product, which poses a significant threat to such cafes. Entry Level Employee Jan 17 2019 Overall Experience Start Your Review of The Coffee Bean & Tea Leaf Rate It! In the grocery channel, Kraft and. Please wait while we are processing your request Coffee Beans Market Size, Share & Trends, Industry Report, 2019-2025. cost of green coffee beans. information received from the Companys insurance carrier including claims paid, filed and reserved for and historical experience. The global coffee bean market is projected to grow at a CAGR of 3.54% during the forecast period to reach US$30,225.625 million by 2027, from US$23,687.703 million in 2020. Inventory cost includes certain indirect restricted cash. We believe that maintaining and developing our brand is critical to our success and that the importance of brand recognition may increase as Freshness Sealed Containing 100% Arabica coffees and premium teas, the extraction process is specially designed to ensure optimum flavor and delicate aroma. Manage Deliveries is an application which enables consumers to schedule recurring deliveries including choosing ACCOUNTING FIRM. 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 Coffee is a trade commodity and, in general, its price can fluctuate depending on: weather patterns in coffee-producing countries; economic and political conditions affecting coffee-producing countries; foreign currency fluctuations; Therefore, we to warn consumers that ready-to-drink coffee contains a substance that is allegedly known to cause cancer. We value your investment and offer free customization with every report to fulfil your exact research needs. 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 cash flows of the assets. Our success in promoting and enhancing the Peets brand will also depend on our ability to provide customers with high quality products and customer service. mortgages or auction rate securities. may be able to duplicate them, which could harm our competitive position. income tax rate is summarized as follows: Deferred tax assets (liabilities) consist of the following at year end 2009 and 2008 (in thousands): The Company adopted ASC 740, Unrecognized Tax Benefits, as of January1, 2007. Coffee& Tea is a specialty coffee roaster and marketer of fresh roasted whole bean coffee and tea. 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. control over financial reporting was maintained in all material respects. 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. The registered independent public accounting firm of Deloitte& Touche LLP has issued a report on the effectiveness of the 28, 2008 and December30, 2007, Notes to Consolidated Financial Statements. strengthen our core businesses with improved operational efficiency. market activity, therefore requiring an entity to develop its own assumptions about the assumptions that market participants would use in pricing. In 2008, we completed conversion of this facility from our roasting plant into office space. Copyright 2023 CB Information Services, Inc. All rights reserved. As of January3, 2010, the Company had total unrealized losses of $0 reported in shareholders equity as a component of accumulated other comprehensive income or loss, net of any related tax effect. Pursuant to the requirements of Section13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report This ASU will not have an impact to our consolidated financial statements except to require us to provide increased disclosure. Grocery coupons creating an obligation to the third party are recognized as a liability when distributed based upon expected consumer redemptions. CBI websites generally use certain cookies to enable better interactions with. commodities more or less attractive investment options. Showing its resurgence, it recently debuted a new Coffee Tea & Bean outlet in the thriving Fort Greene area of Brooklyn on August 28, 2020. The following graph depicts the Companys total return to shareholders from January2, 2005 through January3, 2010, relative to the performance of the NASDAQ Composite Index, and the Thank you for reading this, and if you found it useful, please share it with your friends and family. Jollibee Foods Corp. will spend $350 million to purchase loss-making Coffee Bean & Tea Leaf, its largest acquisition. non-financial assets and liabilities, including long-lived assets, at fair value on a non-recurring basis. The company was founded by 2 people, Mona and Herbert Hyman. 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 Company closed 4 Coffee Beans Market Insights to 2025: A $30+ Billion Industry Opportunity around the globe" The Coffee Bean & Tea Leaf (sometimes shortened to simply "Coffee Bean" or "The Coffee Bean", often abbreviated as CBTL) is an American coffee chain founded in 1963. consolidated balance sheets consists of unrealized gains and losses, net of applicable taxes, on available-for-sale securities. or that the degree of compliance with the policies or procedures may deteriorate. 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 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. Approximately $6 million 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. The cosmetics segment is expected to witness growth in the coming years due to the increasing use of coffee beans in different personal care products such as face wash, scrubs, and lipsticks. Peets Operating Company, and secured by substantially all of the Companys and Peets Operating Companys personal property. Our goal is to ensure that customers receive coffee within days of roasting. Companys returns for the state of California tax for 2005 through 2008 are open tax years. The Company accounts for stock-based compensation in accordance with the fair value recognition provisions of ASC 718, the United States and global economy could materially adversely affect our business. Each store has a dedicated staff person at the bean counter to take orders and assist customers with questions on coffee origins and on home brewing. Privacy Policy. Our Income tax contingencies are accounted for in accordance with ASC 740, Income Taxes, and may require significant management judgment in estimating final The growing popularity of coffee among the young population and an increasing number of cafes are expected to provide growth opportunities for coffee beans in the region. Over the past year, The Coffee Bean & Tea Leaf Company has experienced significant growth across its grocery and ecommerce business, which has grown over 50 percent, has tripled online purchases of gift cards, outperforming YoY growth recorded in 2019 and has reentered the NY market with a location in Brooklyn with plans to open a number of . From 1995 to 1997, Mr.ODea was the Vice President and General Manager of the Specialty Cheese Division of Stella Foods. stores) and on high-traffic streets. Transaction income, January3, 2010 is determined based on an actuarial assessment of information received from our insurance carrier including claims paid, filed and reserved for and historical experience. attorneys fees, and prejudgment interest. In 2009, 2008 and 2007, the Company granted non-employee director options to purchase an aggregate Mountain. For grants prior to July3, 2006 expected stock price volatility was estimated using only the historical volatility of the Management estimates the amount and timing of future cash flows based on its experience and knowledge of and the Company in this annual report on Form 10-K refer to Peets Coffee& Tea, Inc. The effective income tax rate for 2008 was 37.0% compared to 35.8% in 2007. In 2009, the Company recorded a charge of $128,000 related to the impairment of assets at an under-performing store. An increase in consumption of coffee, coupled with coffee-flavored beverages, is expected to drive demand for coffee beans over the forecast period. From 1989 to 2002, she held a breadth of marketing positions with Procter& Gamble in the United States and Western Europe. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(Continued). for the fiscal year ended January3, 2010, (Exact Name of Registrant as Specified in Its Charter), (Address of Principal Executive Offices)(Zip Code), (Registrants telephone number, including area code). No shares remain available for purchase under this stock purchase program. North America dominated the coffee beans market with a share of 28.7% in 2019. The plaintiffs seek injunctive relief, monetary damages, penalties, costs and If the Company makes any substantive amendments to the Code of Business Conduct and Ethics or grants any waiver from a provision of the code to any executive officer or director, the Company will promptly Accounting Firm in the Proxy Statement and is incorporated by reference into this Form 10-K. prices we pay. DBS Bank (20 Oct 2019) Design Thinking. Patrick J. ODea has served as Chief Executive Officer and President and as a director since May 2002. $4,260,000 in 2009, 2008 and 2007, respectively. 7. Statement Schedule. The Company recognizes income from gift cards when the likelihood of the gift card. elsewhere in this report. Professional fees associated with our stock option review and related litigation were $1.4 million in 2007 and was with The Quaker Oats Company and General Foods. register these trademarks and trade dress, and thus cannot rely on the legal protections afforded by trademark registration. Within 2 years as BDM for The Coffee Bean and Tea Leaf, Binh launched 4 new stores as well as benefited the brand by hundreds million of VND. Did you find this Coffee Bean and Tea Leaf SWOT Analysis useful? References to we, us, our, Peets, be determined with certainty, the actual results will inevitably differ from our estimates. The majority of our business is in California, which has experienced an unpredictable workers compensation environment. compared to 2007 as a result of increased sales from new stores and the sales they generated in their first 12 months. The credit agreement contains customary affirmative and negative covenants, including a The liability is determined based on an actuarial assessment of NOTE:We are currently performing maintenance on our gift card features. Grand View Research is registered in the State of California at Grand View Research, Inc. 201 Spear Street 1100, San Francisco, CA 94105, United States. The Coffee Bean & Tea Leaf (sometimes shortened to simply "Coffee Bean" or "The Coffee Bean", often abbreviated as CBTL) is an American coffee shop chain founded in 1963. Operations for Taco Bell Corporation, a Yum! The Official Facebook Page for The Coffee Bean & Tea Leaf Malaysia. PHP. We conducted an evaluation, under the supervision and with the participation of our management, The LA-based chain was acquired by Jollibee in July for $350 million, becoming the largest deal yet for the international fast-food company. net in the fourth quarter of 2009 consists of an $8.5 million break-up fee received for the termination of a definitive agreement for Peets to acquire Diedrich, net of $4.2 million of professional and legal fees incurred related to the A delay in shipping could: have an adverse impact on the quality of the coffee shipped, and thereby adversely affect our brand and reputation; result in the disposal of an amount of coffee that could not be shipped in a timely manner; and. Approximately $2.5 million is expected to be used for equipment and machinery to improve effectiveness and anticipate, future, intend, plan, believe, estimate, forecast and similar expressions (or the negative of such expressions.) The Company was organized as a Washington corporation in 1971. in addition to its Folgers and Millstone brands. to be signed on its behalf by the undersigned, thereunto duly authorized. gains or losses from the sale of these instruments. Discover an elevated cafe experience. By continued use, you agree to our privacy policy and accept our use of such cookies. 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. Opportunities of Coffee Bean and Tea Leaf. Disclosure, Directors, Executive Officers and Corporate Governance, Security Ownership of Certain Beneficial Owners and Management and Related Stockholder borrowing capacity under the credit agreement was $25.0 million as of January3, 2010. We opened 8 new stores in 2009 and 23 new stores in 2008. The fiscal Herbert B. Hyman established The Coffee Bean & Tea Leaf, and his dedication to finding and serving the best coffee and tea in the world earned him the title of Founding Father of Gourmet Coffee in California. ground in socal, steeped in culture. Hello, fellow coffee lovers! The Companys federal income tax returns for 2006 through 2008 are open tax years. the past have used and may potentially in the future use coffee futures and coffee futures options to manage coffee supply and price risk. The fair market value of P. Christine Lansing joined the Company as Vice President, Chief Changes in Internal Control over Financial Reporting. believes would have a material adverse effect on the financial position or results of operations of the Company. cannibalization from our grocery business expanding in the eastern U.S. and lower gift sales during the 2008 holiday season. Our insurance may not Also, projections of any evaluation of the effectiveness of the internal control over financial reporting to future periods are subject to the risk that the controls may become inadequate because of changes in conditions, The company has consulted with investment bankers and may soon try to spin off The Coffee Bean and Tea Leafs Asian operations. had approximately $37.4 million in open fixed-priced purchase commitments and approximately $3.5 million in not-yet-priced commitments for a total of approximately $40.9 million with delivery Lead Trainer & Head of Learning & Development at IIDE, Leads the Learning & Development segment at IIDE. Analysts say that even as the coffee franchise market flourishes, companies like Coffee Bean are at a disadvantage. acquisition, use, or disposition of the companys assets that could have a material effect on the financial statements. We rely on a number of common carriers to deliver coffee to our customers and retail To ensure that our in addition to cost improvements at the store level (-0.2%), partially offset by higher costs associated with expanding the grocery business (0.3%) and expenses incurred in closing four underperforming stores (0.3%). published tax guidance applicable to our operations. Herbert Hyman founded the company in September 1963 as a coffee service for offices. In grocery, we expect to continue to expand into new markets although the full extent of our penetration will depend upon the development of specialty coffee as a category in many markets. Data File required to be submitted and posted pursuant to Rule405 of RegulationS-T (232.405 of this chapter) during the preceding 12months (or for such shorter period that the registrant was required to submit and post 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. The related asset is classified in cash Regardless of consumer support for smaller cafs, big players such as Tim Hortons, Starbucks and Second Cup Coffee Co. are still capturing the lion's share of the coffee-and-tea market, with Tim Hortons leading the pack at $8.9-billion in sales for 2018, according to Foodservice and Hospitality 's Top 100 Report. Kitchen by The Coffee Bean & Tea Leaf (@cbtlph) is now open in Okada Manila! There is no balance for closed store reserves as of December28, 2008. securities law claims, commercial disputes, and disputes relating to intellectual property. We purchase tea directly from importers and brokers and store and pack the tea at our facility in Alameda, California. DOWNLOAD TODAY Sea Salted Caramel Latte & Macchiato Moreover, these beans are rich in caffeine content, which has a direct effect on the brain. As we grow, we expect our operations to continue to As this matter is at a very early stage, provides for the automatic grant of nonstatutory stock options to purchase shares of common stock to non-employee directors, which is administered by the Board of Directors. Also, forward-looking statements represent our views, expectations, estimates and assumptions only as of the date of this report. the uncertainty of the period of payment. Now its working with franchiser Hudson River Coffee & Tea to grow the business across the metropolitan area. and the other financial data included elsewhere in this report. Actual results could differ from those estimates. We invest in U.S. government, agency, municipal and 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 All internal control systems, no matter how well designed, have inherent limitations.