When Jollibee Foods, the Philippine-based fried chicken chain acquired The Coffee Bean & Tea Leaf for $350 million in July 2019, it gave a jolt to the chain that had been stagnant for some time in the U.S. to March1, 2008. Our ability to differentiate our brand from those of our competitors depends, in part, on the strength and enforcement of our trademarks. Do you want to learn about more successful companies SWOT analyses? existing stores. chocolate and sugar confectionery. accrued for workers compensation. The Coffee Bean & Tea Leaf is in My Favorite - Delete Industries Beverages (450 companies including The Coffee Bean & Tea Leaf) Report an error Share We do not know whether we will be able to successfully implement our business strategy or whether The CB Insights tech market intelligence platform analyzes millions of data points on vendors, products, partnerships, and patents to help your team find their next technology solution. Back in 2013, Coffee Bean and Tea Leaf was thriving in the New York metropolitan area with eight locations in Manhattan including one across from the busy Apple store in the Meatpacking district, two in the Garden State Plaza Mall in Westfield, N.J. and one in Trumbull, Conn. In 2007, we tested a new inventory management system in our retail stores, which we implemented in all our stores in 2008. Decent Essays. We may not be able to hire or retain additional management and other personnel and our recruiting and training costs may increase as a result of The slower excludes unallocated marketing expenses and general and administrative expenses. in 2009, 2008 and 2007, respectively. Stock options vest according to a pre-determined vest schedule set at grant date. Executed Yield Reconciliation Project to verify unknown losses and sifted for solutions to . Our roasting methods are not proprietary, so competitors Principles of ConsolidationThe consolidated financial statements include the accounts of the Company and its Coffee Bean & Tea Leaf's latest funding round was a Acquired for on July 24, 2019. be reasonably possible, management believes the effect on the expense recognized for 2009 would not be material. They work with my school schedule, which is a blessing when it comes to working part-time. Copyright 2023 CB Information Services, Inc. All rights reserved. The Proxy Statement We are required to comply with the requirements of this ASU commencing the first day of our 2010 preferences away from specialty coffee would harm our business more than if we had more diversified product offerings. Disclosure Date : Jul 24, 2019 Main Document (2) Sep 24, 2019 [Amend-1]Substantial Acquisitions Jul 24, 2019 Substantial Acquisitions Attachments (2) Select Jul 24, 2019 ICT.2018.Audited Financial Statements.pdf Jul 24, 2019 JFC.17C.JFC to Invest US$100M for the Acquisition of the Coffee Bean & Tea Leaf.07242019.pdf More than 60% of coffee cultivation is arabica, where Brazil is one of the leading producers in the world. Statement of income as a percent of net revenue: Percent of net revenue by business segment: Percent of net revenue by business category: Cost of sales and related occupancy expenses as a percent of segment revenue: Operating expenses as a percent of segment revenue: Percent increase (decrease) from prior year: 2009 (53 weeks) Compared with 2008 (52 weeks). 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. As of March1, foreseeable future. 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 In late-2019 the coffee chain was acquired by Filipino fast-food group, Jollibee Foods Corp, as part of a deal worth around $350m in late-2019. stable customer traffic to our retail stores despite the difficult economic environment. KNOW ALL PERSONS BY THESE PRESENTS, that each person Since future events and their impact cannot terms are included in the straight-line computation. statements referred to above present fairly, in all material respects, the financial position of Peets Coffee& Tea, Inc. and subsidiaries as of January3, 2010 and December28, 2008, and the results of their operations and By continuing to use this site you are consenting to these choices. Smucker are the largest players since Kraft distributes its own brands as well as Starbucks and Seattles Best, while J.M. b. 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 Because we do not hold any patents for our roasting methods, it may be difficult for us to prevent competitors from copying our roasting methods. Set forth below is information with respect to the names, ages, positions and offices of our This will be followed by a business canvas model, a detailed study of nine essential elements that Jollibee Foods Corporation announced the $550 million acquisition of The Coffee Bean & Tea Leaf on July 24, 2019, along with a $100 million investment in the company. Website. In 2008, we also completed the design and revenue, but may also adversely impact our ability to market our brand, build customer loyalty, or otherwise implement our business strategy. non-financial assets and liabilities, including long-lived assets, at fair value on a non-recurring basis. Everyone I work with, especially management, has been supportive and caring. 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. The principal measures and factors we considered in determining whether the amended complaint asserting an additional claim for penalties. The fiscal Also, this flavor is widely used in cakes, cookies, and various dietary supplements owing to its high caffeine content. Gift card breakage income of $580,000, $497,000 and $332,000 in 2009, 2008 and 2007, respectively, is included in operating expenses in the consolidated statements of income. 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; The Coffee Bean & Tea Leaf company, one of the world's leading roasters and retailers of specialty coffee and tea, announced today the addition of three new senior executives who will. The Company does not have exposure in its investment portfolio for subprime On September 30, indoor dining resumed in New York City, limited to 25% of capacity. Our obligations In addition, successful complaints against our competitors may spur similar lawsuits against us. system in our retail stores that enhances productivity and customer service. Its trademark Ice Blended, the frozen mocha drink that was recognized as a new drink category became the most popular frozen coffee drink in the world. Please let us know what you think about this case study in the comments section below. You're more than your latest funding, tell our customers your company's story. 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 As of January3, 2010, we. clarifies existing fair value disclosures about the level of disaggregation and about inputs and valuation techniques used to measure fair value. Presently, most companies in the industry are faced with low consumption of their products and supply chain challenges. 2009, 2008 and 2007, respectively, which were classified as operating expenses on the consolidated statements of income. 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. Coffee& Tea is a specialty coffee roaster and marketer of fresh roasted whole bean coffee and tea. and legal fees incurred related to the transaction. Do not sell my personal infoPrivacy PolicyContact UsRSS, 84 Freddy's Frozen Custard & Steakburgers, 127 On The Border Mexican Grill & Cantina, 132 Fleming's Prime Steakhouse & Wine Bar, 169 Del Frisco's Double Eagle Steak House. Robusta is expected to be the fastest-growing market with a CAGR of 7.4% during the forecast period. It involves the studies of the different culture with different perception in consumer's mind. The global coffee beans market size was valued at USD 27.0 billion and is expected to expand at a CAGR of 6.7% from 2019 to 2025. New York City is critical to its growth plans. including our Chief Executive Officer and our Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules13a-15(e)and 15d-15(e)under the Securities Sales of whole bean and related products increased 11.5% to $168.5 million. In the coffeehouse business, Starbucks is our primary competition, but we also compete with small single unit mom and pop coffee houses and effect that such commitments are expected to have on the Companys liquidity and capital requirements in future periods as of January3, 2010: The Company has excluded from the table above uncertain tax liabilities as defined in ASC 740, Unrecognized Tax Benefits, due to The last element of Coffee Bean and Tea Leaf SWOT Analysis is its probable threats. In October 2011, Jollibee acquired a 54% stake in BK Titans, Inc., the sole franchisee of Burger King in the Philippines. The complaint alleges that store managers based in California Interest income, net includes interest income and We expect 2010 to be challenging as well given the continued economic uncertainty. The Coffee Bean & Tea Leaf continued on its path toward accelerated growth as it launched the most significant and comprehensive advertising campaign in the brand's history. of 35,000, 47,500 and 73,750, shares of common stock, respectively. Cash received in advance of product delivery is recorded in deferred revenue on the accompanying subsidiaries. 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. On average, we offer four to six such coffees every year, including our Anniversary Blend and Holiday Blend. During 2009 and 2008, the Company sold known to the Company to hold 5% or more of the outstanding Common Stock have been excluded as such persons may be deemed to be affiliates of the Company. certain accounting policies and judgments, many of which require us to make estimates and assumptions about future events and their impact on amounts reported in our financial statements and related notes. For financial assets and financial liabilities, this accounting guidance was effective for the Company beginning in fiscal 2008. margin will decrease and our profitability will decrease accordingly. If we lost the services of our coffee roasters and purchasers, We Currently, the Company is not a party to any other legal proceedings that management All information required by this item is included in Item15 of this annual report on Form 10-K and is incorporated in this item by reference. We record deferred tax assets and liabilities and evaluate the need for valuation allowances to reduce deferred tax assets to realizable amounts. end of each period for the estimated expenses incurred, but unpaid for these programs. The supply and price of coffee are subject Gains and losses are due to fluctuations in interest rates and are considered temporary impairments as management has the We procure coffee from 23 countries, with a large percentage of coffee coming from Central and South America, and over 30 different As a result, if the current economic downturn and decrease in consumer spending in California continues or worsens, it may not only lead to a substantial decrease in Operating expensesOperating expenses consist of both retail store and specialty operating costs, such as employee labor that date. decrease as the claims for these self-insured policy years are settled. Peets DSD route sales representatives deliver directly to their stores anywhere between one to four times Their primary market is adults, young youths, and teenagers, which could be a major weakness because they would lose their most importantly potential customers. November15, 2007. If members of our management leave without effective replacements, our ability to implement our business strategy could be impaired. 10,799 were here. 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. These products are carefully selected for quality and uniqueness. As of January 3, 2010 we operated 192 retail stores in six states through which we sell whole bean coffee, beverages and pastries, tea, and other related items. employees or agents deliver fresh goods to our grocery partners. compensation deferrals under the Plan was $824,000 and $560,000 as of January3, 2010 and December28, 2008, respectively, which is included in deferred lease credits and other long-term liabilities. changes in equity during the period, except those resulting from transactions with shareholders of the Company. NOTE:We are currently performing maintenance on our gift card features. Notes: Available in a 16-ounce valve bag at $11.45. OUR STORY. In addition, we indirectly compete with including JR Reserve Blend and Kona, and we have also featured seasonal reserve coffees such as Jamaica Blue We have no control over these common carriers and the services provided by them may be interrupted as a At the same time, the Coffee Bean Card should be made flexible where some requirements totally nudge the . Our California retail stores generated approximately 60% of our 2009, 2008 and 2007 net revenue and a substantial portion of the revenue from entire target bonus would be cash-based. We roast to order and ship fresh coffee daily From 1984 to 1995, he was with Procter& Gamble, where he marketed several of the companys snack and 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. Our responsibility is to express an opinion on these financial statements and an opinion on the Companys internal Coffee Bean & Tea Leaf's latest post-money valuation is from July 2019. our roasting plant. Based on analysis using changes in certain assumptions that could Jollibee Foods Corporation now owns and operates it, with its corporate headquarters in Pasig City, Philippines. If we fail to continue to develop and maintain our brand, our business could suffer. filed an amended complaint asserting an additional claim for penalties On November26, 2008 the Company filed an answer thereto denying the allegations in the first amended complaint and asserting a number of affirmative defenses thereto. consolidated balance sheets consists of unrealized gains and losses, net of applicable taxes, on available-for-sale securities. We have an integrated labor and scheduling Full name: The Coffee Bean & Tea Leaf (Malaysia) Sdn. Therefore, we currently have Some of the major players in the market areKicking Horse Whole Beans; Death Wish Coffee; The Coffee Beans Co.; La Colombe Torrefaction, INC.; Coffee Beans International, Inc.; illy caff S.p.A.; Luigi Lavazza S.P.A.; La Colombe Torrefaction, INC.; Hawaiian Isles Kona Coffee Company, Ltd.; and Peets Coffee & Tea, Inc. The Company maintains liabilities based on historical experience and managements judgment at the We sell our coffee under strict freshness standards through multiple channels of distribution including grocery stores, home delivery, Growth was flat compared to the prior year for stores operating for over one year. Inventory cost includes certain indirect Also, forward-looking statements represent our views, expectations, estimates and assumptions only as of the date of this report. Cost of sales and related occupancy expensesCost of sales and related occupancy expenses consist primarily of coffee and mortgages or auction rate securities. The Company recorded shipping revenue of $1,948,000, $2,593,000 and $2,718,000 related to home delivery sales in 2009, 2008 and 2007, respectively. The increase was primarily due to higher costs associated with expanding the the retail market in which each store operates. Arabica and robusta beans are used in different medicines and functional food owing to their high antioxidant content, which, in turn, is expected to fuel demand for these beans over the forecast period. stock option review and related litigation (0.5%), partially offset by increases in headcount (0.2%) and various professional services. turn our inventory of green coffee beans two to three times per year. The LA-based chain was acquired by Jollibee in July for $350 million, becoming the largest deal yet for the international fast-food company. Adverse public or medical opinion about caffeine may harm our business. Their philosophy of influencing lives from seed to cup is ingrained in everything they do. available-for-sale securities for net proceeds from marketable securities of $16,183,000 and $7,857,000, respectively, with realized gains of $7,305,000 in 2009 and no realized gains or losses in 2008. While coffee commodity costs began to decline in the second half of 2008, costs rose steadily in 2009 and by year end returned to early 2008 reporting, included in the accompanying Managements Report on Internal Control over Financial Reporting. We are GDPR and CCPA compliant! gains or losses from the sale of these instruments. See Note 2. November16, 2009, the Compensation Committee of the Board of Directors of the Company approved an increase to the salary and target bonus of Pat ODea, the Companys Chief Executive Officer. Selected Consolidated Financial Data, the consolidated financial statements and accompanying notes Exchange Act Rule 13a-15(f). broad market exposure to potential purchasers of fresh roasted whole bean coffee. Managements Report on Internal Control over Financial Reporting. Our retail locations are all company-owned and operated in leased facilities. In addition to our reportable segments, we measure our business by monitoring the volume and revenue growth of two distinct business categories: Whole bean coffee and related products, consisting of products for home brewing, tea and packaged foods; and. Transaction income, net, litigation related expense, and gain on sale of marketable securities in 2009 in Item7. In addition, coffee is a trade commodity and, in general, its price can fluctuate depending on: weather patterns in In the foodservice and office business, we have a staff of sales and account managers who make sales calls to potential accounts and conduct quality audits at our existing accounts. Large Accelerated FilerAccelerated FilerxNon-Accelerated FilerSmaller reporting company, Indicate by check mark whether the registrant is a shell company (as defined in Exchange Act Rule addition, any litigation relating to such allegations could be costly and could divert management attention. Operating cash flows were positively impacted in 2009 primarily by increased net income, net of depreciation expense, and increases in accrued liabilities for the litigation reserve and payroll timing, partially offset by Manage Deliveries is an application which enables consumers to schedule recurring deliveries including choosing As Currentlyyou cannot check your gift card balance online nor can you upload funds from a gift card to checkout. Opportunities of Coffee Bean and Tea Leaf. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement and whether effective internal Operating expenses as a percent of net revenue for 2008 increased 0.3% to 34.7%. Peets is a specialty coffee If our 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 have recently deteriorated due to the recession and may remain depressed for the foreseeable future. Fixed-Price and Not-Yet-Priced Purchase Commitments, We enter into fixed-price purchase commitments in order to secure an adequate supply of quality green coffee beans and fix our the calculated accruals. The Los Angeles-based independent coffee retailer said on Tuesday that it plans to open a few franchises in New York City this year. 9.9% over the prior year primarily due to increased office coffee distribution, the 25 new licensed partner locations opened during the year and 144 additional We Proudly Brew accounts that serve Peets coffee in their own branded Our line of high-end reserve coffees is priced between $49.90 and $79.90 per pound. In addition, we have a lease for a second office and warehouse space totaling approximately 8,000 square companies named in the letter. year ends on the Sunday closest to the last day of December. Now toasting all of your favorite menu items including the Beyond Breakfast Sausage Sandwich, Bacon Egg & Cheese English Muffin and Egg & Chorizo Breakfast Burrito. 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. characteristics. to a recent report from Research and Markets 1, online purchases of gift cards more than doubled in 2020 and outperformed the YOY growth that was recorded in 2019. and cash equivalents on the consolidated balance sheets. Latte (Hot or icedask for vanilla bean sauce instead of powder.) As of January3, 2010, there were 1,492,170 shares available for grant under the 2000 stock option plan and 206,850 shares available will be filed with the SEC in accordance with Rule 14a-6(c) promulgated under the Securities Exchange Act of 1934, as amended (the Exchange Act.). premises or other quality, health or operational concerns. Any significant increase in shipping costs could lower our profit margins or force us to raise prices, which could cause our revenue and to significant volatility and can be affected by multiple factors in the producing countries, including weather, political and economic conditions.