Peet's Coffee & Tea, Inc. (Nasdaq:PEET) today announced its
first quarter results for the period ended April 3, 2005, which
included 13 weeks. In this release, the company: -- Reports sales
growth for the quarter of 22.7 percent, in line with previous
guidance; -- Reports earnings growth of 34.2 percent; -- Achieves
earnings per share of $0.17, the high end of previous guidance; --
Confirms 2005 guidance of 20 percent sales growth and $0.74 per
share. For the 13 weeks ended April 3, 2005, net revenue increased
22.7 percent to $40.0 million from $32.6 million for the
corresponding period of fiscal 2004. For the quarter, net earnings
increased 34.2 percent to $2.4 million from $1.8 million last year.
Diluted earnings per share were $0.17 compared to $0.13 per share
last year. "Our first quarter performance is right on track with
our plans for the year," said Patrick O'Dea, president and chief
executive officer of Peet's Coffee & Tea, Inc. "We're
particularly encouraged by the broad-based nature of our growth as
every channel of business experienced healthy double-digit sales
improvement." Financial and Operating Summary Retail revenue
increased 20.2 percent to $27.3 million for the 13 weeks ended
April 3, 2005, from $22.7 million for the corresponding period of
fiscal 2004. The increase was primarily attributable to new retail
stores opened in the last 12 months and growth in our existing
stores. Specialty revenue increased 28.3 percent to $12.7 million,
compared to $9.9 million last year. Within specialty sales, the
grocery business continues to grow the most rapidly, up 47.4
percent over last year. At the end of the quarter, Peet's was in
more than 3,500 grocery stores, or approximately 500 more than the
same period last year. The food service business also registered a
healthy 23.9 percent growth, benefiting from new customers added in
the last 12 months. Direct sales grew 11.6 percent, and the office
business grew 27.0 percent during the quarter. Cost of sales and
related occupancy costs decreased to 45.2 percent of total net
revenues compared to 45.6 percent last year. This decrease was
primarily driven by a price increase taken in the retail and direct
businesses last October. Operating expenses as a percentage of net
revenues remained unchanged from last year at 33.8 percent. Retail
operating expenses increased 1.7 percentage points due to new store
openings while the specialty business experienced a 2.9 percentage
point improvement as sales grew on a relatively fixed cost
structure. Depreciation and amortization expenses increased to $1.7
million, compared to $1.3 million last year. The increase was
primarily due to the opening of 20 new retail stores in the last 12
months. As a percentage of total net revenues, depreciation and
amortization expenses increased to 4.2 percent from 4.0 percent
last year primarily due to the new stores. General and
administrative expenses increased to $2.2 million compared to $1.7
million last year primarily due to costs associated to support
acceleration of the growth of the business and costs to comply with
Sarbanes-Oxley. As a percentage of total net revenues, general and
administrative expenses increased to 5.5 percent from 5.3 percent
last year. The company ended the quarter with cash and cash
equivalents plus marketable securities of $67.9 million. Fiscal
2005 Targets Looking ahead, Peet's provided additional detail on
current fiscal 2005 targets: -- In the second quarter of 2005, the
company is forecasting sales to grow between 21 percent and 22
percent with earnings per share between $0.15 and $0.16, up from
$0.13 per share for the corresponding period of 2004. -- For the
full year, Peet's is targeting total net revenue to grow
approximately 20 percent, excluding the impact of the 53rd week in
fiscal 2004, resulting in net revenue of approximately $172 million
and earnings per share of $0.74. Peet's Coffee & Tea, Inc. Q1
2005 Conference Call The company will report its first quarter 2005
earnings results via conference call on Wednesday, May 4, 2005. The
teleconference call will begin at 2 p.m. PT/5 p.m. ET. The
teleconference can be accessed by calling 800-289-0496,
confirmation code 5562452. The call will be simultaneously Webcast
on Peet's Web site at http://investor.peets.com/Medialist.cfm. A
replay of the teleconference will be available at 5 p.m. PT/8 p.m.
ET at 888-203-1112 or 719-457-0820, using access code 5562452. The
recording will be archived through midnight ET on May 11, 2005. It
will also be available on Peet's Web site through May 4, 2006 at
http://investor.peets.com/Medialist.cfm. About Peet's Coffee &
Tea, Inc. Founded in Berkeley, Calif. in 1966, Peet's Coffee &
Tea, Inc. is a specialty coffee roaster and marketer of fresh,
deep-roasted whole bean coffee for home and office enjoyment.
Peet's fresh-roasted coffee, hand-selected tea and related items
are sold in several distribution channels including grocery, home
delivery, office and food service accounts and company-owned stores
throughout the United States. Peet's is committed to strategically
growing its business and to maintaining a unique culture and focus
on customer satisfaction. For information about Peet's Coffee &
Tea, Inc., visit www.peets.com or call 800-999-2132. Peet's Coffee
& Tea, Inc. shares are traded under the symbol PEET. This press
release contains statements that are not based on historical fact
and are "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. These forward
looking statements include statements relating to 2005 annual and
second quarter sales growth and earnings estimates. Forward-looking
statements are based on management's beliefs as well as assumptions
made by and information currently available to management,
including financial and operational information and current
competitive conditions. As a result, these statements are subject
to various risks and uncertainties. The Company's actual results
could differ materially from those set forth in forward-looking
statements depending on a variety of factors including, but not
limited to, the Company's ability to implement its business
strategy, attract and retain customers, and obtain and expand its
market presence in new geographic regions; the availability and
cost of high quality Arabica coffee beans; consumers' tastes and
preferences; and competition in its market as well as other risk
factors as described more fully in the Company's filings with the
Securities and Exchange Commission, including its Annual Report on
Form 10-K for the year ended January 2, 2005. These factors may not
be exhaustive. The Company operates in a continually changing
business environment, and new risks emerge from time to time. Any
forward-looking statements speak only as of the date of this press
release. -0- *T PEET'S COFFEE & TEA, INC. CONDENSED
CONSOLIDATED STATEMENTS OF INCOME (Unaudited, in thousands, except
per share amounts) Thirteen weeks ended April 3, March 28, 2005
2004 ---------- ---------- Retail stores $27,283 $22,697 Specialty
sales 12,705 9,899 ---------- ---------- Net revenue 39,988 32,596
Operating expenses: Cost of sales and related occupancy expenses
18,071 14,854 Operating expenses 13,501 11,003 Marketing and
advertising expenses 831 876 Depreciation and amortization expenses
1,680 1,319 General and administrative expenses 2,194 1,717
---------- ---------- Total operating costs and expenses 36,277
29,769 ---------- ---------- Income from operations 3,711 2,827
Investment income, net (328) (187) ---------- ---------- Income
before income taxes 4,039 3,014 Income tax provision 1,611 1,205
---------- ---------- Net income $2,428 $1,809 ==========
========== Net income per share: Basic $0.18 $0.14 Diluted $0.17
$0.13 Shares used in calculation of net income per share: Basic
13,564 13,099 Diluted 14,169 13,635 PEET'S COFFEE & TEA, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited, in thousands,
except share amounts) April 4, January 2, 2005 2005 -----------
----------- ASSETS Current assets Cash and cash equivalents $16,243
$11,356 Accounts receivable 3,905 4,136 Inventories 11,774 12,614
Deferred income taxes 1,419 1,403 Prepaid expenses and other 3,051
2,280 ----------- ----------- Total current assets 36,392 31,789
Property and equipment, net 42,814 40,588 Intangible and other
assets, net 3,432 3,455 Marketable securities 51,650 52,057
----------- ----------- Total assets $134,288 $127,889 ===========
=========== LIABILITIES AND SHAREHOLDERS' EQUITY Current
liabilities Accounts payable $6,165 $5,710 Accrued compensation and
benefits 5,156 4,266 Deferred revenue 2,205 2,394 Income tax
payable 623 840 Other accrued liabilities 2,865 2,532 -----------
----------- Total current liabilities 17,014 15,742 Deferred income
taxes 812 838 Deferred lease credits and other long-term
liabilities 2,536 2,182 ----------- ----------- Total liabilities
20,362 18,762 Shareholders' equity Common Stock, no par value;
authorized 50,000,000 shares; issued and outstanding: 13,634,000
and 13,500,000 shares 95,500 93,091 Accumulated other comprehensive
loss, net of tax (190) (152) Retained earnings 18,616 16,188
----------- ----------- Total shareholders' equity 113,926 109,127
----------- ----------- Total liabilities and shareholders' equity
$134,288 $127,889 =========== =========== *T
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