EMERYVILLE, Calif., Feb. 16 /PRNewswire-FirstCall/ -- Peet's Coffee
& Tea, Inc. (NASDAQ:PEET) today announced its fourth quarter
and annual results for the periods ended January 1, 2006, which
included 13 weeks and 52 weeks, respectively. The fiscal fourth
quarter and fiscal year periods ended January 2, 2005, included 14
weeks and 53 weeks, respectively. Highlights for the year included:
-- Sales growth for the year of 22.5 percent, on a 52 week to 52
week basis; -- Full year diluted earnings per share of 74 cents, in
line with previous guidance; -- The opening of 7 new retail
locations during the quarter, which brought the full year total to
20. For the 13 weeks ended January 1, 2006, net revenues increased
12.3 percent to $50.6 million from $45.1 million for the
corresponding 14-week period of fiscal 2004. Net revenues increased
19.3 percent when calculated on a comparative 13-week basis for
both fiscal 2005 and 2004. Net earnings for the 13 weeks ended
January 1, 2006, increased 7.8 percent to $3.4 million, or $0.24
per diluted share. This compares to net earnings of $3.2 million or
$0.23 per diluted share for the corresponding 14-week period of
fiscal 2004. For the 52-week fiscal year ended January 1, 2006, net
revenues increased 20.3 percent to $175.2 million from $145.7
million for the 53-week fiscal 2004. Net revenues increased 22.5
percent when calculated on a comparative 52- week basis for both
fiscal 2005 and 2004. Net earnings for the 52 weeks ended January
1, 2006, increased 21.7 percent to $10.7 million, or $0.74 per
diluted share. This compares to net earnings of $8.8 million or
$0.63 per diluted share for the corresponding 14- week period of
fiscal 2004. "Our results for 2005 were right on track with our
stated goals at the start of the year, with sales growth of 22.5
percent, a bit higher than expected, and both earnings per share
and operating income right on target," said Patrick O'Dea,
president and chief executive officer of Peet's Coffee & Tea,
Inc. "Most important, we believe we've achieved these results while
continuing to invest in the people and initiatives necessary to
remain a sustainable high growth, high performance company. In
2006, we look forward to building a new roasting facility, which we
plan to have up and running in early 2007, that will enable us to
meet the demands of our business in the western U.S. for the
foreseeable future." Consolidated Financial and Operating Summary
Retail revenues increased 10.1 percent to $33.5 million for the 13
weeks ended January 1, 2006, from $30.4 million for the
corresponding 14 week period of fiscal 2004. Excluding the impact
of the extra week in 2004, retail revenues increased 17.6 percent.
The increase was primarily attributable to the opening of 20 new
retail stores in the last 12 months and growth in our existing
stores. Specialty revenues increased 17.0 percent to $17.2 million
for the 13 weeks ended January 1, 2006, compared to $14.7 million
for the corresponding 14 week period of fiscal 2004. Excluding the
impact of the extra week in 2004, total specialty revenues
increased 22.7 percent. Cost of sales and related occupancy costs
increased to 47.0 percent of total net revenues for the 13 weeks
ended January 1, 2006, compared to 46.2 percent for the
corresponding 14-week period of fiscal 2004. This increase was
driven by higher production costs including green coffee, natural
gas, packaging and labor, offset by the lease accounting adjustment
last year, which accounted for 1.7 percentage points decline in
margin last year. Operating expenses as a percentage of net
revenues increased to 32.3 percent for the 13 weeks ended January
1, 2006, from 31.7 percent for the corresponding 14-week period of
fiscal 2004, primarily due to the increase in costs from the 20 new
stores opened during the year. This was partially offset by
improvements in specialty and existing stores, primarily due to
leverage gained on payroll related expenses distributed over an
expanded revenue base. Depreciation and amortization expenses
increased to $1.9 million for the 13 weeks ended January 1, 2006,
compared to $1.6 million for the corresponding period of fiscal
2004. 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 was 3.8 percent
for the 13 weeks ended January 1, 2006, compared to 3.6 percent for
the corresponding 14-week period of fiscal 2004. General and
administrative expenses decreased to $2.3 million for the 13 weeks
ended January 1, 2006, compared to $2.5 million for the 14-week
corresponding period of fiscal 2004, primarily due to 2005 having
one less week in the quarter and lower year-end Sarbanes-Oxley
expenditures in 2005. As a percentage of total net revenues,
general and administrative expenses decreased to 4.6 percent for
the 13 weeks ended January 1, 2006, from 5.6 percent for the
corresponding period of fiscal 2004. The effective income tax rate
for the 13 weeks ended January 1, 2006 was 37.4 percent compared to
34.9 percent for the corresponding period of 2004. The 2005 full
year effective tax rate was 38.8 percent, compared to 37.5 percent
for the full year 2004. The higher effective tax rate was primarily
due to less opportunity to utilize prior year carry-forwards than
in 2004. The company ended 2005 with cash and cash equivalents plus
investments of $70.0 million, compared to $63.4 million at year end
2004. Fiscal 2006 Targets Looking ahead, Peet's provided current
fiscal 2006 targets: -- The company expects to open approximately
23 to 28 new stores in fiscal 2006; -- Peet's is targeting total
net revenue growth of 20 to 23 percent; -- Peet's is targeting
earnings per diluted share of $0.80 to $0.83 for fiscal 2006,
excluding the impact from the expensing of stock based-
compensation; the impact of expensing stock based compensation in
2006 is expected to lower earnings per share by $0.18 to $0.20; --
The effective tax rate is targeted to be approximately 39 percent;
-- Capital expenditures are expected to be in the range of $18
million in fiscal 2006, excluding the purchase of the new roasting
facility. The company is expecting to complete the purchase of the
new plant in late 2006 or early 2007 for a total price of
approximately $24 million. Peet's Coffee & Tea, Inc. Q4 and
2005 Year-End Conference Call Peet's will report its fourth quarter
and 2005 year-end earnings via conference call on Thursday,
February 16, 2006. The teleconference call will begin at 2 p.m.
PT/5 p.m. ET and can be accessed by calling 1-877-502-9272 and
using access code 7638104. The call will be simultaneously Webcast
on Peet's Web site at http://www.peets.com/. A replay of the
teleconference will be available at 5 p.m. PT/8 p.m. ET through
midnight ET on February 21, 2006 at 1-888-203-1112 or 719-457-0820,
using access code 7638104. It will also be archived at
http://investor.peets.com/medialist.cfm through February 16, 2007.
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
http://www.peets.com/ or call 1-800-999-2132. 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 2006 revenue,
earnings estimates, retail store growth, effective tax rate
projection, and capital expenditures. 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. PEET'S COFFEE & TEA, INC. CONDENSED CONSOLIDATED
STATEMENTS OF INCOME (Unaudited, in thousands, except per share
amounts) 13 weeks 14 weeks 52 weeks 53 weeks January 1, January 2,
January 1, January 2, 2006 2005 2006 2005 Retail stores $33,453
$30,381 $118,030 $100,444 Specialty sales 17,180 14,689 57,168
45,239 Net revenue 50,633 45,070 175,198 145,683 Operating
expenses: Cost of sales and related occupancy expenses 23,806
20,834 80,374 67,189 Operating expenses 16,329 14,270 59,060 48,530
Marketing and advertising expenses 1,333 1,162 4,008 3,775
Depreciation and amortization expenses 1,934 1,628 7,299 5,794
General and administrative expenses 2,325 2,538 8,757 7,262 Total
operating costs and expenses 45,727 40,432 159,498 132,550 Income
from operations 4,906 4,638 15,700 13,133 Interest income, net 593
267 1,769 922 Income before income taxes 5,499 4,905 17,469 14,055
Income tax provision 2,059 1,713 6,782 5,270 Net income $3,440
$3,192 $10,687 $8,785 Net income per share: Basic $0.25 $0.24 $0.77
$0.66 Diluted $0.24 $0.23 $0.74 $0.63 Shares used in calculation of
net income per share: Basic 13,944 13,415 13,801 13,308 Diluted
14,601 14,110 14,469 13,951 PEET'S COFFEE & TEA, INC.
CONSOLIDATED BALANCE SHEETS (Unaudited, in thousands, except share
amounts) January 1, January 2, 2006 2005 ASSETS Current assets Cash
and cash equivalents $16,996 $11,356 Short-term marketable
securities 36,080 -- Accounts receivable, net 5,152 4,136
Inventories 16,148 12,614 Deferred income taxes 1,514 1,403 Prepaid
expenses and other 3,372 2,280 Total current assets 79,262 31,789
Long-term marketable securities 16,890 52,057 Property and
equipment, net 46,313 40,588 Intangible and other assets, net 5,434
3,455 Total assets $147,899 $127,889 LIABILITIES AND SHAREHOLDERS'
EQUITY Current liabilities Accounts payable $5,523 $5,710 Accrued
compensation and benefits 5,563 4,266 Deferred revenue 3,415 2,394
Other accrued liabilities 3,030 3,372 Total current liabilities
17,531 15,742 Deferred income taxes 1,759 838 Deferred lease
credits and other long-term liabilities 2,537 2,182 Total
liabilities 21,827 18,762 Shareholders' equity Common stock, no par
value; authorized 50,000,000 shares; issued and outstanding:
13,902,000 and 13,500,000 shares 99,273 93,091 Accumulated other
comprehensive loss, net of tax (76) (152) Retained earnings 26,875
16,188 Total shareholders' equity 126,072 109,127 Total liabilities
and shareholders' equity $147,899 $127,889 First Call Analyst: FCMN
Contact: mvega@webershandwick.com DATASOURCE: Peet's Coffee &
Tea, Inc. CONTACT: Media: Jennifer Strasburg of Weber Shandwick,
+1-415-248-3436 or , for Peet's Coffee & Tea, Inc.; or
Investors: Maria Butler-Hadas of Peet's Coffee & Tea, Inc.,
+1-510-594-2100 or Web site: http://www.peets.com/
Copyright
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