EMERYVILLE, Calif., May 1 /PRNewswire-FirstCall/ -- Peet's Coffee
& Tea, Inc. (NASDAQ:PEET) today announced its first quarter
2008 results for the period ended March 30, 2008, which included 13
weeks. (Logo:
http://www.newscom.com/cgi-bin/prnh/20070606/AQW139LOGO) In this
release, the Company: -- Reports net revenue of $67.1 million, an
increase of 17% versus last year; -- Reports diluted earnings per
share of $0.15 versus diluted earnings per share of $0.10 for the
first quarter of 2007; -- Reports that nine new stores opened in
the quarter; and -- Reports that the Company has added 1,100
additional grocery accounts in the quarter and Peet's is now
available in 6,900 grocery stores, on track for full year target of
8,000. For the 13 weeks ended March 30, 2008, net revenue increased
17% to $67.1 million from $57.5 million for the corresponding
period of fiscal 2007. Reported net income for the quarter was $2.1
million or $0.15 per share, compared to $1.4 million or $0.10 per
share last year. In the first quarter of last year, the Company
incurred $0.6 million of after tax expense to complete its stock
option investigation. On a non-GAAP basis, excluding the after-tax
effect of these costs, the Company's first quarter net income for
fiscal 2007 would have been $0.15 per diluted share. "We made great
progress toward our eastern U.S. grocery expansion goal for the
year," said Patrick O'Dea, president and chief executive officer of
Peet's Coffee & Tea, Inc. "In addition, we realized significant
operating and procurement related cost improvements that helped to
offset some of the increased commodity related costs and a softer,
though still positive, retail store performance despite a more
challenging economic environment." Financial and Operating Summary
Retail net revenue increased 14% to $44.6 million for the 13 weeks
ended March 30, 2008 from $39.0 million for the corresponding
period of fiscal 2007. The increase was primarily attributable to
new retail stores opened in the last 12 months, and to a lesser
extent, sales growth in the existing store base. The Company opened
nine new retail locations in the quarter. Specialty net revenue
increased 22% to $22.5 million, compared to $18.5 million for the
corresponding quarter last year. At the end of the quarter, Peet's
was in more than 6,900 grocery stores, or approximately 2,400 more
than the same period last year. Within the specialty business,
foodservice and office sales grew at 29%, grocery was up 28%, and
home delivery sales were flat compared to the same period last
year. Cost of sales and related occupancy costs increased to 47.6%
of total net revenue, compared to 47.3% for the corresponding
quarter last year. The increase over last year is due to higher
commodity costs, particularly green coffee and milk, partially
offset by waste and cost reductions and by a retail price increase
on some drinks in January 2008. Operating expenses increased to
35.0% of total net revenue, compared to 34.4%, for the
corresponding quarter last year. The increase was primarily driven
by higher retail costs due to new stores and higher costs in
grocery to support the expansion of our direct store delivery sales
system into the eastern U.S. General and administrative expenses
decreased to $5.6 million compared to $5.9 million for the same
period last year. Last year's expenses included $1.0 million of
costs associated with our stock option review and related lawsuit.
Excluding those prior year costs, general and administrative
expenses increased $0.6 million, primarily due to increases in
headcount and marketing spending to support grocery expansion.
Depreciation and amortization expenses increased to $3.1 million,
compared to $2.7 million for the corresponding quarter last year.
The increase was primarily due to the opening of 31 new retail
stores in the last 12 months. The Company ended the quarter with
cash and cash equivalents plus investments of $32.7 million.
Looking ahead, the Company is forecasting full year 2008 sales
growth near the low end of the previously announced 17% to 20%
guidance. Peet's Coffee & Tea, Inc. Q1 2008 Conference Call The
Company will report its first quarter 2008 earnings results via
conference call on Thursday, May 1, 2008. The teleconference call
will begin at 2:00 p.m. PT/5:00 p.m. ET. The teleconference can be
accessed by calling 1-877-545-1490, confirmation code 4466761. 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 5:00 p.m. PT/ 8:00 p.m. ET through 8:59 p.m. PT/11:59
p.m. ET on Thursday, May 8, 2008 at 1-888-203-1112 or
1-719-457-0820, using access code 4466761. It will also be archived
at http://investor.peets.com/Medialist.cfm through May 1, 2009, at
8:59 p.m. PT/11:59 p.m. ET. ABOUT PEET'S COFFEE & TEA, INC.
Peet's Coffee & Tea, Inc., (PEET), is the premier specialty
coffee and tea company in the United States. Peet's buys the
highest quality beans in the world, artisan roasts every bean by
hand to order, and delivers all of its coffee quickly for superior
freshness no matter where it is sold. Founded in 1966 in Berkeley,
Calif. by Alfred Peet, who is widely recognized as the grandfather
of specialty coffee in the U.S., Peet's has a rapidly growing,
passionate customer following that seeks out Peet's coffees
wherever they go. Peet's is committed to strategically growing its
business through many channels without compromising the
extraordinary quality of its coffee. For more information about
Peet's Coffee & Tea, Inc. visit http://www.peets.com/. 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 2008 forecasted
sales growth and expected grocery distribution growth for 2008.
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, the
Company's stock price volatility, 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 impact of the Company's stock price
volatility on the valuation of stock-based compensation under SFAS
123(R); 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
December 30, 2007. 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. CONSOLIDATED STATEMENTS OF INCOME (Unaudited, in
thousands, except per share amounts) Thirteen weeks ended March 30,
April 1, 2008 2007 Retail stores $44,609 $39,023 Specialty sales
22,526 18,490 Net revenue 67,135 57,513 Cost of sales and related
occupancy expenses 31,989 27,190 Operating expenses 23,529 19,813
General and administrative expenses 5,562 5,943 Depreciation and
amortization expenses 3,070 2,730 Total costs and expenses fro
operations 64,150 55,676 Income from operations 2,985 1,837
Interest income 304 425 Income before income taxes 3,289 2,262
Income tax provision 1,198 846 Net income $2,091 $1,416 Net income
per share: Basic $0.15 $0.10 Diluted $0.15 $0.10 Shares used in
calculation of net income per share: Basic 13,956 13,516 Diluted
14,236 13,930 PEET'S COFFEE & TEA, INC. CONSOLIDATED BALANCE
SHEETS (Unaudited, in thousands, except share amounts) March 30,
December 30, 2008 2007 ASSETS Current assets Cash and cash
equivalents $17,763 $15,312 Short-term marketable securities 11,167
7,932 Accounts receivable, net 8,331 8,287 Inventories 22,473
24,483 Deferred income taxes - current 2,950 2,950 Prepaid expenses
and other 4,463 4,285 Total current assets 67,147 63,249 Long-term
marketable securities 3,769 7,831 Property and equipment, net
105,206 99,231 Deferred income taxes - non current 3,353 3,353
Other assets, net 3,856 3,883 Total assets $183,331 $177,547
LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Accounts
payable and other accrued liabilities $12,602 $10,104 Accrued
compensation and benefits 9,408 8,909 Deferred revenue 4,711 5,856
Total current liabilities 26,721 24,869 Deferred lease credits and
other long-term liabilities 5,954 5,425 Total liabilities 32,675
30,294 Shareholders' equity Common stock, no par value; authorized
50,000,000 shares; issued and outstanding: 13,961,000 and
13,932,000 shares 105,847 104,616 Accumulated other comprehensive
income 133 52 Retained earnings 44,676 42,585 Total shareholders'
equity 150,656 147,253 Total liabilities and shareholders' equity
$183,331 $177,547 Presentation of Non-GAAP Financial Measures The
following table reconciles non-GAAP net income per share and net
income, excluding the after tax costs associated with the Company's
stock option review and restatement, to GAAP net income per share
and net income. The Company is presenting these non-GAAP financial
measures to illustrate the effect on net income and net income per
share if the Company had not incurred the costs of the review of
its stock option granting practices. The Company uses such non-GAAP
financial measures to analyze and compare the performance of its
core business. Non-GAAP financial information is not prepared under
a comprehensive set of accounting rules and should be considered
supplemental to, and not a substitute for or superior to, financial
measures calculated in accordance with GAAP. Thirteen weeks ended
March 30, 2008 April 1, 2007 (unaudited, in thousands, except per
share amounts) Net income as reported $2,091 $1,416 Stock option
review professional fees 16 976 Income tax benefit (6) (365) Net
income, excluding fees $2,101 $2,027 After tax impact of review
professional fees $10 $611 Diluted net income per share: Net
income, as reported $0.15 $0.10 Stock option review professional
fees - 0.07 Income tax benefit - (0.03) Diluted net income,
excluding fees* $0.15 $0.15 After tax impact of review professional
fees* $- $0.04 * per share data may not sum due to rounding
http://www.newscom.com/cgi-bin/prnh/20070606/AQW139LOGO
http://photoarchive.ap.org/ DATASOURCE: Peet's Coffee & Tea,
Inc. CONTACT: Media, Nicole Arena of Double Forte, +1-415-848-8103,
, for Peet's Coffee & Tea, Inc.; or Investors, Susie Phillips
of Peet's Coffee & Tea, Inc., +1-510-594-2196, Web site:
http://www.peets.com/
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