EMERYVILLE, Calif., April 28 /PRNewswire-FirstCall/ -- Peet's
Coffee & Tea, Inc. (NASDAQ:PEET) today announced its first
quarter 2009 results for the period ended March 29, 2009, which
included 13 weeks. (Logo:
http://www.newscom.com/cgi-bin/prnh/20070606/AQW139LOGO) In this
release, the Company: -- Reports first quarter diluted earnings per
share of $0.23, an increase of 53% versus last year, -- Reports net
revenue of $72.1 million, an increase of 7% versus last year, and
-- Reaffirms guidance for 2009 of diluted earnings per share of
$0.94 to $1.00. For the 13 weeks ended March 29, 2009, net revenue
increased 7% to $72.1 million from $67.1 million for the
corresponding period last year. Net income for the quarter was $3.1
million, or $0.23 per share, compared to $2.1 million, or $0.15 per
diluted share, for the corresponding period last year. "Our strong
profit this quarter reflects the power of the Peet's brand and our
ability to leverage the people, plant and systems infrastructure
we've built to drive improved results," said Patrick O'Dea,
president and CEO of Peet's Coffee & Tea. "The combination of
focusing on our highly loyal customer base and executing with
excellence across the Company is enabling us to grow quite
profitably despite the challenging economic environment." Financial
and Operating Summary Retail net revenue increased 8% to $48.0
million for the 13 weeks ended March 29, 2009 from $44.6 million
for the corresponding period last year. The increase was primarily
attributed to new retail stores opened in the last 12 months. The
Company opened two new retail locations in the quarter. Specialty
net revenue increased 7% to $24.1 million, compared to $22.5
million for the corresponding period last year. At the end of the
quarter, approximately 8,400 grocery stores carried Peet's coffee.
Within the specialty business, grocery sales grew 11%, foodservice
and office was up 10%, and home delivery sales were down 8%
compared to the same period last year. Cost of sales and related
occupancy costs increased to $32.6 million, compared to $32.0
million for the corresponding period last year, but decreased as a
percentage of net revenue to 45.2%, compared to 47.6% for the
corresponding period last year. The decrease from last year was due
to effective cost controls in the plant and retail stores, higher
prices in retail and grocery, favorable product mix in foodservice
and office, and lower milk and shipping costs, partially offset by
higher green coffee costs. Operating expenses increased to $25.2
million, compared to $23.5 million for the corresponding period
last year, but decreased slightly as a percentage of net revenue to
34.9%, compared to 35.0%, for the corresponding period last year.
The decrease was primarily due to effective cost management in the
retail business, including lower training, repairs and supplies
spending, as well as leveraging of retail overhead costs. This was
mostly offset by higher costs in grocery to support the expansion
of the direct store delivery sales system into the eastern U.S.
General and administrative expenses increased to $5.9 million
compared to $5.6 million for the same period last year driven by
higher payroll related costs, partially offset by lower
administration costs. Depreciation and amortization expenses
increased to $3.6 million, compared to $3.1 million for the
corresponding period last year. The increase was primarily due to
the opening of 16 new retail stores in the last 12 months. The
Company ended the quarter with cash and cash equivalents plus
investments of $16.6 million. Peet's Coffee & Tea, Inc. Q1 2009
Conference Call The Company will report its first quarter 2009
earnings results via conference call on Tuesday, April 28, 2009.
The teleconference will begin at 2:00 p.m. PT/5:00 p.m. ET. The
teleconference can be accessed by calling 1-877-545-1489. 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, May 5, 2009 at 1-888-203-1112 or 1-719-457-0820, using
access code 7479322. It will also be archived at
http://investor.peets.com/medialist.cfm through April 28, 2010, at
8:59p.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,
California 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 2009 forecasted
earnings per diluted share. 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, general economic conditions,
including the current recession and its ongoing negative impact on
consumer spending, 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 28, 2008. 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 BALANCE SHEETS
(Unaudited, in thousands, except share amounts) March 29, December
28, ASSETS 2009 2008 Current assets Cash and cash equivalents
$12,003 $4,719 Short-term marketable securities 4,558 8,600
Accounts receivable, net 10,115 11,924 Inventories 22,572 26,124
Deferred income taxes - current 2,922 2,922 Prepaid expenses and
other 5,499 7,193 Total current assets 57,669 61,482 Property,
plant and equipment, net 108,391 107,914 Deferred income taxes -
non current 3,068 3,059 Other assets, net 2,812 3,897 Total assets
$171,940 $176,352 LIABILITIES AND SHAREHOLDERS' EQUITY Current
liabilities Accounts payable and other accrued liabilities $9,366
$9,858 Accrued compensation and benefits 8,294 8,852 Deferred
revenue 4,979 6,350 Total current liabilities 22,639 25,060
Deferred lease credits 7,030 6,645 Other long-term liabilities 808
740 Total liabilities 30,477 32,445 Shareholders' equity Common
stock, no par value; authorized 50,000,000 shares; issued and
outstanding: 12,880,000 and 13,174,000 shares 84,669 90,123
Accumulated other comprehensive income (loss) (9) 34 Retained
earnings 56,803 53,750 Total shareholders' equity 141,463 143,907
Total liabilities and shareholders' equity $171,940 $176,352 PEET'S
COFFEE & TEA, INC. CONSOLIDATED STATEMENTS OF INCOME
(Unaudited, in thousands, except per share amounts) Thirteen weeks
ended March 29, March 30, 2009 2008 Retail stores $47,982 $44,609
Specialty sales 24,122 22,526 ------ ------ Net revenue 72,104
67,135 Cost of sales and related occupancy expenses 32,568 31,989
Operating expenses 25,171 23,529 General and administrative
expenses 5,938 5,562 Depreciation and amortization expenses 3,607
3,070 ----- ----- Total costs and expenses from operations 67,284
64,150 ------ ------ Income from operations 4,820 2,985 Interest
income 78 304 -- --- Income before income taxes 4,898 3,289 Income
tax provision 1,845 1,198 ----- ----- Net income $3,053 $2,091
====== ====== Net income per share: Basic $0.23 $0.15 Diluted $0.23
$0.15 Shares used in calculation of net income per share: Basic
13,039 13,956 Diluted 13,241 14,236 PEET'S COFFEE & TEA, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited, in thousands)
Thirteen weeks ended March 29, March 30, 2009 2008 Cash flows from
operating activities: Net income $3,053 $ 2,091 Adjustments to
reconcile net income to net cash provided by operating activities:
Depreciation and amortization 4,141 3,605 Amortization of interest
purchased 27 60 Stock-based compensation 643 668 Excess tax benefit
from exercise of stock options (28) (30) Tax benefit from exercise
of stock options 17 19 Loss on disposition of assets and asset
impairment 7 49 Deferred income taxes (9) - Changes in other assets
and liabilities: Accounts receivable, net 1,809 (44) Inventories
3,552 2,010 Prepaid expenses and other current assets 1,694 (178)
Other assets 177 3 Accounts payable, accrued liabilities and
deferred revenue (3,235) 1,075 Deferred lease credits and other
long-term liabilities 453 529 Net cash provided by operating
activities 12,301 9,857 Cash flows from investing activities:
Purchases of property, plant and equipment (3,787) (8,828) Changes
in restricted investments 884 - Proceeds from sales and maturities
of marketable securities 3,972 1,765 Purchases of marketable
securities - (917) Net cash provided by/(used in) investing
activities 1,069 (7,980) Cash flows from financing activities: Net
proceeds from issuance of common stock 450 544 Purchase of common
stock (6,564) - Excess tax benefit from exercise of stock options
28 30 Net cash provided by/(used in) financing activities (6,086)
574 Increase in cash and cash equivalents 7,284 2,451 Cash and cash
equivalents, beginning of period 4,719 15,312 Cash and cash
equivalents, end of period $12,003 $17,763 Non-cash investing
activities: Capital expenditures incurred, but not yet paid $1,548
$ 2,772 Other cash flow information: Cash paid for income taxes 21
119 SEGMENT REPORTING (Unaudited, dollars in thousands) Retail
Specialty Unallocated Total Percent Percent Percent of Net of Net
of Net Amount Revenue Amount Revenue Amount Revenue For the
thirteen weeks ended March 29, 2009 Net revenue $47,982 100.0%
$24,122 100.0% $72,104 100.0% Cost of sales and occupancy 20,525
42.8% 12,043 49.9% 32,568 45.2% Operating expenses 19,756 41.2%
5,415 22.4% 25,171 34.9% Depreciation and amortization 2,762 5.8%
427 1.8% $418 3,607 5.0% Segment operating income 4,939 10.3% 6,237
25.9% (6,356) 4,820 6.7% For the thirteen weeks ended March 30,
2008 Net revenue $44,609 100.0% $22,526 100.0% $67,135 100.0% Cost
of sales and occupancy 20,356 45.6% 11,633 51.6% 31,989 47.6%
Operating expenses 19,026 42.7% 4,503 20.0% 23,529 35.0%
Depreciation and Amortization 2,378 5.3% 340 1.5% $352 3,070 4.6%
Segment Operating income 2,849 6.4% 6,050 26.9% (5,914) 2,985 4.4%
http://www.newscom.com/cgi-bin/prnh/20070606/AQW139LOGO
http://photoarchive.ap.org/ DATASOURCE: Peet's Coffee & Tea,
Inc. CONTACT: Media, Melanie Vuynovich of Double Forte,
+1-415-848-8122, , for Peet's Coffee & Tea, Inc.; or Investors,
Seanna Allen of Peet's Coffee & Tea, Inc., +1-510-594-2196, Web
Site: http://www.peets.com/
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