Peet’s Coffee & Tea, Inc. (NASDAQ:PEET) today announced its
first quarter results for the fiscal period ended April 1, 2012,
which included 13 weeks.
In this release, the Company:
- Reports diluted earnings per share of
$0.25
- Reports net revenue growth of 7%
- Confirms fiscal 2012 diluted earnings
per share guidance of $1.70 to $1.80
For the 13 weeks ended April 1, 2012, net revenue increased 7%
to $94.8 million from $88.5 million for the corresponding period of
fiscal 2011. Diluted earnings per share was $0.25, compared to
$0.41 for the corresponding period of fiscal 2011.
“We knew the first half of 2012 would be challenging for us,”
said Patrick O’Dea, president and CEO of Peet’s Coffee & Tea,
Inc. “In the first quarter we faced the highest coffee cost
inflation of the year, and while our results reflect it, they were
in line with our expectations. As we previously indicated, we
expect to gain significant momentum in the second half as coffee
cost inflation abates, and we remain excited about the strategic
growth initiatives we’re investing in this year.”
Consolidated Financial and Operating Summary
Retail net revenue increased 4% to $54.1 million for the 13
weeks ended April 1, 2012, from $52.1 million for the corresponding
period last year. The increase was driven by a 5% rise in sales of
beverages and pastries and, to a lesser extent, an increase in
whole-bean and related sales. The Company opened one store in the
quarter, ending the quarter with 197 stores.
Specialty net revenue increased 12% to $40.7 million for the 13
weeks ended April 1, 2012, compared to $36.4 million for the
corresponding period last year. Within specialty, grocery sales
were up 12% compared to the corresponding period last year,
foodservice and office sales grew 16%, and home delivery sales were
flat.
Cost of sales and related occupancy expenses increased as a
percent of total net revenue to 51.0% for the quarter, compared to
46.6% for the corresponding period last year. The increase was
caused by higher green coffee cost, which was 44% more expensive
per pound than the same quarter last year. This increase was
partially offset by price increases across all channels and lower
shipping expenses.
Operating expenses were 31.5% of net revenue, consistent with
the corresponding period last year. A favorable mix shift towards
the specialty business and the impact of price increases across all
channels were offset by higher payment card processing fees and
investments in overhead.
General and administrative expenses increased as a percent of
net revenue to 7.8%, compared to 7.7% for the corresponding period
last year. General and administrative expenses increased to $7.4
million from $6.8 million for the corresponding period last year,
primarily due to higher payroll-related and marketing expenses.
Depreciation and amortization expenses decreased as a percent of
net revenue to 4.2%, compared to 4.4% for the corresponding period
last year. Depreciation and amortization expenses were $3.9 million
for the quarter, consistent with the corresponding period last
year.
Cash and cash equivalents plus short-term and long-term
marketable securities were $52.0 million at the end of the quarter,
compared to $35.4 million at the end of fiscal 2011.
Fiscal 2012 Outlook
Looking ahead, Peet’s confirmed the following fiscal 2012
guidance:
- Total net revenue growth of around
10%
- Diluted earnings per share in the range
of $1.70 to $1.80
Peet’s Coffee & Tea, Inc. Q1 2012 Conference Call
Peet’s will discuss its first quarter results and fiscal 2012
full-year outlook via conference call today, May 1, 2012. The
teleconference call will begin at 2:00 p.m. PT/5:00 p.m. ET and can
be accessed by calling 866-748-8653. The call will be
simultaneously webcast on the Investor Relations portion of Peet’s
website, under Media Events:
http://investor.peets.com/events.cfm.
A replay of the teleconference will be available from 5:00 p.m.
PT/8:00 p.m. ET on May 1, 2012, until 8:59 p.m. PT/11:59 p.m. ET on
May 8, 2012, at 404-537-3406 or 855-859-2056, using access code
71096879. It will also be archived at
http://investor.peets.com/events.cfm through May 1, 2013, at 8:59
p.m. PT/11:59 p.m. ET.
About Peet’s Coffee & Tea, Inc.
Peet’s Coffee & Tea, Inc. (NASDAQ: PEET) is the premier
specialty coffee and tea company in the United States. The company
was founded in 1966 in Berkeley, Calif. by Alfred Peet. Peet was an
early tea authority who later became widely recognized as the
grandfather of specialty coffee in the U.S. Today, Peet’s Coffee
& Tea offers superior quality coffees and teas in multiple
forms, by sourcing the best quality coffee beans and tea leaves in
the world, adhering to strict high-quality and taste standards, and
controlling product quality through its unique direct store
delivery selling and merchandising system. Peet’s is committed to
strategically growing its business through many channels while
maintaining the extraordinary quality of its coffees and teas. For
more information about Peet’s Coffee & Tea, Inc., visit
www.peets.com.
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING
INFORMATION
This press release and the related conference call contain
statements that are “forward-looking statements” within the meaning
of the Private Securities Litigation Reform Act of 1995. Words such
as “anticipates,” “expects,” “intends,” “plans,” “targets,”
“projects,” “guidance,” and similar expressions are intended to
identify such forward-looking statements, which include statements
relating to 2012 full-year and quarterly forecasted net revenue,
2012 full-year and quarterly forecasted diluted earnings per share,
coffee costs, and 2012 growth initiatives. Forward-looking
statements are based on management’s current beliefs, as well as
current assumptions made by and information currently available to
management, including financial and operational information, coffee
and other commodity price expectations, the Company’s stock price
volatility, and current competitive conditions.
These forward-looking statements are not guarantees of future
performance and are subject to inherent risks and uncertainties,
including risks and uncertainties beyond the Company’s control or
difficult to predict. Therefore, actual results and outcomes may
differ materially from what is expressed or forecasted in such
forward-looking statements. Investors should not place undue
reliance on these forward-looking statements, which speak only as
of the date of this press release. The Company undertakes no
obligation, other than as required by law, to update publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Important factors that could cause actual results to differ
materially from those in the forward-looking statements include,
but are not limited to: the Company’s ability to successfully
implement its business strategy, including its ability to market
its products, increase its brand recognition, expand its
distribution, and otherwise effectively compete; a decrease in the
demand for specialty coffee; the cost and availability of
high-quality Arabica coffee beans; cost fluctuations of commodities
other than coffee; any interruption in the operation of the
Company’s roasting and distribution facility; a major earthquake or
tsunami in the San Francisco Bay area; the recent recession or a
worsening of the United States and global economies; claims or
litigation; labor strikes in the grocery business; mandatory
healthcare requirements; disruptions or cost increases relating to
common carriers; loss of key personnel, or the ability to hire or
retain management or other personnel; competitors duplicating its
roasting methods; adverse public or medical opinion about caffeine;
adverse publicity regarding product quality or food and beverage
safety; new laws and regulations or failure to comply with
applicable laws and regulations; failure to meet market
expectations relating to the Company’s financial or strategic
performance; material failure, inadequacy, interruption or security
failure of the Company’s information technology; and an
unpredictable workers’ compensation environment, particularly in
California, 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 1, 2012. These factors may not be exhaustive and
other unpredictable or unknown factors could also have material
adverse effects on forward-looking statements. Additionally, the
Company operates in a continually changing business environment,
and new risks and uncertainties emerge from time to time.
All forward-looking statements in this press release and the
related conference call are qualified by these cautionary
statements.
PEET’S COFFEE & TEA,
INC.CONDENSED CONSOLIDATED BALANCE SHEETS(Unaudited,
in thousands, except share amounts)
April 1,2012
January 1,2012
ASSETS Current assets Cash and cash equivalents $ 44,977 $
30,755 Short-term marketable securities 5,877 3,800 Accounts
receivable, net 18,496 20,522 Inventories 48,832 54,265 Deferred
income taxes - current 5,041 5,041 Prepaid expenses and other
9,068 9,368 Total current
assets 132,291 123,751 Long-term marketable securities 1,108
888 Property, plant and equipment, net 87,047 89,304 Other assets,
net
2,313 1,328
Total assets
$ 222,759 $
215,271 LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities Accounts payable and other accrued
liabilities $ 13,577 $ 11,547 Accrued compensation and benefits
7,020 10,283 Deferred revenue
6,558
7,382 Total current liabilities 27,155 29,212
Deferred income taxes - non current 368 367 Deferred lease credits
6,517 6,668 Other long-term liabilities
2,376
1,068 Total liabilities 36,416 37,315
Shareholders' equity Common stock, no par value; authorized
50,000,000 shares; issued and outstanding: 13,236,000 and
13,136,000 shares 74,666 69,664 Accumulated other comprehensive
income 3 2 Retained earnings
111,674
108,290 Total shareholders' equity
186,343 177,956 Total
liabilities and shareholders' equity
$
222,759 $ 215,271
PEET’S COFFEE & TEA,
INC.CONDENSED CONSOLIDATED STATEMENTS OF
INCOME(Unaudited, in thousands, except per share
amounts)
Thirteen weeks ended
April 1,2012
April 3,2011
Retail stores $ 54,115 $ 52,089 Specialty sales
40,659 36,383 Net revenue 94,774
88,472 Cost of sales and related occupancy expenses 48,356
41,220 Operating expenses 29,826 27,884 Litigation related expenses
- 41 General and administrative expenses 7,382 6,768 Depreciation
and amortization expenses
3,942
3,919 Total costs and expenses from operations
89,506 79,832 Income from
operations 5,268 8,640 Interest income, net
6 11 Income before income
taxes 5,274 8,651 Income tax provision
1,890 3,138 Net income
$ 3,384 $ 5,513
Net income per share: Basic $ 0.26 $ 0.42 Diluted $ 0.25 $
0.41 Shares used in calculation of net income per share:
Basic 13,171 13,109 Diluted 13,482 13,520
PEET’S COFFEE & TEA,
INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS(Unaudited, in thousands)
Thirteen weeks ended
April 1,2012
April 3,2011
Cash flows from operating activities: Net income $ 3,384 $
5,513 Adjustments to reconcile net income to net cash
provided by operating activities: Depreciation and amortization
4,478 4,501 Amortization of interest purchased 69 83 Stock-based
compensation 990 906 Excess tax benefit from exercise of stock
options (1,121 ) (3,508 ) Tax benefit from exercise of stock
options 1,088 3,221 Loss on disposition of assets and asset
impairment 50 126 Deferred income taxes 1 68 Changes in other
assets and liabilities: Accounts receivable, net 2,026 (1,566 )
Inventories 5,433 2,281 Prepaid expenses and other current assets
300 (30 ) Other assets (1,288 ) (1 ) Accounts payable, accrued
liabilities and deferred revenue (1,927 ) (5,273 ) Deferred lease
credits and other long-term liabilities
1,157
(436 ) Net cash provided by
operating activities
14,640
5,885 Cash flows from investing
activities: Purchases of property, plant and equipment (2,398 )
(1,821 ) Changes in restricted investments 300 798 Proceeds from
sales and maturities of marketable securities 1,080 703 Purchases
of marketable securities
(3,445 )
(5,329 ) Net cash used in
investing activities
(4,463 )
(5,649 ) Cash flows from
financing activities: Net proceeds from issuance of common stock
2,924 7,730 Purchase of common stock - (21,244 ) Excess tax benefit
from exercise of stock options
1,121
3,508 Net cash provided by/(used in)
financing activities
4,045
(10,006 ) Increase/(decrease) in
cash and cash equivalents 14,222 (9,770 ) Cash and cash
equivalents, beginning of period
30,755
44,629 Cash and cash equivalents,
end of period
$ 44,977
$ 34,859 Non-cash investing
activities: Capital expenditures incurred, but not yet paid $ 115 $
187 Other cash flow information: Cash paid for income taxes 67 181
PEET’S COFFEE & TEA,
INC.SEGMENT REPORTING(Unaudited, in
thousands)
Retail
Specialty
Unallocated
Total
Amount
Percentof NetRevenue
Amount
Percentof NetRevenue
Amount
Percentof NetRevenue
For the thirteen weeks ended April 1, 2012 Net
revenue $ 54,115 100.0 % $ 40,659 100.0 % $ 94,774 100.0 % Cost of
sales and occupancy 24,517 45.3 % 23,839 58.6 % 48,356 51.0 %
Operating expenses 21,065 38.9 % 8,761 21.5 % 29,826 31.5 %
Depreciation and amortization 2,789 5.2 % 367 0.9 % $ 786 3,942 4.2
% Segment operating income 5,744 10.6 % 7,692 18.9 % (8,168 ) 5,268
5.6 %
For the thirteen weeks ended April 3, 2011 Net
revenue $ 52,089 100.0 % $ 36,383 100.0 % $ 88,472 100.0 % Cost of
sales and occupancy 22,244 42.7 % 18,976 52.2 % 41,220 46.6 %
Operating expenses 20,479 39.3 % 7,405 20.4 % 27,884 31.5 %
Litigation related expenses 41 0.1 % 41 0.0 % Depreciation and
amortization 2,737 5.3 % 444 1.2 % $ 738 3,919 4.4 % Segment
operating income 6,588 12.6 % 9,558 26.3 % (7,506 ) 8,640 9.8 %
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