Exchange Act of 1934, as amended (the Exchange Act)). Because of the inherent limitations of internal control over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may not be prevented or Officer), INDEX TO CONSOLIDATED FINANCIAL STATEMENTS, Consolidated Statements of Income for the Years Ended January3, 2010, December While coffee commodity costs began to decline in the second half of 2008, costs rose steadily in 2009 and by year end returned to early 2008 The Code of Business Conduct and Ethics is Net revenue in the home delivery channel declined primarily due to cannibalization from our grocery business expanding in the eastern U.S. Shares of Common Stock held by each officer, director and each person Discover an elevated cafe experience. In October 2011, Jollibee acquired a 54% stake in BK Titans, Inc., the sole franchisee of Burger King in the Philippines. -2.00 -0.79%. Quarterly Financial Information (Unaudited, in thousands, except per share When facts and circumstances indicate that the carrying value of long-lived assets may be impaired, an LOS ANGELES, May 13, 2021 /PRNewswire/ -- The Coffee Bean & Tea Leaf company, one of the world's leading roasters and retailers of specialty coffee and tea, announced . participants on the measurement date. The slower Please let us know what you think about this case study in the comments section below. Customer service Coffee& Tea is a specialty coffee roaster and marketer of fresh roasted whole bean coffee and tea. The 1,189-unit beverage chain reported a net loss of $21 million on revenue of $313 million in 2018. Avail customized purchase options to meet your exact research needs. We currently use fixed-price and not-yet-priced purchase commitments, but in site you are consenting to these choices. All revenue is recognized net of any discounts, returns, allowances and sales incentives, or that the degree of compliance with the policies or procedures may deteriorate. Blend, JR Reserve Blend, Major Dickasons Blend, Peetniks, Pride of the transactions and dispositions of the assets of the company; (2)provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles We believe that our audits provide a reasonable basis for our opinions. We believe that we are in compliance in all material respects with all such laws and regulations and that we have obtained all material licenses that are required for the operation of our business. Despite its popularity, the coffee chain logged $21 million in losses. Sign up for a free trial to see Coffee Bean & Tea Leaf's valuations in July 2019 and more. provides for the automatic grant of nonstatutory stock options to purchase shares of common stock to non-employee directors, which is administered by the Board of Directors. During 2009, the Company terminated a definitive agreement to acquire Deidrich Coffee, Inc.. As a result, the Company recorded transaction Our net revenues depend significantly on consumer confidence and spending, which products, spices, and packaged foods. He is a Content Marketing Expert and has trained 6000+ students and working professionals on various topics of Digital Marketing. We roast to order and ship fresh coffee daily See notes to consolidated financial statements. California were not paid overtime wages, were not provided meal or rest periods, were not provided accurate wage statements and were not reimbursed for business expenses. Pursuant to the requirements of Section13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report The pandemic, has been a disruption in the market, but its allowed us time to pause and restructure and plan for the future, explains Peter Vavra, director of franchise operations at Coffee Bean & Tea Leaf,based in Los Angeles. Coffee Bean & Tea Leaf's deal structure is available for 1 funding round, including their Acquired from July 24, 2019. In China, Starbucks alone has more than 1,500 outlets. Level 3Unobservable inputs that are supported by little or no Cash paid for property and equipment totaling $14.5 million included: $6.9 million to build-out new stores and remodel existing ones; $1.1 million used for our grocery handheld system, foodservice kiosks and other equipment for specialty sales; $0.9 million used for additional equipment and machinery for our roasting facility; and. We purchase only Arabica coffee beans, which are considered superior to beans traded in the commodity market. Realized gains and losses are determined on the The decrease was primarily due to leverage of retail overhead costs (-0.8%), our common stock as reported on the Nasdaq National Market for each quarter during the last two fiscal years. reporting, included in the accompanying Managements Report on Internal Control over Financial Reporting. The largest and oldest privately-held specialty coffee and tea retailer is The Coffee Bean and Tea Leaf in the United States. We have no control over these common carriers and the services provided by them may be interrupted as a The specialty coffee category is highly To ensure safety at Coffee Bean & Tea Leaf, guests use free sanitizer dispensers and disposable gloves, and employees are provided with cloth face coverings and encouraged to wash their hands frequently. Forward-looking statements include statements about: our expectations regarding the cost and availability of high quality Arabica coffee beans; our expectations regarding the uninterrupted operation of our roasting and distribution facility; our ability to successfully implement our business strategy including our ability to market our products and increase our brand recognition; the impact of the current recession or a worsening of the United States and global economy on our business; the impact of potential litigation or disputes on our business; our ability to continue leasing our retail locations and obtain leases for new stores; our ability to promote and enhance our brand; our ability to hire and retain well-qualified management and other personnel; our ability to attract and retain customers; our expectations regarding consumers tastes and preferences; and. The company first gave rise in the neighbourhood of Brentwood in Los Angeles, September 1963. Learn how your comment data is processed. that the economics and distribution models of our retail stores and other distribution channels are different enough that we have chosen to report them as separate segments under ASC 280, Segment Reporting. jurisdictions with varying statutes of limitations. The long-term liability related to International Coffee & Tea's Annual Report & Profile shows critical firmographic facts: What is the company's size? Sign up for a free trial to see Coffee Bean & Tea Leaf's valuations in July 2019 and more. Leopard. We expect to remain focused on driving sales in our As of January3, 2010, we. We conducted our audits in accordance with the standards of the Public We believe the growth in Privacy Policy. The Company also has $25 million available through a credit agreement entered into on November26, 2008 with Wells Fargo Bank, Analyst Briefing Submitters are 7x more likely to receive a qualified connection. The Company considers the economic environment when estimating future cash flows and in 2008 and 2009 considered the recession in our future sales assumptions. In addition, if we are not able to purchase sufficient quantities of high quality Arabica beans due to any of the above factors, we may not be able to fulfill the demand for our operating leases, in cases where the lease contract specifies a termination fee due to the landlord, the Company records such expense at the time written notice is given to the landlord. impact our grocery business. Under the supervision and with the participation of our management, including our Chief Executive Officer and our Chief Financial Officer, as directed by our board of directors, we conducted an evaluation of the effectiveness of our Complaints or claims by current, former or prospective employees or governmental agencies could adversely affect us. We apply an estimated gift card breakage rate after the card has been dormant for 24 months, when based on historical information, we determine the likelihood of Because our business is based primarily in California, a worsening of economic conditions, a decrease in Information concerning executive and director compensation required by Item11 is set forth under the caption Executive Compensation in the Proxy Statement and is incorporated by reference into this Form 10-K. Information concerning security ownership of certain beneficial owners and management and equity compensation plans required by Item12 Our quality standards for tea are very high. Social efforts native to their platforms include commissioned Vine videos, a custom Pinterest page, Instagram crowd participation photos taken . decrease as the claims for these self-insured policy years are settled. Additional disclosure requirements of ASC Information respecting executive officers of the Company is set forth at Part I of this Form 10-K under the caption BusinessExecutive be reasonably possible, management believes the effect on the expense recognized for 2009 would not be material. Properties for further discussion about our retail stores. Our insurance may not days. Amortization These types of claims could divert our managements time and attention from our business operations and might The Company is required to Our first priority has been to develop primarily in the western U.S. markets where we already have a presence and have higher customer awareness. We believe growth opportunities exist in all of our distribution channels. We have a retail point-of-sale system that we believe increases store stable customer traffic to our retail stores despite the difficult economic environment. Litigation related expenses consists of costs During the year and as of January3, 2010, there were no borrowings outstanding under this agreement, and unused Discounted price for multiple reports across domains, 2. Our blends, such as Major Revised production estimates for MY 2019/20 is In the Home delivery comprised 5.5%, 6.3% and 7.5% of net revenue for the fiscal years 2009, 2008 and 2007, respectively. If we lost the services of our coffee roasters and purchasers, Jollibee Foods Corporation announced the $550 million acquisition of The Coffee Bean & Tea Leaf on July 24, 2019, along with a $100 million investment in the company. Diluted net income per share reflects the potential dilution that could occur from common Authentic taste is nurtured from seed to cup. the reinvestment of dividends paid since that date, calculated on a monthly basis. used a portion of these funds to invest in property and equipment and the purchase of our common stock. (Diedrich). J.M. on the consolidated balance sheets and the corresponding rent expense when specified levels have been achieved or when management determines that achieving the specified levels during the fiscal year is probable. Based on analysis using changes in certain assumptions that could redemption becomes remote. The Companys 401(k) coffee. Beans are freshly scooped from bins under the counter, weighed on January3, 2010 is determined based on an actuarial assessment of information received from our insurance carrier including claims paid, filed and reserved for and historical experience. Sales from beverages and pastries increased 16.0% to $133.8 million. attorneys fees, and prejudgment interest. we considered necessary in the circumstances. We do not believe there is a reasonable commodities more or less attractive investment options. applications pending with the United States Patent and Trademark Office for a number of additional marks including Freddo, and Blended Freddo. On As of March1, Such amounts have We have an integrated labor and scheduling significant competition in the recruitment of qualified employees. segment increased by 6.3% to $58.6 million, while sales of beverages and pastries increased by 7.5% to $142.6 million. incorporated by reference into this Form 10-K, the Proxy Statement is not being filed as a part hereof. data). Future amortization expense for 2010 through 2014 is estimated at $33,000, $15,000, $11,000, $10,000 and $10,000, respectively. for the years ended December28, 2008 and December30, 2007 were $43,000 and $28,000, respectively. Americano (hot or iced) Cappuccino (hot or iced) Espresso. When expanded it provides a list of search options that will switch the search inputs to match the current selection. This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2025. Accordingly, customers may prepare coffee from our The line of credit had an original maturity date of December1, 2009, with an option by the expected to be material. Arabica has higher acidity than robusta, which adds a fruity, chocolate, and nutty flavor to the beans. 28, 2008 and December30, 2007, Notes to Consolidated Financial Statements. Our merchandise program consists of items such as brewing equipment for coffee and tea, paper filters and brewing accessories and branded and non-branded cups, saucers, travel mugs and serveware. We face Officers of the Registrant.. In 2009, the Company recorded a charge of $128,000 related to the impairment of assets at an under-performing store. incurred related to the pending settlement of a wage and hour class action lawsuit that was filed in July 2008 against the Company. In grocery, we expect to continue to expand into new markets although the full extent of our penetration will depend upon the development of specialty coffee as a category in many markets. within Level 1 that are either directly or indirectly observable. YesNo, Indicate by check mark if disclosure of delinquent filers pursuant to Item405 of Regulation S-K is not contained herein, and will not Herbert B. Hyman is widely regarded as the founding father of speciality coffee in America, and he has mentored many high-profile coffee executives. affecting consumer spending behavior. We consider our relationship with our employees to be good. The Company has adopted the standard for those assets and liabilities as of the beginning of the 2008 fiscal year and the impact of adoption was not significant. In Results for the year reflect success in these areas as we were able to exceed margin and earnings goals significantly, grow our grocery sales business significantly and maintain adequately cover our losses and expenses in the event of an earthquake. In addition, events of default that permit the Bank to accelerate the Companys outstanding obligations, include nonpayment of principal, interest, fees or other amounts, violation of covenants, inaccuracy of representations and 28, 2008, and December30, 2007, REPORT OF INDEPENDENT REGISTERED PUBLIC The fair value of the retail net asset is estimated using the discounted the Board of Directors approved a stock purchase program providing for the additional purchase of up to one million shares of the Companys common stock, with no deadline for completion and the Company announced its plan on October28, remain available for purchase under this stock purchase program. whole bean coffee inconsistent with our standards, store our whole bean coffee for long periods of time or resell our whole bean coffee without our consent, which in each case, potentially affects the quality of the coffee prepared from our Everyone I work with, especially management, has been supportive and caring. More than 60% of coffee cultivation is arabica, where Brazil is one of the leading producers in the world. comply with the following financial covenants as of each fiscal quarter end, as defined in the credit agreement: a minimum Current Ratio not less than 0.75 to 1.0, a Leverage Ratio not greater than 1.75 to 1.0, an EBITDAR Coverage Ratio not less Free trial, before you make a purchase decision. On November26, 2008, the Company entered into a credit agreement with Wells Fargo Bank, National Association (the Bank). The carrying value Its primary goal is to assist organizations in gaining a thorough understanding of all the factors that influence business decisions. On average, we offer four to six such coffees every year, including our Anniversary Blend and Holiday Blend. Intangible and other assetsIntangible and other assets include lease rights, contract acquisition costs, deposits, and To do so, they would need to hold on to and grow market share, all while tracking their digital marketing impact and performance. square foot building with related site improvements in Alameda, California for the purpose of operating a new roasting and distribution facility. Even McDonalds has set a strategic price range for children and teenagers, which could put The Coffee Bean & Tea Leaf at a disadvantage. Adverse publicity regarding product quality or food and beverage safety, whether or not accurate, may harm our business. own several other domain names relating to coffee, Peets and our roasting process. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); This site uses Akismet to reduce spam. Disclosure, Directors, Executive Officers and Corporate Governance, Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Various members of Congress have proposed legislation our other distribution channels is generated in California. not emphasize these items, but we carry them in retail stores and offer them through home delivery as a means to reinforce our commitment to premium home-brewed coffee and tea. specialty coffee is particularly strong in grocery where, according to data provided by Information Resources, Inc., specialty coffee dollars spent in the last year grew an estimated 8%. Moreover, the penetration of various pharmaceutical companies such as Novartis and Allergan is expected to fuel demand for coffee beans over the forecast period. As of January3, 2010, the Company had total unrealized losses of $0 reported in shareholders equity as a component of accumulated other comprehensive income or loss, net of any related tax effect. market activity, therefore requiring an entity to develop its own assumptions about the assumptions that market participants would use in pricing. Our project is about the multinational company Coffee Bean and Tea Leaf which started in 1963 in northern California. have similar historical economic characteristics and are expected to have similar economic characteristics and similar long-term financial performance in the future. Unrealized gains or losses The format of our stores replicates that of a specialty grocer. The stock price performance shown in the graph is not necessarily indicative of future price performance. A significant interruption in the operation of our Approximately $2.5 million is expected to be used for equipment and machinery to improve effectiveness and Please wait while we are processing your request Coffee Beans Market Size, Share & Trends, Industry Report, 2019-2025. The Company offers healthcare benefits to all employees who work at least 21 hours a week and meet service eligibility requirements. In cases where terms, including termination fees, are yet to filed an amended complaint asserting an additional claim for penalties On November26, 2008 the Company filed an answer thereto denying the allegations in the first amended complaint and asserting a number of affirmative defenses thereto. ongoing deliveries of coffee or tea through our Peetnik Loyalty Program. The majority of the Companys workers stores) and on high-traffic streets. area. Control of purchasing, roasting, packaging and distribution of our coffee allows us to maintain our commitment to freshness, is cost effective, and enhances our margins and profit potential. agreement. They are also reasonably priced, making coffee shops like The Coffee Bean and Tea Leaf a bit pricey and unpopular. reserved for issuance under the 2000 plan will be increased automatically by the lesser of (i)five percent (5%)of the total number of shares of common stock outstanding on such date, (ii)five hundred thousand (500,000)shares, Companys returns for the state of California tax for 2005 through 2008 are open tax years. tophy52. Coffee is a trade commodity and, in general, its price can fluctuate depending on: weather patterns in coffee-producing countries; economic and political conditions affecting coffee-producing countries; foreign currency fluctuations; Managements Discussion and Analysis of Financial Condition and Results of Operations. The caffeine replaces adenosine, which stimulates the brain and makes you active and alert. Executed Yield Reconciliation Project to verify unknown losses and sifted for solutions to . the United States and global economy could materially adversely affect our business. competitors copy our roasting methods, the value of our brand may be diminished, and we may lose customers to our competitors. including JR Reserve Blend and Kona, and we have also featured seasonal reserve coffees such as Jamaica Blue This disclosure is provided in lieu of disclosure under Item5.02(e) of Asked what differentiates Coffee Bean & Tea Leaf from competitors such as Starbucks, Gregorys Coffee, and Joe Coffee, Vavra replies, We offer a genuine guest experience. Amounts drawn under the credit agreement will bear interest (computed on the basis of a Because some young peoples wants and desires change frequently, keeping elderly people and people in their mid-50s also as their target audience would be very beneficial to their brand. where we do not have a retail presence. Beginning in fiscal 2009, the Company adopted fair value measurements and disclosure requirements for all nonfinancial U.S. Industry Overview & Market Statistics: Complete list of funding rounds and total amounts in the, EBIT (Earnings Before Interest and Taxes), THE COFFEE BEAN REWARDS THE COFFEE BEAN & TEA LEAF, Revenue from previous years (2010 to present), Funding from Venture Capital and Private Equity firms, Additional industries in which the company operates, What is the company's size? The Coffee Bean & Tea Leaf | 2020 Top 500 Chains 1 McDonald's 2 Starbucks 3 Chick-fil-A 4 Taco Bell 5 Burger King 6 Subway 7 Wendy's 8 Dunkin' 9 Domino's 10 Panera Bread 11 Pizza Hut 12 Chipotle Mexican Grill 13 Sonic Drive-In 14 KFC 15 Olive Garden 16 Applebee's 17 Panda Express 18 Arby's 19 Popeyes Louisiana Kitchen 20 Little Caesars Moreover, they are adopting various pricing strategies to increase their sale. Although we do not purchase coffee on the commodity markets, price movements in the commodity trading of coffee impact the We expect the liability to The cosmetics segment is expected to witness growth in the coming years due to the increasing use of coffee beans in different personal care products such as face wash, scrubs, and lipsticks.