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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Peets Coffee & Tea, Inc. (MM) | NASDAQ:PEET | NASDAQ | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 73.46 | 0 | 01:00:00 |
From Jul 2019 to Jul 2024
Peet’s Coffee & Tea, Inc. (NASDAQ:PEET) today announced its second quarter results for the fiscal period ended July 3, 2011, which included 13 weeks.
In this release, the company:
Financial Highlights
Second Quarter % Year to Date %2011
2010
Change
2011
2010
Change
Net revenue, as reported $ 90,616 $ 80,776 12 % $ 179,088 $ 161,972 11 % Net income per diluted share, as reported $ 0.38 $ 0.31 23 % $ 0.79 $ 0.53 49 % Non-GAAP net income per diluted share, excluding unusual items $ 0.38 $ 0.31 23 % $ 0.79 $ 0.57 39 %For the 13 weeks ended July 3, 2011, net revenue increased 12% to $90.6 million from $80.8 million for the corresponding period of fiscal 2010.
Net income for the 13 weeks ended July 3, 2011, was $5.1 million compared to $4.3 million for the corresponding 13-week period of fiscal 2010. Diluted earnings per share was $0.38 for the 13-week period of fiscal 2011 compared to $0.31 per share for the corresponding period of fiscal 2010, an increase of 23%.
“Our business performance continued to be very strong in the second quarter,” said Patrick O’Dea, president and CEO of Peet’s Coffee & Tea. “Sales were healthy across all of our channels, particularly in our grocery business, which grew 30%. Looking ahead to the balance of the year, we expect our sales momentum to continue, especially as we enter the sizeable medium-roast coffee segment. With our raised sales outlook, we now expect to be at the higher end of our 2011 full-year diluted earnings per share guidance of $1.43 to $1.50.”
Consolidated Financial and Operating Summary
Retail net revenue increased 6% to $53.4 million for the 13 weeks ended July 3, 2011, from $50.6 million for the corresponding period of fiscal 2010.
Specialty net revenue increased 23% to $37.3 million for the 13 weeks ended July 3, 2011, from $30.2 million for the corresponding period of fiscal 2010. Within specialty, grocery net revenue grew 30% over last year; foodservice and office grew 19%; and home delivery grew 2%.
Cost of sales and related occupancy expenses were 49.2% of total net revenue, compared to 46.3% for the corresponding period last year. The increase resulted primarily from higher coffee costs and to a lesser extent higher milk costs and a mix shift towards the specialty business, which has a higher cost of sales. Price increases across the channels and lower shipping expenses partially offset the impact of these higher costs.
Operating expenses as a percentage of net revenue decreased to 31.1% from 33.3% for the corresponding period last year due to a favorable mix shift to the specialty business, the impact of price increases across all channels, leveraging of overhead costs, and lower payroll expenses in retail stores.
General and administrative expenses as a percentage of net revenue were 6.7%, compared to 7.0% for the corresponding period last year. General and administrative expenses increased to $6.0 million from $5.6 million for the corresponding period last year, primarily due to higher payroll-related costs and marketing expenses.
Depreciation and amortization expenses as a percentage of net revenue decreased to 4.3%, compared to 5.0% for the corresponding period last year. Depreciation and amortization expenses were $3.9 million, compared to $4.0 million in the corresponding period last year.
The company ended the second quarter of 2011 with cash and cash equivalents plus investments of $29 million, compared to $49 million at year end 2010.
Fiscal 2011 Full-Year Outlook
The company has updated its full-year guidance as follows:
Peet’s Coffee & Tea, Inc. Q2 2011 Conference Call
Peet’s will discuss its second quarter 2011 earnings via conference call today, August 2, 2011. The teleconference call will begin at 2:00 p.m. PT/5:00 p.m. ET and can be accessed by calling 1-866-748-8653. The call will be simultaneously webcast on Peet’s website at www.peets.com.
A replay of the teleconference will be available from 5:00 p.m. PT/8:00 p.m. ET on August 2, 2011, through 8:59 p.m. PT/11:59 p.m. ET on August 9, 2011, at 1-800-642-1687 or 1-706-645-9291, using access code 82103413. It will also be archived at http://investor.peets.com/events.cfm through August 2, 2012, 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.
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 2011 net revenue growth and 2011 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 recent 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 availability and cost of high-quality Arabica coffee beans; consumers’ tastes and preferences; complaints or claims by current, former or prospective employees or government agencies or other litigation; 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, 2011. 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 BALANCE SHEETS(Unaudited, in thousands, except share amounts)
July 3,2011
January 2,2011
ASSETS Current assets Cash and cash equivalents $ 19,435 $ 44,629 Short-term marketable securities 9,149 4,183 Accounts receivable, net 15,049 14,852 Inventories 47,480 33,534 Deferred income taxes - current 4,379 4,420 Prepaid expenses and other 8,945 7,798 Total current assets 104,437 109,416 Long-term marketable securities 211 - Property, plant and equipment, net 92,894 97,279 Other assets, net 1,333 2,137 Total assets $ 198,875 $ 208,832 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Accounts payable and other accrued liabilities $ 9,772 $ 9,138 Accrued compensation and benefits 9,055 11,555 Deferred revenue 5,984 7,102 Total current liabilities 24,811 27,795 Deferred income taxes - non current 72 46 Deferred lease credits 6,873 7,023 Other long-term liabilities 1,239 1,468 Total liabilities 32,995 36,332 Shareholders' equity Common stock, no par value; authorized 50,000,000 shares; issued and outstanding: 12,913,000 and 13,063,000 shares 64,748 81,995 Accumulated other comprehensive income 5 2 Retained earnings 101,127 90,503 Total shareholders' equity 165,880 172,500 Total liabilities and shareholders' equity $ 198,875 $ 208,832PEET’S COFFEE & TEA, INC.CONDENSED CONSOLIDATED STATEMENTS OF INCOME(Unaudited, in thousands, except per share amounts)
Thirteen weeks ended Twenty-six weeks endedJuly 3,2011
July 4,2010
July 3,2011
July 4,2010
Retail stores $ 53,351 $ 50,560 $ 105,440 $ 100,631 Specialty sales 37,265 30,216 73,648 61,341 Net revenue 90,616 80,776 179,088 161,972 Cost of sales and related occupancy expenses 44,558 37,377 85,778 74,916 Operating expenses 28,146 26,937 56,030 54,774 Transaction related expenses - 146 - 970 General and administrative expenses 6,049 5,622 12,858 11,924 Depreciation and amortization expenses 3,881 4,020 7,800 7,897 Total costs and expenses from operations 82,634 74,102 162,466 150,481 Income from operations 7,982 6,674 16,622 11,491 Interest income, net 7 5 18 4 Income before income taxes 7,989 6,679 16,640 11,495 Income tax provision 2,878 2,424 6,016 4,189 Net income $ 5,111 $ 4,255 $ 10,624 $ 7,306 Net income per share: Basic $ 0.40 $ 0.32 $ 0.82 $ 0.55 Diluted $ 0.38 $ 0.31 $ 0.79 $ 0.53 Shares used in calculation of net income per share: Basic 12,892 13,248 13,000 13,218 Diluted 13,309 13,885 13,414 13,847PEET’S COFFEE & TEA, INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited, in thousands)
Twenty-six weeks endedJuly 3,2011
July 4,2010
Cash flows from operating activities: Net income $ 10,624 $ 7,306 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 8,956 8,981 Amortization of interest purchased 197 - Stock-based compensation 2,035 1,623 Excess tax benefit from exercise of stock options (5,763 ) (1,481 ) Tax benefit from exercise of stock options 5,224 1,228 Loss on disposition of assets and asset impairment 325 63 Deferred income taxes 67 (6 ) Changes in other assets and liabilities: Accounts receivable, net (197 ) 2,993 Inventories (13,946 ) (11,456 ) Prepaid expenses and other current assets (1,147 ) 278 Other assets (2 ) 31 Accounts payable, accrued liabilities and deferred revenue (3,021 ) (4,893 ) Deferred lease credits and other long-term liabilities (379 ) 260 Net cash provided by operating activities 2,973 4,927 Cash flows from investing activities: Purchases of property, plant and equipment (4,851 ) (5,455 ) Proceeds from sales of property, plant and equipment - 17 Changes in restricted investments 798 559 Proceeds from sales and maturities of marketable securities 3,013 - Purchases of marketable securities (8,384 ) - Net cash used in investing activities (9,424 ) (4,879 ) Cash flows from financing activities: Net proceeds from issuance of common stock 15,023 8,122 Purchase of common stock (39,529 ) (14,730 ) Excess tax benefit from exercise of stock options 5,763 1,481 Net cash used in financing activities (18,743 ) (5,127 ) Decrease in cash and cash equivalents (25,194 ) (5,079 ) Cash and cash equivalents, beginning of period 44,629 47,934 Cash and cash equivalents, end of period $ 19,435 $ 42,855 Non-cash investing activities: Capital expenditures incurred, but not yet paid $ 449 $ 330 Other cash flow information: Cash paid for income taxes 2,896 2,721PEET’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 July 3, 2011 Net revenue $ 53,351 100.0 % $ 37,265 100.0 % $ 90,616 100.0 % Cost of sales and occupancy 23,692 44.4 % 20,866 56.0 % 44,558 49.2 % Operating expenses 20,387 38.2 % 7,759 20.8 % 28,146 31.1 % Depreciation and amortization 2,731 5.1 % 433 1.2 % $ 717 3,881 4.3 % Segment operating income 6,541 12.3 % 8,207 22.0 % (6,766 ) 7,982 8.8 % For the thirteen weeks ended July 4, 2010 Net revenue $ 50,560 100.0 % $ 30,216 100.0 % $ 80,776 100.0 % Cost of sales and occupancy 21,964 43.4 % 15,413 51.0 % 37,377 46.3 % Operating expenses 20,350 40.2 % 6,587 21.8 % 26,937 33.3 % Depreciation and amortization 2,867 5.7 % 457 1.5 % $ 696 4,020 5.0 % Segment operating income 5,379 10.6 % 7,759 25.7 % (6,464 ) 6,674 8.3 % For the twenty-six weeks ended July 3, 2011 Net revenue $ 105,440 100.0 % $ 73,648 100.0 % $ 179,088 100.0 % Cost of sales and occupancy 45,936 43.6 % 39,842 54.1 % 85,778 47.9 % Operating expenses 40,866 38.8 % 15,164 20.6 % 56,030 31.3 % Depreciation and amortization 5,468 5.2 % 877 1.2 % $ 1,455 7,800 4.4 % Segment operating income 13,170 12.5 % 17,765 24.1 % (14,313 ) 16,622 9.3 % For the twenty-six weeks ended July 4, 2010 Net revenue $ 100,631 100.0 % $ 61,341 100.0 % $ 161,972 100.0 % Cost of sales and occupancy 43,618 43.3 % 31,298 51.0 % 74,916 46.3 % Operating expenses 41,480 41.2 % 13,294 21.7 % 54,774 33.8 % Depreciation and amortization 5,616 5.6 % 889 1.4 % $ 1,392 7,897 4.9 % Segment operating income 9,917 9.9 % 15,860 25.9 % (14,286 ) 11,491 7.1 %NON-GAAP FINANCIAL INFORMATION
The following reconciliation and non-GAAP financial information are provided to assist the reader with understanding the financial impact of a prior-year unusual item. Management believes this information is relevant because the nature and magnitude of the charges do not reflect our on-going operating performance.
PEET'S COFFEE & TEA, INC.Reconciliation of Non-GAAP Financial Information to Net Income(Unaudited, in thousands, except per share data)
Thirteenweeks endedJuly 3,2011
Thirteenweeks endedJuly 4,2010
Twenty-Sixweeks endedJuly 3,2011
Twenty-Sixweeks endedJuly 4,2010
Net Income
Net income, as reported $ 5,111 $ 4,255 $ 10,624 $ 7,306 Transaction expense, net of tax - 93 - 617 Non-GAAP net income $ 5,111 $ 4,348 $ 10,624 $ 7,923
Net Income Per Diluted Share *
Net income per diluted share, as reported $ 0.38 $ 0.31 $ 0.79 $ 0.53 Transaction expense, net of tax - 0.01 - 0.04 Non-GAAP net income per diluted share $ 0.38 $ 0.31 $ 0.79 $ 0.57 * per share data may not sum due to rounding
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