Peet’s Coffee & Tea, Inc. (Nasdaq:PEET) yesterday announced third quarter results for the 13-week period ended September 30, 2001.
Net sales increased 10.7 percent to $22.7 million for the 13 weeks ended September 30, 2001, compared to $20.5 million for the 13 weeks ended October 1, 2000. For the same period, specialty sales (office, wholesale and grocery) increased 32 percent to $1.9 million, mail order/online increased 5.7 percent to $2.6 million and retail stores increased 9.6 percent to $18.3 million. The combined revenue in specialty sales and mail order/online for the third quarter represented approximately 20 percent of total revenue, compared to 19 percent for the comparable period in fiscal year 2000.
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Net income for the third quarter was higher than the Company expected at $0.4 million, or $0.05 per share, compared to a net loss of $0.2 million or $0.5 per share for the third quarter of 2000. Additionally, EBITDA was $2.1 million for the quarter versus $1.5 million for the comparable period in 2000. Net income and EBITDA improvement reflected increased sales, reduced operating expenses, improved operating margins and the benefits from the efficiencies of multi-channel marketing.
For the 39-week period ended September 30, 2001, net sales increased 12.8 percent to $68 million, compared to $60.3 million for the 39-week period ended October 1, 2000. Specialty sales (office, wholesale and grocery) increased 46.8 percent to $5.2 million, mail order/online increased 9.8 percent to $8.2 million and retail stores increased 10.8 percent to $54.6 million.
Net income for the 39-week period ended September 30, 2001, was $0.2 million, or $0.02 per share, compared to a net loss of $2.7 million, or $0.60 per share, during the 39-week period ended October 1, 2000.
Christopher P. Mottern, president and chief executive officer of Peet’s Coffee & Tea, Inc., commented, “During the quarter, we continued to exceed our expectations with strong revenue growth and improved profitability, despite uncertain economic times and the disruption of business due to the terrorist attacks of September 11, 2001.”
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By GlobalDataAbout Peet’s Coffee & Tea, Inc.
Founded in Berkeley, Calif. in 1966, Peet’s Coffee & Tea, Inc. is a specialty coffee roaster and marketer of fresh, deep-roasted whole bean coffee for home and office enjoyment. Peet’s fresh-roasted coffee, hand-selected tea and related items are sold in several distribution channels including specialty grocery and gourmet food stores, online and mail order, office and restaurant accounts and 60 company-owned stores in four states. Peet’s is committed to strategically growing its business and to maintaining a unique culture and focus on customer satisfaction. For information about Peet’s Coffee & Tea, Inc. visit www.peets.com or call 1-800-999-2132.
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. Because of the uncertainties inherent in these forward-looking statements, Peet’s actual results could differ materially form those set forth in forward-looking statements. Peet’s estimates regarding our operations and financial results are based on currently available operating, financial and competitive information. Actual future results and trends may differ materially depending on a variety of factors including but not limited to, coffee and other raw material prices and availability, successful execution of strategies and plans for expansion, competition, general economic conditions, the popularity of specialty coffee due to consumer trends, health factors or other issues, as well as other risk factors as described more fully in Peet’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K filed on April 2, 2001.
Peet’s Coffee & Tea, Inc.
Condensed Consolidated Statements of Operations
(Unaudited, in thousands except per share data)
Thirteen Thirteen Thirty-Nine Thirty-Nine
weeks ended weeks ended weeks ended weeks ended
09/30/2001 10/01/2000 09/30/2001 10/01/2000
Retail Stores 18,261 16,658 54,641 49,305
Mail order & Web 2,561 2,424 8,198 7,467
Specialty Sales 1,893 1,433 5,171 3,522
Net Sales $ 22,715 $ 20,515 $ 68,010 $ 60,294
Cost of sales and
related occupancy
expenses 10,980 9,830 32,495 28,816
Operating expenses 7,501 6,903 22,403 20,288
Marketing &
advertising 721 581 3,555 4,889
General &
administrative
expenses 1,403 1,689 5,100 5,050
Depreciation
& amortization 1,288 1,238 3,785 3,381
Total operating
cost & expenses 21,893 20,241 67,338 62,424
Income (Loss) from
operations 822 274 672 (2,130)
Interest expense,
net 108 564 357 1,290
Income (Loss) before
income taxes 714 (290) 315 (3,420)
Income tax expense
(benefit) 284 (59) 125 (711)
Net Income (Loss) $ 430 $ (231) $ 190 $ (2,709)
Net Income (loss) per
share
Basic $ 0.05 $ (0.05) $ 0.02 $ (0.60)
Diluted $ 0.05 $ (0.05) $ 0.02 $ (0.60)
Shares used in
calculating net
income (loss) per
share
Basic 8,234 4,515 7,823 4,520
Diluted 8,480 4,515 8,082 4,520
Peet’s Coffee & Tea, Inc.
Condensed Consolidated Balance Sheets
(Unaudited, in thousands)
9/30/2001 12/31/2000 10/1/2000
Assets
Current Assets
Cash & cash equivalents $ 2,438 $ 1,598 $ 1,196
Accounts receivable 1,349 1,062 806
Inventories 10,549 8,940 9,883
Deferred income taxes 92 92 180
Prepaid expenses and other 1,407 883 1,008
Total Current Assets 15,835 12,575 13,073
Property and equipment, net 21,967 22,595 21,802
Deferred income taxes 1,810 1,505 1,665
Intangibles and other assets,
net 2,352 3,046 2,104
Total Assets $ 41,964 $ 39,721 $ 38,644
Liabilities and Shareholders’ Equity
Current Liabilities
Accounts payable $ 5,148 $ 5,158 $ 5,568
Accrued compensation and
benefits 1,713 2,054 1,526
Other accrued liabilities 2,318 1,933 1,201
Short-term borrowings 2,922 4,246 3,734
Current portion of long-term
borrowings 546 2,037 2,037
Total Current Liabilities 12,647 15,428 14,066
Long-term borrowings, less
current portion 1,353 14,544 15,381
Deferred lease credits 635 582 576
Total Liabilities 14,635 30,554 30,023
Shareholders’ Equity
Preferred stock — 4,537 4,537
Common stock 31,377 8,217 8,105
Other comprehensive loss (651) — —
Accumulated deficit (3,397) (3,587) (4,021)
Total Shareholders’ Equity 27,329 9,167 8,621
Total Liabilities &
Shareholders’ Equity $ 41,964 $ 39,721 $ 38,644
