Green Mountain Coffee, Inc. Reports Strong First Quarter.Business Editors
WATERBURY, Vt.--(BUSINESS WIRE)--Feb. 17, 2000
Green Mountain Coffee, Inc. (NASDAQ NASDAQ
in full National Association of Securities Dealers Automated Quotations
U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : GMCR GMCR Green Mountain Coffee Roasters, Inc
GMCR Grants Management Common Rule ) today announced record sales and earnings for its fiscal first quarter of 2000, the sixteen week period ended January 15, 2000.
Total coffee pounds sold during the quarter increased 17.0% year-over-year to 3,242,000 pounds. The area of the highest sales growth was office coffee services, where the Keurig Premium Coffee System(TM), a revolutionary single cup brewing brewing: see beer. system, continued to be received with enthusiasm in the market, resulting in 62.9% year-over-year growth in office coffee service coffee pound sales for the first quarter. The convenience store channel also drove higher coffee pound sales with a 20.7% increase over this same period. Sales dollar growth was stronger than coffee pound growth due primarily to the impact of sales of single serve Keurig-Brewed(TM) coffee products and the Company's Monte Verde This article is about the site in Chile. For the mountain in Brazil, see Mantiqueira Mountains.
Monte Verde is an archaeological site in south-central Chile, which is suspected to date 12,500 years before present, making it one of the earliest inhabited (TM) line of frozen granita gra·ni·ta
A granular dessert ice with a sugar-syrup base, usually flavored with fruit purée, coffee, or wine.
[Italian, from feminine past participle of granire, to make grainy, granulate and hot cappuccino cap·puc·ci·no
n. pl. cap·puc·ci·nos
Espresso coffee mixed or topped with steamed milk or cream.
For the first fiscal quarter, Green Mountain Coffee's gross profit increased year-over-year by 33.4% to $10,046,000, due to a combination of top line growth, favorable fa·vor·a·ble
1. Advantageous; helpful: favorable winds.
2. Encouraging; propitious: a favorable diagnosis.
3. coffee prices, and improved distribution costs distribution costs distribute npl → Vertriebskosten pl . Operating margins Operating Margin
A ratio used to measure a company's pricing strategy and operating efficiency.
Calculated by: improved dramatically to 9.3 percent of sales, compared to 5.8 percent of sales in the year-ago quarter, as the Company continued to leverage sales growth and maintain stringent cost controls. The Company also benefited from lower interest expenses in the recent quarter. Net income for the sixteen weeks more than doubled to a first fiscal quarter record of $1,300,000, or $0.37 per share, compared to $541,000, or $0.15 per share for the comparable year-ago period.
Robert P. Stiller, Chairman, President, and Chief Executive Officer of Green Mountain Coffee said, &uot;This quarter we increased our sales growth rate above the level achieved for fiscal 1999. The hard work of employees throughout Green Mountain Coffee resulted in our overall strong performance, demonstrating our continued commitment to running a financially strong and growing business that builds value for shareholders.&uot;
Stiller added, &uot;The Company is achieving this impressive growth by welcoming new customers and by working closely with those customers who have been with us for some time. This month we signed an agreement with Kash n' Karry Food Stores, a food retailer in Florida, to sell whole bean and pre-packaged coffee in their 147 stores. The rollout is in progress and targeted for completion by mid-May. During January we reached an agreement with General Cinema Theatres, which will be serving Green Mountain Coffee in 28 of their upscale cinemas, half of which have full service sit down cafes, and accommodating a total of 318 screens in 16 states.&uot;
Stiller said, &uot;Green Mountain Coffee is a vibrant, growing company with tremendous potential to do good while doing well financially. In addition to ongoing programs, this past quarter we installed a 95-kilowatt co-generation unit in our roasting roasting: see cooking.
In metallurgy, usually the first step in smelting ore to extract metal. The ore is heated in the presence of an abundant flow of air to drive off moisture and, if the metal-bearing mineral is a sulfide, convert it to facility, which went into standby operation on December 30, 1999 and on line at the beginning of February. The system captures heat that would otherwise have been wasted and converts it to hot water for use in space heating Space heating is the heating of a space, usually enclosed, such as a house or room. A space heater keeps the air and surroundings at a comfortable temperature for people or animals, or even plants in a greenhouse. and cleaning. It deploys energy in a highly efficient manner, reducing our use of nonrenewable resources while it improves the reliability and lowers the cost of our power by reducing our demand rate. Also during the quarter, the Green Mountain Coffee Roasters Green Mountain Coffee Roasters is a publicly-traded brand of coffee based at Waterbury in the U.S. state of Vermont. The brand specializes in organic, fair-trade, and specialty gourmet coffees. Keurig is wholly owned subsidiary of Green Mountain Coffee Roasters, Inc. Foundation helped launch the Vermont Occupational Safety and Health Administration's Partnership in Safety Program at our Java University, a public/private cooperative program The Cooperative Program is a unified funds collection program of the Southern Baptist Convention (SBC) designed to support SBC seminaries, mission agencies and denominational ministries. designed to improve workplace safety and health in Vermont small businesses.&uot;
Talking more about the Company's strong first quarter financial performance, Robert D. Britt britt
Variant of brit.
Noun 1. britt - the young of a herring or sprat or similar fish
young fish - a fish that is young
2. , Chief Financial Officer, said, &uot;This past quarter we continued to improve our rolling four quarter return on equity (ROE A fictitious surname used for an unknown or anonymous person or for a hypothetical person in an illustration.
A lawsuit is generally named for the persons who are parties to it. ) to a record 25.1%. EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become , our earnings before interest expense, income taxes, depreciation and amortization, was a record $3.2 million in the first quarter of fiscal 2000, compared to $2.1 million in the prior year quarter.&uot;
Last month the Company expanded its latest stock repurchase Stock repurchase
A firm's repurchase of outstanding shares of its common stock. program, first announced on November 16, 1999, by an additional $1 million, bringing the Company's total stock repurchase goal under the program to $1.5 million. As of February 16, 2000, the Company has succeeded in repurchasing 130,509 shares under the most recent program at a cost of approximately $1.21 million, equating e·quate
v. e·quat·ed, e·quat·ing, e·quates
1. To make equal or equivalent.
2. To reduce to a standard or an average; equalize.
3. to an average per share cost of $9.27. Since the Company began repurchasing its shares in September 1998, the Company has repurchased 268,195 shares through February 16, 2000 at an average per share cost of $8.20.
Green Mountain Coffee, Inc. is a leader in the specialty coffee industry. The Company roasts high-quality arabica a·rab·i·ca
a. A species of coffee, Coffea arabica, originating in Ethiopia and widely cultivated for its high-quality, commercially valuable seeds.
b. The beanlike seed of this plant.
2. coffees and offers over 60 varieties including single-origin, estate, certified See certification. organic, proprietary blends, and flavored coffees that it sells under the Green Mountain Coffee Roasters(R) brand. The majority of Green Mountain Coffee's revenue is derived from its wholesale operation which services restaurant, supermarket, specialty food store, convenience store, food service, in-room hotel hospitality, university, airline, train, and office coffee service customers. Green Mountain Coffee also operates a direct mail operation and e-commerce website (http:\\www.GreenMountainCoffee.com) with secure on-line ordering for customers from its Waterbury, Vermont Waterbury is a town in Washington County in central Vermont. It is also the name of a village within that town. Economy
Waterbury is the location of Ben & Jerry's Ice Cream, whose factory tours have become Vermont's most popular tourist attraction. headquarters.
Certain statements contained herein are not based on historical fact and are &uot;forward-looking statements&uot; within the meaning of the applicable securities laws and regulations. Owing to owing to
Because of; on account of: I couldn't attend, owing to illness.
owing to prep → debido a, por causa de the uncertainties inherent in forward-looking statements forward-looking statement
A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. , actual results could differ materially from those set forth in forward-looking statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, fluctuations in availability and cost of green coffee, competition and other business conditions in the coffee industry and more generally in the food and beverage F&B is a common abbreviation in the United States and Commonwealth countries, including Hong Kong. F&B is typically the widely accepted abbreviation for "Food and Beverage," which is the sector/industry that specializes in the conceptualization, the making of, and delivery of foods. industry, the impact of the loss of one or more major customers, the Company's level of success in continuing to attract new customers, economic conditions, variances from budgeted sales mix sales mix
See product mix. and growth rate, customer acceptance of the Company's new products, the impact of a tighter job market, weather and special or unusual events, as well as other risk factors as described more fully in the Company's filings with the Securities and Exchange Commission.
GREEN MOUNTAIN COFFEE, INC. Consolidated Statement of Operations (Dollars in thousands except per share data) (Unaudited) Sixteen Weeks Ended Jan. 15, 2000 Jan. 16, 1999 Net sales: Wholesale $ 23,027 $ 18,741 Direct mail 1,715 1,327 Net sales 24,742 20,068 Cost of sales 14,696 12,540 Gross profit 10,046 7,528 Selling and operating expenses 6,049 4,968 General and administrative expenses 1,684 1,399 Operating income 2,313 1,161 Other income (expense) (4) 4 Interest expense (141) (300) Income before income taxes 2,168 865 Income tax expense (868) (324) Net income $ 1,300 $ 541 Basic income per share: Weighted average shares outstanding 3,464,105 3,515,277 Net income $ 0.38 $ 0.15 Diluted income per share: Weighted average shares outstanding 3,542,668 3,533,058 Net income $ 0.37 $ 0.15 GREEN MOUNTAIN COFFEE, INC. Consolidated Balance Sheet (Dollars in thousands) (Unaudited) Jan. 15, Sept. 25, 2000 1999 Assets Current assets: Cash and cash equivalents $ 1,083 $ 415 Receivables, less allowances of $210 at January 15, 2000 and $190 at September 25, 1999 6,930 6,223 Inventories 5,074 5,409 Income tax receivable -- 233 Other current assets 164 264 Loans to officers 210 250 Deferred income taxes, net 290 490 Total current assets 13,751 13,284 Fixed assets, net 10,332 10,183 Other long-term assets 236 250 Deferred income taxes, net 148 161 $ 24,467 $ 23,878 Liabilities and Stockholders' Equity Current liabilities: Current portion of long-term debt $ 1,099 $ 1,127 Accounts payable 4,518 4,551 Accrued payroll 1,131 1,005 Accrued expenses 727 357 Income tax payable 401 -- Accrued losses and other costs of discontinued operations, net 178 192 Total current liabilities 8,054 7,232 Long-term debt 1,676 1,908 Long-term line of credit 2,780 3,056 Stockholders' equity: Common stock, $0.10 par value: Authorized - 10,000,000 shares; Issued - 3,616,003 shares and 3,615,404 shares at January 15, 2000 and September 25, 1999, respectively 362 362 Additional paid-in capital 13,410 13,409 Accumulated deficit (135) (1,435) Treasury shares, at cost - 217,995 shares and 100,609 shares at January 15, 2000 and September 25, 1999, respectively (1,680) (654) Total stockholders' equity 11,957 11,682 $ 24,467 $ 23,878