Green Mountain Coffee Roasters reports doubling of revenues in Q2

first_img$0.18 203,427 137,831,574 2010 Operating income 1,166 March 26, Loss on financial instruments, net GREEN MOUNTAIN COFFEE ROASTERS, INC. Unaudited Consolidated Statements of Operations (Dollars in thousands except per share data) 43,499 GREEN MOUNTAIN COFFEE ROASTERS, INC. Unaudited Consolidated Statements of Operations (Dollars in thousands except per share data) $0.46 131,263,638 Cost of sales 158,034 $0.25 (22,730) Less: Net income attributable to noncontrolling interests Diluted income per share: Basic income per share: 79,745 (As Restated)Net sales General and administrative expenses 131,116,251 Diluted income per share: weeks ended 4,045 Income tax expense 102,103 Less: Net income attributable to noncontrolling interests 473 24,464 436 $67,784 Thirteen Basic weighted average shares outstanding Interest expense 110 Cost of sales General and administrative expenses 39,169 5,624 2011 (1,881)Income before income taxes 65,808 Operating income 68,257 March 27, 24,055 $0.48 Gain on foreign currency, net Net income attributable to GMCR (16,672) $1,221,806 141,784,994 Diluted weighted average shares outstanding Net income weeks ended weeks ended 119,611 $647,658 2011 141,579,543 Net income (354)Gain on foreign currency, net Diluted weighted average shares outstanding Other income (expense) 835,351 Twenty-six weeks ended 147,558,595 96,626 (As Restated)Net sales (22,925)Net Income (133)Loss on financial instruments, net March 26, 386,455 $667,105 Income tax expense Interest expense Other income (expense) Gross profit 404,803 214,103 Selling and operating expenses 114,650 – – 1,078 142,891 – 463,678 (5,959) 43,251 (15,114)Net Income March 27, 47,636 (12,301) – Gross profit 40,135 $321,953 137,628,396 2010 Twenty-six (36,295) (833)Income before income taxes (46,393) Selling and operating expenses 34,115 Green Mountain Coffee Roasters, Inc., (NASDAQ: GMCR), a leader in specialty coffee and coffeemakers, today announced its fiscal 2011 second quarter results for the thirteen weeks ended March 26, 2011. Revenues doubled over the second quarter of 2010 and net income nearly tripled. GMCR also announced that it was initiating a new stock offering (see related story). Second Quarter Fiscal 2011 Performance Highlights*Net sales up 101% over the same period in fiscal 2010GAAP EPS of $0.44; Non-GAAP EPS of $0.48GAAP operating income increases 198% over Q2’10; Non-GAAP operating income improves 178% over the year ago quarterGAAP net income increases 172% over Q2’10; Non-GAAP net income up 147% over Q2’10Second Quarter Fiscal 2011 Results*Net sales for the second quarter of fiscal 2011 increased 101% to $647.7 million as compared to $322.0 million for the second quarter of fiscal 2010. Under Generally Accepted Accounting Principles (GAAP), net income for the second quarter of fiscal 2011 totaled $65.4 million, or $0.44 per diluted share, representing an increase of 172% as compared to GAAP net income of $24.1 million, or $0.17 per diluted share, for the second quarter of fiscal 2010.The Company’s non-GAAP net income for the second quarter of fiscal 2011 increased 147% to $71.5 million, from non-GAAP net income of $28.9 million in the second quarter of fiscal 2010. Second quarter fiscal 2011 non-GAAP net income excludes pre-tax items of: $1.9 million in Van Houtte transaction-related expenses, $11.7 million in amortization of identifiable intangibles related to the Company’s acquisitions, $0.4 million in legal and accounting expenses related to the SEC inquiry and pending litigation, and a $3.0 million tax benefit related to the reversal of certain non-deductible acquisition-related expenses incurred in prior quarters which are now deemed deductible in accordance with recently enacted tax regulations. Second quarter fiscal 2010 non-GAAP net income excludes pre-tax items of: $4.8 million in transaction-related expenses for the Diedrich acquisition and $3.1 million in amortization of identifiable intangibles related to the Company’s prior acquisitions.On the same basis of presentation, GMCR’s non-GAAP earnings per diluted share increased 131% to $0.48 in the second quarter of fiscal 2011 from $0.21 in the second quarter of fiscal 2010.‘We believe healthy post-holiday in-store brewer inventory levels and positive word of mouth from enthusiastic Keurig owners combined to help drive a very strong fiscal second quarter for GMCR,’ said Lawrence J. Blanford, GMCR’s president and CEO.The Keurig® Single-Cup Brewing system brews a perfect cup of coffee, tea, hot cocoa or iced beverage in under one minute at the touch of a button.‘We believe we are in the early stages of potential Keurig system adoption in North America and continue to work to scale our operations, processes and workforce to meet both the current and expected demands of the business,’ said Blanford. ‘The addition of leading, nationally recognized brands like Dunkin’ Donuts, Starbucks and Swiss Miss to the Keurig Single-Cup Brewing system expands customer choice within the system, fuels new excitement by current Keurig owners and users, raises system awareness, and has the potential to attract new consumers to the system.’Fiscal 2011 Second Quarter Financial Review*Approximately 82% of consolidated net sales in the second quarter were from the Keurig brewing system and its recurring K-Cup® portion pack sales, including Keurig-related accessory sales.Net sales from K-Cup® portion packs totaled $411.8 million in the quarter, up 94%, or $199.1 million, over the same period in 2010.In response to rising green coffee costs and increases in other input costs, in September 2010 the Company announced a price increase on all K-Cup® portion packs beginning on October 11, 2010. The price increase was fully implemented across all channels as of February 2011. In the second quarter of fiscal 2011, the price increase improved net sales by approximately 10.3% over what net sales would have been if calculated based on the pricing for K-Cup® portion packs in effect during the prior year period.Net sales from Keurig brewers and accessories totaled $116.2 million in the quarter, up 86%, or $53.8 million, from the prior year period.Supporting continued growth in K-Cup® demand, GMCR sold 1.2 million Keurig brewers during the second quarter of fiscal 2011. This brewer shipment number does not account for consumer returns to retailers. We estimate that GMCR brewer shipments represented approximately 91% of total brewers shipped with Keurig technology in the period.The acquisition of Van Houtte completed on December 17, 2010 contributed $100.5 million to consolidated net sales, after eliminating the effect on consolidated net sales of K-Cup® portion pack sales to Keurig by Van Houtte and royalties recorded by Keurig from Van Houtte.Second quarter fiscal 2011 gross margin was 37.5% of total net sales compared to 33.5% for the corresponding quarter in fiscal 2010.The Company increased its GAAP operating income by 198%, to $119.6 million, in the second quarter of fiscal 2011 as compared to $40.1 million in the year ago quarter.GMCR’s second quarter fiscal 2011 non-GAAP operating income of $133.6 million increased 178% over non-GAAP operating income of $48.0 million in the second quarter of fiscal 2010. Non-GAAP operating income represented 20.6% of net sales in the second quarter of fiscal 2011 and 14.9% of net sales in the second quarter of fiscal 2010.The Company’s tax rate for the second quarter of fiscal 2011 was 35.5% as compared to 38.6% in the prior year quarter reflecting a lower corporate income tax rate in Canada from the Van Houtte acquisition and due to the recent Internal Revenue Service Revenue Procedure 2011-29 which allows taxpayers to deduct 70% of the previously non-deductible success-based fees incurred in connection with certain acquisitions.Diluted weighted average shares outstanding increased 7% to 147.6 million in the second quarter of fiscal 2011 from 137.8 million in the second quarter of fiscal 2010 primarily due to the issuance of 8.6 million shares of common stock to Luigi Lavazza S.p.A in a private placement on September 28, 2010.Balance Sheet HighlightsCash and short-term cash investments were $64.5 million at March 26, 2011, up from $62.9 million at December 25, 2010.Accounts receivable increased 77% year-over-year to $226.8 million at March 26, 2011, from $128.2 million at March 27, 2010, reflecting continuing sales growth.Inventories were $300.8 million at March 26, 2011 including $29.5 million of Van Houtte-related inventories. This compares to $262.5 million at September 25, 2010.Debt outstanding increased to $1.060 billion at March 26, 2011 from $354.5 million at September 25, 2010 primarily as a result of the Company’s acquisition of Van Houtte on December 17, 2010.The Company is pursuing a sale of the Filterfresh U.S.-based coffee services business portion of its Van Houtte acquisition, which is classified as ‘assets available for sale’ in the Company’s financial statements, and expects to use any proceeds from an ultimate sale to reduce debt.Business Outlook and Other Forward-Looking Information*Company Estimates for Fiscal Year 2011The Company provided the following revised estimates for its fiscal year 2011.Total consolidated net sales growth of 82% to 87%, up from previous net sales growth guidance of 75% to 80%.The Company increased its 2011 non-GAAP earnings per diluted share range to $1.43 to $1.50 per diluted share from $1.19 to $1.29 per share, excluding any acquisition-related transaction expenses; legal and accounting expenses related to the SEC inquiry, the Company’s internal investigation and pending litigation; amortization of identifiable intangibles related to the Company’s acquisitions; deferred financing costs; and, foreign exchange impact of hedging the risk associated with the Canadian dollar purchase price of the Van Houtte acquisition.Capital expenditures for fiscal 2011 in the range of $275 million to $305 million, up from previous capital expenditure guidance of $245 million to $290 million.Company Estimates for Third Quarter Fiscal Year 2011The Company also provided its first estimates for its third quarter of fiscal 2011:Total consolidated net sales growth of 90% to 95%.Non-GAAP earnings per share in the range of $0.34 to $0.38 per diluted share excluding any acquisition-related transaction expenses; legal and accounting expenses related to the SEC inquiry, the Company’s internal investigation and pending litigation; deferred financing costs; and, amortization of identifiable intangibles related to the Company’s acquisitions.*All comparisons to prior periods reflect restated financial results for those periods as reported in Annual Report on Form 10-K filed December 9, 2010. A complete reconciliation of the Company’s GAAP to non-GAAP results is provided with this announcement.Use of Non-GAAP Financial MeasuresIn addition to reporting financial results in accordance with generally accepted accounting principles (GAAP), the Company provides non-GAAP operating results that exclude certain charges or credits such as acquisition-related transaction expenses, legal and accounting-related expenses associated with the SEC inquiry, the Company’s internal investigation and pending litigation, foreign exchange impact of hedging the risk associated with the Canadian dollar purchase price of the Van Houtte acquisition, and non-cash related items such as amortization of identifiable intangibles, each of which include adjustments to show the tax impact of excluding these items. These amounts are not in accordance with, or an alternative to, GAAP. The Company’s management believes that these measures provide investors with transparency by helping illustrate the underlying financial and business trends relating to the Company’s results of operations and financial condition and comparability between current and prior periods. Management uses the measures to establish and monitor budgets and operational goals and to evaluate the performance of the Company. Please see the ‘GAAP to Non-GAAP Reconciliation of Unaudited Consolidated Statements of Operations’ tables that accompany this press release for a full reconciliation the Company’s GAAP to non-GAAP results.Conference Call and WebcastGreen Mountain Coffee Roasters, Inc. will be discussing these financial results with analysts and investors in a conference call and live webcast available via the Internet at 5:00 p.m. ET today, May 3, 2011. Management’s prepared remarks on its quarterly results will be provided via a Current Report on Form 8-K and also posted under the events link in the Investor Relations section of the Company’s website at www.GMCR.com(link is external). As a result, the conference call will include only brief remarks by management followed by a question and answer session. The call along with accompanying slides is accessible, via live webcast from the events link in the Investor Relations portion of the Company’s website at http://investor.gmcr.com/events.cfm(link is external). The Company archives the latest conference call for a period of time. A replay of the conference call also will be available by telephone at (719) 457-0820, Passcode 6217671 from 9:00 p.m. ET on May 3, 2011 through 9:00 PM ET on Sunday, May 8, 2011.About Green Mountain Coffee Roasters, Inc.As a leader in specialty coffee and coffee makers, Green Mountain Coffee Roasters, Inc. (NASDAQ: GMCR), is recognized for its award-winning coffees, innovative Keurig Single-Cup brewing technology, and socially responsible business practices. GMCR supports local and global communities by offsetting 100% of its direct greenhouse gas emissions, investing in sustainably-grown coffee, and donating at least five percent of its pre-tax profits to social and environmental projects.GMCR routinely posts information that may be of importance to investors in the Investor Relations section of its website, including news releases and its complete financial statements, as filed with the SEC. The Company encourages investors to consult this section of its website regularly for important information and news. Additionally, by subscribing to the Company’s automatic email news release delivery, individuals can receive news directly from GMCR as it is released.Forward-Looking StatementsCertain statements contained herein are not based on historical fact and are ‘forward-looking statements’ within the meaning of the applicable securities laws and regulations. Generally, these statements can be identified by the use of words such as ‘anticipate,’ ‘believe,’ ‘could,’ ‘estimate,’ ‘expect,’ ‘feel,’ ‘forecast,’ ‘intend,’ ‘may,’ ‘plan,’ ‘potential,’ ‘project,’ ‘should,’ ‘would,’ and similar expressions intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Owing to the uncertainties inherent in forward-looking statements, actual results could differ materially from those stated here. Factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, the impact on sales and profitability of consumer sentiment in this difficult economic environment, the Company’s success in efficiently expanding operations and capacity to meet growth, the Company’s success in efficiently and effectively integrating the Company’s acquisitions, the Company’s success in introducing and producing new product offerings, the ability of lenders to honor their commitments under the Company’s credit facility, competition and other business conditions in the coffee industry and food industry in general, fluctuations in availability and cost of high-quality green coffee, any other increases in costs including fuel, Keurig’s ability to continue to grow and build profits with its roaster partners in the At Home and Away from Home businesses, the Company experiencing product liability, product recall and higher than anticipated rates of warranty expense or sales returns associated with a product quality or safety issue, the impact of the loss of major customers for the Company or reduction in the volume of purchases by major customers, delays in the timing of adding new locations with existing customers, the Company’s level of success in continuing to attract new customers, sales mix variances, weather and special or unusual events, the impact of the inquiry initiated by the SEC and any related litigation or additional governmental investigative or enforcement proceedings, as well as other risks described more fully in the Company’s filings with the SEC. Forward-looking statements reflect management’s analysis as of the date of this release. The Company does not undertake to revise these statements to reflect subsequent developments, other than in its regular, quarterly earnings releases.GMCR-C       $34,115 59,165 242,855 Net income attributable to GMCR $65,372 $24,055 $0.26 Basic weighted average shares outstanding 107,850 – Net income Net income Thirteen 85,530 $0.17 147,310,364 $0.46 $0.44 Basic income per share: 57,040last_img read more

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How the financial crisis took the shine off the Dutch pensions system

first_imgThe Dutch pensions system has lost part of its attractiveness since the financial crisis, which hurt its large capital-funded second pillar, according to a pensions law professor.Yves Stevens, professor of pensions law at the Catholic University of Leuven in the Belgium, argued in an interview with IPE’s Dutch sister publication Pensioen Pro that the Netherlands’ generous state pension (AOW) was the best feature of the system.He said that it would be very difficult to “export” the second pillar to other European countries because of the current low interest rates and the increasing individualisation of the labour market.Stevens is also a member of the European High Level Expert Group on pensions, which is to advise the European Commission about the improvement of second and third pillar pensions by the end of this year. Yves StevensThe professor argued that the financial crisis had changed the governments’ approach to the so-called ‘Aaron Condition’, which reflects whether supporting pay-as-you-go or capital-funded pension provision is more efficient.If the real interest rate is lower than economic growth, pay-as-you-go is more attractive, he said.“Until the crisis, the Aaron Condition had always favoured capital-funding,” Stevens explained. “However, the low interest rates and [low] return assumptions have made pay-as-you-go more favourable.”According to the professor, the individualisation of the labour market – also known as the ’gig economy’ – had led to a greater variety of types of employment, with fewer fixed contracts and waning trade union power.“As a consequence, the second pillar has come under pressure from the first and third pillars all over Europe,” he explained. “Some countries, including Poland, Romania and Hungary, are reducing their second pillar.”Poland, for example, removed its own government bonds from the second pillar in 2014, transferring them into the first pillar to help fund the state pension.Stevens noted that, where capital-funded plans are being set up, the trend in many countries was towards auto-enrolment, with the option of opting out – as is the case in the UK, Ireland, Poland and Turkey.“But this is all about an individual approach and not about collective labour conditions.”In Stevens’s opinion, the Netherlands should be proud of its state pension arrangement, which is available to all citizens, regardless of their labour history. The only other country where this applied was Iceland, he said.Stevens: “Moreover, the AOW benefits are much higher than in many other countries, including Belgium.“This is a really strong foundation of the Dutch pensions system. As a consequence, there is hardly poverty among the elderly in the Netherlands.” According to Stevens, the perception of capital-funded pensions has changed since the crisis. In Belgium, for example, the Dutch system was no longer viewed as a good example.“Although many sector schemes have been established in Belgium since 2003, they never raised their premiums from 1-2% to the envisaged 4-6%, as the crisis has dented confidence,” he said.“Companies opted for salary and bonuses, rather than investing in a pension fund. As in Belgium, a pension is more considered as salary than as social provision, this choice was easier here.”‘Pay as you go’ versus ‘capital funded’last_img read more

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Premier League clubs return to training Tuesday

first_imgRelatedPosts COVID-19: NCAA to revoke erring airlines licence over non-compliance FRSC to Schools: We’ll arrest, prosecute drivers who flout COVID-19 rules Sanwo-Olu: We’re committed to fulfilling promises to Lagosians Premier League clubs have agreed to stage one of the return to training protocols which allows teams to start training in small groups from Tuesday.Clubs voted unanimously on the decision at Monday’s “Project Restart” meeting. Players must observe social distancing rules, and contact training is not permitted.The first stage “has been agreed in consultation with players, managers, club doctors, independent experts and the government”.The Premier League statement added: “Strict medical protocols of the highest standard will ensure everyone returns to training in the safest environment possible.“The health and wellbeing of all participants is the Premier League’s priority, and the safe return to training is a step-by-step process.“Full consultation will now continue with players, managers, clubs, the PFA and LMA as protocols for full-contact training are developed.” Tags: COVID-19EPLPremier LeagueProject Restarttraininglast_img read more

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Ervin Philips on Eric Dungey’s 300-yard passing and 100-yard rushing performance: ‘He’s fighting. Why can’t we fight with him?’

first_img Facebook Twitter Google+ The ball landed out of bounds, and the play was over. But Eric Dungey was still lying on the ground. As backup quarterback Zack Mahoney started warming up and the Orange fans went into a nervous silence, Dungey writhed in pain grabbing at his right knee.Mahoney came in for one play, which ended in a botched snap on third down and then a field goal attempt. By the next series, Dungey was back in the game, sporting a black knee brace.“I just banged my knee up earlier in the game and then it just kind of tweaked up on me,” Dungey said. “The training staff did a good job on me and I wanted to go back in so I did.”After taking a beating last week against Wake Forest, Dungey was again battered in Saturday’s game. But he remained aggressive with his running game and courageous remaining in collapsing pockets as Syracuse (3-4, 1-2 Atlantic Coast) beat No. 17 Virginia Tech (4-2, 1-2), 31-17, on Saturday in the Carrier Dome.Dungey became the first player in program history to throw for over 300 yards and rush for over 100, with 73 of those running yards coming in the second half, after his injury. He also rushed twice near the goal line late in the game, including scoring the go-ahead touchdown on a one-yard plunge where he pushed through the Hokies defense.AdvertisementThis is placeholder text“He had guts. It was real gutsy,” head coach Dino Babers said. “I would love to play a game where our quarterback never gets touched … but right now at this moment in time, we have to be calculated and we need his legs in our offense.”Dungey has missed games in the past due to injury, including missing the last four games of last season. In the offseason he vowed to be smarter in terms of protecting his body, and Babers wanted him to play like the Russell Wilson of the ACC.And while Dungey has made smarter decisions this season, his timely rushes were one of the biggest reasons SU won Saturday.SU was facing a third-and-5 from the VT 16-yard line late in the game, and Babers called a timeout. Even after the timeout, after players were already lined up, Babers was talking to Dungey by the 20-yard line.Dungey took the snap, paused for a second, and then burst up the gut for a nine-yard pick up. Two carries later, he punched in the go-ahead score.Babers and Steve Ishmael called the performance inspiring. His play was crucial in Syracuse’s biggest regular-season win since before the Scott Shafer era.“You see your quarterback fighting, taking hits. He hurt his knee, he’s still coming back, that motivates us,” receiver Ervin Philips said. “That motivates us. He’s fighting. Why can’t we fight with him?” Comments Published on October 15, 2016 at 11:31 pm Contact Tomer: tdlanger@syr.edu | @tomer_langerlast_img read more

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KELLYS OF MOUNTAINTOP – THE BEST EASTER VALUE IN TOWN!

first_imgPromoted postKellys of Mountaintop.Kelly’s supermarket and diner at Mountaintop in Letterkenny has long been renowned for its quality and amazing value for money.And at Easter time, Mairtin Kelly and his staff go that extra mile to make sure their loyal customers are well and truly looked after. As well as offering amazing choice and value at Kelly’s diner, the supermarket runs daily offers that juts won’t be beaten.The centre offers a whopping 30% allowance on all sterling for our visitors from across the border and is open from early until late.But here are just a few more mouth-watering offers over the Easter holidays that will ensure you’ll never go hungry if you call into Kellys.*Serving our famous breakfast at only €5 which includes tea & toast *Saturday Steak Night – Sirloin steak and ALL the trimmings an unbelievable €10*3 Course Easter Lunch €13.95- Kids 3 course lunch €9.95.The best quality lunch in Derry & Donegal*Easter specials menu served all day which includes our famous steak deal*Mixed grill for an unbeatable price of €7.00Kellys – wether it’s stopping off for a quick bite, a full meal or some much-needed shopping at the right price. KELLYS OF MOUNTAINTOP – THE BEST EASTER VALUE IN TOWN! was last modified: April 2nd, 2015 by StephenShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)last_img read more

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