$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: 57,040
Germany’s Nurburgring can welcome up to 20,000 fans next month when it hosts Formula One, organizers said Monday, after local authorities gave it the go-ahead alongside stringent health measures.Spectators have been conspicuously absent from motorsport’s top competition this year due to restrictions to combat the coronavirus pandemic, but races later in the calendar have started to open up. The previous event at Tuscany’s Mugello circuit held around 2,000 fans, and the organizers of this weekend’s Russian Grand Prix in Sochi are hoping for an audience of 30,000. Ticket sales will take place in several stages depending on how the virus situation develops, with the final allocation of seats not being sold until organizers can be sure of virus infection rates.The maximum number of spectators allowed will also be just 20 percent of the 100,000 top capacity of the circuit.Other measures to protect fans include designated seats and a “visitor guidance system” to ensures that spectators from different grandstands don’t meet.Coronavirus cases continue to tick up in Germany, with daily infection numbers on Saturday reaching the highest level since April.The race on Oct.11 marks the return of the Nuerburgring to Formula One after an absence of seven years, when Germany’s four-time champion Sebastian Vettel won in 2013.Topics :
“The governor recognised the fact that, Lagos has produced a lot of women’s soccer professional players who not only helped take the country’s women’s national teams to a great height at the African and world levels, but also helped in the development of the game in Lagos.“Sanwo-Olu, recognized the value added to women in Lagos through the professional players who moved from their various Lagos football clubs to top clubs in Europe and other parts of the world. And by so doing, they are directly impacting on the lives of family members, friends, and their football clubs.“The governor gave kudos to the likes of Asisat Oshoala, Rashidat Ajibade, Chidinma Okeke, Ann Agumanu-Chiejine, Yinka Kudaisi, Maureen Madu, Kikelomo Ajayi, Taiwo Ajobiewe, Diana Ansak, Esther Ohai among others, who at one time or the other played for women football clubs in Lagos and made the state the home of women’s football.“Lagos at one or the other housed clubs like Jegede Babes, Vero Bim, Flying Angels, FC Robo and Dream Stars.“He is proud of all of them and their contributions to human and material development of the women’s folks. These were some of the reasons he accepted to host the NWPL Super 4 in Lagos, and we are happy that at least some Nigerian leaders are beginning to see the women’s league and women’s football generally beyond playing on the football field. We appreciate the Lagos governor.”Falode, also praised the contributions of the Deputy Governor of Edo State, the sports loving Rt. Hon. Philip Shaibu for his immense contributions to the development of women’s football in Nigeria since the state’s first involvement in the Super 4 competition which they hosted at the old Samuel Ogbemudia Stadium, Benin City in 2017.“After Edo first hosted the Super 4 in 2017, which stood out as the best ever among other Super 4 we have hosted, the Edo state government has been following the progress of the women’s league in Nigeria.“Aside from giving the league board adequate supports, the state rebranded the state owned premier league club, Edo Queens of Benin to a club that became the pride of Edo sons and daughters within and outside the country. The Edo Queens players and officials were given the best of welfare and also got a brand new team bus and a very decent accommodation.“The team missed the 2018/2019 Super 4 by the whiskers. We appreciate the Deputy Governor who is in charge of sports in the state for his innovations and development plans for sports in Edo state.“He will be one of the special guests at the grand finale of this year’s Super 4 in Lagos on Sunday, November 3, 2019. He will be joined by the Minister for Sports, Sunday Dare and Minister for Women’s Affairs, Pauline Tallen, at the Agege Stadium, Lagos.”The 2018/ 2019 NWPL Super 4 will begin in earnest today with Adamawa Queens battling Confluence Queens in the first game of the day at 2pm. The second match of the day would see defending champions Bayelsa Queens slug it out against Rivers Angels, a game which has been tagged the ‘final before the final going by the high reputations of the teams’ players.The final will be played on Sunday, November 3, 2019 at 4pm with the third place coming up earlier at 2pm.The champion will go home with a cash prize of N3million, the first runner’s up N2million and the third place N1million.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram Sanwo-Olu The Chairperson of the Nigeria Women Football League (NWPL), Aisha Falode, has applauded the Governor of Lagos State, Babajide Sanwo-Olu, for making it possible for the 2018/2019 Nigeria Women Premier League Super 4 to hold in Lagos.Falode, noted that, Sanwo-Olu’s love for the women’s game made it possible for the NWPL to host the Super 4 in the state.“The board of the Nigeria Women Football League wishes to sincerely thank the Lagos state governor for his magnanimity in hosting the NWPL Super 4, without much trouble. We are playing at the Agege Stadium, Lagos today because of the love and interest the governor show for women’s football development.