Green Mountain Coffee Roasters now a billion dollar company

first_img5,191 47,655 $- 23,405 14,973 137,834,123 (As Restated) 76,386 (1,918) 13,939 Weighted average shares outstanding $786,135 5,083 Patent Litigation Settlement $- Net increase (decrease) in cash and cash equivalents $0.12 (662) – – 425,758 Amortization of intangibles Accrued compensation costs 131,529,412 – (217)Proceeds from issuance of common stock under compensation plans 121,350 13,939 (50,000)Proceeds from receipt of note receivable 132,210,938 121,743,135 $20,368 – 540,744 – (118,042) (17,000)Operating income 41,676 32,844 (1,918)Income before income taxes Other current assets – (2,133) (338) 386,416 (95,500)Proceeds from borrowings of long-term debt GAAP 24,817 4,956 $42,313 11,384 386,688 Cost of sales (305,261) Income tax expense 120,370,659 – (53,703) 145,000 (Gain) loss on futures derivatives Selling and operating expenses Adjustments to reconcile net income to net cash $54,439 – – – Liabilities assumed in conjunction with acquisitions 113,979,588 113,979,588 Net income $0.20 $0.12 9,961 Operating income $0.12 Deferred income taxes, net 245,391 – Net cash used in investing activities $0.48 3,257 50,000 Net sales GREEN MOUNTAIN COFFEE ROASTERS, INC.Unaudited Consolidated Balance Sheets(Dollars in thousands) $16,773 (662)Interest expense Accounts payable – Weighted average shares outstanding 93,386 Other long-term liabilities – Other income (expense) Changes in assets and liabilities: (9,228) 280 – 92,579 $0.22 Receivables, less allowances of $14,056 and $4,792 at September 25, 2010, and September 26, 2009, respectively 241,007 19,895 – Cash and cash equivalents at end of period 186,418 (52) $373,087 (As Restated)Assets Other current assets 23,488 Short-term investments 172,200 Deferred income taxes, net $79,506 121,743,135 $241,811 General and administrative expenses Retained earnings 47,655 138,256,219 Intangibles, net GREEN MOUNTAIN COFFEE ROASTERS, INC.GAAP to Non-GAAP Reconciliation of Unaudited Consolidated Statements of Operations(Dollars in thousands) – Thirteen weeks ended 9/26/09 $- Fifty-Two weeks ended September 25, 2010 Stockholders’ equity: Goodwill – 18,906 $- – – Current liabilities: – 128,401,764 Provision for sales returns Diluted income per share: (5,294) Acquisition- related Transaction Expenses Accrued compensation costs Accrued expenses $96,279 General and administrative expenses 46,632 $1,356,775 138,256,219 (5,294) Weighted average shares outstanding (10,761)Tax expense from allocation of ESOP shares 5,318 Provision for doubtful accounts $0.20 128,401,764 126,443 73,013 General and administrative expenses 259,641 29,484 81,662 Preferred stock, $0.10 par value: Authorized – 1,000,000 shares; No shares issued or outstanding Acquisition- related Transaction Expenses – 245,391 – GAAP $210 GREEN MOUNTAIN COFFEE ROASTERS, INC.GAAP to Non-GAAP Reconciliation of Unaudited Consolidated Statements of Operations(Dollars in thousands) Current portion of long-term debt 6,147 679 $- 245,391 473,749 Receivables Fixed assets, net – 243 Accumulated other comprehensive loss $0.48 Cash flows from investing activities: 10,769 Income tax expense 699,245 138,256,219 – Weighted average shares outstanding 128,401,764 GREEN MOUNTAIN COFFEE ROASTERS, INC. Unaudited Consolidated Statements of Cash Flows (Dollars in thousands) (14,848)Net income Fifty-two weeks ended September 26, 2009 120,370,659 – $79,506 $- $14,052 provided by (used in) operating activities: Depreciation $- Non-GAAP (As Restated)Net Sales 120,370,659 99,600 Patent litigation settlement Loss on disposal of fixed assets 121,350 Net income $(0.09) 44,105 – Commitments and contingencies – (237,410) Income tax payable 68,868 264 134,338 and disqualified dispositions of incentive stock options $- $0.12 $1,370,574 $1,356,775 Net income $- (6,931) Current assets: $- 8,110 – Cost of Sales 131,529,412 Cash flows from financing activities: Net income $- – (As Restated) Selling and operating expenses (3)Deferred income taxes Total current assets Net cash provided by financing activities (4,693)Income before income taxes (10,767) (3,703)Other long-term assets, net (4,487) 1,769 $0.38 147,097 $0.45 $0.45 30,112 68,868 (139,497) Income tax expense Gross Profit – – – 132,210,938 Operating income (52) 3,979 $786,135 (16,895)Capital lease obligations – $1,533 50,000 (4,693) 540,744 $14,052 138,256,219 1,788 – 931,017 Excess tax benefits from equity-based compensation plans 6,443 91,559 (154,208) $- 213,844 121,350 30,112 Weighted average shares outstanding (48,298)Proceeds from disposal of fixed assets 610 100,568 $1,370,574 (525,197) 4,377 Other short-term liabilities (5,294)Income before income taxes (12,715) $0.58 Gross Profit $0.73 113,979,588 931,017 131,529,412 1 A complete reconciliation of the Company’s GAAP to non-GAAP results is provided with this announcement.      Acquisition of certain assets of Tully’s Coffee Corporation 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 Timothy’s and Diedrich’s wholesale operations and capacity into its Specialty Coffee business unit, 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.  WATERBURY, Vt.–(BUSINESS WIRE)–Green Mountain Coffee Roasters, Inc Acquisition of Diedrich Coffee, Inc. $2,823 Gross Profit Fixed asset purchases included in accounts payable and not disbursed at the end of each year Proceeds from sale of short-term investments – (2,133) 8,788 – $373,087 8,253 10,761 88,031 – $54,439 $29,814 44,105 Acquisition- related Transaction Expenses – 241,811 $241,811 (662)Interest expense Thirteen weeks ended September 26, 2009 137,834,123 Supplemental disclosures of cash flow information: Cash paid for interest Total liabilities and stockholders’ equity 137,834,123 Cash paid for income taxes Total assets (12,715) 23,280center_img $813,405 – Cash and cash equivalents $28,424 47,655 – (102,297) Thirteen weeks ended September 25, 2010 $6,486 121,743,135 Patent Litigation Settlement Liabilities and Stockholders’ Equity 1,000 17,000 $0.70 $0.02 Cost of Sales – 14,590 $0.11 $373,087 $12,509 Net change in revolving line of credit 113,446 – 804 Selling and operating expenses 15,943 – (1,084)Repayments of long-term debt – – – Other long-term assets Accrued expenses Diluted income per share: (1,918) $1,356,775 Diluted income per share: $0.36 Income tax expense (As Restated)Cash flows from operating activities: $- Basic income per share: $- $- $- 44,105 (74)Total stockholders’ equity 40,139 39,706 Proceeds from issuance of common stock for public equity offering 220,005 10,151 26,997 258,923 (33,592)Net income 573 Other income (expense) 113,979,588 120,370,659 $54,439 335,504 1,934 93,386 132,210,938 – 4,956 (116,653) – Cash and cash equivalents at beginning of period $0.02 6,819 Diluted income per share: $215,965 – GAAP (As Restated) 132,210,938 Acquisition- related Transaction Expenses 138,256,219 Non-GAAPNet Sales 13,081 36,478 39,706 Other income (expense) $215,965 Fifty-two weeks ended 9/26/09 5,350 Other short-term liabilities Patent Litigation Settlement (399)Excess tax benefits from equity-based compensation plans 88,031 (14,590) Basic income per share: 262,478 259,641 Restricted cash and cash equivalents 49,279 25,834 Cost of Sales Contributions to the ESOP 41,676 (17,000) – 425,758 17,987 186,418 Operating income – Basic income per share: (1,199) 298,322 (18,906) $- – (217) 138,772 147,097 1,683 – $43,882 General and administrative expenses 120,370,659 100,568 (1,870)ESOP unallocated shares, at cost ‘ 0 and 38,060 shares at September 25, 2010, and September 26, 2009, respectively $4,401 General and administrative expenses $4,401 (10,535) 186,418 – 68,868 152,115 132,182 Other income (expense) Income tax expense 113,446 (55,836)Net income (17,000) Net income 38,498 13,939 $0.23 – Income tax receivable $- 1,376 – Net income – $0.13 – $0.20 Net income (269) (1,630) 133,209 137,834,123 Inventories Net income Net income – (269) GAAP (As Restated) $813,405 24,236 Selling and operating expenses – 1,225 Non-GAAP (As Restated)Net Sales $- (713) $5,118 Accounts payable 131,529,412 – – Fifty-two weeks ended 9/25/10 147,097 587,350 – Diluted income per share: – 113,446 Patent litigation settlement (1,830) – (33,592) 30,112 – (27,149)Net income $26,991 Fifty-two weeks ended September 25, 2010 $0.11 Net cash (used in) provided by operating activities 540,744 50,000 (1,339) 1,645 425,758 Fifty-Two weeks ended September 26, 2009 931,017 – $215,965 (1,199)Income before income taxes Tax benefit (expense) from exercise of non-qualified options – 131,529,412 23,280 $0.11 $- 135,981 10,065 (9,228) – $0.20 24,817 Additional paid-in capital 140,000 13,282 441,875 (269)Interest expense Weighted average shares outstanding Weighted average shares outstanding 132,210,938 5,191 121,743,135 Noncash investing activity: (52)Interest expense (4,956) – (52,963)Inventories 22,709 537,367 $14,052 495,269 128,401,764 355 $26,991 Basic income per share: 23,280 27,665 $0.58 GREEN MOUNTAIN COFFEE ROASTERS, INC.GAAP to Non-GAAP Reconciliation of Unaudited Consolidated Statements of Operations(Dollars in thousands) (338) GREEN MOUNTAIN COFFEE ROASTERS, INC.GAAP to Non-GAAP Reconciliation of Unaudited Consolidated Statements of Operations(Dollars in thousands) Acquisition of Timothy’s Coffee of the World Inc. 259,641 Other income (expense) 17,264 24,817 26,599 $786,135 128,401,764 Weighted average shares outstanding – $- $0.60 Weighted average shares outstanding $79,506 Purchases of short-term investments 27,665 $0.60 139,220 Deferred compensation and stock compensation September 26, 2009 138,772 (8,500) (1,199) Long-term debt – $- Operating income (9,228)Net income – Thirteen weeks ended 9/25/10 137,834,123 Gross Profit (17,000) Cost of Sales Financing costs in connection with public equity offering (41,361)Capital expenditures for fixed assets 526 – – Total current liabilities Gross profit Common stock, $0.10 par value: Authorized – 200,000,000 shares; Issued ‘ 132,823,585 and 130,811,052 shares at September 25, 2010, and September 26, 2009, respectively 133,209 Net income – Deferred financing fees September 25, 2010 – 121,743,135 162 $19,009 $(0.09) Green Mountain Coffee Roasters, Inc., (NASDAQ: GMCR), a leader in specialty coffee and coffeemakers, on Thursday announced its fiscal 2010 fourth quarter and year-end results for the thirteen weeks and fiscal year ended September 25, 2010. Annual sales were nearly $1.4 billion and net income was almost $80 million.Performance HighlightsFourth Quarter Fiscal 2010* Net Sales up 73% over 2009* GAAP EPS of $0.20; Non-GAAP EPS of $0.221* GAAP Net Income up 92% over 2009Fiscal 2010* Net Sales up 73% over 2009* GAAP EPS of $0.58; Non-GAAP EPS of $0.701* GAAP Net Income up 46% over 2009Restated Financial ResultsAs set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended September 25, 2010, the Company has restated its previously issued financial statements for the fiscal years ended September 30, 2006, September 29, 2007, September 27, 2008 and September 26, 2009 and the first three quarters of fiscal 2010, including the quarterly data for fiscal years 2009 and 2010 and its selected financial data for the relevant periods. Any comparisons to prior periods reflect restated financial results for those periods. Accordingly, investors should no longer rely upon the Company’s previously released financial statements for these periods and any earnings releases or other communications relating to these periods.Fourth Quarter 2010 ResultsNet sales for the fourth quarter of fiscal 2010 increased 73% to $373.1 million as compared to $216.0 million for the fourth quarter of fiscal 2009. GAAP net income for the fourth quarter of fiscal 2010 totaled $27.0 million, or $0.20 per fully diluted share, representing an increase of 92% as compared to GAAP net income of $14.1 million, or $0.11 per diluted share for the fourth quarter of fiscal 2009.Excluding transaction-related expenses in the quarter, the Company’s non-GAAP net income for the fourth quarter of fiscal 2010 increased 112% to $29.8 million from $14.1 million in the fourth quarter of fiscal 2009.1 Non-GAAP earnings per diluted share increased 97% to $0.22 from $0.11 in the fourth quarter of fiscal 2009.1Fiscal Year 2010 ResultsNet sales for the 2010 fiscal year increased 73% to $1,356.8 million as compared to $786.1 million for the 2009 fiscal year. Under Generally Accepted Accounting Principles (GAAP), net income for the 2010 fiscal year totaled $79.5 million, or $0.58 per diluted share, representing an increase of 46% as compared to GAAP net income of $54.4 million, or $0.45 per diluted share for the 2009 fiscal year.Excluding transaction-related expenses incurred during fiscal 2010, and the $17.0 million pre-tax Kraft patent litigation settlement recorded in fiscal 2009, the Company’s non-GAAP net income for fiscal 2010 increased 119% to $96.3 million from $43.9 million in fiscal 2009.1 Non-GAAP earnings per fully diluted share increased 92% to $0.70 from $0.36 in fiscal 2009.1 Fiscal 2010 and fiscal 2009 non-GAAP earnings per diluted share include $0.06 and $0.03 of amortization of identifiable intangibles related to the companies acquisitions per diluted share, respectively.In alignment with its purpose: ‘To create the ultimate coffee experience in every life we touch from tree to cup ‘ transforming the way the world views business,’ GMCR allocates at least 5% of its pre-tax profits to socially and environmentally responsible initiatives.‘Our fiscal 2010 results demonstrate increasing consumer awareness of and interest in the convenience and value represented by the Keurig Single-Cup system,’ said Lawrence J. Blanford, GMCR’s President and CEO. ‘We estimate Keurig systems are currently active in approximately 6% of the 90 million coffee-drinking households in the United States, and we believe there is room to expand our presence going forward.’‘The GMCR team remains focused, continuing to execute in a way that enables us to capitalize on what we believe is substantial opportunity for growth,’ continued Blanford. ‘We are very excited about the 2010 Holiday season and the support we’re seeing from our customers and licensed-brand partners. We continue to expect a strong start to our fiscal 2011 and anticipate total consolidated net sales growth of 55% to 65% for the first quarter of 2011.’Fiscal 2010 Fourth Quarter Financial ReviewKey Business Drivers & Metrics* Approximately 90% of consolidated net sales in the fourth quarter were from the Keurig brewing system and its recurring K-Cup portion pack revenue, including Keurig-related accessory sales and royalties from third party licensed roasters.o Net sales from K-Cup portion packs totaled $249.5 million in the quarter, up 115%, or $133.5 million, over 2009. Contributing to this increase was the introduction of Folgers Gourmet Selections and Millstone-branded K-Cups to grocery, mass and club outlets by The J.M. Smucker Company which represented approximately 6 percentage points of the increase this quarter. Also, on September 7, 2010, the Company announced a price increase on K-Cup portion packs beginning October 11, 2010. We believe the price increase may have contributed to stronger sales in the fourth quarter of fiscal 2010 ahead of the effective date of the increase.o During the fiscal fourth quarter, 832 million K-Cup portion packs were shipped system-wide by all Keurig-licensed roasters, representing an increase of 80% over the year-ago quarter. K-Cup portion packs shipped system-wide include Specialty Coffee business unit (SCBU) and third party licensed roasters shipments to third party customers, as well as to Keurig for future sales to the At-Home channel and Keurig.com.o Net sales from Keurig brewers and accessories totaled $82.2 million in the quarter, up 48%, or $26.7 million, from the prior year period.o Supporting continued growth in K-Cup demand, there were 1.2 million brewers with Keurig-branded brewing technology, including third party brewers, shipped system-wide during the fourth quarter of fiscal 2010 compared to 719,000 shipped during the fourth quarter of fiscal 2009. This shipment data does not account for consumer returns to retailers.o Net sales related to Timothy’s and Diedrich, which are included in the Company’s fourth quarter results of fiscal 2010 since acquisition in November 2009 and May 2010, respectively, represented approximately 16 percentage points of the 73% increase in GMCR’s total net sales in the fourth quarter over the prior year quarter.* For the Keurig business unit, net sales for the fourth quarter of fiscal 2010 was $189.6 million, up 64% from net sales of $115.8 million in the fourth quarter of fiscal 2009.* For the SCBU, net sales for the fourth quarter of fiscal 2010 was $183.5 million, up 83% from net sales of $100.1 million in the fourth quarter of fiscal 2009.Costs, Margins and Income* Fourth quarter 2010 gross profit was 30.4% of total net sales compared to 31.9% for the corresponding quarter in 2009. The gross margin is lower than the year-ago period due to higher brewer sales returns, an increase in brewer warranty expense, and higher green coffee costs. These negative impacts were somewhat offset by additional manufacturing margin resulting from the Company’s acquisition of Timothy’s and Diedrich.* Selling, general and administrative expense as a percentage of net sales for the fourth quarter was 19.2% as compared to 20.4% in the prior year. Fourth quarter 2010 general and administrative expenses included approximately $5.0 million of transaction-related expenses for the pending Van Houtte acquisition, as well as $5.5 million in amortization of identifiable intangibles related to the Company’s acquisitions, as compared to $1.5 million of amortization of identifiable intangibles in the prior year fourth quarter.* The Company increased its GAAP operating income by 68%, to $41.7 million, in the fourth quarter of fiscal 2010, as compared to $24.8 million in the year ago quarter. Excluding the impact of $5.0 million in transaction-related expenses in the fourth quarter of fiscal 2010, the Company’s non-GAAP operating income was $46.6 million, or 12.5% of net sales, as compared to $24.8 million, or 11.5% of net sales, in the prior year period.* Interest expense was $1.9 million in the fourth quarter of fiscal 2010, compared to $1.2 million in the prior year quarter.* Income before taxes for the fourth quarter of fiscal 2010 increased 71% to $39.7 million as compared to $23.3 million in the fourth quarter of fiscal 2009.* The Company’s tax rate for the fiscal fourth quarter was 32.0% as compared to 39.6% in the prior year quarter due to lower income tax rates in jurisdictions outside of the United States where the company has operations and as a result of significant federal and state manufacturing credits.* Fourth quarter GAAP net income increased 92% to $27.0 million from $14.1 million and non-GAAP net income, when excluding the transaction-related expenses, increased 112% to $29.8 million from $14.1 million.1Balance Sheet Highlights* Cash and short-term cash investments was $4.8 million at September 25, 2010, down from $10.0 million at June 26, 2010.* Accounts receivable increased 88% year-over-year to $172.2 million at September 25, 2010, from $91.6 million at September 26, 2009, as a result of continuing strong sales during the fourth quarter of fiscal 2010, particularly within the retail channel where days sales outstanding is higher than other channels.* Inventories increased 99% to $262.5 million at September 25, 2010 from $132.2 million at September 26, 2009, reflecting the Company’s effort to ensure sufficient inventories of brewers and K-Cup portion packs for the 2010 holiday season.* Debt outstanding increased to $354.5 million at September 25, 2010 from $271.4 million at June 26, 2010 as a result of the Company’s increase in working capital during the fourth quarter.Proposed Acquisition of Van Houtte* On September 14, 2010, the Company announced it had entered into a share purchase agreement to acquire all the outstanding shares of Van Houtte for approximately $915.0 million Canadian dollars or $890.0 million U.S. dollars, based upon an exchange rate as of September 13, 2010, subject to adjustment.* The Company has secured a financing commitment for a new $1.45 billion senior secured credit facility to finance the Van Houtte acquisition and transaction expenses, as well as to refinance the Company’s existing outstanding indebtedness.* We have received two of the three required regulatory approvals necessary to complete this transaction.* We remain confident that we will receive the final regulatory approval in order to close the transaction by December 31, 2010.* GMCR anticipates that the acquisition of Van Houtte will be neutral to slightly dilutive to its earnings per share in the first twelve months after closing and accretive thereafter.Business Outlook and Other Forward-Looking InformationCompany Estimates for Fiscal Year 2011The Company provided the following revised and/or first issuance of estimates for its fiscal year 2011:* Total consolidated net sales growth of 45% to 53%, up from prior estimates of 44% to 50% reflecting higher pricing and anticipated lower unit volume as a result of the previously announced price increase.* The Company is broadening its 2011 Non-GAAP earnings per diluted share to a range of $1.19 to $1.29 per diluted share from its comparable prior non-GAAP fiscal 2011 earnings estimate of $1.24 to $1.29 per diluted share to allow for expected volatility in coffee prices and flexibility to support anticipated new product launches.For fiscal 2011, because it is a non-cash-related item, in an attempt to provide transparency to operating results, the Company expects to exclude amortization of identifiable intangible assets from its non-GAAP estimates and non-GAAP reporting. As a result, the fiscal 2011 estimate range excludes any acquisition-related transaction expenses, amortization of identifiable intangibles related to the Company’s acquisitions, foreign exchange impact of hedging the Canadian dollar purchase price of Van Houtte acquisition, and legal expenses related to the SEC inquiry or pending litigation.The fiscal 2011 estimate excludes approximately $22.0 million, or approximately $0.09 per share, of non-cash amortization of identifiable intangibles related to the Company’s completed acquisitions and does not reflect any increase in non-cash amortization of identifiable intangibles for the pending Van Houtte acquisition.* Capital expenditures for fiscal 2011 in the range of $215.0 million to $260.0 million, excluding capital expenditures related to the pending acquisition of Van Houtte.* In addition, the Company’s prior estimate issued on July 28, 2010 of total K-Cup portion packs shipped system-wide to increase in the range of 64% to 68% in 2011 is not being updated and, therefore, investors should not rely on it. Going forward, the Company has determined that, consistent with the evolution of the business, it will not provide estimates with respect to brewers or K-Cup portion packs shipped. Instead, from time to time, the Company may comment on general shipment trends of both K-Cup portion packs and brewers when material to an understanding of its financial results. The Company will continue to provide historical net sales data for K-Cup portion packs and brewers.Company Estimates for First Quarter Fiscal Year 2011The Company also provided its first estimates for its first quarter of fiscal 2011:* Total consolidated net sales growth of 55% to 65%.* Non-GAAP earnings per share in the range of $0.14 to $0.18 per diluted share excluding any acquisition-related transaction expenses, amortization of identifiable intangibles related to the Company’s acquisitions, foreign exchange impact of hedging the Canadian dollar purchase price of the pending Van Houtte acquisition, and legal expenses related to the SEC inquiry or pending litigation.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, the one-time operating income related to the settlement of the Company’s Kraft litigation, and non-cash related items such as amortization of identifiable intangibles. 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 5:30 p.m. ET today, December 9, 2010. Management’s prepared remarks on its quarterly and annual 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 4442884 from 9:00 p.m. ET on December 9th through 9:00 PM ET on Wednesday, December 15, 2010.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.About Green Mountain Coffee Roasters, Inc.As a leader in the specialty coffee industry, Green Mountain Coffee Roasters, Inc. is recognized for its award-winning coffees, innovative brewing technology, and socially responsible business practices. GMCR’s operations are managed through two business units. The Specialty Coffee business unit produces coffee, tea and hot cocoa from a family of brands, including Tully’s Coffee®, Green Mountain Coffee®, Newman’s Own® Organics coffee, Timothy’s World Coffee® and Diedrich®, Coffee People® and Gloria Jeans®, The Keurig business unit is a pioneer and leading manufacturer of gourmet single-cup brewing systems. K-Cup® portion packs for Keurig® Single-Cup Brewers are produced by a variety of roasters, including Green Mountain Coffee, Tully’s, Timothy’s and Diedrich. GMCR supports local and global communities by offsetting 100% of its direct greenhouse gas emissions, investing in Fair Trade Certifiedâ ¢ coffee, and donating at least five percent of its pre-tax profits to social and environmental projects. Visit www.gmcr.com(link is external) for more information.GREEN MOUNTAIN COFFEE ROASTERS, INC.Unaudited Consolidated Statements of Operations(Dollars in thousands except per share data) Net income 238,055 (188) (47,650)Income tax receivable, net $(10,557) 18,906 $5,030 Non-GAAPNet Sales 113,979,588 71,031 (4,693)Income before income taxes Basic income per share: – (338)Interest expense Other long-term liabilities (53,703) $- – Weighted average shares outstanding Patent Litigation Settlement 157,678 – 44,662 – Selling and operating expenses – 342,006 – 79,772 –last_img read more

UK firms lash out at lease plans

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Serb Micho set to succeed Swede as Pirates coach

first_imgFILE PHOTO; Micho answers questions at a previous matchSoweto, South Africa | AFP |  Serb Milutin Sredojevic is expected to succeed Swede Kjell Jonevret, who quit Wednesday, as coach of troubled South African club Orlando Pirates.Jonevret won only six of 18 matches in charge and his fate was effectively sealed during June when Pirates were thrashed 4-1 by SuperSport United in the South African FA Cup final.“He was a good coach, but lacked the man-management skills to deal with a lot of prima donnas in the changeroom,” a club insider told AFP.Pirates, the first South African club to be crowned African champions, have failed to lift a trophy in the past two domestic seasons.Sredojevic arrived in Johannesburg this week and although non-committal, confirmation is expected soon of his return to the Soweto club he coached for seven months before leaving early in 2007.Although he did not win any trophies, the Serb guided the “Buccaneers” to the 2006 CAF Champions League semi-finals, where they lost narrowly to CS Sfaxien of Tunisia.Sredojevic resigned as Uganda coach last weekend, six months after taking the “Cranes” to their first Africa Cup of Nations tournament in 39 years.The 47-year-old told reporters in Kampala that he had run out of patience with Uganda football officials, who owe him $64,000 (54,000 euros) in salaries.Popularly known as “Micho”, the slightly built European began coaching in Africa 16 years ago with Ugandan outfit Villa.Other clubs he worked with include Saint George of Ethiopia (twice), Pirates, Young Africans of Tanzania and Al Hilal of Sudan. Share on: WhatsApp His national coach stints were with Rwanda and Uganda, where he enjoyed considerable success.Apart from Cup of Nations qualification, the “Cranes” are challenging Egypt for a place at the 2018 World Cup in Russia.last_img read more