Time to put your cards on the table

first_imgTime to put your cards on the tableOn 22 Jul 2003 in Personnel Today The Information and Consultation Directive will take time and resources toimplement, which is why HR must ensure it is not left to the last minute.Roisin Woolnough reportsEmployers need to think long and hard about how they communicate businessnews and changes to staff, following the Government’s announcement on theInformation and Consultation Directive. While the legislation itself does notrequire companies to have an employee consultative body, it does stipulate thatif just 10 per cent of the workforce demand it, then the company must provideit. What form that consultative body takes is to a certain extent left up to theemployer. The framework has taken into account the varied nature of existingarrangements between employers and employees, some of which are highlysuccessful, and the DTI has avoided a one-size fits all approach. One thing the DTI, employer and employee industry bodies are all agreed uponis that companies should at the very least establish if they comply with thedirective and what the business implications are. Any organisations that fallfoul of the directive could face a fine of up to £75,000. “HR people are going to want to drive this initiative, rather thanrespond to demands from employees,” says Ken Allison, Head of HRConsulting at Bond Pearce. “There are good business reasons for doing itahead of time, so that you have the machinery in place and representatives canhandle their roles well.” The EU-legislation takes effect for companies with 150 employees or more inMarch 2005, in 2007 for those with 100 or more employees and in 2008 for thosewith 50 or more employees. Information and consultation means just that and nothing more. “People tend to think consultation is the same as negotiation, but itis not,” says Patrick Burns, director of advocacy for The Work Foundationconsultancy and think-tank. “Consultation still very much leaves decisionmaking in managers’ hands. The directive says a company must be prepared tolisten to employees’ views, state its own views and then make a decision,”he adds. The legislation came about because of EU concerns about the number ofcompanies making public announcements about fundamental changes to their businesses– such as restructuring and mass redundancies – with no prior warning to staff.Employees have to be informed and consulted on management decisions thataffect their future, and the consultation has to be meaningful. It also needsto be done right down to departmental level and at the time the decision-makingprocess is taking place – not when plans have already been finalised. “If the board signs this off, saying ‘Yes we must consult’, but thenthey go through the motions at national level, then there is a problem,”says Burns. “All the personnel we have spoken to said consultations haveto take place while there are still options and the decision can still beaffected.” If companies only pay lip service to the notion of consultation, Burns believesemployees and unions could bring about cases of non-compliance. “If I had to predict a potential flashpoint,” says Burns, “itwould be confidentiality. Accidental exposure is a problem, but not if peoplelearn from good management.” A major concern expressed by employers is that employee reps will leaksensitive corporate information, but Burns sees no reason why this shouldhappen if they understand what is expected of them. He says representativesneed to be given good training to ensure issues such as confidentiality are notbreached. Senior and middle management also need to understand just what theprocess entails, what information needs to be disseminated and when it shouldhappen. “It is very important to work out if both sides feel confident thatthey have the skills to deal with this,” says Burns. “Clarity is veryimportant as accidents of confidentiality often happen because protocols andprocedures are not clear enough.” It is up to HR to set the guidelines, audit the systems already in place,provide the framework, organise elections and monitor progress. That wholeprocess takes time and resources, which is why it is important that it is notleft until the very last minute. “It’s very hard to see how an organisation will get something set upthat is credible, functioning and compliant in under six months,” saysBurns. “You need to find out how well your system works and match it torequirements and have effective dialogue with employee representatives and atboard level.” Global companies also need to bear in mind how their EU counterpartsinteract with employees. “There are issues around links between UK arrangements and Europeanarrangements,” says Allison. “The works council in the UK would haveto nominate a rep to the EU council, which might be a lot more trade-uniondominated.” This could be tricky for employers and it’s up to HR to negotiate itsuccessfully. Whatever happens, Allison says that for employee councils to beeffective, companies need to set them up and treat them in an appropriatemanner. “Make sure it’s not imposed from the top – implement it in aconsultative way,” he says. weblinks www.cbi.org.uk www.dti.gov.uk  www.tuc.org.uk  www.theworkfoundation.co.uk  Philippa James, HR Officer at AlfalvalThe sales and services arm of Swedish process engineering manufacturerAlfalaval has had an employee representative body since mid-1999. “We started it because we had a new managing director who was very muchinto being open and communicating with employees,” says HR officerPhilippa James. Called the Employee Consultative Forum, it meets three times a year withfive representatives from different divisions of the business. Representativesfrom the UK’s 200-strong workforce are elected for a two-year period. “Employees can ask most questions they want to, particularly thingssuch as whether there are any areas that cause problems and office improvementsin working methods,” says James. The company will not discuss any issues that are deemed strictlyconfidential or anything relating to particular individuals, and the forum doesnot cover minor workplace issues, such as washroom provisions. “That’s forthe facilities people,” says James. Before each meeting, the agenda is set out so that suggestions can be putforward, and James says that employee opinion surveys show the staff feel theforum is working. On the question ‘I’m kept well informed on the company’sprogress’, the opinion surveys show that 50 per cent of employees agreed in2002, compared with 34.2 per cent in 2001. And the staff response to ‘Thecompany does a good job of keeping employees informed about matters affectingus’, showed an increase of 25 per cent from 2001 to 40.4 per cent in 2002. James feels the forum is fairly well aligned with the directive, althoughshe feels the company may need to make the processes a bit more in-depth in thefuture. www.alfalaval.com Information and consultation regulationsWhen will the regulations begin toapply to my company?Organisations which employ more than 150 employees will be liableto act on a staff request to set up a new information and consultation(I&C) body (a works council) from 23 March 2005 onwards. Where the organisations have more than 100 employees, theoperational date is 23 March 2007, and where the undertakings have more than 50employees, the operational date is 23 March 2008. As from those dates, the lawdoes not require employers to do anything. However, if requested by theiremployees, they will from those operational dates be required to commencenegotiations on the setting up of an information and consultation body/workscouncil. How will such a request for aninformation and consultation body/works council be triggered?Employers will be required to set up an I&C body when theyreceive a petition of more than 100 employees from within the undertaking. Thiskickstarts a process whereby the employer has six months in which to negotiatean I&C agreement. If an agreement is not reached, a lead-in period of afurther six months will operate, at the end of which the ‘default model’I&C body will automatically operate. In the next six months, the employer has the opportunity tocontinue to try to reach an agreement on a voluntary I&C body and/or toarrange the transition arrangements for the operation of the I&C defaultmodel.What is the position where myorganisation already has an I&C-type body such as a staff consultativeforum? Will this have to be disbanded?Unlike the position for European works councils, having anexisting agreed I&C body is not a complete defence to stop new negotiationsproceeding to set up a works council under the I&C regulations. However,the draft regulations do provide some limited measure of support in thissituation. Existing I&C arrangements can remain in place unless and until aformal petition, from more than 10 per cent of employees, is received. Where the employer wishes to preserve its existing staffconsultative forum, it has the option to call a ballot of all the employees inthe undertaking to vote on whether they want to proceed with the statutoryI&C negotiation process. If less than 40 per cent vote in favour ofprogressing with the negotiation for a new I&C agreement, then the employercan continue with the existing employee consultative forum, and the employeescannot submit a new petition for an I&C negotiation for a period of threeyears. Where the original petition to set the I&C negotiationprocess into motion is signed by at least 40 per cent of the employees in theundertaking, there is no entitlement for an employer to hold a ballot. Theemployer is forced to go ahead with the negotiation for a new I&Cagreement. What does the default modelprovide for?The draft regulations provide for information andconsultation in three areas:– The recent and probable development of the undertaking’sactivities and the economic situation– The current situation, structure and probable development ofemployment within the undertaking and any anticipated measures envisaged whichmay put a threat on employment within the undertaking– Decisions likely to lead to substantial changes in workorganisation or contractual relations, including collective redundancy and TUPEtransfersIn the first two of these, consultation is described as”an exchange of views or establishment for dialogue”. In the third –substantial changes in contractual relations and work organisation –consultation is defined as “with a view to reaching agreement”. Itshould be noted that this ‘higher’ level of consultation comes close to a formof negotiation, and would include subjects such as terms and conditions, hoursof work, methods of work, places of work, use of machinery and equipment atwork, changed methods of working, and so on.  Interestingly, the I&C Regulations referto “decisions likely to lead to substantial changes of work organisationand contractual relations”. In addition, the default model has provisions relating toconfidentiality. Unlike the position for European works councils, the draftregulations (in their current form) limit the employer’s ability to withholdconfidential information to where disclosure of it would, judged objectively,seriously harm or prejudice the undertaking. What is the timeframe for myorganisation to negotiate an I&C agreement before the default modelstructure is applied?There is an initial negotiation period of six months, beginningwith the date when the petition for the start of the negotiation process isreceived by the employer. If an agreement is not reached by the end of thatperiod, the default model will automatically apply, but there is a furthersix-month lead-in period for the employer to make arrangements for this – forexample, employee elections. At any time, the parties can extend the period ofnegotiations for an I&C agreement. Employers must do the following, all within the six-monthperiod:– Carry out an audit of its existing I&C arrangements– Develop a strategy on I&C– Educate and brief senior management– Manage employee expectations– Devise and implement the employee communication programmes onI&C– Develop an I&C agreement with which to begin negotiations– Train line managers on I&C– Arrange for the election of employee representatives tonegotiate the I&C agreement– Actually negotiate the I&C agreementSix months is a very short timescale to do all this, and ithighlights the importance of doing the preparatory work well ahead of the March2005 deadline.Compiled by Fraser Younson,partner, McDermott, Will & EmeryFive key points for hrKen Allison’s five key points that HRneeds to get right:– Have clear and realistic expectations of what the processwill deliver and what it is for, so that employees do not think it is anegotiating body– Display a willingness to discuss substantial issues soemployees find it meaningful– Ensure staff representatives are trained properly andunderstand their roles– Manage the agenda and communications strategy. Everyone needsto know when consultation is going on– Ensure that senior management commitment is visibleThe legalitiesThe legislation comes into effect forcompanies of:– 150 employees or more in March 2005– 100 employees or more in March 2007– 50 employees or more in March 2008Employee requests only have to be acted upon if 10 per cent ofthe workforce are behind the motion. If the employer already has a consultative agreement withemployees, then 40 per cent of the workforce need to endorse the 10 per centrequest for a review to be mandatory. How the directive is implemented is up tothe employer and employees to decide, unless they cannot agree, in which casethere are standard directive provisions.Claire Logan, organisationalchange manager at SafewaySafeway set up what it callsColleague Councils in March this year. It started with four councils and hassince added another. “We have gone for a staged implementation approach andthen we will roll it out across the whole company,” says Claire Logan,organisational change manager at Safeway, which employs 90,000 in its 480stores across the UK. Each council meets once a month, with between seven and 10representatives, and two weeks later, representatives from those councils go toa Total Council Meeting. “Individual council meetings provide the agenda for theTotal Council Meeting,” says Logan. “That ranges from discussionsabout pensions through to piloting a corporate training programme. If there areparticular initiatives we are wanting to work through we talk to them prior togetting board approval.”Logan says there have been teething problems in the informationflow. “The timing of the meetings is a challenge,” she says.”You need to balance how often you meet with having enough time for peopleto get feedback on the outcomes and generate ideas and suggestions. You need toget that right for it to be effective.”Each council member represents between 50-100 people and 47members have been trained so far. The training focuses on the legal issues.There are council sponsors at a senior level and meetings arechaired by an HR facilitator. Logan says acting as a facilitator swallows upsome HR hours, as does typing up the minutes, but that they have also savedtime and resources through trialling the training programme with the reps. www.safeway.co.uk Comments are closed. Previous Article Next Article Related posts:No related photos.last_img read more

Asymmetry in the interhemispheric planetary wave-tide link between the two hemispheres

first_imgThis study assesses the relation between the year-to-year variability of the semidiurnal tides (SDT) observed at high latitudes of both hemispheres and the global stratospheric stationary planetary wave (SPW) with zonal wavenumber S=1 (SPW1) derived from the UKMO temperature data. No significant positive correlation can be identified between the interannual variability of the Northern Hemisphere (NH) SDT and the Southern Hemisphere (SH) SPW1 for austral late-winter months. In contrast, a good consistency is evident for the interannual variations between the SDT observed at Rothera (68°S, 68°W) and the Arctic SPW1 for NH mid-winter months. Since it has been observed that during austral summer the non-migrating SDT often plays a significant role at the latitude of Rothera, a physical link between the SH SDT and the NH SPW is suggested. This asymmetry in the interhemispheric link is also noted in a recent study.last_img read more

Wintertime overlaps between female Antarctic fur seals (Arctocephalus gazella) and the krill fishery at South Georgia, South Atlantic

first_imgThe diet of Antarctic fur seals (Arctocephalus gazella) at South Georgia is dominated by Antarctic krill (Euphausia superba). During the breeding season, foraging trips by lactating female fur seals are constrained by their need to return to land to provision their pups. Post-breeding, seals disperse in order to feed and recover condition; estimates indicate c.70% of females remain near to South Georgia, whilst others head west towards the Patagonian Shelf or south to the ice-edge. The krill fishery at South Georgia operates only during the winter, providing the potential for fur seal: fishery interaction during these months. Here we use available winter (May to September) tracking data from Platform Terminal Transmitter (PTT) tags deployed on female fur seals at Bird Island, South Georgia. We develop habitat models describing their distribution during the winters of 1999 and 2003 with the aim of visualising and quantifying the degree of spatial overlap between female fur seals and krill harvesting in South Georgia waters. We show that spatial distribution of fur seals around South Georgia is extensive, and that the krill fishery overlaps with small, highly localised areas of available fur seal habitat. From these findings we discuss the implications for management, and future work.last_img read more

Antetokounmpo voted NBA’s Defensive Player of the Year; Gobert finishes 3rd

first_img Tags: Defensive Player of the Year/Giannis Antetokounmpo/NBA/Rudy Gobert August 25, 2020 /Sports News – Local Antetokounmpo voted NBA’s Defensive Player of the Year; Gobert finishes 3rd Written by FacebookTwitterLinkedInEmailLAKE BUENA VISTA, Fla. (AP) — Giannis Antetokounmpo has been voted NBA Defensive Player of the Year, becoming the fifth player to win that award and MVP in a career.The Milwaukee Bucks All-Star was MVP last year and is the favorite to repeat this season. He ended the two-year reign of Utah center Rudy Gobert as Defensive Player of the Year.Antetokounmpo received 75 first-place votes from a panel of 100 sportswriters and broadcasters, finishing with 432 points. Los Angeles Lakers forward Anthony Davis was second and Gobert third.Antetokounmpo joined Michael Jordan, Hakeem Olajuwon, David Robinson and Kevin Garnett as players to do the MVP-Defensive Player of the Year double. Associated Presslast_img read more

The Revivalists Release Spunky New Single, “All My Friends” [Listen]

first_imgThe Revivalists have released a brand new single, “All My Friends“, marking their first release of new music since 2015’s Men Amongst Mountains. The New Orleans eight-piece skyrocketed to massive success in 2017 with their hit single “Wish I Knew You”, which hit #1 at Alternative and Adult Alternative Radio, reached the Top 15 at Hot AC, and spent 9 consecutive weeks on the Billboard Hot 100 Chart—though they’ve been mainstays in the contemporary jam scene for the better part of a decade. While fans have been eagerly awaiting the new record for quite some time now, The Revivalists have been road-testing new material over the last several years. Now, the band is officially ready to present the studio versions, as well as never-before-heard tunes, on a new album, their fourth full-length studio release, due out this fall.First up is “All My Friends”, a groove-filled anthem praising friendships over heartbreaks. The soulfully empowering lyrics will make you miss your 20s while also inspiring you to live life like you’ll never grow up. Striking, sharp, and soulful, with swaggering piano and boisterous horns, “All My Friends” introduces the band’s next chapter with confidence and charisma. Bump this:The Revivalists – “All My Friends”“All My Friends,” produced by GRAMMY-nominated producer/songwriter Dave Bassett (Elle King, Vance Joy) and co-written by Bassett and frontman David Shaw, signals the band’s newfound depth and ambition.For the first time, The Revivalists recorded and co-wrote with multiple producers and writers, enlisting the talents of Dave Cobb (Sturgill Simpson, Chris Stapleton), Andrew Dawson (Kanye West, Fun., Sleigh Bells), and Bassett for sessions in New Orleans as well as Nashville, where they recorded at the iconic RCA Studio B, soaking up the aura of one of the most storied studios in music.Representing a vast swath of the country and defying regional pigeonholes, David Shaw’s (lead vocals, guitar) roots are in the Rust Belt, while Zack Feinberg (guitar), Ed Williams (pedal steel guitar) and George Gekas (bass) hail from the Tri-State area and Michael Girardot (keyboard, trumpet) and Rob Ingraham (saxophone) come from the Southwest. Andrew Campanelli (drums) cut his teeth in the D.C. scene, and newcomer PJ Howard (drums, percussion) made his bones in Chicago. Since forming in New Orleans, the group quietly ground out one gig, song, and album at a time.The Revivalists are currently on the road and gearing up for a fall tour full of festival dates and headline shows, which will include a special show at Red Rocks on September 13th, a New Orleans performance at Voodoo Music and Arts Experience on October 26th, and David Shaw’s 3rd Annual Big River Get Down at RiversEdge Amphitheatre in his hometown of Hamilton, OH. Shaw’s annual festival has quickly become a not-to-be-missed music and community event.Head to the band’s official website for more information.THE REVIVALISTS 2018 TOUR DATES:August 3 Lowell, MA @ Lowell Summer Music Series at Boarding Park HouseAugust 4 Freeport, ME @ LL Bean Discovery ParkAugust 5 Hampton Beach, NH @ Hampton Beach CasinoAugust 17 Portsmouth, VA @ Union Bank & Trust PavilionAugust 18 Cockeysville, MD @ Hot August Music FestivalAugust 19 Vienna, VA @ Wolf TrapAugust 25 Cleveland, OH @ Incuya Music FestivalSeptember 1 Chicago, IL @ North Coast Music FestivalSeptember 8 Hamilton, OH @ Big River Get Down at RiversEdge AmphitheaterSeptember 13 Morrison, CO @ Red Rocks AmphitheatreSeptember 15 Atlanta, GA @ Music Midtown 2018 at Piedmont ParkSeptember 22 East Aurora, NY @ Borderland Music FestivalSeptember 27 Louisville, KY @ Iroquois AmphitheatreSeptember 28 Indianapolis, IN @ Garfield ParkSeptember 29 Kansas City, MO @ KC Power & LightOctober 2 Pittsburgh, PA @ Stage AEOctober 3 Columbus, OH @ Express LiveOctober 5 Black Mountain, NC @ Marcus King Band Family Reunion @ PigsahOctober 6 Bloomingburg, NY @ Catskills Wine & Food FestivalOctober 20 Dallas, TX @ Toyota Stadium National Soccer Hall of FameOctober 26 New Orleans, LA @ Voodoo Music & Arts ExperienceOctober 28 Live Oak, FL @ Suwanee HulaweenView All Tour Dateslast_img read more

Harvard Masquerade Ball 2015 attracts more than 2,100 attendees

first_imgSpinning aerialists, fearless stilt walkers, seemingly boneless contortionists, daring acrobatic performances, gravity-defying swan ballerinas, multicultural local and nationally known musicians, and hula hoop artists …Such was the nature of the entertainment that sizzled during the fifth annual Harvard Masquerade Ball, which took place at the Sheraton Hotel in downtown Boston on Feb. 28.More than 2,100 guests attended the event organized by the Harvard Graduate and Professional Student Government (HGPSG), the official student government for the 12 graduate and professional schools of Harvard University.“The HGPSG’s mission is to create the spirit of One Harvard across the 12 graduate and professional schools,” said HGPSG President Sudipta “Nila” Devanath. “The Masquerade Ball is the epitome of that mission in action.”Cloaked in a myriad of multicolored masks, the guests of the Masquerade Ball 2015 cheerfully danced and mingled on the Sheraton’s massive second floor, which was divided into several self-contained spaces where a multiplicity of activities unfolded simultaneously. On one end, there was the “Constitution Ballroom,” glowing in shades of aqua, royal and ice blue. Here, the Dave Macklin Band played live music, churning out reggae, funk, top 40 and soul.The “Republic Ballroom,” designated as “the red and black room,” graced the other end, shimmering in varied shades of red. There, guests moved to the Latin groove of El Feeling, a gifted live Band from the Berklee College of Music.The heart of the event was the “Grand Ballroom.” This expansive space, sparkling in a multifariousness of purple hues and “glow” tubes, was helmed by DJ ZEA, an indefatigable dancing-and-spinning pro who was flown in from Miami, Fla.Amid the array of professional artists, a diverse assortment of Harvard student performers took turns to thrill the guests in the “Republic” and “Constitution” rooms. By interspersing the students’ acts between the rhythms of two additional professional DJs, the event organizers ensured that music played all through the evening.In order to achieve such complexity, the HGPSG partnered with seasoned event organizer Soraya Y. Belgacem, president and senior event planner of S.Y.B Event Planning Services. “I always like to take an event to the next level,” said Belgacem. “I wanted to keep to the institutional memory of Harvard Graduate Schools and make this event like nothing Harvard has ever seen.”Leading the organization on the HGPSG team were Dolly Amaya and Alexander Rodriguez, HGPSG’s vice president of event coordination and vice president of social engagement, respectively.— Dee G. Asaahlast_img read more

Speech & Debate Film in the Works; Sarah Steele will Star

first_imgLook out, world: the speech and debate team has reassembled, and this time, they’re taking on the big screen. According to Deadline, a film adaptation of Stephen Karam’s play Speech & Debate is in the works. The Sycamore Pictures production will feature film star Liam James, Austin McKenzie, who starred in the Broadway-bound Deaf West production of Spring Awakening and Sarah Steele, who appeared in the original off-Broadway staging.Dan Harris will direct the project, and Karam will adapt his script for the screen.Speech & Debate follows three high school students (Solomon, Howie and Diwata) who join forces after a sex scandal involving their drama teacher is unearthed. To expose the truth and ensure their voices are heard, the trio revives the school’s scrapped debate club.Karam’s play premiered in 2007 at the Harold and Miriam Steinberg Center for Theatre as the inaugural production of Roundabout’s “Underground” initiative. In addition to Steele, the cast featured Susan Blackwell, Significant Other’s Gideon Glick and Jason Fuchs. The production, directed by Jason Moore, extended its run multiple times.As recently announced, Steele will appear in Karam’s The Humans, another Roundabout off-Broadway production, beginning in September. She made her Broadway debut in The Country House and recently appeared on The Good Wife. James’ film credits include 2012, The Way, Way Back and the USA series Psych. You can check out McKenzie’s performance in Deaf West’s Spring Awakening below; no word yet if he will reprise his performance on Broadway. View Commentslast_img read more

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

Coal Output Continues Downward Trend

first_img FacebookTwitterLinkedInEmailPrint分享S&P Global Market Intelligence ($):U.S. coal production is down for the second straight quarter and average employment held flat compared to the prior period, according to an analysis of preliminary first-quarter data available from federal regulators.Coal companies have been finding opportunities in export markets in recent months, but continue to face a declining domestic customer base that has been hesitant to buy much coal, at least at the prices companies are seeking. While the export opportunities appear to have given a boost to the balance sheets of the parts of the sector that have reported earnings so far, coal volumes fell about 3.1% as average coal employment ticked up less than one-third of a percent in the period.Mines reporting data so far produced 186.6 million tons of coal in the first period, according to an S&P Global Market Intelligence analysis of available data from the U.S. Mine Safety and Health Administration, down from 192.7 million in the fourth quarter and down from 195.2 million tons from the same mines in the year-ago first quarter. The analysis excludes historical mine production and employment data for mines that did not yet have first-quarter data available. Mines reporting so far in the first quarter accounted for about 96% of reported coal production and about 98% of reported employment in the fourth quarter of 2017.While an aging coal fleet continues to dwindle and high utility stockpiles leave many power generators with the option to delay coal purchases, seaborne buyers of coal have created an outlet for some producers to pull tons out of the domestic market. Companies reporting earnings so far have touted success in both thermal and metallurgical coal markets abroad.Metallurgical coal markets tend to be more volatile and as a swing supplier, the U.S. traditionally supplies the market when prices go higher. Seaport Global Securities analyst Mark Levin recently said that for this cycle, much of the lowest-hanging production fruit has been picked at U.S. coal operations that have ramped up or recovered from production issues last year. While new projects are under development, he noted that greenfield development, even for high-margin metallurgical coal mines, has been “relatively sparse.”More ($): Early Data Hints At Coal Volume Decline, Flat Employment In Q1’18 Coal Output Continues Downward Trendlast_img read more

Pierre-Emerick Aubameyang sends class message to Arsenal teammates after winning Premier League Golden Boot

first_img Comment Pierre-Emerick Aubameyang sends class message to Arsenal teammates after winning Premier League Golden Boot Pierre-Emerick Aubameyang finished the season as the Premier League’s joint top goal scorer (Picture: Getty)Pierre-Emerick Aubameyang paid tribute to his Arsenal teammates after two goals on the final day of the season saw him share the Premier League Golden Boot with Liverpool duo Mohamed Salah and Sadio Mane.The Gabon international’s brace helped Unai Emery’s side record a 3-1 win at Turf Moore that saw them miss out on a top four place by a solitary point.Aubameyang, who scored a hat-trick in Thursday’s victory over Valencia, now has 30 goals for the campaign in all competitions ahead of the Europa League final against Chelsea in just over a fortnight’s time.AdvertisementAdvertisementOn his teammates knowing he was in contention for the Golden Boot, he said: ‘Yeah, they knew it. Me? I said nothing to the guys because I didn’t want them to only focus on me.ADVERTISEMENTMore: FootballRio Ferdinand urges Ole Gunnar Solskjaer to drop Manchester United starChelsea defender Fikayo Tomori reveals why he made U-turn over transfer deadline day moveMikel Arteta rates Thomas Partey’s chances of making his Arsenal debut vs Man City‘I’m a team player and if I wasn’t scoring, it wouldn’t have mattered. But I scored and I’m really happy for that. I have to be thankful to the team.‘Yeah, of course [I’m happy to score 30 goals]. It was a tough season but I had the chance to score goals, because the team played a great season.‘Of course the last months were not the best in the Premier League, but the whole season, we put in a great effort.’😍 Introducing our 2018/19 Premier League Golden Boot winner…🏆 @Aubameyang7 pic.twitter.com/OWNOqiWiRV— Arsenal FC (@Arsenal) May 12, 2019 Advertisement Metro Sport ReporterSunday 12 May 2019 6:02 pmShare this article via facebookShare this article via twitterShare this article via messengerShare this with Share this article via emailShare this article via flipboardCopy link5kShares Advertisement Aubameyang missed a late chance to complete a second hat-trick in three days and win the Golden Boot outright but preferred to concentrate on the contribution of Eddie Nketiah who scored his first ever Premier League goal with the last kick of Arsenal’s Premier League campaign.He added: Yeah, it was near – but sometimes that can happen.‘I have to be focused on those kinds of chances, but I’m happy that we won and that I’m sharing the [Golden Boot] trophy with two other guys that I like.‘Yeah, of course [I am delighted for Eddie]. That’s good for the club, when you have young players coming into the first team and scoring. Eddie always works hard for the team, so I’m happy for him.’More: Arsenal FCArsenal flop Denis Suarez delivers verdict on Thomas Partey and Lucas Torreira movesThomas Partey debut? Ian Wright picks his Arsenal starting XI vs Manchester CityArsene Wenger explains why Mikel Arteta is ‘lucky’ to be managing Arsenallast_img read more