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Corporate Profile:
Green Mountain Coffee Roasters, Inc. was founded in 1981 as a small café in Waitsfield, Vermont. In 1993, the Company went public (NASDAQ: GMCR). Now headquartered in Waterbury, Vermont, GMCR is recognized as a leader in the specialty coffee industry for its award-winning coffees, innovative brewing technology and socially responsible business practices. GMCR maintains two business units: the Specialty Coffee Business Unit, which includes the Green Mountain Coffee®, Tully’s Coffee®, and Timothy’s World Coffee® brands, and the Keurig Business Unit. The Company employs a combined total of over 1,600 employees. For more information, visit www.GMCR.com.
 Green Mountain Coffee offers more than 100 high-quality coffees that sell under the Green Mountain Coffee and Newman’s Own® Organics brands, including one of the largest selections of Fair Trade Certified™ organic coffees in the country. Green Mountain Coffee also produces its coffee as well as hot cocoa and tea in K-Cup® portion packs for Keurig® Single-Cup Brewers.
Established in 1992 in Seattle, Washington, Tully’s is a well-respected specialty coffee roaster with Pacific Northwest roots and heritage. Tully’s wholesale business division distributes coffee to over 5,000 supermarkets, as well as to office coffee service and food service distributors, located primarily in the Western and Midwestern U.S. It also sells its coffee in K-Cup portion packs for Keurig Single-Cup Brewers.
 Timothy’s Coffees of the World, Inc. was founded in 1975 and is headquartered in Toronto, Ontario. Timothy’s wholesale coffee business supplies specialty coffee to offices, hotels, grocery stores, retailers and food service establishments throughout Canada and the U.S. Timothy’s produces more than 40 varieties of coffee, tea and other beverages in K-Cup portion packs for the Keurig Single-Cup Brewing System as well as in pre-packaged ground and whole bean coffee and tea bags.
Founded in 1993, Keurig, Incorporated is a pioneer and leading manufacturer of gourmet single-cup coffee brewing systems for offices, homes and hotel rooms. Keurig markets its patented brewers and K-Cups® through office distributors, retail and direct channels (www.Keurig.com). K-Cups are produced by a variety of licensed roasters including Green Mountain Coffee, Tully’s Coffee, and Timothy's World Coffee.
Company Growth: GMCR has delivered double-digit net sales growth for the last 28 consecutive quarters. The Company has seen accelerated net sales growth of over 39% for the most recent 13 consecutive quarters. In March 2009, GMCR acquired the Tully’s Coffee brand and wholesale business, which provides the Company with a complementary West Coast brand and business structure. In November 2009, GMCR acquired Timothy's World Coffee brand and wholesale business, accelerating GMCR's geographic expansion with a Canadian brand platform that includes manufacturing and distribution synergies.
To support its growth, GMCR continues to make investments in its infrastructure and information systems. In 2007, the Company added manufacturing capacity by opening an 87,000 sq. ft. production facility in Essex, VT. In 2008, a 334,000 sq. ft. facility in Knox County, TN, was added. In 2009, the Tully’s acquisition added 197,000 sq. ft. of manufacturing capability in Sumner, WA, expanding the Company’s national footprint for its manufacturing and distribution efforts. The Timothy's acquisition provides GMCR with a Canadian presence and a coffee roasting facility in Toronto.
The synergy between the Company’s strong coffee brands and the innovative Keurig Single-Cup Brewing System drives significant top-line and bottom-line growth. GMCR’s multi-brand portfolio and multi-channel distribution strategy provides widespread exposure to the brands in a variety of settings, ease of access to the product, and many tasting opportunities for consumer trial by the cup which subsequently leads to demand for both coffee and Keurig Single-Cup Brewers.
 Environmental and Social Responsibility: GMCR’s purpose is to create the ultimate coffee experience in every life it touches from tree to cup – transforming the way the world understands business. GMCR believes that its financial success goes hand in hand with its ability to make a difference in the world. GMCR supports local and global communities by offsetting 100% of its direct greenhouse gas emissions, investing in Fair Trade Certified™ coffee and donating at least five percent of its pre-tax profits to social and environmental projects. GMCR has been ranked No. 1 on the list of “100 Best Corporate Citizens” and has been recognized repeatedly by Forbes, Fortune, and the Society of Human Resource Management as an innovative, high-growth, socially responsible company. To learn more about the Company’s Corporate Social Responsibility, visit www.BrewingABetterWorld.com.
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Green Mountain Coffee Roasters, Inc.
Restated Historical Financial Performance (In thousands, except per share data)
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(Fiscal years end on the last Saturday in September) |
2009 |
2008 |
2007 |
2006 |
2005 |
2004 |
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Net Revenues |
$803,045 |
$500,277 |
$341,651 |
$225,323 |
$161,536 |
$137,444 |
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Y/Y Rev. Growth - % |
60.5% |
46.4% |
51.6% |
39.5 % |
17.5% |
17.7% |
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Net Income |
$55,882 |
$22,299 |
$12,843 |
$8,443 |
$8,956 |
$7,825 |
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EPS (diluted) (2) |
$1.39 |
$0.87 |
$0.52 |
$0.36 |
$0.39 |
$0.35 |
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Total Assets |
$813,839 |
$357,648 |
$264,527 |
$234,995 |
$91,147 |
$78,332 |
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Total Liabilities |
$223,655 |
$218,128 |
$165,428 |
$160,055 |
$30,755 |
$33,917 |
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Debt/Equity Ratio |
0.38:1 |
1.56:1 |
1.67:1 |
2.14:1 |
0.49:1 |
0.76:1 |
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Equity |
$590,174 |
$139,520 |
$99,099 |
$74,940 |
$60,392 |
$44,415 |
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Book Value per Share (2) |
$13.52 |
$3.79 |
$2.80 |
$2.17 |
$1.79 |
$1.38 |
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ROE (TTM) |
15.3% |
18.6% |
14.8% |
12.5% |
16.9% |
19.7% |
(1) Previous years restated to reflect 3-for-2 stock split effective 6/08/09 and 3-for-1 stock split effective 7/30/07.
(2) Includes $17 million pre-tax income or $0.26 per share received from Kraft patent litigation settlement in Oct. 2008.
Forward-Looking Statements
Certain 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 Tully’s wholesale operations and capacity into its Specialty Coffee business unit, the Company’s success in introducing 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 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, 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 press release. The Company does not undertake to revise these statements to reflect subsequent developments, other than in its regular, quarterly earnings releases.
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Media Contacts:
Sandy Yusen
Dir. of Public Relations
GMCR Specialty Coffee Business Unit
Maureen Martin
Public Relations Coordinator
GMCR Specialty Coffee Business Unit
Kristen Mercure
Public Relations Coordinator
GMCR Specialty Coffee Business Unit
To contact, click here.
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