Green Mountain Coffee Roasters, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended September 28, 2013; Provides Earnings Guidance First Quarter and Full Year 2014
Nov 20 13
Green Mountain Coffee Roasters, Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended September 28, 2013. For the quarter, the company's net sales were $1,047,177,000 against $946,736,000 a year ago. Operating income was $177,338,000 against $143,737,000 a year ago. Income before income taxes was $176,005,000 against $140,727,000 a year ago. Net income was $127,141,000 against $92,035,000 a year ago. Net income attributable to GMCR was $126,956,000 or $0.83 diluted per share against $91,887,000 or $0.58 diluted per share a year ago. Net cash provided by operating activities was $835,969,000 against $477,785,000 a year ago. Non-GAAP operating income was $190,594,000 against $157,090,000 a year ago. Non-GAAP net income attributable to GMCR was $135,996,000 or $0.89 diluted per share against $100,968,000 or $0.64 diluted per share a year ago.
For the full year, the company's net sales were $4,358,100,000 against $3,859,198,000 a year ago. Operating income was $765,227,000 against $568,896,000 a year ago. Income before income taxes was $740,874,000 against $576,141,000 a year ago. Net income was $484,103,000 against $363,500,000 a year ago. Net income attributable to GMCR was $483,232,000 or $3.16 diluted per share against $362,628,000 or $2.28 diluted per share a year ago. Capital expenditures for fixed assets was $232,780,000 against $401,121,000 a year ago. Non-GAAP operating income was $815,516,000 against $621,556,000 a year ago. Non-GAAP net income attributable to GMCR was $517,568,000 or $3.39 diluted per share against $381,571,000 or $2.40 diluted per share a year ago.
The company updated its outlook for its fiscal year 2014. The company expects net sales growth in the high single digits over fiscal year 2013 with stronger revenue growth in the second half of the year as a number of currently unlicensed packs are transitioned to licensed partners. An annual effective tax rate of 37.0%. Non-GAAP earnings per diluted share of $3.75 to $3.85 (excluding the amortization of identifiable intangibles related to the company's acquisitions; any acquisition-related transaction expenses; and legal and accounting expenses related to the SEC inquiry and the company's pending securities and stockholder derivative class action litigation). Free cash flow in the range of $200 million to $300 million. Capital investment in the range of $400 million to $450 million primarily to fund new system introductions.
The company also provided its outlook for its first quarter of fiscal year 2014. The company expects net sales growth of low-to-mid single digits over the first quarter of fiscal year 2013 due to difficult brewer and portion pack sales comparisons; the impact of unlicensed packs; and, the currency headwind in Canada. Non-GAAP earnings per diluted share in a range of $0.85 to $0.90, an increase of 12% to 18% over the prior year period (excluding the amortization of identifiable intangibles related to the Company's acquisitions and, legal and accounting expenses related to the SEC inquiry and the Company's pending securities and stockholder derivative class action litigation).
Green Mountain Coffee Roasters, Inc. Approves Quarterly Cash Dividend, Payable on February 14, 2014
Nov 20 13
Green Mountain Coffee Roasters, Inc. announced the Board approved an indicated annual dividend of $1.00 per share, payable $0.25 per quarter, and on November 19, 2013 declared a quarterly cash dividend of $0.25 per share. The quarterly cash dividend will be paid on February 14, 2014 to GMCR's shareholders of record as of January 17, 2014.
Green Mountain Coffee Roasters Unveils the KeurigSM Store
Nov 8 13
Green Mountain Coffee Roasters, Inc. opened the doors of its first KeurigSM Store. Located in Burlington, Massachusetts, the 1,900 square foot retail space will serve as a Keurig(R) destination and provide consumers the opportunity to experience the popular brand in an interactive and multi-sensory environment. The KeurigSM Store, located in the upscale Burlington Mall(R) just 14 miles outside of Boston, is designed to showcase the full line of Keurig(R) brewing systems in one place. Taking beverage selection to another level, the KeurigSM Store also features a "Pick-a-Pack" wall, where shoppers can build their own boxes of individually-selected Keurig Brewed(R) beverages. Showcasing the unparalleled choice and variety available within the Keurig(R) system, the "Pick-a-Pack" wall makes it possible for consumers to purchase a variety of beverages to brew at home.
Green Mountain Coffee Roasters, Inc. Announces Two Newest 100% Kona and Jamaica Blue Mountain Special Reserve Coffees
Nov 5 13
Green Mountain Coffee Roasters, Inc. announced its two newest Special Reserve offerings: 100% Kona and Jamaica Blue Mountain(R). These world-renowned, limited edition coffees will be available in bags and in the Keurig(R) K-Cup(R) brewing system just in time for the holiday season. The two varieties will only be available while supplies last, and mark the first time a Special Reserve coffee is also sold in retail stores. Limited edition Green Mountain Coffee(R) Special Reserve products make the perfect holiday gift for coffee connoisseurs. Both 100% Kona and Jamaica Blue Mountain(R) are well-known within the coffee community and are famous for their unique flavor profiles and very specific growing conditions: Green Mountain Coffee(R) 100% Kona is a cheerfully bright but delicate coffee that expresses dry, chardonnay-like notes while presenting refreshing hints of tropical fruit, tart green apple, and dried citrus. The aroma is pleasantly floral with an almond sweetness. The Kona region of Hawaii's main island is marked by high elevation, frequent cloud cover, mild nights, and mineral-rich volcanic soil, making it an ideal environment for growing and nurturing 100% Kona, a highly-prized, award-winning coffee bean. Green Mountain Coffee(R) Jamaica Blue Mountain(R) presents a heavy body with a silky, smooth finish and is made up of rich notes of chocolate, cherry, and plum, while hints of melon, lemon, and lime also shine through. This coffee is grown in the higher reaches of the Blue Mountains where rainfall is plentiful and the soil is extremely rich, and where nearly perpetual fog slows the plants' development, thereby producing a denser bean than what is produced in other regions. Jamaica Blue Mountain(R) is known around the world for its exceptional flavor. Both 100% Kona and Jamaica Blue Mountain(R) 16-count K-Cup(R) packs for the Keurig(R) brewing system will be available in limited supply at select Bed Bath & Beyond retail stores this fall, in addition to being available online. A 16-count box of each variety will retail for SRP $32.99, online and in-store. Each Special Reserve coffee is also available in whole bean bags exclusively through the Green Mountain Coffee(R) website for $24.99.
U.S. District Court Dismisses Securities Fraud Class Action Against Green Mountain Coffee Roasters
Oct 31 13
The U.S. District Court for the District of Vermont dismissed a securities fraud class action brought by investors against Green Mountain Coffee Roasters, Inc. alleging misstatements concerning the firm's business prospects. Two individual investors sued Green Mountain Coffee Roasters Inc. and three of its officers, alleging the defendants violated 10(b) and 20(a) of the Securities Exchange Act of 1934. The complaint alleged the defendants made material misstatements in statements relating to the firm's business prospects, which accompanied the firm's release of its Fiscal Year 2012 first quarter results. The defendants moved to dismiss. The court found that all of the alleged misstatements identified by the plaintiffs were "forward-looking" under the Private Securities Litigation Reform Act of 1995 (PSLRA). Moreover, the statements were identified as forward looking and were accompanied by meaningful cautionary statements, including explanations that the firm's forecasts could be false for a number of reasons. As a result, the safe harbor rule of the PSLRA applied to the challenged statements, rendering them nonactionable.