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GMCR reports 3rd quarter 19 percent increase

first_imgGreen Mountain Coffee RoastersReports Fiscal 2004 Third Quarter Results; Net Sales Growth of 19.0%and Net Income Growth of 40.4%WATERBURY, Vt.–(BUSINESS WIRE)–Aug. 3, 2004–Green MountainCoffee Roasters, Inc., (NASDAQ: GMCR) has announced fiscal thirdquarter net sales for the twelve-week period ended July 3, 2004 of$31,347,000, up 19.0%. Total coffee pounds shipped increased 17.2% to4,075,000 pounds. The difference in growth rates between sales and coffeepounds shipped is primarily due to the increase in sales of coffee and teaK-Cups(R) as a percentage of sales, which sell at a higher price per poundthan other Green Mountain Coffee products. Net income for the fiscal third quarter increased 40.4% to$1,906,000, or $0.26 per diluted share, compared to $1,358,000, or$0.19 per diluted share for the fiscal third quarter of 2003. Robert P. Stiller, Chairman, President and Chief ExecutiveOfficer, said “Green Mountain Coffee delivered strong sales and evenstronger earnings growth this quarter, in large part due to theCompany’s superior infrastructure and the passion of our people, as weexecute on our multi-channel cup to pound strategy to build the business.” Stiller continued, “I am particularly excited that we have beenable to demonstrate, with our financial results, that sustainabilityand business success can go hand and hand. We recently have beenhonored with additional awards and recognition for our efforts in thisregard. In June, the Society for Human Resource Management and the GreatPlace to Work(R) Institute ranked Green Mountain Coffee Number 9 on theirlist of the 25 “Best Medium Companies to Work for in America.” In July,SustainableBusiness.com placed Green Mountain Coffee on its SB 20 list ofThe World’s Top Sustainable stocks, showcasing companies they believeddemonstrated leadership in sustainable practices.” Stiller continued, “TransFair USA recently reported that U.S.Certified Fair Trade coffee imports increased 91% in 2003. This figurereveals the growing consumer appeal of Fair Trade and certified products,which we are consciously tapping into with our brand and productofferings. Our strategic alliance with Ben & Jerry’s, to open co-branded,franchised, ice cream and coffee shops around the country that willfeature our certified organic and Fair Trade coffees, is anotherindication of the tremendous potential of our approach to marketdifferentiation and growth.” Stiller concluded, “I also believe the Keurig Single-Cup Brewer,with its superior convenience and quality, is a major growth driverfor us. We’ve benefited from its impact in our office coffee servicechannel for some time, and now we are leveraging the concept andtechnology to provide more and more consumers with an outstandingcoffee experience in their homes as well, and in other venuesincluding smaller offices. Taken altogether, I am very excited aboutour performance and about our growth plans for the rest of this fiscalyear and beyond. We have the passion and the commitment to work to make apositive difference in the world, while servicing our customers in asuperior manner and building stockholder value.” Third Quarter Financial Review Channel and Other Sales Growth Highlights: — The Company’s year-over-year dollar sales growth in the third quarter was led by the office coffee service (OCS), supermarket and convenience store channels. The OCS channel contributed approximately half of the increase in net sales due to strong K-Cup sales driven by increased penetration of the Keurig(R) B-100 brewers in small offices and by continued success of teas in K-Cups. — The supermarket channel grew 16.7% in coffee pounds shipped due primarily to distribution to Publix Supermarkets which began in the first quarter of fiscal 2004. — In the convenience store channel, coffee pounds shipped increased 13.2%. This increase was due mainly to increased sales relating to inventory replenishment, which varies quarter-to-quarter, to McLane Company, the distributor to Exxon Mobil Corporation convenience stores. — The consumer direct channel grew 45% in dollar sales and 26.0% in coffee pounds shipped with the majority of growth related to the sales of Keurig Single-Cup Brewers for the home and the associated K-Cups. — Fair Trade and Organic coffee pound sales grew by 49% versus Q3 ’03. Margins, Expenses, and Analysis of After-Tax Income: — Green Mountain Coffee’s gross profit margin was 40.4% of sales compared to 42.8% in the year-ago quarter. The decrease was attributable to higher green coffee costs, variations in sales mix, and rising fuel costs. — Selling, general and administrative expenses decreased to 29.6% of sales from 31.6%. This improvement was the result of leveraging selling and organizational resources on a higher sales base. — Interest expenses decreased $80,000 due to capitalization of interest expenses associated with the construction of the new distribution center. — The Company’s tax rate in the third quarter of fiscal 2004 decreased to 37.2% from 41.5% in the prior year period due to the favorable impact of recently awarded state tax incentives under the Vermont Economic Advancement Tax Incentive Program. — The Company’s third quarter after-tax income before the recognition of a non-cash loss related to the Company’s equity investment in Keurig Incorporated (“Keurig”) increased 25.3% to $2,099,000. The Company’s net income was $1,906,000 after recognition of a non-cash loss of $193,000 (or $0.03 per share), an increase of 40.4%. Year-to-Date Results: — For the forty weeks ended July 3, 2004, the Company experienced an 18.5% increase in net sales to $105,690,000 from $89,222,000 and a 14.5% increase in coffee pounds shipped compared to the same period last year. — Net income for the forty weeks ended July 3, 2004 was up 19.5% to $5,820,000 after recognition of a non-cash loss of $751,000 from its minority investment in Keurig as compared to $4,870,000 in 2003 including recognition of a non-cash loss of $690,000 from the investment in Keurig. — Diluted earnings per share increased to $0.79 from $0.67 as compared to the same period last year. Business Outlook and Other Forward-Looking Information Fiscal Fourth Quarter: — The Company expects net sales growth of 12% to 16% and coffee pounds growth of 7% to 10% in its fourth quarter of fiscal 2004. — The Company anticipates its gross margin will be in the range of 39.0% to 40.0% and that its operating margin will be in the range of 10.5% to 11.5%. — The Company expects that the recognition of its share of Keurig’s loss for the fourth quarter of 2004 will reduce diluted earnings per share by $0.02 to $0.04. — Based on all of these factors, the Company anticipates its fully diluted earnings per share for the fourth quarter will be in the range of $0.23 to $0.27 per share. Fiscal Year: — The Company anticipates for fiscal 2004 as a whole that net sales growth will be in the range of 16% to 18% with coffee pounds growth in the range of 11% to 13%. — The Company expects that its gross margin will be in the range of 39.0% to 39.7% and that its operating margin will be in the range of 10.0% to 10.6%. — The Company expects that the recognition of its share of Keurig’s loss for fiscal 2004 will reduce diluted earnings per share by $0.12 to $0.14. — The Company anticipates its fully diluted earnings per share for fiscal 2004 to be in the range of $1.02 to $1.06 per share. Balance Sheet and Cash Flow: — The Company forecasts its capital expenditures for fiscal 2004 to be in the range of $17 to $19 million and depreciation expenses to be between $4.5 and $5.0 million. — The Company is building a new distribution and warehousing facility attached to its existing plant that will incorporate material-handling automation to improve distribution efficiencies. The Company anticipates it will result in lower overall distribution costs relative to sales over the long-term, as well as allow for increased packaging capacity in the current plant. The capital project is underway and is expected to cost approximately $9 million. — The Company expects its EBITDA in 2004 to be approximately $18 to $19 million.last_img read more

North East School Chess Championship from December 19

first_imgOur Sports ReporterGUWAHATI: The 8th editions of Raktabh Dutta Choudhury Memorial North East School Chess Championship will kick off in the city on December 19. The four-day meet, to be organized by the Mind Sports Foundation, will be held at the Assam Jatiya Bidyalay campus at Noonmati. The secretary of the Mind Sports Foundation Nayan Kumar Dutta today informed the media that more than 100 players from the different parts of the Northeast are expected to participate in the tournament. The champion will earn a cash award of Rs 10 thousand while the next two position holders will be richer by Rs 7,500 and Rs 5,000 respectively. The organizer will provide cash awards to the first ten position winners of the meet. Meanwhile Dutta today also announced that like the earlier years this time also Mind Sports Foundation will felicitate a Senior Sports Journalists of the state and this time they have selected President of the Sports Journalists Federation of India Subodh Malla Barua.Also Read: DPS, Guwahati bag runners up title in National U-11 Chess ChampionshipAlso Watch: Govt all set to push for the contentious Citizenship Bill in the winter session of Parliamentlast_img read more

Paddy Power – Farage ‘breakaway party’ may lead to death of UKIP

first_img Triggered… Paddy Power suspends UK General Election markets September 2, 2019 Related Articles Submit Share Brexit Party tipped to gain majority as EU elections loom May 22, 2019 Share Winning Post – UK Politics Wheel of Fortune spins again… November 4, 2019 The Mail on Sunday has revealed that Nigel Farage may return to UK politics by launching a new UKIP ‘breakaway party’, should the controversial anti-Islam campaigner Anne-Marie Waters win the party’s leadership.Farage states that ‘UKIP would be finished’ should current bookies’ 10/11 favourite Waters become the leader of the hard-line conservative and anti-EU party.Updating its UK political markets, Paddy Power has reacted by making Farage’s new Party, dubbed ‘UKIIP’ by the bookie, favourites to win more seats than his former pals (1/10) at the next election.UKIP have been in political disarray since Farage left the party in July 2016. The party has been dogged with in-fighting and performed abysmally during this year’s Snap General Election under the leadership of former ‘football prodigy’ Paul Nuttall.In its current freefall, Paddy Power has priced UKIP at 5/1 to cease to be a political Party by 2019. The company’s politics spokesman Paddy Power commented:“It’s the return of Nasty Nigel, with UKIP Mark II reportedly brewing amid outrage at a potentially racist leader of UKIP. It must feel like the good old days for Farage.“I’d expected to see him on Strictly by now, but big Nige clearly wants to force Brexit through.“Poor old Theresa May has gone from dealing with a backseat driver in Boris Johnson, to now having to fend off a fella from a different vehicle altogether in the Brexit process.” StumbleUponlast_img read more