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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


first_imgLetterkenny’s Regional Cultural Centre.A multi-media exhibition by the Elephant Collective to commemorate women who have died in our maternity services is to be held at Letterkenny’s Regional Cultural Centre.The event, which takes place from March 4th to 10th, 4-12 March starts with the launch of the Documentary Film ‘Picking up the Threads’ on 4th March, 3.30pm.The exhibition commemorates the lives of the women who have died in our maternity services. Between 2007 and 2014, there were inquests for eight of these women, all of which ended in verdicts of death by medical misadventure. The Elephant Collective, a group of educators, midwives and student midwives and birth activists, formed in 2014 with the aim of raising public awareness of:* the tragedy of maternal death* the need for legislation to ensure an automatic inquest following all maternal deaths* the need for vastly improved disclosure of hospital and HSE reporting on tragic and adverse incidents in our maternity services to make then fully open to public scrutiny We called ourselves The Elephant Collective because when the elephant is giving birth, the herd surrounds her to keep her and her calf safe.The multi-media exhibition includes a knitted quilt, made by over one hundred contributors from across the island of Ireland and beyond, many of the small pieces for which came from Donegal.Following the full screening of the documentary on the 4th March at 3.30pm., there will bea Question and Answer session with some of the widowers about what needs to happen to make our maternity services safer.portraits of the eight women who have had inquests following their maternal deathsa framed cross-stitch panel of the names of the eight women, made by local Donegal woman, Louise McCrossana knit a stitch and keep the thread  going work open to all who wish to contributea row or two or more of knittingyarn bombing contributions from Donegal and Derrya national petition to the incoming Minister for Justice to secure the amendment for a legal inquest in the face of all maternal deathsthe chance for groups to meet in the course of the exhibition and chat about what is needed to improve maternity service locally in DonegalFollowing Tania McCabe’s death in 2007, there was a major HSE investigation and a published report in 2008. Despite recommendations to improve maternity care substantially, these were not acted upon, and the deaths of other women occurred as the result of continuing lapses in care.Disrespect and mistreatment of women, above all not listening to what women know about their needs and their care, is widespread in Irish maternity services. This holds true at the personal level, between women and the midwives and doctors meant to be caring for them. There are also systemic failures within our maternity units and within the HSE as a whole.The widowers who have lost their wives and the mothers of their children can testify to these failures. The exhibit also honours the women who died and whose names we do not know, who are recorded only as statistics in annual clinical reports from our maternity units and hospitals.There are countries in the EU who have significantly better maternal health outcomes than we have. We need greater accountability, a truly outstanding system of audit and genuine open disclosure. It is vital to have automatic inquests for all maternal deaths to help improve our maternity services.Here in Donegal, Letterkenny General has a caesarean rate of almost 28%, above the national average, and the lowest rate of women breastfeeding exclusively on discharge, 33%, of any of the units in the west and northwest (figures gained from the HSE through Freedom of Information requests). These figures speak to the lack of continuity of carer, a failure to have one woman with the same one assigned midwife, from the beginning of pregnancy through the postnatal period to help build genuine health and wellness.There is a chance to challenge poor care but it requires community actions.In February, the Department of Health launched a national maternity strategy. The HSE has also announced that data on local maternity units and their services will now be released on a monthly basis. This means that women in Donegal can ask Letterkenny General what plans it has to improve women’s care under a health and wellness approach.For example, can it show that all of its protocols and guidelines are gold-standard evidence-based care and are all fully up to date? Can it show the extent of continuing professional development courses laid on by hospital management for its staff and its commitment to ensuring staff meet all the requirements set nationally for staying up to date with evidence? These are issues local groups might wish to explore while the exhibition is on.For further information, contact: Jo Murphy-Lawless jlawless@tcd.ie or Doreen Fitzmaurice doreenfitz@hotmail.comFind the Elephant Collective at https://www.facebook.com/The-Elephant-Collective-1662667163990925/ and https://twitter.com/el_collective where you can also view the trailer for the documentary: https://vimeo.com/147098420The exhibition also has a Facebook Events Page: https://www.facebook.com/events/779112152221562/Background InformationTania McCabe – died 9 March, 2007, Our Lady of Lourdes HospitalEvelyn Flanagan – died 19 October 19, 2007, Mayo General HospitalJennifer Crean – admitted to National Maternity Hospital, 30 June, 2008, transferred in a coma to Beaumont Hospital, 2 July, 2008, died 10 February, 2009Bimbo Onanuga – died 4 March, 2010, transferred from Rotunda Hospital to the Mater HospitalDhara Kivlehan – transferred from Sligo General Hospital on 24 September, 2010died 28 September, 2010, Belfast Royal Victoria HospitalNora Hyland – died 13 February, 2012, National Maternity HospitalSavita Halappanavar – died 28 October, 2012, Galway University HospitalSally Rowlette – died 5 February, 2013, Sligo General HospitalGroups who have contributed to the quiltAIMSI, AIMS UK, Clare Birth Choice, Community Midwives AssociationCuidiú, Donegal Women’s Centre, Doula Association of IrelandGentle Birth Ireland, Home Birth Association of Ireland, HypnoBirthing IrelandKilkenny Library Knitting Circle, Letterkenny Breastfeeding Support GroupMidlands Birth Gathering Circle, Midwifery students, Trinity College DublinNeighbourhood Midwives, St. Johnstone Breastfeeding Support GroupOrganising Members of the Elephant CollectiveFatimah Alaya, Doreen Fitzmaurice, Anne-Marie Green, Kate Harris, Julika Hudson, Martina Hynan, Caroline Kiernan, Ann Maxwell, Mary Moynihan, Jo Murphy-Lawless, Bridget Sheeran, Mary Smyth UNIQUE EXHIBITION ON MATERNAL DEATHS SET FOR DONEGAL was last modified: March 1st, 2016 by StephenShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)last_img read more