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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

Injury scare for Sturridge

first_imgLiverpool are sweating over Daniel Sturridge’s fitness again after the striker suffered another injury scare on Monday. Press Association Sturridge has not played for his club since August 31st, after which he injured his thigh on England duty. His first comeback was scuppered by a calf problem as he attempted to rejoin full training in October. Liverpool boss Brendan Rodgers had earmarked Sunday’s game against Crystal Palace for a potential return but may now be forced to reschedule again. Rodgers’ side, who also lost Sturridge’s prolific former strike partner Luis Suarez to Barcelona in the summer, have laboured to 11th place in the Barclays Premier League. The reliable output of the ‘SAS’ pairing has been replaced inadequately thus far by Mario Balotelli, Rickie Lambert and Fabio Borini, with the Reds scoring just 14 times in 11 league matches. Sturridge’s initial injury, following his appearance in the 1-0 win over Norway, caused a club versus country skirmish as Rodgers questioned England’s recovery programme for the striker. There will be no repeat on this occasion, with Sturridge not fit enough to join up with the Three Lions during the international break and instead managed at close quarters at Melwood. center_img The 25-year-old is understood to have withdrawn from training with a thigh problem, though whether it is serious, or a recurrence of the problem that began his injury-plagued season, is not yet known. The Reds will monitor Sturridge over the next two days to determine his fitness but no early conclusions are being drawn. last_img read more

Rooney named Man United captain

first_imgWayne Rooney has been named Manchester United captain by new manager Louis van Gaal, the club announced Tuesday.The 28-year-old England striker succeeds Nemanja Vidic after the Serbia defender left United at the end of last season to join Inter Milan.”For me it’s always very important the choice of captain,” said van Gaal in a club statement issued after United’s 2-1 friendly win against Valencia at Old Trafford on Tuesday.”Wayne has shown a great attitude towards everything he does. I have been very impressed by his professionalism and his attitude to training and to my philosophy,” the Dutchman explained.”He is a great inspiration to the younger members of the team and I believe he will put his heart and soul into his captaincy role.”Rooney, who could now also become captain of England following Steven Gerrard’s retirement from international football, said: “It is a huge honour for me – and for my family – to be named captain of this great club. “It is a role I will perform with great pride. Team spirit has always been very high in our dressing room and I am very grateful to the manager for the faith he has shown in me. I look forward to leading the team out on Saturday at our first match of the new season.”Van Gaal, who formally took charge at Old Trafford last month after guiding the Netherlands to third place at the World Cup, said Scotland midfielder Darren Fletcher, whom he labelled a “natural leader” would be the team’s vice-captain and lead the side in Rooney’s absence.”I am delighted to have been named as vice-captain,” Fletcher said. “It’s a very proud moment for me and my family.”Wayne and I have always worked well together and we will continue to work closely together in our new roles. I would like to thank the manager for putting his trust in me.”Van Gaal was appointed after United, who finished a relatively lowly seventh in the Premier League last term, sacked David Moyes – retired manager Alex Ferguson’s chosen successor – after the former Everton boss failed to complete his first season in charge at Old Trafford. United play their first competitive match under van Gaal when they begin their Premier League campaign at home to Swansea on Saturday.last_img read more