e10vq

0000950123-11-072964.txt : 20110804 0000950123-11-072964.hdr.sgml : 20110804 20110804164115 ACCESSION NUMBER: 0000950123-11-072964 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20110703 FILED AS OF DATE: 20110804 DATE AS OF CHANGE: 20110804 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Caribou Coffee Company, Inc. CENTRAL INDEX KEY: 0001332602 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-EATING & DRINKING PLACES [5810] IRS NUMBER: 411731219 STATE OF INCORPORATION: MN FISCAL YEAR END: 0101 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-51535 FILM NUMBER: 111011015 BUSINESS ADDRESS: STREET 1: 3900 LAKEBREEZE AVENUE CITY: BROOKLYN CENTER STATE: MN ZIP: 55429 BUSINESS PHONE: 763-592-2200 MAIL ADDRESS: STREET 1: 3900 LAKEBREEZE AVENUE CITY: BROOKLYN CENTER STATE: MN ZIP: 55429 10-Q 1 c64637e10vq.htm FORM 10-Q e10vq

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q


þ		QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended July 3, 2011.


o		TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to .

Commission File Number: 000-51535

CARIBOU COFFEE COMPANY, INC.

(Exact Name of Registrant as Specified in Its Charter)


Minnesota (State or other jurisdiction of incorporation or organization)		41-1731219 (I.R.S. Employer Identification No.)

3900 Lakebreeze Avenue North Brooklyn Center, Minnesota (Address of principal executive offices)		55429 (Zip Code)

Registrant’s Telephone Number, Including Area Code: (763) 592-2200

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the proceeding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes þ Noo

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definition of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.


Large Accelerated Filer o		Accelerated Filer o		Non-Accelerated Filer o (Do not check if a smaller reporting company)		Smaller Reporting Company þ

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No þ

On August 3, 2011, 20,739,108 shares of Registrant’s $0.01 par value common stock were outstanding.

CARIBOU COFFEE COMPANY, INC.

FORM 10-Q

For the Thirteen Week Period Ended July 3, 2011

Table of Contents


PART I. FINANCIAL INFORMATION

Item 1. Financial Statements			3
Condensed Consolidated Statements of Operations			3
Condensed Consolidated Balance Sheets			4
Condensed Consolidated Statement of Changes in Equity			5
Condensed Consolidated Statements of Cash Flows			6
Notes to Condensed Consolidated Financial Statements			7
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			16
Item 3. Quantitative and Qualitative Disclosures About Market Risk			29
Item 4. Controls and Procedures			29

PART II. OTHER INFORMATION

Item 1. Legal Proceedings			29
Item 1A. Risk Factors			29
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			29
Item 3. Defaults Upon Senior Securities			29
Item 4. Submission of Matters to a Vote of Security Holders			29
Item 5. Other Information			29
Item 6. Exhibits			30
Signature			31
EX-10.1
EX-31.1
EX-31.2
EX-32.1
EX-32.2
EX-101 INSTANCE DOCUMENT
EX-101 SCHEMA DOCUMENT
EX-101 CALCULATION LINKBASE DOCUMENT
EX-101 LABELS LINKBASE DOCUMENT
EX-101 PRESENTATION LINKBASE DOCUMENT
EX-101 DEFINITION LINKBASE DOCUMENT

See accompanying notes.

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements.

CARIBOU COFFEE COMPANY, INC. AND AFFILIATES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS


	Thirteen Weeks Ended						Twenty-Six Weeks Ended
	July 3,			July 4,			July 3,			July 4,
	2011			2010			2011			2010
	(In thousands, except for per share amounts)
				(Unaudited)
Coffeehouse sales	$	60,032		$	57,751		$	117,643		$	113,348
Commercial and franchise sales		20,238			11,134			34,902			22,587

Total net sales		80,270			68,885			152,545			135,935
Cost of sales and related occupancy costs		37,923			30,551			71,159			61,950
Operating expenses		26,811			25,067			52,221			50,029
Depreciation and amortization		2,768			3,028			5,704			6,172
General and administrative expenses		8,142			7,633			15,940			14,142

Operating income		4,626			2,606			7,521			3,642
Other income (expense):
Interest income		7			5			12			10
Interest expense		(58	)		(64	)		(114	)		(171	)

Income before provision for (benefit from) income taxes		4,575			2,547			7,419			3,481
Provision for (benefit from) income taxes		47			20			(21,287	)		(138	)

Net income		4,528			2,527			28,706			3,619
Less: Net income attributable to noncontrolling interest		103			106			210			160

Net Income attributable to Caribou Coffee Company, Inc.	$	4,425		$	2,421		$	28,496		$	3,459

Basic net income attributable to Caribou Coffee Company, Inc. common shareholders per share	$	0.22		$	0.12		$	1.43		$	0.18

Diluted net income attributable to Caribou Coffee Company, Inc. common shareholders per share	$	0.21		$	0.12		$	1.38		$	0.17

Basic weighted average number of shares outstanding		19,995			19,515			19,925			19,514

Diluted weighted average number of shares outstanding		20,670			20,520			20,605			20,381

See accompanying notes.

CARIBOU COFFEE COMPANY, INC. AND AFFILIATES

CONDENSED CONSOLIDATED BALANCE SHEETS


	July 3,			January 2,
	2011			2011
	In thousands, except per share amounts
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	32,461		$	23,092
Accounts receivable, net		10,469			8,096
Other receivables, net		1,469			1,227
Income tax receivable		14			—
Inventories		23,158			25,931
Deferred tax assets — current		3,285			—
Prepaid expenses and other current assets		939			1,122

Total current assets		71,795			59,468
Property and equipment, net of accumulated depreciation and amortization		37,790			41,075
Restricted cash		837			837
Deferred tax assets — non-current		17,999			—
Other assets		382			345

Total assets	$	128,803		$	101,725


LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	8,016		$	8,080
Accrued compensation		5,574			5,954
Accrued expenses		7,371			6,916
Deferred revenue		6,237			8,726

Total current liabilities		27,198			29,676

Asset retirement liability		1,231			1,194
Deferred rent liability		5,446			6,296
Deferred revenue		2,091			2,091
Income tax liability		—			2

Total long term liabilities		8,768			9,583

Equity:
Caribou Coffee Company, Inc. Shareholders’ equity:
Preferred stock, par value $.01, 20,000 shares authorized; no shares issued and outstanding		—			—
Common stock, par value $.01, 200,000 shares authorized; 20,734 and 20,141 shares issued and outstanding at July 3, 2011 and January 2, 2011, respectively		207			202
Additional paid-in capital		130,877			129,026
Accumulated comprehensive income		61			12
Accumulated deficit		(38,445	)		(66,941	)

Total Caribou Coffee Company, Inc. shareholders’ equity		92,700			62,299
Noncontrolling interest		137			167

Total equity		92,837			62,466

Total liabilities and equity	$	128,803		$	101,725

See accompanying notes.

CARIBOU COFFEE COMPANY, INC. AND AFFILIATES

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(unaudited)
(in thousands)


											Accumulated
	Common Stock				Additional						Other
	Number of				Paid-In			Noncontrolling			Comprehensive		Accumulated
	Shares		Amount		Capital			Interest			Income		Deficit			Equity
Balance, January 2, 2011		20,141	$	202	$	129,026		$	167		$	12	$	(66,941	)	$	62,466
Net income		—		—		—			210			—		28,496			28,706
Changes in fair value of derivative financial instruments		—		—		—			—			49		—			49

Comprehensive income																$	28,755

Share based compensation		—		—		863			—			—		—			863
Options exercised		289		2		991			—			—		—			993
Restricted shares issued, net of cancellations		304		3		(3	)		—			—		—			—
Distribution of noncontrolling interest		—		—		—			(240	)		—		—			(240	)

Balance, July 3, 2011		20,734	$	207	$	130,877		$	137		$	61	$	(38,445	)	$	92,837

See accompanying notes.

CARIBOU COFFEE COMPANY, INC. AND AFFILIATES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS


	Twenty-Six Weeks Ended
	July 3,			July 4,
	2011			2010
	(In thousands)
	(Unaudited)
Operating activities
Net income attributable to Caribou Coffee Company, Inc.	$	28,496		$	3,459
Adjustments to reconcile net income to net cash used by operating activities:
Depreciation and amortization		6,688			7,140
Amortization of deferred financing fees		51			97
Noncontrolling interest		210			160
Stock-based compensation		863			618
Deferred income taxes		(21,284	)		—
Other		73			(132	)
Changes in operating assets and liabilities:
Accounts receivable and other receivables		(2,629	)		516
Inventories		2,773			(11,498	)
Prepaid expenses and other assets		95			342
Accounts payable		117			339
Accrued expenses and other liabilities		(718	)		(3,923	)
Deferred revenue		(2,489	)		(2,635	)

Net cash provided (used) by operating activities		12,246			(5,517	)
Investing activities
Payments for property and equipment		(3,630	)		(1,562	)
Proceeds from the disposal of property		—			6

Net cash used in investing activities		(3,630	)		(1,556	)
Financing activities
Distribution of noncontrolling interest		(240	)		(150	)
Issuance of common stock		993			205
Payment of debt financing fees		—			(299	)
Stock repurchase		—			(73	)

Net cash provided (used) by financing activities		753			(317	)

Increase (decrease) in cash and cash equivalents		9,369			(7,390	)
Cash and cash equivalents at beginning of period		23,092			23,578

Cash and cash equivalents at end of period	$	32,461		$	16,188


Supplemental disclosure of cash flow information
Noncash financing and investing transactions:

Accrual for leasehold improvements, furniture and equipment	$	172		$	—

See accompanying notes.

CARIBOU COFFEE COMPANY, INC. AND AFFILIATES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

1. Basis of Presentation

The “Company” and “Caribou” refer to Caribou Coffee Company, Inc. and its affiliates, collectively.

The unaudited condensed consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and with the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, these statements include all adjustments considered necessary for the fair presentation of all interim periods reported herein. All adjustments are of a normal recurring nature unless otherwise disclosed. Management believes that the disclosures made are adequate for a fair presentation of the Company’s results of operations, financial position and cash flows. These condensed consolidated financial statements should be read in conjunction with the year-end consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K (File No. 000-51535).

Principles of Consolidation

The Company’s condensed consolidated financial statements include the accounts of Caribou Coffee Company, Inc., affiliates that it controls and a third party finance company (which exists for purposes of the Company’s revolving credit facility, as described in the Company’s Annual Report on Form 10-K) where the Company is the primary beneficiary in a variable interest entity. The affiliates are Caribou MSP Airport, a partnership in which the Company owns a 49% interest and that operates six coffeehouses, and Caribou Coffee Development Company, Inc., a licensor of Caribou Coffee branded coffeehouses. The Company controls the daily operations of Caribou Coffee Development Company, Inc. and accordingly consolidates their results of operations. The Company provided a loan to its partner in Caribou MSP Airport for all of the partner’s equity contribution to the venture. Consequently, the Company bears all the risk of loss but does not control all decisions that may have a significant effect on the success of the venture. Therefore, the Company consolidates the Caribou MSP Airport, as it is the primary beneficiary in this variable interest entity. All material intercompany balances and transactions between Caribou Coffee Company, Inc., Caribou MSP Airport and Caribou Coffee Development Company, Inc. and the third party finance company have been eliminated in consolidation.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the accompanying consolidated financial statements. Actual results may differ from those estimates, and such differences may be material to the consolidated financial statements.

Fiscal Year End

The Company’s fiscal year ends on the Sunday falling nearest to December 31. Each fiscal year consists of four 13-week quarters in a 52-week year and three 13-week quarters and one 14-week fourth quarter in a 53-week year. Each fiscal quarter reported herein consists of two four-week months and one five-week month.

The Company’s sales are somewhat seasonal, with the fourth quarter accounting for the highest sales volumes. Operating results for the thirteen week period ended July 3, 2011 are not necessarily indicative of future results that may be expected for the year ending January 1, 2012.

2. Summary of Significant Accounting Policies

Revenue Recognition

The Company recognizes retail coffeehouse sales for products and services when payment is tendered at the point of sale. Sales tax collected from customers is presented net of amounts expected to be remitted to various tax jurisdictions. Accordingly, sales taxes have no effect on the Company’s reported net sales in the accompanying statements of operations.

Revenue from the sale of products to commercial, franchise or on-line customers is recognized when ownership and price risk of the products are legally transferred to the customer, which is generally upon the shipment of goods. Revenues include any applicable shipping and handling costs invoiced to the customer, and the expense of such shipping and handling costs is included in cost of sales.

The Company sells stored value cards of various denominations. Cash receipts related to stored value card sales are deferred when initially received and revenue is recognized when the card is redeemed and the related products are delivered to the customer. Such amounts are classified as a current liability on the Company’s condensed consolidated balance sheets. The Company will honor all stored value cards presented for payment; however, the Company has determined that the likelihood of redemption is remote for certain card balances due to long periods of inactivity. In these circumstances, to the extent management determines there is no requirement for remitting balances to government agencies under unclaimed property laws, card and certificate balances may be recognized in the consolidated statements of operations. The Company uses the redemption recognition method and recognizes the estimated value of abandoned cards as a percentage of every stored value card redeemed and includes the amount in coffeehouse sales. Such amounts represent the Company’s experience regarding unused balances related to stored value cards redeemed. The Company excludes stored value card balances sold in jurisdictions which require remittance of unused balances to government agencies under unclaimed property laws.

Territory development fees and initial franchise fees are recognized upon substantial performance of services for a new territory or coffeehouse, which is generally upon the opening of a new coffeehouse. Royalties based upon a percentage of reported sales are recognized on a monthly basis when earned. Cash payments received in advance for territory development fees or initial franchise fees are recorded as deferred revenue until earned.

All revenues are recognized net of any discounts, returns, allowances and sales incentives, including coupon redemptions and rebates. The Company periodically participates in trade-promotion programs such as shelf price reductions and consumer coupon programs that require the Company to estimate and accrue the expected cost of such programs. Coupons are recognized as a liability when distributed based upon expected consumer redemptions. The Company maintains liabilities based on historical experience and management’s judgment at the end of each period for the estimated expenses incurred, but unpaid for these programs

Allowance for Doubtful Accounts

Allowance for doubtful accounts is calculated based on historical experience, customer credit risk and application of the specific identification method. A summary of the allowance for doubtful accounts is as follows (in thousands):


	July 3,		January 2,
	2011		2011
Allowance for doubtful accounts — accounts receivable	$	1	$	20
Allowance for doubtful accounts — other receivables		218		192

Operating Leases and Rent Expense

Certain of the Company’s lease agreements provide for scheduled rent increases during the lease term or for rental payments commencing at a date other than the date of initial occupancy. Rent expense is recorded on a straight-line basis over the initial lease term and renewal periods that are reasonably assured. The difference between rent expense and rent paid is recorded as deferred rent and is included in “accrued expenses” and “deferred rent liability” in the consolidated balance sheets. Contingent rents, including those based on a percentage of retail

sales over stated levels, and rental payment increases based on a contingent future event are accrued over the respective contingency periods when the achievement of such targets or events are deemed to be probable by the Company.

3. Recent Accounting Pronouncements

In January 2010, the FASB issued further guidance under ASC No. 820, Fair Value Measurements and Disclosures (“ASC 820”). ASC 820 requires disclosures about the transfers of investments between levels in the fair value hierarchy and disclosures relating to the reconciliation of fair value measurements using significant unobservable inputs (level 3 investments). ASC 820 is effective for the fiscal years and interim periods beginning after December 15, 2010. The Company adopted the update on January 3, 2011. The adoption of ASC 820 did not have a material impact on the Company’s condensed consolidated financial statements.

In June 2011, the FASB issued authoritative guidance for the presentation of comprehensive income. The guidance amended the reporting of Other Comprehensive Income (“OCI”) by eliminating the option to present OCI as part of the Statement of Changes in Shareholder’s Equity. The amendment will not impact the accounting for OCI, but only its presentation in the Company’s consolidated financial statements. Under this new guidance, an entity can elect to present items of net income and other comprehensive income in one continuous statement or in two separate, but consecutive, statements. This guidance is effective for publicly traded companies as of the beginning of a fiscal year that begins after December 15, 2011 and interim and annual periods thereafter. Early adoption is permitted, but full retrospective application is required. As the Company currently reports comprehensive income within its Statement of Stockholder’s Equity, the adoption of these rules will impact the presentation of the Company’s consolidated financial statements beginning in the first quarter of 2012.

4. Derivative Financial Instruments

The Company evaluates various strategies in managing its exposure to market-based risks, such as entering into hedging transactions to manage its exposure to fluctuating dairy commodity prices.

The Company records all derivatives on the condensed consolidated balance sheets at fair value. For those cash flow hedges that have been designated and qualify as an effective accounting hedge, the effective portion of the derivative’s gain or loss is initially reported as a component of other comprehensive income (“OCI”) and subsequently reclassified into net earnings when the hedged exposure affects net income. For those cash flow hedges that are not designated or do not qualify as an effective accounting hedge, the entire derivative gain or loss is recorded in earnings as incurred.

As of July 3, 2011 and January 2, 2011, the Company had accumulated net derivative gains of $61 thousand and $12 thousand, respectively, in other comprehensive income, all of which pertains to derivatives designated as cash flow hedging instruments that will be realized within 12 months and will also continue to experience fair value changes before affecting earnings. Based on notional amounts, as of July 3, 2011, the Company had dairy commodity futures contracts representing approximately two hundred nine thousand gallons. The Company’s cash flow derivative instruments contain credit-risk-related contingent features. At July 3, 2011, the Company, in the normal course of business, has not posted or received collateral related to these contingent features.

The Company had no derivatives not designated as hedging instruments as of July 3, 2011 and January 2, 2011.

The following table presents the effect of derivative instruments on the condensed consolidated financial statements for the thirteen weeks ended July 3, 2011 and July 4, 2010 (in thousands):


	Gain/(Loss)					Gain/(Loss)
	Recognized in OCI					Reclassified into Earnings
Contract Type	July 3, 2011		July 4, 2010			July 3, 2011		July 4, 2010
Cash flow commodity hedges	$	31	$	(5	)	$	61	$	(18	)

The following table presents the effect of derivative instruments on the condensed consolidated financial statements for the twenty-six weeks ended July 3, 2011 and July 4, 2010 (in thousands):


	Gain/(Loss)					Gain/(Loss)
	Recognized in OCI					Reclassified into Earnings
Contract Type	July 3, 2011		July 4, 2010			July 3, 2011		July 4, 2010
Cash flow commodity hedges	$	118	$	(40	)	$	68	$	(35	)

5. Fair Value Measurements

Generally Accepted Accounting Principles define fair value, establish a framework for measuring fair value, and establish a fair value hierarchy that prioritizes the inputs used to measure fair value:

	•		Level 1: Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities traded in active markets.

	•		Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

	•		Level 3: Inputs that are generally unobservable. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value.

The following table presents the financial assets measured at fair value on a recurring basis as of July 3, 2011 (in thousands):


	Total		Level 1		Level 2		Level 3

Assets:
Cash	$	5,461	$	5,461	$	—	$	—
Money market funds	$	27,000	$	27,000	$	—	$	—
Derivatives	$	61	$	61	$	—	$	—

The following table presents the financial assets measured at fair value on a recurring basis as of January 2, 2011 (in thousands):


	Total		Level 1		Level 2		Level 3

Assets:
Cash	$	5,303	$	5,303	$	—	$	—
Money market funds	$	17,789	$	17,789	$	—	$	—
Derivatives	$	12	$	12	$	—	$	—

Cash and cash equivalents include cash held at FDIC-insured financial institutions and highly liquid money market funds. The fair value of money market funds is determined using quoted market prices in active markets for identical assets, thus they are considered to be Level 1 instruments.

Derivative assets consist of commodity futures contracts. Where applicable, the Company uses quoted prices in an active market for identical derivative assets and liabilities that are traded in exchanges. These derivative assets are included in Level 1.

6. Inventories

Inventories consist of the following (in thousands):


	July 3,		January 2,
	2011		2011

Coffee	$	16,042	$	18,880
Merchandise held for sale		4,073		4,015
Supplies		3,043		3,036

	$	23,158	$	25,931

At July 3, 2011 and January 2, 2011, the Company had fixed price inventory purchase commitments, primarily for green coffee, aggregating approximately $46.3 million and $26.9 million, respectively. These commitments are for less than one year.

7. Equity and Stock Based Compensation

The Company maintains stock compensation plans, which provide for the granting of non-qualified stock options and restricted stock to officers and key employees and certain non-employees. Stock options have been granted at prices equal to the fair market values as of the dates of grant. Options and restricted stock generally vest over four years and options generally expire ten years from the grant date. Upon exercise of an option, new shares of stock are issued by the Company. Stock-based compensation expense for the thirteen weeks ended July 3, 2011 and July 4, 2010 was approximately $0.5 million and $0.4 million, respectively and is included in general and administrative expenses in the condensed consolidated statements of operations. Stock-based compensation expense for the twenty-six weeks ended July 3, 2011 and July 4, 2010 was approximately $0.9 million and $0.6 million, respectively.

Stock option activity during the period indicated is as follows (in thousands, except per share and life data):


						Weighted
				Weighted		Average
	Number of			Average		Contract
	Shares			Exercise Price		Life

Outstanding, January 2, 2011		1,466		$	3.77	6.88 Yrs
Granted		—		$	—
Exercised		(57	)	$	2.61
Forfeited		(8	)	$	4.84

Outstanding, April 3, 2011		1,401		$	3.81	6.60 Yrs

Granted		—		$	—
Exercised		(232	)	$	3.56
Forfeited		(7	)	$	5.30

Outstanding, July 3, 2011		1,162		$	3.85	6.30 Yrs


Options vested at July 3, 2011		643		$	5.13	5.61 Yrs

Restricted Stock activity during the period indicated is as follows (in thousands, except per share and life data):


				Weighted		Weighted
				Average Grant		Average
	Number of			Date		Contract
	Shares			Fair Value		Life

Outstanding, January 2, 2011		405		$	6.43
Granted		310		$	9.14
Vested		(82	)	$	7.07
Forfeited		(2	)	$	7.52

Outstanding, April 3, 2011		631		$	7.68	3.25 Yrs
Granted		—		$	—
Vested		(3	)	$	1.86
Forfeited		(4	)	$	7.47

Outstanding, July 3, 2011		624		$	7.71	3.05 Yrs

8. Income Taxes

A valuation allowance was originally recorded against our deferred tax assets as we determined the realization of these assets did not meet the more likely than not criteria. During the first quarter of 2011, we determined that a full valuation allowance against our deferred tax assets was not necessary and recorded a partial reversal of the deferred tax valuation allowance of $21.4 million. We considered the available positive and negative evidence, including our recent earnings trend and expected continued future taxable income including the following discrete events: (1) our attainment of three years of cumulative income and (2) the finalization of our current year and long range financial plan which projects sufficient future taxable income. As of July 3, 2011, we continued to maintain a valuation allowance for the remainder of our gross deferred tax assets.

Our effective income tax rate differs from the statutory income tax rate primarily as a result of the reduction of a portion of our valuation allowance described above, our use of federal net operating losses (NOLs) to offset current federal tax expense and our use of tax credits to offset current state tax expense.

9. Net Income Per Share

Basic and diluted net income attributable to Caribou Coffee Company, Inc. common shareholders per share for the thirteen week and twenty-six periods ended July 3, 2011 and July 4, 2010, were as follows (in thousands, except per share data):


	Thirteen Weeks Ended				Twenty-Six Weeks Ended
	July 3,		July 4,		July 3		July 4,
	2011		2010		2011		2010

Net income attributable to Caribou Coffee Company, Inc.	$	4,425	$	2,421	$	28,496	$	3,459

Weighted average common shares outstanding — basic		19,995		19,515		19,925		19,514
Dilutive impact of stock-based compensation		685		1,005		680		867

Weighted average common shares outstanding — dilutive		20,670		20,520		20,605		20,381

Basic net income per share	$	0.22	$	0.12	$	1.43	$	0.18
Diluted net income per share	$	0.21	$	0.12	$	1.38	$	0.17

For thirteen week periods ended July 3, 2011 and July 4, 2010, less than 0.1 million and 0.2 million equity awards, respectively, and for the twenty-six periods ended July 3, 2011and July 4, 2010, 0.1 million and 0.4 million equity awards, respectively were excluded from the calculation of shares applicable to diluted net income per share because their inclusion would have been anti-dilutive.

10. Master Franchise Agreement

In November 2004, the Company entered into a Master Franchise Agreement with a franchisee. The agreement provides the franchisee the right to develop, subfranchise or operate 250 Caribou Coffee coffeehouses in 12 Middle Eastern countries. In June of 2011, the Master Franchise Agreement was amended to expand the rights of the franchisee to develop 350 Caribou Coffee coffeehouses and to extend the expiration date. The Agreement, as amended, expires in December 2021.

In connection with the original agreement, the franchisee paid the Company a nonrefundable deposit aggregating $3.3 million. In addition to the deposit, under the amended agreement the franchisee continues to be obligated to pay the Company $20 thousand per franchised/subfranchised coffeehouse (initial franchise fee) opened for the first 100 Caribou Coffee Coffeehouses and $15 thousand for each additional franchised/subfranchised coffeehouse opened (after the first 100). The agreement provides for $5 thousand of the initial deposit received by the Company to be applied against the initial franchise fee as discussed herein. Monthly royalty payments ranging from 3%-5% of gross sales are also due to the Company.

As of July 3, 2011 and January 2, 2011, the Company included $1.9 million of the deposit in long term liabilities as deferred revenue. As of July 3, 2011 and January 2, 2011, the Company included $0.4 million and $0.3 million in current liabilities as deferred revenue on its balance sheet, respectively. The initial deposit will be amortized into income on a pro rata basis along with the initial franchise fee payments received in connection with the execution of the franchise or subfranchise agreements at the time of the coffeehouse opening. The current portion of deferred revenue represents the franchise fees for the coffeehouses estimated to be opened during the subsequent twelve months per the development schedule in the Master Franchise Agreement. At July 3, 2011, there were 74 coffeehouses operating under this Agreement.

11. Revolving Credit Facility

On February 19, 2010, the Company entered into a sale leaseback arrangement with a third party finance company whereby from time to time the Company sells equipment to the finance company, and, immediately following the sale, it leases back all of the equipment it sold to such third party. The Company does not recognize any gain or loss on the sale of the assets. The maximum amount of equipment the Company can sell and leaseback is $15.0 million, with an option for an additional $10.0 million. The agreement expires on December 31, 2011. Annual rent payable under the lease arrangement is equal to the amount outstanding under the lease financing arrangement multiplied by the applicable Federal Funds effective rate plus a specified margin or the lenders prime rate plus a specified margin.

The finance company funds its obligations under the lease financing arrangement through a revolving credit facility that it entered into with a commercial lender also on February 19, 2010. The terms of the revolving credit facility are economically equivalent to the lease financing arrangement such that the amount of rent payments and unpaid acquisition costs under the lease financing arrangement are at all times equal to the interest and principal under the revolving credit facility. The Company consolidates the third party finance company as the Company is the primary beneficiary in a variable interest entity due to the terms and provisions of the lease financing arrangement. Accordingly, the Company’s condensed consolidated balance sheets include all assets and liabilities of the third party finance company under the captions property and equipment and revolving credit facility, respectively. The Company’s condensed consolidated statements of operations include all the operations of the finance company including all interest expense related to the revolving credit facility. Notwithstanding this presentation, the Company’s obligations are limited to its obligations under the lease financing arrangement and the Company has no obligations under the revolving credit facility. The third party finance company was established solely for the purpose of facilitating the Company’s sale leaseback arrangement. The finance company does not have any other assets or liabilities or income and expense other than those associated with the revolving credit facility. At July 3, 2011 there was no property and equipment leased under this arrangement.

Both the lease financing arrangement and the revolving credit facility above were entered into on February 19, 2010. Simultaneously, the Company terminated a similar lease financing arrangement and revolving credit facility with a different commercial lender. Upon termination of old lease financing arrangement and revolving credit facility, the Company wrote off $0.1 million in deferred financing fees and capitalized $0.3 million in deferred financing fees related to the new lease arrangement and revolving credit facility, which will be amortized over the life of the agreements.

The terms of the sale leaseback agreement contain certain financial covenants and limitations on the amount used for expansion activities based on leverage ratios and interest coverage ratios of the Company. The Company is liable for 0.5% commitment fee on any unused portion of the facility. There are no amounts outstanding under the facility at July 3, 2011 or January 2, 2011.

Unamortized deferred financing fees capitalized on the balance sheet totaled $0.1 million as of July 3, 2011 and January 2, 2011. Interest payable under the revolving credit facility is equal to the amount outstanding under the facility multiplied by the applicable LIBOR rate plus a specified margin.

12. Commitments and Contingencies

From time to time, the Company becomes involved in certain legal proceedings in the ordinary course of business. The Company does not believe that any such ordinary course legal proceedings to which it is currently a party will have a material adverse effect on its financial position or results of operations.

13. Segment Reporting

Segment information is prepared on the same basis that the Company’s management reviews financial information for decision making purposes. The Company has three reportable operating segments: retail coffeehouses, commercial and franchise. “Unallocated corporate” includes expenses pertaining to corporate administrative functions that support the operating segments but are not specifically attributable to or managed by any segment and are not included in the reported financial results of the operating segments. All of the segment sales are from external customers.

Retail Coffeehouses

The Company’s retail segment represented 74.8% and 83.8% of total net sales for the thirteen weeks ended July 3, 2011 and July 4, 2010, respectively and 77.1% and 83.4% of total net sales for the twenty-six weeks ended July 3, 2011 and July 4, 2010, respectively. The retail segment operated 407 company-owned coffeehouses located in 16 states and the District of Columbia, as of July 3, 2011. The coffeehouses offer customers high-quality premium coffee and espresso-based beverages, food, and also offer specialty teas, whole bean coffee, branded merchandise and related products.

Commercial

The Company’s commercial segment represented 21.0% and 12.6% of total net sales for the thirteen weeks ended July 3, 2011 and July 4, 2010, respectively and 18.7% and 13.0% of total net sales for the twenty-six weeks ended July 3, 2011 and July 4, 2010, respectively. The commercial segment sells high-quality premium whole and ground coffee to grocery stores, mass merchandisers, club stores, office coffee and foodservice providers, hotels, entertainment venues, on-line customers.

Franchise

The Company’s franchise segment represented 4.2% and 3.6% of total net sales for the thirteen weeks ended July 3, 2011 and July 4, 2010, respectively and 4.2% and 3.6% of total net sales for the twenty-six weeks ended July 3, 2011 and July 4, 2010, respectively. The franchise segment sells franchises to operate Caribou Coffee brand coffeehouses to domestic and international franchisees. As of July 3, 2011, there were 147 franchised coffeehouses in U.S and international markets.

The tables below present information by operating segment for the thirteen and twenty-six weeks ended July 3, 2011 and July 4, 2010 (in thousands):

Thirteen weeks ended July 3, 2011


	Retail						Unallocated
	Coffeehouses		Commercial		Franchise		Corporate			Total
Total net sales	$	60,032	$	16,828	$	3,410	$	—		$	80,270
Costs of sales and related occupancy costs		25,055		11,010		1,858		—			37,923
Operating expenses		25,089		1,443		279		—			26,811
Depreciation and amortization		2,733		31		4		—			2,768
General and administrative expenses		2,272		—		—		5,870			8,142

Operating income (loss)	$	4,883	$	4,344	$	1,269	$	(5,870	)		4,626

Identifiable assets	$	29,157	$	309	$	42	$	8,282		$	37,790
Capital expenditures	$	1,010	$	55	$	—	$	1,269		$	2,334

Thirteen weeks ended July 4, 2010


	Retail						Unallocated
	Coffeehouses		Commercial		Franchise		Corporate			Total
Total net sales	$	57,751	$	8,660	$	2,474	$	—		$	68,885
Costs of sales and related occupancy costs		23,475		5,668		1,408		—			30,551
Operating expenses		23,598		1,104		365		—			25,067
Depreciation and amortization		3,010		14		4		—			3,028
General and administrative expenses		2,122		—		—		5,511			7,633

Operating (loss) income	$	5,546	$	1,874	$	697	$	(5,511	)		2,606


Identifiable assets	$	33,392	$	233	$	57	$	7,667		$	41,349
Capital expenditures	$	199	$	73	$	—	$	328		$	600

Twenty-six weeks ended July 3, 2011


	Retail						Unallocated
	Coffeehouses		Commercial		Franchise		Corporate			Total
Total net sales	$	117,643	$	28,485	$	6,417	$	—		$	152,545
Costs of sales and related occupancy costs		49,198		18,323		3,638		—			71,159
Operating expenses		49,070		2,743		408		—			52,221
Depreciation and amortization		5,636		60		8		—			5,704
General and administrative expenses		4,529		—		—		11,411			15,940

Operating income (loss)	$	9,210	$	7,359	$	2,363	$	(11,411	)		7,521

Identifiable assets	$	29,157	$	309	$	42	$	8,282		$	37,790
Capital expenditures	$	1,506	$	119	$	—	$	1,800		$	3,425

Twenty-six weeks ended July 4, 2010


	Retail						Unallocated
	Coffeehouses		Commercial		Franchise		Corporate			Total
Total net sales	$	113,348	$	17,647	$	4,940	$	—		$	135,935
Costs of sales and related occupancy costs		47,050		11,962		2,938		—			61,950
Operating expenses		47,279		2,083		667		—			50,029
Depreciation and amortization		6,139		26		7		—			6,172
General and administrative expenses		3,969		—		—		10,173			14,142

Operating (loss) income	$	8,911	$	3,576	$	1,328	$	(10,173	)		3,642

Identifiable assets	$	33,392	$	233	$	57	$	7,667		$	41,349
Capital expenditures	$	775	$	73	$	57	$	521		$	1,426

All of the Company’s assets are located in the United States, and approximately 2.1% of the Company’s consolidated sales come from outside the United States.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The information in this Management’s Discussion and Analysis section should be read in conjunction with the unaudited condensed consolidated financial statements and the notes included in Item 1 of Part I of this Form 10-Q and the audited consolidated financial statements and notes, and Management’s Discussion and Analysis of Financial Condition and Results of Operations for the fiscal year ended January 2, 2011 contained in the our Form 10-K (File No. [000-51535]).

FORWARD-LOOKING STATEMENTS

Certain statements in this report and other written or oral statements made by or on behalf of Caribou Coffee are “forward-looking statements” within the meaning of the federal securities laws. Statements regarding future events and developments and our future performance, as well as management’s current expectations, beliefs, plans, estimates or projections relating to the future, are forward-looking statements within the meaning of these laws. These forward-looking statements are subject to a number of risks and uncertainties. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are: fluctuations in quarterly and annual results, incurrence of net losses, adverse effects of management focusing on implementation of a growth strategy, failure to develop and maintain the Caribou Coffee brand and other factors disclosed in the our filings with the Securities and Exchange Commission. We undertake no obligation to update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this report.

Overview

Founded in 1992, we are one of the leading branded coffee companies in the United States, with a compelling multi-channel approach to our customers. Based on number of coffeehouses, we are the second largest company-operated premium coffeehouse operator in the United States. As of July 3, 2011, we had 554 retail locations, including 147 franchised locations. Our coffeehouses are located in 20 states, the District of Columbia and nine international markets. Our coffeehouses aspire to be the community place loved by our guests who are provided with an extraordinary experience that makes their day better. Our coffeehouses offer customers high-quality premium coffee and espresso-based beverages, foods and coffee lifestyle items. We believe we create a unique experience for customers through a combination of high-quality products, a comfortable and welcoming coffeehouse environment and customer service. Our success in the retail channel has elevated the Caribou Coffee brand and created demand across other channels, including various commercial and foodservice categories. We sell our high-quality whole bean and ground coffee to grocery stores, mass merchandisers, office coffee providers, airlines, hotels, sports and entertainment venues, college campuses and on-line customers nationwide. We seek to continue to grow our brand internationally through franchise agreements and we expect to selectively enter into franchising partnerships domestically. Through our multi-channel approach, we believe we offer a total coffee solution platform to our customers.

Our comparable coffeehouse sales have significantly improved driven by the expansion of our food product offerings such as hot oatmeal and breakfast sandwiches. We have reported positive comparable coffeehouse sales over the previous seven quarters, including 4.6% for the quarter ending July 3, 2011. Our commercial segment has also experienced accelerated growth and in the second thirteen weeks of 2011 represented 21% of total net sales, up from less than 5% in 2007. Caribou Coffee whole bean and ground coffee products are found in grocery, mass merchant and club stores in over 40 states, allowing us to expand our brand recognition through this segment and reach customers across the United States. We also sell our blended coffees and license our brand to Keurig, Inc., an industry leader in single-cup brewing technology, under an exclusive arrangement, for sale and use in its K-Cup single serve line of business. Caribou K-cups represent an important and growing portion of our commercial business. This enables Caribou Coffee products to be available in all 50 states. Our franchise segment franchises our brand to partners to operate Caribou Coffee branded coffeehouses in domestic and international markets. In addition, we sell Caribou Coffee branded products to our partners for resale in these franchised locations.

Critical Accounting Policies

The preparation of our financial statements requires management to make estimates, judgments and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses during the periods presented. Our Annual Report on Form 10-K for the fiscal year ended January 2, 2011, (File No. 000-51535) includes a summary of the critical accounting policies we believe are the most important to aid in understanding our financial condition

and results of operations. We believe those critical accounting policies are significant or involve additional management judgment due to the sensitivity of the methods, assumptions, and estimates necessary in determining the related asset and liability amounts.

Fiscal Periods

Our fiscal year ends on the Sunday falling nearest to December 31. Each fiscal year consists of four 13-week quarters in a 52-week year and three 13-week quarters and one 14-week fourth quarter in a 53-week year. Each fiscal quarter reported herein will consist of two four-week months and one five-week month.

Our sales are somewhat seasonal, with the fourth quarter accounting for the highest sales volumes. Operating results for the thirteen week period ended July 3, 2011 are not necessarily indicative of future results that may be expected for the year ending January 1, 2012.

Thirteen Weeks Ended July 3, 2011 vs. Thirteen Weeks Ended July 4, 2010

Results of Operations

The following table presents the consolidated statements of operations as well as the percentage relationship to total net sales of items included in our consolidated statement of operations:


	Thirteen Weeks Ended									Thirteen Weeks Ended
	July 3,			July 4,			%			July 3,			July 4,
	2011			2010			Change			2011			2010
	(In thousands)									As a % of total net sales
Statement of Operations Data:
Net sales:
Coffeehouse	$	60,032		$	57,751			3.9	%		74.8	%		83.8	%
Commercial and franchise		20,238			11,134			81.8	%		25.2	%		16.2	%

Total net sales		80,270			68,885			16.5	%		100.0	%		100.0	%
Cost of sales and related occupancy costs		37,923			30,551			24.1	%		47.2	%		44.4	%
Operating expenses		26,811			25,067			7.0	%		33.4	%		36.4	%
Depreciation and amortization		2,768			3,028			(8.6	)%		3.4	%		4.4	%
General and administrative expenses		8,142			7,633			6.7	%		10.1	%		11.1	%

Operating income		4,626			2,606			77.6	%		5.8	%		3.8	%
Other income (expense):
Interest income		7			5			40.0	%		—	%		—	%
Interest expense		(58	)		(64	)		(9.4	)%		0.1	%		0.1	%

Income before benefit from income taxes and noncontrolling interest		4,575			2,547			79.6	%		5.7	%		3.7	%
Provision for income taxes		47			20			135.0	%		0.1	%		0.0	%

Net income		4,528			2,527			79.2	%		5.6	%		3.7	%
Less: Net income attributable to noncontrolling interest		103			106			(2.8	)%		0.1	%		0.2	%

Net income attributable to Caribou Coffee Company, Inc.	$	4,425		$	2,421			82.8	%		5.5	%		3.5	%

Net Sales

Net sales increased $11.4 million, or 16.5%, to $80.3 million in the second thirteen weeks of 2011 from $68.9 million in the second thirteen weeks of 2010. Each of our business segments contributed significantly to our consolidated revenue growth. Coffeehouse net sales increased $2.3 million, or 3.9%, to $60.0 million in the second thirteen weeks of 2011 from $57.7 million in the second thirteen weeks of 2010. Commercial and franchise sales increased by $9.1 million, or 81.8%, to $20.2 million for the second thirteen weeks of 2011 from $11.1 million for the second thirteen weeks of 2010. Commercial segment sales grew by $8.2 million or 94.3%, based on increased sales to new and existing customers. Franchise sales grew by $0.9 million or 37.9% primarily due to new franchise and license locations.

Costs and Expenses

Cost of sales and related occupancy costs. Cost of sales and related occupancy costs increased $7.4 million, or 24.1%, to $37.9 million in the second thirteen weeks of 2011, from $30.5 million in the second thirteen weeks of 2010, primarily due to higher sales. On a dollar basis, this growth was attributable to increased volume across each of our operating segments. As a percentage of total net sales, cost of sales and related occupancy costs increased to 47.2% in the second thirteen weeks of 2011 from 44.4% in the second thirteen weeks of 2010. This increase as a percentage of sales was due to higher coffee commodity costs on a year over year basis and an overall mix change with a higher percentage of sales coming from our commercial and franchise segments, which have higher cost of sales as a percentage of sales.

Operating expenses. Operating expenses increased $1.7 million, or 7.0%, to $26.8 million in the second thirteen weeks of fiscal 2011, from $25.1 million in the second thirteen weeks of 2010. On a dollar basis, this increase was primarily driven by an increase in variable expenses such as labor related to our increase in sales volume. Operating expenses as a percentage of total net sales decreased to 33.4% in the second thirteen weeks of 2011 from 36.4% in the second thirteen weeks of 2010 as we were able to gain leverage within our business channels and benefitted from a shift in our overall sales mix to their commercial channel and lower marketing spend.

Depreciation and amortization. Depreciation and amortization decreased $0.2 million, or 8.6%, to $2.8 million in the second thirteen weeks of 2011, from $3.0 million in the second thirteen weeks of 2010. This decrease is due to a lower depreciable asset base from reduced capital spending in fiscal years 2010 and 2009.

General and administrative expenses. General and administrative expenses increased $0.5 million, or 6.7%, to $8.1 million in the second thirteen weeks of 2011, from $7.6 million in the second thirteen weeks of 2010. As a percentage of total net sales, general and administrative expenses was 10.1% in the second thirteen weeks of 2011, compared to 11.1% in the second thirteen weeks of 2010 as we were able to leverage fixed costs against higher sales.

Interest expense. Interest expense remained relatively flat at $0.1 million for both the second thirteen weeks of 2011 and 2010. We had no outstanding borrowings during the second thirteen weeks of 2011 or 2010.

Operating Segments

Segment information is prepared on the same basis that our management reviews financial information for decision making purposes. We have three reportable operating segments: retail, commercial and franchise. “Unallocated corporate” includes expenses pertaining to corporate administrative functions that support the operating segments but are not specifically attributable to or managed by any segment and are not included in the reported financial results of the operating segments. The following tables summarize our results of operations by segment for the second thirteen weeks of fiscal 2011 and 2010.

Retail Coffeehouses


	Thirteen Weeks Ended							Thirteen Weeks Ended

	July 3,		July 4,		%			July 3,			July 4,
	2011		2010		Change			2011			2010
	(In thousands)							As a % of coffeehouse sales
Coffeehouse sales	$	60,032	$	57,751		3.9	%		100.0	%		100.0	%
Costs of sales and related occupancy costs		25,055		23,475		6.7	%		41.7	%		40.6	%
Operating expenses		25,089		23,598		6.3	%		41.8	%		40.9	%
Depreciation and amortization		2,733		3,010		(9.2	)%		4.6	%		5.2	%
General and administrative expenses		2,272		2,122		7.1	%		3.8	%		3.7	%

Operating income	$	4,883	$	5,546		(12.0	)%		8.1	%		9.6	%

The retail segment operates company-owned coffeehouses. As of July 3, 2011, there were 407 company-owned coffeehouses in 16 states and the District of Columbia.

Sales

Coffeehouse sales increased $2.2 million, or 3.9%, to $60.0 million in the second thirteen weeks of 2011 from $57.8 million in the second thirteen weeks of 2010. This increase is attributable to a 4.6% increase in comparable coffeehouse sales in the second thirteen weeks of 2011 as compared to the same period in 2010. The increase in comparable coffeehouse sales was primarily driven by a higher average guest check, due to higher food sales, attributable to the launch of warm breakfast sandwiches in our coffeehouses.

Costs and Expenses

Cost of sales and related occupancy costs. Cost of sales and related occupancy costs increased $1.6 million, or 6.7%, to $25.1 million in the second thirteen weeks of 2011, from $23.5 million for the second thirteen weeks of 2010. The increase in total dollars was driven primarily by increased cost of goods related to our 4.6% growth in comparable coffeehouse sales. Cost of sales and related occupancy costs as a percentage of coffeehouse net sales increased to 41.7% for the second thirteen weeks of 2011 from 40.6% for the second thirteen weeks of 2010 due to the impact of higher coffee commodity costs on our cost of sales.

Operating expenses. Operating expenses increased $1.5 million, or 6.3%, to $25.1 million for the second thirteen weeks of 2011, from $23.6 million for the second thirteen weeks of 2010. On a dollar basis, this increase was due to an increase in variable expenses, such as supplies and credit card fees related to our 4.6% increase in comparable coffeehouses sales, when compared to the prior year. As a percentage of coffeehouse net sales, operating expenses increased to 41.8% in the second thirteen weeks of 2011 from 40.9% in the second thirteen weeks of 2010, due to the timing of various marketing investments in the thirteen week period.

Depreciation and amortization. Depreciation and amortization decreased $0.3 million, or 9.2%, to $2.7 million for the second thirteen weeks of 2011, from $3.0 million for the second thirteen weeks of 2010. Depreciation and amortization was lower in the quarter due to a lower depreciable asset base.

General and administrative expenses. General and administrative expenses increased $0.2 million, or 7.1%, to $2.3 million for the second thirteen weeks of 2011 from $2.1 million for the second thirteen weeks of 2010. This increase was due to resources added in the latter half of 2010 to support of key initiatives, including marketing, product management and real estate.

Commercial


	Thirteen Weeks Ended							Thirteen Weeks Ended

	July 3,		July 4,		%			July 3,			July 4,
	2011		2010		Change			2011			2010
	(In thousands)							As a % of commercial sales
Sales	$	16,828	$	8,660		94.3	%		100.0	%		100.0	%
Costs of sales and related occupancy costs		11,010		5,668		94.2	%		65.4	%		65.5	%
Operating expenses		1,443		1,104		30.7	%		8.6	%		12.7	%
Depreciation and amortization		31		14		121.4	%		0.2	%		0.2	%

Operating income	$	4,344	$	1,874		131.8	%		25.8	%		21.6	%

The commercial segment sells high-quality premium whole bean and ground coffee to grocery stores, mass merchandisers, club stores, office coffee and foodservice providers, hotels, entertainment venues and on-line customers. In addition, we sell our blended coffees and license our brand to Keurig, under an exclusive arrangement, for sale and use in its K-Cup single serve line of business. Keurig, an industry leader in single cup brewing technology, facilitates the sale and distribution of Caribou K-Cups, which represent an important and growing portion of our commercial business. As of July 3, 2011, Caribou Coffee can be found in over 40 states and in 9,000 stores through our Caribou-managed sales channel. Caribou Coffee K-Cups are found in, we believe, an additional 17,000 stores across all 50 states.

Sales

Sales increased $8.2 million, or 94.3%, to $16.8 million in the second thirteen weeks of 2011, from $8.7 million in the second thirteen weeks of 2010. This increase is primarily attributable to the incremental sales to new and existing office coffee and foodservice customers, as well as increased sales to Keurig.

Costs and Expenses

Cost of sales and related occupancy costs. Cost of sales and related occupancy costs increased $5.3 million, or 94.2%, to $11.0 million for the second thirteen weeks of 2011, from $5.7 million for the second thirteen weeks of 2010. On a dollar basis, this increase in cost of sales was primarily related to the 94.3% increase in sales volume in this segment. As a percentage of sales, cost of sales and related occupancy costs decreased to 65.4% for the second thirteen weeks of 2011, from 65.5% for the second thirteen weeks of 2010. This slight decrease in cost of sales and related occupancy costs as a percentage of sales was due to higher coffee commodity costs partially offset by selective price increases taken during the quarter to offset rising coffee costs that will continue to occur throughout the year. We expect the rising commodity costs will impact our weighted average coffee cost during the remainder of the year.

Operating expenses. Operating expenses increased $0.3 million, or 30.7%, to $1.4 million for the second thirteen weeks of 2011, from $1.1 million for the second thirteen weeks of 2010. On a dollar basis, that increase is attributable to higher labor and other operating costs as we invest in our team and infrastructure to support our growing commercial segment. As a percentage of sales, operating expenses decreased to 8.6% in the second thirteen weeks of 2011 from 12.7% in the second thirteen weeks of 2010. The decrease is attributable to leveraging higher sales.

Franchise


	Thirteen Weeks Ended							Thirteen Weeks Ended
	July 3,		July 4,		%			July 3,			July 4,
	2011		2010		Change			2011			2010
	(In thousands)							As a % of franchise sales
Sales	$	3,410	$	2,474		37.9	%		100.0	%		100.0	%
Costs of sales and related occupancy costs		1,858		1,408		32.0	%		54.5	%		56.9	%
Operating expenses		279		365		(23.6	)%		8.2	%		14.8	%
Depreciation and amortization		4		4		0.0	%		0.1	%		0.2	%

Operating income	$	1,269	$	697		82.3	%		37.2	%		28.2	%

The franchise segment franchises our brand to partners to operate Caribou Coffee branded kiosks and coffeehouses in domestic and international markets. In addition, we sell Caribou Coffee branded products to our partners for resale in these franchised locations. As of July 3, 2011, there were 147 franchised coffeehouses in the U.S and international markets.

Sales

Sales increased $0.9 million, or 37.9%, to $3.4 million in the second thirteen weeks of 2011, from $2.5 million in the second thirteen weeks of 2010 primarily due to higher royalties and product sales to our franchisees. As of the end of the second 13 weeks of 2011 we have 22 more franchise locations than we had as of the end of the second 13 weeks of 2010.

Costs and Expenses

Cost of sales and related occupancy costs. Cost of sales and related occupancy costs increased $0.5 million, or 32.0%, to $1.9 million for the second thirteen weeks of 2011, from $1.4 million for the second thirteen weeks of 2010 due primarily to our increase in product sales to our franchise partners. As a percentage of sales, cost of sales

and related occupancy costs decreased to 54.5% for the second thirteen weeks of 2011, from 56.9% for the second thirteen weeks of 2010. This decrease in cost of sales and related occupancy costs as a percentage of sales was due to selective price increases taken during the current year to offset our expected rising coffee costs that will occur throughout the year as the rising commodity costs will impact our weighted average coffee cost.

Operating expenses. Operating expenses decreased $0.1 million, or 23.6%, to $0.3 million in the second thirteen weeks of 2011, from $0.4 million in the second thirteen weeks of 2010. As a percentage of sales, operating expenses decreased to 8.2% in the second thirteen weeks of 2011 from 14.8% in the second thirteen weeks of 2010 due to leveraging higher sales.

Unallocated Corporate


	Thirteen Weeks Ended									Thirteen Weeks Ended

	July 3,			July 4,			%			July 3,			July 4,
	2011			2010			Change			2011			2010
	(In thousands)									As a % of total net sales
General and administrative expenses		5,870			5,511			6.5	%		7.3	%		8.0	%

Operating loss	$	(5,870	)	$	(5,511	)		6.5	%		7.3	%		8.0	%

General and administrative expenses. General and administrative expenses increased $0.4 million, or 6.5%, to $5.9 million for the second thirteen weeks of 2011 from $5.5 million for the second thirteen weeks of 2010. On a dollar basis, this increase was due to resources added in the latter half of 2010 to support key initiatives, including marketing, product management and real estate. As a percentage of total net sales, general and administrative expenses decreased to 7.3% in the second thirteen weeks of 2011, from 8.0% in the second thirteen weeks of 2010, due to leveraging higher sales.

Twenty-Six Weeks Ended July 3, 2011 vs. Twenty-Six Weeks Ended July 4, 2010

Results of Operations

The following table presents the consolidated statements of operations as well as the percentage relationship to total net sales of items included in our consolidated statement of operations:


	Twenty-Six Weeks Ended									Twenty-Six Weeks Ended
	July 3,			July 4,			%			July 3,			July 4,
	2011			2010			Change			2011			2010
	(In thousands)									As a % of total net sales
Statement of Operations Data:
Net sales:
Coffeehouse	$	117,643		$	113,348			3.8	%		77.1	%		83.4	%
Commercial and franchise		34,902			22,587			54.5	%		22.9	%		16.6	%

Total net sales		152,545			135,935			12.2	%		100.0	%		100.0	%
Cost of sales and related occupancy costs		71,159			61,950			14.9	%		46.6	%		45.6	%
Operating expenses		52,221			50,029			4.4	%		34.2	%		36.8	%
Depreciation and amortization		5,704			6,172			(7.6	)%		3.7	%		4.5	%
General and administrative expenses		15,940			14,142			12.7	%		10.4	%		10.4	%

Operating income		7,521			3,642			106.6	%		4.9	%		2.7	%
Other income (expense):
Interest income		12			10			20.0	%		—	%		—	%
Interest expense		(114	)		(171	)		(33.3	)%		(0.1	)%		(0.1	)%

Income before benefit from income taxes and noncontrolling interest		7,419			3,481			113.1	%		4.9	%		2.6	%
Benefit from income taxes		21,287			138			15,325.4	%		14.0	%		0.1	%

Net income		28,706			3,619			693.2	%		18.8	%		2.7	%
Less: Net income attributable to noncontrolling interest		210			160			31.3	%		0.1	%		0.1	%

Net income attributable to Caribou Coffee Company, Inc.	$	28,496		$	3,459			723.8	%		18.7	%		2.5	%

Net Sales

Net sales increased $16.6 million, or 12.2%, to $152.5 million in the first twenty-six weeks of 2011 from $135.9 million in the first twenty-six weeks of 2010. Each of our business segments contributed significantly to our consolidated revenue growth. Coffeehouse net sales increased $4.3 million, or 3.8%, to $117.6 million in the first twenty-six weeks of 2011 from $113.3 million in the first twenty-six weeks of 2010. Commercial and franchise sales increased by $12.3 million, or 54.5%, to $34.9 million for the first twenty-six weeks of 2011 from $22.6 million for the first twenty-six weeks of 2010. Commercial segment sales grew by $10.8 million or 61.4%, based on increased sales to new and existing customers. Franchise sales grew by $1.5 million or 29.9% primarily due to new franchise and license locations.

Costs and Expenses

Cost of sales and related occupancy costs. Cost of sales and related occupancy costs increased $9.2 million, or 14.9%, to $71.2 million in the first twenty-six weeks of 2011, from $62.0 million in the first twenty-six weeks of 2010, primarily due to higher sales. On a dollar basis, this growth was attributable to increased volume across each of our operating segments. As a percentage of total net sales, cost of sales and related occupancy costs increased to 46.6% in the first twenty-six weeks of 2011 from 45.6% in the first twenty-six weeks of 2010. The increase as a percentage of sales was largely due higher coffee commodity costs on a year over year basis and an overall mix change with a higher percentage of sales coming from our commercial and franchise segments, which have higher cost of sales as a percentage of sales.

Operating expenses. Operating expenses increased $2.2 million, or 4.4%, to $52.2 million in the first twenty-six weeks of fiscal 2011, from $50.0 million in the first twenty-six weeks of 2010. On a dollar basis, this increase was primarily driven by an increase in variable expenses related to our increase in sales volume. Operating expenses as a percentage of total net sales decreased to 34.2% in the first twenty-six weeks of 2011 from 36.8% in the first twenty-six weeks of 2010 as we were able to gain leverage on these categories from our increase in sales and lower marketing spend.

Depreciation and amortization. Depreciation and amortization decreased $0.5 million, or 7.6%, to $5.7 million in the first twenty-six weeks of 2011, from $6.2 million in the first twenty-six weeks of 2010. This decrease is due to a lower depreciable asset base from reduced capital spending in fiscal years 2010 and 2009.

General and administrative expenses. General and administrative expenses increased $1.8 million, or 12.7%, to $15.9 million in the first twenty-six weeks of 2011, from $14.1 million in the first twenty-six weeks of 2010. On a dollar basis, this increase is due to resources added in the latter half of 2010 to support key initiatives, including marketing, product management and real estate. As a percentage of total net sales, general and administrative expenses remained flat at 10.4% in the first twenty-six weeks of 2011 and 2010

Interest expense. Interest expense decreased $0.1 million, or 32.9%, to $0.1 million in the first twenty-six weeks of 2011, from $0.2 million in the first twenty-six weeks of 2010. We had no outstanding borrowings during the first twenty-six weeks of 2011 or 2010.

Tax benefit. In the first twenty-six weeks of 2011, the Company recorded a tax benefit of $21.3 million compared to a tax benefit of $0.1 million in first twenty-six weeks of 2010. In the first twenty-six week period of 2011, our net income tax benefit consisted primarily of a reduction of a portion of our valuation allowance on our deferred tax assets as described further below. Our effective income tax rate differs from the statutory income tax rate primarily as a result of the reduction of a portion of our valuation allowance, our use of federal net operating losses (NOLs) to offset current federal tax expense and our use of tax credits to offset current state tax expense.

deferred tax valuation allowance of $21.3 million. We considered the available positive and negative evidence, including our recent earnings trend and expected continued future taxable income including the following discrete events: (1) our attainment of three years of cumulative income and (2) the finalization of our current year and long range financial plan which projects sufficient future taxable income. As of July 3, 2011, we continued to maintain a valuation allowance for the remainder of our gross deferred tax assets.

Operating Segments

Retail Coffeehouses


	Twenty-Six Weeks Ended							Twenty-Six Weeks Ended
	July 3,		July 4,		%			July 3,			July 4,
	2011		2010		Change			2011			2010
	(In thousands)							As a % of coffeehouse sales
Coffeehouse sales	$	117,643	$	113,348		3.8	%		100.0	%		100.0	%
Costs of sales and related occupancy costs		49,198		47,050		4.6	%		41.8	%		41.5	%
Operating expenses		49,070		47,279		3.8	%		41.7	%		41.7	%
Depreciation and amortization		5,636		6,139		(8.2	)%		4.8	%		5.4	%
General and administrative expenses		4,529		3,969		14.1	%		3.8	%		3.5	%

Operating income	$	9,210	$	8,911		3.4	%		7.8	%		7.9	%

The retail segment operates company-owned coffeehouses. As of July 3, 2011, there were 407 company-owned coffeehouses in 16 states and the District of Columbia.

Sales

Coffeehouse sales increased $4.3 million, or 3.8%, to $117.6 million in the first twenty-six weeks of 2011 from $113.3 million in the first twenty-six weeks of 2010. This increase is attributable to a 4.5% increase in comparable coffeehouse sales in the first twenty-six weeks of 2011 as compared to the same period in 2010. The increase in comparable coffeehouse sales was primarily driven by a higher average guest check, due to higher food sales, attributable to the launch of warm breakfast sandwiches.

Costs and Expenses

Cost of sales and related occupancy costs. Cost of sales and related occupancy costs increased $2.1 million, or 4.6%, to $49.2 million in the first twenty-six weeks of 2011, from $47.1 million for the first twenty-six weeks of 2010. The increase in total dollars was driven primarily by increase cost of goods related to our 4.5% growth in comparable coffeehouse sales. Cost of sales and related occupancy costs as a percentage of coffeehouse net sales increased to 41.8% for the first twenty-six weeks of 2011 from 41.5% for the first twenty-six weeks of 2010 due to the impact of higher coffee commodity costs on our cost of sales.

Operating expenses. Operating expenses increased $1.8 million, or 3.8%, to $49.1 million for the first twenty-six weeks of 2011, from $47.3 million for the first twenty-six weeks of 2010. On a dollar basis, this increase was due to an increase in variable expenses, such as supplies and credit card fees related to our 4.5% increase in comparable coffeehouses sales, when compared to the prior year. As a percentage of coffeehouse net sales, operating expenses were flat at 41.7% in the first twenty-six weeks of 2011 and 2010.

Depreciation and amortization. Depreciation and amortization decreased $0.5 million, or 8.2%, to $5.6 million for the first twenty-six weeks of 2011, from $6.1 million for the first twenty-six weeks of 2010. Depreciation and amortization was lower due to a lower depreciable asset base.

General and administrative expenses. General and administrative expenses increased $0.6 million, or 14.1%, to $4.5 million for the first twenty-six weeks of 2011 from $3.9 million for the first twenty-six weeks of 2010. This increase was due to resources added in the latter half of 2010 to support of key initiatives, including marketing, product management and real estate.

Commercial


	Twenty-Six Weeks Ended							Twenty-Six Weeks Ended
	July 3,		July 4,		%			July 3,			July 4,
	2011		2010		Change			2011			2010
	(In thousands)							As a % of commercial sales
Sales	$	28,485	$	17,647		61.4	%		100.0	%		100.0	%
Costs of sales and related occupancy costs		18,323		11,962		53.2	%		64.3	%		67.8	%
Operating expenses		2,743		2,083		31.7	%		9.6	%		11.8	%
Depreciation and amortization		60		26		130.8	%		0.2	%		0.2	%

Operating income	$	7,359	$	3,576		105.8	%		25.8	%		20.3	%

The commercial segment sells high-quality premium whole bean and ground coffee to grocery stores, mass merchandisers, club stores, office coffee and foodservice providers, hotels, entertainment venues and on-line customers. In addition, we sell our blended coffees and license our brand to Keurig, under an exclusive arrangement, for sale and use in its K-Cup single serve line of business. Keurig, an industry leader in single cup brewing technology, facilitates the sale and distribution of Caribou K-Cups which represents an important and growing portion of our commercial business. As of July 3, 2011, Caribou Coffee can be found in over 40 states and in 9,000 stores through our Caribou-managed sales channel. Caribou Coffee K-Cups are found in, we believe, an additional 17,000 stores across all 50 states.

Sales

Sales increased $10.8 million, or 61.4%, to $28.5 million in the first twenty-six weeks of 2011, from $17.7 million in the first twenty-six weeks of 2010. This increase is primarily attributable to the incremental sales to new and existing office coffee and foodservice customers, as well as increased sales to Keurig.

Costs and Expenses

Cost of sales and related occupancy costs. Cost of sales and related occupancy costs increased $6.4 million, or 53.2%, to $18.3 million for the first twenty-six weeks of 2011, from $11.9 million for the first twenty-six weeks of 2010. On a dollar basis, this increase in cost of sales was primarily related to the 61.4% increase in sales volume in this segment. As a percentage of sales, cost of sales and related occupancy costs decreased to 64.3% for the first twenty-six weeks of 2011, from 67.8% for the first twenty-six weeks of 2010. This decrease in cost of sales and related occupancy costs as a percentage of sales was due to selective price increases taken during the current year to offset our expected rising coffee costs that will occur throughout the year as the rising commodity costs will impact our weighted average coffee cost.

Operating expenses. Operating expenses increased $0.7 million, or 31.7%, to $2.7 million for the first twenty-six weeks of 2011, from $2.1 million for the first twenty-six weeks of 2010. On a dollar basis, this increase is attributable to higher labor, marketing, and other operating costs as we invest in our team and infrastructure to support our growing commercial segment. As a percentage of sales, operating expenses decreased to 9.6% in the first twenty-six weeks of 2011 from 11.8% in the first twenty-six weeks of 2010 as we gain leverage from increased sales.

Franchise


	Twenty-Six Weeks Ended							Twenty-Six Weeks Ended
	July 3,		July 4,		%			July 3,			July 4,
	2011		2010		Change			2011			2010
	(In thousands)							As a % of franchise sales
Sales	$	6,417	$	4,940		29.9	%		100.0	%		100.0	%
Costs of sales and related occupancy costs		3,638		2,938		23.8	%		56.7	%		59.5	%
Operating expenses		408		667		(38.8	)%		6.4	%		13.5	%
Depreciation and amortization		8		7		14.3	%		0.1	%		0.1	%

Operating income	$	2,363	$	1,328		77.9	%		36.8	%		26.9	%

Sales

Sales increased $1.5 million, or 29.9%, to $6.4 million in the first twenty-six weeks of 2011, from $4.9 million in the first twenty-six weeks of 2010 primarily due to higher royalties and product sales to our franchisees. As of the end of the first twenty-six weeks of 2011 we have 22 more franchise locations than we had as of the end of the first twenty-six weeks of 2010.

Costs and Expenses

Cost of sales and related occupancy costs. Cost of sales and related occupancy costs increased $0.7 million, or 23.8%, to $3.6 million for the first twenty-six weeks of 2011, from $2.9 million for the first twenty-six weeks of 2010 due primarily to our increase in product sales to our franchise partners. As a percentage of sales, cost of sales and related occupancy costs decreased to 56.7% for the first twenty-six weeks of 2011, from 59.5% for the first twenty-six weeks of 2010. This decrease in cost of sales and related occupancy costs as a percentage of sales was due to selective price increases taken during the current year to offset our expected rising coffee costs that will occur throughout the year as the rising commodity costs will impact our weighted average coffee cost.

Operating expenses. Operating expenses decreased $0.3 million, or 38.8%, to $0.4 million in the first twenty-six weeks of 2011, from $0.7 million in the first twenty-six weeks of 2010. As a percentage of sales, operating expenses decreased to 6.4% in the first twenty-six weeks of 2011 from 13.5% in the first twenty-six weeks of 2010. This decrease is primarily related to lower labor costs related to open positions that we expect to fill during fiscal year 2011.

Unallocated Corporate


	Twenty-Six Weeks Ended									Twenty-Six Weeks Ended
	July 3,			July 4,			%			July 3,			July 4,
	2011			2010			Change			2011			2010
	(In thousands)									As a % of total net sales
General and administrative expenses		11,411			10,173			12.2	%		7.5	%		7.5	%

Operating loss	$	(11,411	)	$	(10,173	)		12.2	%		7.5	%		7.5	%

General and administrative expenses. General and administrative expenses increased $1.2 million, or 12.2%, to $11.4 million for the first twenty-six weeks of 2011 from $10.2 million for the first twenty-six weeks of 2010. On a dollar basis, this increase was due to resources added in the latter half of 2010 to support key initiatives, including marketing, product management and real estate. As a percentage of total net sales, general and administrative expenses remained flat at 7.5% in the second thirteen weeks of 2011 and 2010.

Liquidity and Capital Resources

The following table summarizes our cash flow activity and should be read in conjunction with the Condensed Consolidated Statements of Cash Flows:


	Twenty-six Weeks Ended
	July 3,			July 4,			Increase /
	2011			2010			(Decrease)
	(In thousands)

Net cash provided (used) by operating activities	$	12,246		$	(5,517	)	$	17,763
Net cash used in investing activities		(3,630	)		(1,556	)		(2,074	)
Net cash provided (used) by financing activities		753			(317	)		1,070

Net increase (decrease) in cash and cash equivalents	$	9,369		$	(7,390	)	$	16,759

Cash and cash equivalents as of July 3, 2011 were $32.5 million, compared to cash and cash equivalents of $23.1 million as of January 2, 2011. Generally, our principal requirements for cash are capital expenditures and funding operations. Capital expenditures include maintenance and remodeling of existing coffeehouses, general and administrative expenditures for items like management information systems and costs for expanding production capacity to meet the growth demands of our business. Currently our requirements for capital have been funded through cash flow from operations.

Net cash provided by operating activities for the first twenty-six weeks of 2011 was $12.2 million compared to net cash used in operating activities of $5.5 million for the second twenty-six weeks of 2010. The $17.8 million increase in cash provided by operating activities was the result of higher earnings and less cash used for working capital in the first twenty-six weeks of 2011 compared with the first twenty-six weeks of 2010 as we built higher inventory balances in the first twenty-six weeks of 2010.

Net cash used in investing activities during the first twenty-six weeks of 2011 was $3.6 million, compared to net cash used in investing activities of $1.6 million for the first twenty-six weeks of 2010 due to higher capital expenditures in 2011.

Net cash provided by financing activities for the first twenty-six weeks of 2011 was $0.7 million compared to net cash used by financing activities of $0.3 million for the first twenty-six weeks of 2010. The increase in financing cash provided is due to cash received from stock option exercises in the first twenty-six weeks of 2011 as well as no payments of debt financing fees in the current year period.

Our future capital requirements and the adequacy of available funds will depend on many factors, including the pace of our expansion, real estate markets, the availability of suitable site locations and the nature of the arrangements negotiated with landlords for new coffeehouses as well as lease termination costs associated with existing underperforming coffeehouse leases. We expect capital expenditures for fiscal 2011 to be in the range of $13 to $15 million. We believe that our current liquidity and cash flow from operations will provide sufficient liquidity to fund our operations for at least 12 months.

Off-Balance Sheet Arrangements

Other than our coffeehouse leases, we do not have any off-balance sheet arrangements. As of July 3, 2011, we were committed to fixed and price-to-be-fixed green coffee purchase contracts with deliveries expected through December 2012. We only contract for green coffee expected to be used in the normal course of business. We believe, based on relationships established with our suppliers in the past, the risk of non-delivery on such purchase commitments is remote.

Recent Accounting Pronouncements

Key Financial Metrics

We review our operations based on both financial and non-financial metrics. Among the key financial metrics upon which management focuses in reviewing our performance are comparable coffeehouse net sales, EBITDA (a non-GAAP measure), cash flow from operations before general and administrative expenses, general and administrative expenses and capital expenditures. Among the key non-financial metrics upon which management focuses in reviewing performance are the number of new coffeehouse openings, average check and transaction count.

The following table sets forth non-GAAP metrics and operating data that do not otherwise appear in our consolidated financial statements as of and for the thirteen weeks and twenty-six weeks ended July 3, 2011 and July 4, 2010:


	Thirteen Weeks Ended						Twenty-Six Weeks Ended
	July 3, 2011			July 4, 2010			July 3, 2011			July 4, 2010
				(In thousands, except operating data)
Non-GAAP Metrics:
EBITDA(1)	$	7,776		$	6,012		$	13,999		$	10,622

Operating Data:
Percentage change in comparable coffeehouse net sales(2)		4.6	%		4.8	%		4.5	%		5.0	%
Company-Owned:
Coffeehouses open at beginning of period		409			413			410			413
Coffeehouses opened during the period		0			0			0			0
Coffeehouses closed during the period		2			2			3			2

Coffeehouses open at end of period:
Total Company-Owned		407			411			407			411
Franchised:
Coffeehouses open at beginning of period		135			123			131			121
Coffeehouses opened during the period		12			5			21			7
Coffeehouses closed during the period		—			3			5			3

Coffeehouses open at end of period:
Total Franchised		147			125			147			125

Total coffeehouses open at end of period		554			536			554			536


(1)		See reconciliation and discussion of non-GAAP measures which follow at the end of this section.


(2)		Percentage change in comparable coffeehouse net sales compares the net sales of coffeehouses during a fiscal period to the net sales from the same coffeehouses for the equivalent period in the prior year. A coffeehouse is included in this calculation beginning in its thirteenth full fiscal month of operations. A closed coffeehouse is included in the calculation for each full month that the coffeehouse was open in both fiscal periods. Franchised coffeehouses are not included in the comparable coffeehouse net sales calculations.

EBITDA is equal to net income excluding: (a) interest expense; (b) interest income; (c) depreciation and amortization; and (d) income taxes.

We believe EBITDA is useful to investors in evaluating our operating performance for the following reason:

•

Coffeehouse leases are generally short-term (5-10 years) and Caribou must depreciate all of the cost associated with those leases on a straight-line basis over the initial lease term excluding renewal options (unless such renewal periods are reasonably assured at the inception of the lease). The Company opened a net 204 company-operated coffeehouses from the beginning of fiscal 2003 through the end of the second quarter of fiscal 2011. As a result, management believes depreciation expense is disproportionately large when compared to the sales from a significant percentage of the coffeehouses that are in their initial years of operations. Also, many of the assets being depreciated have actual useful lives that exceed the initial lease term excluding renewal options. Consequently, management believes that adjusting for depreciation and amortization is useful for evaluating the operating performance of the coffeehouses. Furthermore, the Company recorded a significant tax benefit in the first quarter of fiscal 2011 related to the reversal of a valuation allowance against accumulated net operating losses and other deferred tax assets. Consequently, management believes that adjusting for the impact of income taxes is useful in evaluating the overall performance of the Company.

Our management uses EBITDA:

	•		As a measurement of operating performance because it assists us in comparing our operating performance on a consistent basis, as it removes the impact of items not directly resulting from our coffeehouse operations;

	•		For planning purposes, including the preparation of our internal annual operating budget;

	•		To evaluate our capacity to incur and service debt, fund capital expenditures and expand our business.

EBITDA as calculated by us is not necessarily comparable to similarly titled measures used by other companies. In addition, EBITDA: (a) does not represent net income or cash flows from operating activities as defined by GAAP; (b) is not necessarily indicative of cash available to fund our cash flow needs; and (c) should not be considered an alternative to net income, operating income, cash flows from operating activities or our other financial information as determined under GAAP.


	Thirteen Weeks Ended						Twenty-Six Weeks Ended
	July 3, 2011			July 4, 2010			July 3, 2011			July 4, 2010
	(In thousands)

Net income attributable to Caribou Coffee Company, Inc.	$	4,425		$	2,421		$	28,496		$	3,459
Interest expense		58			64			114			171
Interest income		(7	)		(5	)		(12	)		(10	)
Depreciation and amortization(1)		3,253			3,512			6,688			7,140
Provision for (benefit from) income taxes		47			20			(21,287	)		(138	)

EBITDA	$	7,776		$	6,012		$	13,999		$	10,622


(1)		Includes depreciation and amortization associated with our headquarters and roasting facility that are categorized as general and administrative expenses and cost of sales and related occupancy costs on our statement of operations.

Item 3. Quantitative and Qualitative Disclosures about Market Risks.

Not applicable.

Item 4. Controls and Procedures.

We carried out an evaluation, under the supervision and with the participation of our management, including the chief executive officer and the chief financial officer, of the effectiveness of the design and the operations of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Based upon that evaluation, our chief executive officer and chief financial officer concluded that our disclosure controls and procedures are effective, as of July 3, 2011, in ensuring that material information relating to us required to be disclosed by us in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC rules and forms. There were no changes in our internal control over financial reporting during the quarter ended July 3, 2011, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II — OTHER INFORMATION

Item 1. Legal Proceedings.

Item 1A. Risk Factors.

Not applicable to smaller reporting companies.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

Unregistered Sales of Equity Securities

Not applicable.

Use of Proceeds

Not applicable.

Item 3. Defaults Upon Senior Securities.

Not applicable.

Item 4. Reserved.

Not applicable.

Item 5. Other Information.

Not applicable.

Item 6. Exhibits.


3.1*		Amended and Restated Articles of Incorporation of the Company (incorporated by reference to Exhibit 3.1 to our Annual Report of Form 10-K for the year ended January 2, 2011 (File No. 000-51535)).

3.2*		Amended and Restated Bylaws of the Company (incorporated by reference to Exhibit 3.2 to our Annual Report of Form 10-K for the year ended January 2, 2011 (File No. 000-51535)).

4.1*		Specimen Common Stock Certificate of the Registrant (incorporated by reference to our Registration Statement on Form S-1/A filed September 6, 2005 (File No. 333-126691)).

10.1		Second Amendment to Master License Agreement between Registrant and Arabian Coffee FZCO, dated June 24, 2011.

31.1		Certification Pursuant to Rule 13a — 14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2		Certification Pursuant to Rule 13a — 14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1		Certification Pursuant to 18 U.S. C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2		Certification Pursuant to 18 U.S. C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101**		The following financial statements from the Company’s 10-Q for the fiscal quarter ended July 3, 2011, formatted in XBRL: (i) Condensed Consolidated Statements of Operations, (ii) Condensed Consolidated Balance Sheets, (iii) Condensed Consolidated Statements of Changes in Equity (iv) Condensed Consolidated Statements of Cash Flows (v) Notes to Condensed Consolidated Financial Statements


*		Denotes exhibit previously filed with the Securities and Exchange Commission as indicated in parentheses.

**		Furnished herewith.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


	CARIBOU COFFEE COMPANY, INC.
	By:	/s/ Michael Tattersfield
		Michael Tattersfield
		Chief Executive Officer and President

Date: August 4, 2011

EX-10.1 2 c64637exv10w1.htm EX-10.1 exv10w1

EXHIBIT 10.1

SECOND AMENDMENT TO MASTER LICENSE AGREEMENT
BETWEEN CARIBOU COFFEE COMPANY, INC. AND ARABIAN COFFEE
FZCO

This Second Amendment to Master License Agreement (the “Second MLA Amendment”) is entered into and made effective as of 24^th June, 2011 (“Effective Date,” regardless of the dates of the parties’ signatures) by and between CARIBOU COFFEE COMPANY, INC., a Minnesota, U.S.A. corporation (“CARIBOU”), and ARABIAN COFFEE FZCO, a Jebel Ali Free Zone company (“ACC”).

1. Background. (a) On June 23, 2004 and November 10, 2004, CARIBOU signed a Master License Agreement (the “MLA”) with Al Sayer Enterprises for General Contracting for Building Co. (Naser Mohamed Al Sayer & Partners), a Kuwait limited liability organization (“Al Sayer”), pursuant to which CARIBOU granted to Al Sayer the right to construct, open, and operate, and to grant sublicenses to others to construct, open, and operate, CARIBOU COFFEE® Coffeehouses (the “Coffeehouses”) within a Development Area encompassing the countries of Bahrain, Egypt, Iraq, Jordan, Kuwait, Lebanon, Oman, Qatar, Saudi Arabia, Turkey, United Arab Emirates, and Yemen. On November 17, 2005, pursuant to a formal Assignment and Assumption Agreement executed by the parties, Al Sayer assigned to ACC, with CARIBOU’S prior written consent, the MLA and all of Al Sayer’s rights and obligations under the MLA, and ACC accepted the assignment and assumed and agreed to be bound by all of Al Saver’s obligations under the MLA. Concurrently with signing the Assignment and Assumption Agreement, Al Sayer signed a Guaranty and Assumption of Obligations under which Al Sayer. among other things, guaranteed ACC’s performance, and agreed to remain responsible for the performance of all obligations, under the MLA. On November 1, 2006, CARIBOU and ACC formally amended the MLA to reflect certain business changes to which they had agreed relating to development of the CARIBOU COFFEE® brand under the MLA in the countries comprising the Development Area (the “First MLA Amendment”). [References to the MLA in this Second MLA Amendment are to the MLA, as amended by the First MLA Amendment.]

(b) CARIBOU and ACC have discussed making additional changes to the MLA to expand ACC’s development rights with respect to the CARIBOU COFFEE® brand within the Development Area and now wish to reflect those changes in this Second MLA Amendment. This Second MLA Amendment is annexed to and intended to form part of and modify the MLA. Except as expressly provided in this Second MLA Amendment, the MLA (as amended by the First MLA Amendment) remains in full force and effect as originally written. If there is any inconsistency between the MLA (as amended by the First MLA Amendment) and this Second MLA Amendment, this Second MLA Amendment’s terms will govern. All terms used but not defined in this Second MLA Amendment will have the meanings set forth in the MLA.

2. Definition of “Development Term”. The definition of “Development Term” in Section 2 of the MLA is amended to read as follows:

“Development Term” — the period during which MASTER LICENSEE is authorized to establish Coffeehouses directly or through Affiliates under

License Agreements and to grant Sublicenses under Sublicense Agreements, which period will commence on the Effective Date and expire, unless sooner terminated according to this Agreement’s terms, on December 31, 2021.

3. Development Quota. Exhibit A of the MLA, which identifies the Development Quota that ACC must satisfy during specific Development Periods during the Development Term, is amended to read as follows:

Cumulative

Number of

Coffeehouses

to be Open

Date

to be Opened

and Operating

Development

Date

During

in the

Development

Period

Development

Period

Commences

Period Ends

Period

Area

First (1st)

January 1, 2005

December 31, 2005

Second (2nd)

January 1, 2006

December 31, 2006

Third (3rd)

January 1, 2007

December 31, 2007

Fourth (4th)

January 1, 2008

December 31, 2008

Fifth (5th)

January 1, 2009

December 31, 2009

Sixth (6th)

January 1, 2010

December 31, 2010

Seventh (7th)

January 1, 2011

December 31, 2011

104

Eighth (8th)

January 1, 2012

December 31, 2012

148

Ninth (9th)

January 1, 2013

December 31, 2013

180

Tenth (10th)

January 1, 2014

December 31, 2014

211

Eleventh (11th)

January 1, 2015

December 31, 2015

237

Twelfth (12th)

January 1, 2016

December 31, 2016

263

Thirteenth (13th)

January 1, 2017

December 31, 2017

284

Fourteenth (14th)

January 1, 2018

December 31, 2018

305

Fifteenth (15th)

January 1, 2019

December 31, 2019

323

Sixteenth (16th)

January 1, 2020

December 31, 2020

338

Seventeenth (17th)

January 1, 2021

December 31, 2021

350

4. (a) Initial Rental Payments for Rights to Territory. Section 7.A.(2) of the MLA is amended to read as follows:

(2) One Million Two Hundred Fifty Thousand Dollars ($1,250,000) in a lump sum upon signing this Agreement as partial payment for the initial rental payments due to LICENSOR for each of the first two hundred fifty (250) CARIBOU COFFEE Coffeehouses scheduled for development in the Development Area during the Development Term.

(b) Initial Rental Payments for Licenses and Sublicenses. Section 7.B. of the MLA is amended to read as follows:

In addition to the initial rental payments specified in Section 7.A. above, and subject to the three (3) exceptions provided below in this Section 7.B., MASTER LICENSEE shall pay LICENSOR:

(1) a Twenty Thousand Dollar ($20,000) initial rental payment for each of the first one hundred (100) CARIBOU COFFEE Coffeehouses in the Development Area for which a License Agreement is signed;

(2) a Fifteen Thousand Dollar ($15,000) initial rental payment for each of the one hundred and first (101st) through two hundred fiftieth (250th) CARIBOU COFFEE Coffeehouses in the Development Area for which a License Agreement is signed;

(3) a Fifteen Thousand Dollar ($15,000) initial rental payment for each of the two hundred fifty-first (251st) and subsequent CARIBOU COFFEE Coffeehouses in the Development Area for which a License Agreement is signed;

(4) a Ten Thousand Dollar ($10,000) initial rental payment for each CARIBOU COFFEE Coffeehouse in the Development Area for which a Sublicense Agreement is signed (between MASTER LICENSEE and a party that is not an Affiliate of MASTER LICENSEE), if that CARIBOU COFFEE Coffeehouse is one of the first two hundred fifty (250) CARIBOU COFFEE Coffeehouses in the Development Area for which a License Agreement or Sublicense Agreement is signed; and

(5) a Ten Thousand Dollar ($10,000) initial rental payment for each CARIBOU COFFEE Coffeehouse in the Development Area for which a Sublicense Agreement is signed (between MASTER LICENSEE and a party that is not an Affiliate of MASTER LICENSEE), if that CARIBOU COFFEE Coffeehouse is one of the two hundred fifty-first (251st) and subsequent CARIBOU COFFEE Coffeehouses in the Development Area for which a License Agreement or Sublicense Agreement is signed.

The three (3) exceptions to the initial rental payments specified above are that: (i) the initial rental payment that MASTER LICENSEE must pay for each CARIBOU COFFEE Coffeehouse Kiosk in the Development Area, if that CARIBOU COFFEE Coffeehouse Kiosk is one of the first two hundred fifty (250) CARIBOU COFFEE Coffeehouses in the Development Area for which a License Agreement is signed, shall be Ten Thousand Dollars ($10,000), (ii) the initial rental payment that MASTER LICENSEE must pay for each CARIBOU COFFEE Coffeehouse Kiosk in the Development Area, if that CARIBOU COFFEE Coffeehouse Kiosk is one of the two hundred fifty-first (251st) or subsequent CARIBOU COFFEE Coffeehouses in the Development Area for which a License Agreement is signed, shall be Ten Thousand Dollars ($10,000), and (iii) the initial rental payment that MASTER LICENSEE must pay for a second or subsequent CARIBOU COFFEE Coffeehouse for which a License Agreement is signed and that is developed and intended to be operated at the same location at which another CARIBOU COFFEE Coffeehouse already operates (for example, two CARIBOU COFFEE Coffeehouses in the same mall) shall be Ten Thousand Dollars ($10,000).

Five Thousand Dollars ($5,000) of the initial rental payment paid under Section 7.A.(2) above shall be applied as a credit against each initial rental payment due for each of the first two hundred fifty (250) CARIBOU COFFEE Coffeehouses in the Development Area for which a License Agreement or Sublicense Agreement is signed.

After the Five Thousand Dollar ($5,000) credits referenced in the preceding paragraph have been applied against the initial rental payments due for each of the first two hundred fifty (250) CARIBOU COFFEE Coffeehouses in the Development Area for which a License Agreement or Sublicense Agreement is signed, MASTER LICENSEE must pay LICENSOR without credit the full initial rental payment, as applicable in the circumstances described above, for each CARIBOU COFFEE Coffeehouse in the Development Area for which additional License Agreements or Sublicense Agreements are signed. This paragraph recognizes that, during the Development Term and because of closures and other circumstances, MASTER LICENSEE necessarily will sign more than two hundred fifty (250) License Agreements and Sublicense Agreements in order to satisfy the Development Quota with respect to the first two hundred fifty (250) CARIBOU COFFEE Coffeehouses that must be open and operating in the Development Area and that, with the two hundred fiftieth (250th) License Agreement and/or Sublicense Agreement signed, MASTER LICENSEE will have used and exhausted all previously-paid deposits. Beginning with the two hundred fifty-first (251st) cumulative License Agreement or Sublicense Agreement signed, and in connection with all subsequent License Agreements and Sublicense Agreements signed, MASTER LICENSEE must pay LICENSOR the full initial rental payment due for the CARIBOU COFFEE Coffeehouses covered by such License Agreements and Sublicense Agreements, without any further credit. Previous credits may not be re-applied.

If MASTER LICENSEE or its Affiliate signs a License Agreement for a Coffeehouse, the required payment is due when it signs the License Agreement. However, if a Sublicense Agreement is signed for a Coffeehouse, the required payment is due within fifteen (15) days after the Sublicensee signs the Sublicense Agreement, whether or not the Sublicensee makes any payment to MASTER LICENSEE. These rental payments are nonrefundable and fully earned by LICENSOR upon payment. [The rental payments specified above will be treated as license fee payments for United States tax and accounting purposes.]

IN WITNESS WHEREOF, the parties have executed and delivered this Amendment on the dates of their signatures below, to be effective as of the Effective


CARIBOU COFFEE COMPANY, INC., a			ARABIAN COFFEE FZCO, a Jebel Ali Free
Minnesota, U.S.A. corporation			Zone company

By:	/s/ Daniel Humile		By:	/s/ Sayer Badre Al Sayer

	Daniel Humile			Sayer Badre Al Sayer
Title: Senior Vice President, Retail			Title: Executive Director

Date:		6/24/11	Date:		24/06/2011

EX-31.1 3 c64637exv31w1.htm EX-31.1 exv31w1

EXHIBIT 31.1

CERTIFICATION

I, Michael Tattersfield, certify that:

I have reviewed this quarterly report on Form 10-Q of Caribou Coffee Company, Inc.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

	(a)		Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	(b)		Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	(c)		Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	(d)		Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

	(a)		All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

	(b)		Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

August 4, 2011



	/s/ Michael Tattersfield
	Michael Tattersfield
	Chief Executive Officer and President

EX-31.2 4 c64637exv31w2.htm EX-31.2 exv31w2

EXHIBIT 31.2

CERTIFICATION

I, Timothy J. Hennessy, certify that:

I have reviewed this quarterly report on Form 10-Q of Caribou Coffee Company, Inc.

	(a)		Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	(b)		Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	(c)		Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	(d)		Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

	(a)		All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

	(b)		Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

August 4, 2011



	/s/ Timothy J. Hennessy
	Timothy J. Hennessy
	Chief Financial Officer

EX-32.1 5 c64637exv32w1.htm EX-32.1 exv32w1

EXHIBIT 32.1

CERTIFICATION PURSUANT TO 18 U.S.C SECTION 1350, AS ADOPTED PURSUANT TO SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Caribou Coffee Company, Inc. (the “Company”) on Form 10-Q for the quarter ended July 3, 2011, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Michael Tattersfield, Chief Executive Officer and President of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

(1)

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

August 4, 2011



	/s/ Michael Tattersfield
	Michael Tattersfield
	Chief Executive Officer and President

EX-32.2 6 c64637exv32w2.htm EX-32.2 exv32w2

EXHIBIT 32.2

CERTIFICATION PURSUANT TO 18 U.S.C SECTION 1350, AS ADOPTED PURSUANT TO SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Caribou Coffee Company, Inc. (the “Company”) on Form 10-Q for the quarter ended July 3, 2011, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Timothy J. Hennessy, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

(1)

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

August 4, 2011



	/s/ Timothy J. Hennessy
	Timothy J. Hennessy
	Chief Financial Officer

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<div align="left" style="font-family: 'Times New Roman',Times,serif">   <div align="left"> </div> <div align="center" style="font-size: 10pt; margin-top: 0pt"><b> </b> </div> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>1. Basis of Presentation</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     The “Company” and “Caribou” refer to Caribou Coffee Company, Inc. and its affiliates, collectively. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     The unaudited condensed consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and with the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, these statements include all adjustments considered necessary for the fair presentation of all interim periods reported herein. All adjustments are of a normal recurring nature unless otherwise disclosed. Management believes that the disclosures made are adequate for a fair presentation of the Company’s results of operations, financial position and cash flows. These condensed consolidated financial statements should be read in conjunction with the year-end consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K (File No. 000-51535). </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     <b><i>Principles of Consolidation</i></b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     The Company’s condensed consolidated financial statements include the accounts of Caribou Coffee Company, Inc., affiliates that it controls and a third party finance company (which exists for purposes of the Company’s revolving credit facility, as described in the Company’s Annual Report on Form 10-K) where the Company is the primary beneficiary in a variable interest entity. The affiliates are Caribou MSP Airport, a partnership in which the Company owns a 49% interest and that operates six coffeehouses, and Caribou Coffee Development Company, Inc., a licensor of Caribou Coffee branded coffeehouses. The Company controls the daily operations of Caribou Coffee Development Company, Inc. and accordingly consolidates their results of operations. The Company provided a loan to its partner in Caribou MSP Airport for all of the partner’s equity contribution to the venture. Consequently, the Company bears all the risk of loss but does not control all decisions that may have a significant effect on the success of the venture. Therefore, the Company consolidates the Caribou MSP Airport, as it is the primary beneficiary in this variable interest entity. All material intercompany balances and transactions between Caribou Coffee Company, Inc., Caribou MSP Airport and Caribou Coffee Development Company, Inc. and the third party finance company have been eliminated in consolidation. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     <b><i>Use of Estimates</i></b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the accompanying consolidated financial statements. Actual results may differ from those estimates, and such differences may be material to the consolidated financial statements. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     <b><i>Fiscal Year End</i></b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     The Company’s fiscal year ends on the Sunday falling nearest to December 31. Each fiscal year consists of four 13-week quarters in a 52-week year and three 13-week quarters and one 14-week fourth quarter in a 53-week year. Each fiscal quarter reported herein consists of two four-week months and one five-week month. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     The Company’s sales are somewhat seasonal, with the fourth quarter accounting for the highest sales volumes. Operating results for the thirteen week period ended July 3, 2011 are not necessarily indicative of future results that may be expected for the year ending January 1, 2012. </div>   </div>  <div style="font-family: 'Times New Roman',Times,serif"> </div>

<div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>2. Summary of Significant Accounting Policies</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     <b><i>Revenue Recognition</i></b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     The Company recognizes retail coffeehouse sales for products and services when payment is tendered at the point of sale. Sales tax collected from customers is presented net of amounts expected to be remitted to various tax jurisdictions. Accordingly, sales taxes have no effect on the Company’s reported net sales in the accompanying statements of operations. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     Revenue from the sale of products to commercial, franchise or on-line customers is recognized when ownership and price risk of the products are legally transferred to the customer, which is generally upon the shipment of goods. Revenues include any applicable shipping and handling costs invoiced to the customer, and the expense of such shipping and handling costs is included in cost of sales. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     The Company sells stored value cards of various denominations. Cash receipts related to stored value card sales are deferred when initially received and revenue is recognized when the card is redeemed and the related products are delivered to the customer. Such amounts are classified as a current liability on the Company’s condensed consolidated balance sheets. The Company will honor all stored value cards presented for payment; however, the Company has determined that the likelihood of redemption is remote for certain card balances due to long periods of inactivity. In these circumstances, to the extent management determines there is no requirement for remitting balances to government agencies under unclaimed property laws, card and certificate balances may be recognized in the consolidated statements of operations. The Company uses the redemption recognition method and recognizes the estimated value of abandoned cards as a percentage of every stored value card redeemed and includes the amount in coffeehouse sales. Such amounts represent the Company’s experience regarding unused balances related to stored value cards redeemed. The Company excludes stored value card balances sold in jurisdictions which require remittance of unused balances to government agencies under unclaimed property laws. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     Territory development fees and initial franchise fees are recognized upon substantial performance of services for a new territory or coffeehouse, which is generally upon the opening of a new coffeehouse. Royalties based upon a percentage of reported sales are recognized on a monthly basis when earned. Cash payments received in advance for territory development fees or initial franchise fees are recorded as deferred revenue until earned. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     All revenues are recognized net of any discounts, returns, allowances and sales incentives, including coupon redemptions and rebates. The Company periodically participates in trade-promotion programs such as shelf price reductions and consumer coupon programs that require the Company to estimate and accrue the expected cost of such programs. Coupons are recognized as a liability when distributed based upon expected consumer redemptions. The Company maintains liabilities based on historical experience and management’s judgment at the end of each period for the estimated expenses incurred, but unpaid for these programs </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     <b><i>Allowance for Doubtful Accounts</i></b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     Allowance for doubtful accounts is calculated based on historical experience, customer credit risk and application of the specific identification method. A summary of the allowance for doubtful accounts is as follows (in thousands): </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="76%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>July 3,</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>January 2,</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td> <td> </td> </tr>   <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Allowance for doubtful accounts — accounts receivable </div></td> <td> </td> <td align="left">$</td> <td align="right">1</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">20</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Allowance for doubtful accounts — other receivables </div></td> <td> </td> <td> </td> <td align="right">218</td> <td> </td> <td> </td> <td> </td> <td align="right">192</td> <td> </td> </tr>  </table> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     <b><i>Operating Leases and Rent Expense</i></b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     Certain of the Company’s lease agreements provide for scheduled rent increases during the lease term or for rental payments commencing at a date other than the date of initial occupancy. Rent expense is recorded on a straight-line basis over the initial lease term and renewal periods that are reasonably assured. The difference between rent expense and rent paid is recorded as deferred rent and is included in “accrued expenses” and “deferred rent liability” in the consolidated balance sheets. Contingent rents, including those based on a percentage of retail sales over stated levels, and rental payment increases based on a contingent future event are accrued over the respective contingency periods when the achievement of such targets or events are deemed to be probable by the Company. </div> </div>

<div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>3. Recent Accounting Pronouncements</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     In January 2010, the FASB issued further guidance under ASC No. 820, Fair Value Measurements and Disclosures (“ASC 820”). ASC 820 requires disclosures about the transfers of investments between levels in the fair value hierarchy and disclosures relating to the reconciliation of fair value measurements using significant unobservable inputs (level 3 investments). ASC 820 is effective for the fiscal years and interim periods beginning after December 15, 2010. The Company adopted the update on January 3, 2011. The adoption of ASC 820 did not have a material impact on the Company’s condensed consolidated financial statements. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     In June 2011, the FASB issued authoritative guidance for the presentation of comprehensive income. The guidance amended the reporting of Other Comprehensive Income (“OCI”) by eliminating the option to present OCI as part of the Statement of Changes in Shareholder’s Equity. The amendment will not impact the accounting for OCI, but only its presentation in the Company’s consolidated financial statements. Under this new guidance, an entity can elect to present items of net income and other comprehensive income in one continuous statement or in two separate, but consecutive, statements. This guidance is effective for publicly traded companies as of the beginning of a fiscal year that begins after December 15, 2011 and interim and annual periods thereafter. Early adoption is permitted, but full retrospective application is required. As the Company currently reports comprehensive income within its Statement of Stockholder’s Equity, the adoption of these rules will impact the presentation of the Company’s consolidated financial statements beginning in the first quarter of 2012. </div> </div>

<div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>4. Derivative Financial Instruments</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     The Company evaluates various strategies in managing its exposure to market-based risks, such as entering into hedging transactions to manage its exposure to fluctuating dairy commodity prices. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     The Company records all derivatives on the condensed consolidated balance sheets at fair value. For those cash flow hedges that have been designated and qualify as an effective accounting hedge, the effective portion of the derivative’s gain or loss is initially reported as a component of other comprehensive income (“OCI”) and subsequently reclassified into net earnings when the hedged exposure affects net income. For those cash flow hedges that are not designated or do not qualify as an effective accounting hedge, the entire derivative gain or loss is recorded in earnings as incurred. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     As of July 3, 2011 and January 2, 2011, the Company had accumulated net derivative gains of $61 thousand and $12 thousand, respectively, in other comprehensive income, all of which pertains to derivatives designated as cash flow hedging instruments that will be realized within 12 months and will also continue to experience fair value changes before affecting earnings. Based on notional amounts, as of July 3, 2011, the Company had dairy commodity futures contracts representing approximately two hundred nine thousand gallons. The Company’s cash flow derivative instruments contain credit-risk-related contingent features. At July 3, 2011, the Company, in the normal course of business, has not posted or received collateral related to these contingent features. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     The Company had no derivatives not designated as hedging instruments as of July 3, 2011 and January 2, 2011. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     The following table presents the effect of derivative instruments on the condensed consolidated financial statements for the thirteen weeks ended July 3, 2011 and July 4, 2010 (in thousands): </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="52%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6"><b>Gain/(Loss)</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6"><b>Gain/(Loss)</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>Recognized in OCI</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>Reclassified into Earnings</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td nowrap="nowrap" align="left" style="border-bottom: 1px solid #000000"><b>Contract Type</b></td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>July 3, 2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>July 4, 2010</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>July 3, 2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>July 4, 2010</b></td> <td> </td> </tr>   <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Cash flow commodity hedges </div></td> <td> </td> <td align="left">$</td> <td align="right">31</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(5</td> <td nowrap="nowrap">)</td> <td> </td> <td align="left">$</td> <td align="right">61</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(18</td> <td nowrap="nowrap">)</td> </tr>  </table> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     The following table presents the effect of derivative instruments on the condensed consolidated financial statements for the twenty-six weeks ended July 3, 2011 and July 4, 2010 (in thousands): </div>   </div>  <div style="font-family: 'Times New Roman',Times,serif"> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="52%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6"><b>Gain/(Loss)</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6"><b>Gain/(Loss)</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>Recognized in OCI</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>Reclassified into Earnings</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td nowrap="nowrap" align="left" style="border-bottom: 1px solid #000000"><b>Contract Type</b></td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>July 3, 2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>July 4, 2010</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>July 3, 2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>July 4, 2010</b></td> <td> </td> </tr>   <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Cash flow commodity hedges </div></td> <td> </td> <td align="left">$</td> <td align="right">118</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(40</td> <td nowrap="nowrap">)</td> <td> </td> <td align="left">$</td> <td align="right">68</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(35</td> <td nowrap="nowrap">)</td> </tr>  </table> </div> </div>

<div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>5. Fair Value Measurements</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     Generally Accepted Accounting Principles define fair value, establish a framework for measuring fair value, and establish a fair value hierarchy that prioritizes the inputs used to measure fair value: </div> <div style="margin-top: 6pt"> <table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"> <tr valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <td width="3%" style="background: transparent"> </td> <td width="2%" nowrap="nowrap" align="left"><b>•</b></td> <td width="1%"> </td> <td>Level 1: Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities traded in active markets.</td> </tr> <tr> <td style="font-size: 6pt"> </td> </tr> <tr valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <td width="3%" style="background: transparent"> </td> <td width="2%" nowrap="nowrap" align="left"><b>•</b></td> <td width="1%"> </td> <td>Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.</td> </tr> <tr> <td style="font-size: 6pt"> </td> </tr> <tr valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <td width="3%" style="background: transparent"> </td> <td width="2%" nowrap="nowrap" align="left"><b>•</b></td> <td width="1%"> </td> <td>Level 3: Inputs that are generally unobservable. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value.</td> </tr> </table> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     The following table presents the financial assets measured at fair value on a recurring basis as of July 3, 2011 (in thousands): </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="52%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Total</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Level 1</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Level 2</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Level 3</b></td> <td> </td> </tr>   <tr valign="bottom" style="line-height: 5pt"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px"><b>Assets:</b> </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Cash </div></td> <td> </td> <td align="left">$</td> <td align="right">5,461</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">5,461</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Money market funds </div></td> <td> </td> <td align="left">$</td> <td align="right">27,000</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">27,000</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Derivatives </div></td> <td> </td> <td align="left">$</td> <td align="right">61</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">61</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> </tr>  </table> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     The following table presents the financial assets measured at fair value on a recurring basis as of January 2, 2011 (in thousands): </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="52%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Total</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Level 1</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Level 2</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Level 3</b></td> <td> </td> </tr>   <tr valign="bottom" style="line-height: 5pt"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px"><b>Assets:</b> </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Cash </div></td> <td> </td> <td align="left">$</td> <td align="right">5,303</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">5,303</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Money market funds </div></td> <td> </td> <td align="left">$</td> <td align="right">17,789</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">17,789</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Derivatives </div></td> <td> </td> <td align="left">$</td> <td align="right">12</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">12</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> </tr>  </table> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     Cash and cash equivalents include cash held at FDIC-insured financial institutions and highly liquid money market funds. The fair value of money market funds is determined using quoted market prices in active markets for identical assets, thus they are considered to be Level 1 instruments. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     Derivative assets consist of commodity futures contracts. Where applicable, the Company uses quoted prices in an active market for identical derivative assets and liabilities that are traded in exchanges. These derivative assets are included in Level 1. </div> </div>

<div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>6. Inventories</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Inventories consist of the following (in thousands): </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="76%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>July 3,</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>January 2,</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td> <td> </td> </tr>   <tr valign="bottom" style="line-height: 5pt"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Coffee </div></td> <td> </td> <td align="left">$</td> <td align="right">16,042</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">18,880</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Merchandise held for sale </div></td> <td> </td> <td> </td> <td align="right">4,073</td> <td> </td> <td> </td> <td> </td> <td align="right">4,015</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Supplies </div></td> <td> </td> <td> </td> <td align="right">3,043</td> <td> </td> <td> </td> <td> </td> <td align="right">3,036</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td align="left">$</td> <td align="right">23,158</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">25,931</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     At July 3, 2011 and January 2, 2011, the Company had fixed price inventory purchase commitments, primarily for green coffee, aggregating approximately $46.3 million and $26.9 million, respectively. These commitments are for less than one year. </div>   </div>  <div style="font-family: 'Times New Roman',Times,serif"> </div>

<div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>7. Equity and Stock Based Compensation</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     The Company maintains stock compensation plans, which provide for the granting of non-qualified stock options and restricted stock to officers and key employees and certain non-employees. Stock options have been granted at prices equal to the fair market values as of the dates of grant. Options and restricted stock generally vest over four years and options generally expire ten years from the grant date. Upon exercise of an option, new shares of stock are issued by the Company. Stock-based compensation expense for the thirteen weeks ended July 3, 2011 and July 4, 2010 was approximately $0.5 million and $0.4 million, respectively and is included in general and administrative expenses in the condensed consolidated statements of operations. Stock-based compensation expense for the twenty-six weeks ended July 3, 2011 and July 4, 2010 was approximately $0.9 million and $0.6 million, respectively. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Stock option activity during the period indicated is as follows (in thousands, except per share and life data): </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="64%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Weighted</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Weighted</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Average</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Number of</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Average</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Contract</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Shares</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Exercise Price</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Life</b></td> <td> </td> </tr>   <tr valign="bottom" style="line-height: 5pt"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Outstanding, January 2, 2011 </div></td> <td> </td> <td> </td> <td align="right">1,466</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">3.77</td> <td> </td> <td> </td> <td colspan="3" align="center">6.88 Yrs</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Granted </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Exercised </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(57</td> <td nowrap="nowrap">)</td> <td> </td> <td align="left">$</td> <td align="right">2.61</td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Forfeited </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(8</td> <td nowrap="nowrap">)</td> <td> </td> <td align="left">$</td> <td align="right">4.84</td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Outstanding, April 3, 2011 </div></td> <td> </td> <td> </td> <td align="right">1,401</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">3.81</td> <td> </td> <td> </td> <td colspan="3" align="center">6.60 Yrs</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Granted </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Exercised </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(232</td> <td nowrap="nowrap">)</td> <td> </td> <td align="left">$</td> <td align="right">3.56</td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Forfeited </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(7</td> <td nowrap="nowrap">)</td> <td> </td> <td align="left">$</td> <td align="right">5.30</td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Outstanding, July 3, 2011 </div></td> <td> </td> <td> </td> <td align="right">1,162</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">3.85</td> <td> </td> <td> </td> <td colspan="3" align="center">6.30 Yrs</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Options vested at July 3, 2011 </div></td> <td> </td> <td> </td> <td align="right">643</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">5.13</td> <td> </td> <td> </td> <td colspan="3" align="center">5.61 Yrs</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr>  </table> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     Restricted Stock activity during the period indicated is as follows (in thousands, except per share and life data): </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="64%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Weighted</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Weighted</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Average Grant</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Average</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Number of</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Date</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Contract</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Shares</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Fair Value</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Life</b></td> <td> </td> </tr>   <tr valign="bottom" style="line-height: 5pt"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Outstanding, January 2, 2011 </div></td> <td> </td> <td> </td> <td align="right">405</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">6.43</td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Granted </div></td> <td> </td> <td> </td> <td align="right">310</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">9.14</td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Vested </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(82</td> <td nowrap="nowrap">)</td> <td> </td> <td align="left">$</td> <td align="right">7.07</td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Forfeited </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(2</td> <td nowrap="nowrap">)</td> <td> </td> <td align="left">$</td> <td align="right">7.52</td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Outstanding, April 3, 2011 </div></td> <td> </td> <td> </td> <td align="right">631</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">7.68</td> <td> </td> <td> </td> <td colspan="3" align="center">3.25 Yrs</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Granted </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Vested </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(3</td> <td nowrap="nowrap">)</td> <td> </td> <td align="left">$</td> <td align="right">1.86</td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Forfeited </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(4</td> <td nowrap="nowrap">)</td> <td> </td> <td align="left">$</td> <td align="right">7.47</td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Outstanding, July 3, 2011 </div></td> <td> </td> <td> </td> <td align="right">624</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">7.71</td> <td> </td> <td> </td> <td colspan="3" align="center">3.05 Yrs</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr>  </table> </div> </div>

<div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>8. Income Taxes</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     A valuation allowance was originally recorded against our deferred tax assets as we determined the realization of these assets did not meet the more likely than not criteria. During the first quarter of 2011, we determined that a full valuation allowance against our deferred tax assets was not necessary and recorded a partial reversal of the deferred tax valuation allowance of $21.4 million. We considered the available positive and negative evidence, including our recent earnings trend and expected continued future taxable income including the following discrete events: (1) our attainment of three years of cumulative income and (2) the finalization of our current year and long range financial plan which projects sufficient future taxable income. As of July 3, 2011, we continued to maintain a valuation allowance for the remainder of our gross deferred tax assets. </div>   </div>  <div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 6pt">     Our effective income tax rate differs from the statutory income tax rate primarily as a result of the reduction of a portion of our valuation allowance described above, our use of federal net operating losses (NOLs) to offset current federal tax expense and our use of tax credits to offset current state tax expense. </div> </div>

<div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>9. Net Income Per Share</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     Basic and diluted net income attributable to Caribou Coffee Company, Inc. common shareholders per share for the thirteen week and twenty-six periods ended July 3, 2011 and July 4, 2010, were as follows (in thousands, except per share data): </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="52%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>Thirteen Weeks Ended</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>Twenty-Six Weeks Ended</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>July 3,</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>July 4,</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>July 3</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>July 4,</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td> <td> </td> </tr>   <tr valign="bottom" style="line-height: 5pt"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Net income attributable to Caribou Coffee Company, Inc. </div></td> <td> </td> <td align="left">$</td> <td align="right">4,425</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">2,421</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">28,496</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">3,459</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Weighted average common shares outstanding — basic </div></td> <td> </td> <td> </td> <td align="right">19,995</td> <td> </td> <td> </td> <td> </td> <td align="right">19,515</td> <td> </td> <td> </td> <td> </td> <td align="right">19,925</td> <td> </td> <td> </td> <td> </td> <td align="right">19,514</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Dilutive impact of stock-based compensation </div></td> <td> </td> <td> </td> <td align="right">685</td> <td> </td> <td> </td> <td> </td> <td align="right">1,005</td> <td> </td> <td> </td> <td> </td> <td align="right">680</td> <td> </td> <td> </td> <td> </td> <td align="right">867</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Weighted average common shares outstanding — dilutive </div></td> <td> </td> <td> </td> <td align="right">20,670</td> <td> </td> <td> </td> <td> </td> <td align="right">20,520</td> <td> </td> <td> </td> <td> </td> <td align="right">20,605</td> <td> </td> <td> </td> <td> </td> <td align="right">20,381</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Basic net income per share </div></td> <td> </td> <td align="left">$</td> <td align="right">0.22</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">0.12</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">1.43</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">0.18</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Diluted net income per share </div></td> <td> </td> <td align="left">$</td> <td align="right">0.21</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">0.12</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">1.38</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">0.17</td> <td> </td> </tr>  </table> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     For thirteen week periods ended July 3, 2011 and July 4, 2010, less than 0.1 million and 0.2 million equity awards, respectively, and for the twenty-six periods ended July 3, 2011and July 4, 2010, 0.1 million and 0.4 million equity awards, respectively were excluded from the calculation of shares applicable to diluted net income per share because their inclusion would have been anti-dilutive. </div> </div>

<div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>10. Master Franchise Agreement</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     In November 2004, the Company entered into a Master Franchise Agreement with a franchisee. The agreement provides the franchisee the right to develop, subfranchise or operate 250 Caribou Coffee coffeehouses in 12 Middle Eastern countries. In June of 2011, the Master Franchise Agreement was amended to expand the rights of the franchisee to develop 350 Caribou Coffee coffeehouses and to extend the expiration date. The Agreement, as amended, expires in December 2021. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     In connection with the original agreement, the franchisee paid the Company a nonrefundable deposit aggregating $3.3 million. In addition to the deposit, under the amended agreement the franchisee continues to be obligated to pay the Company $20 thousand per franchised/subfranchised coffeehouse (initial franchise fee) opened for the first 100 Caribou Coffee Coffeehouses and $15 thousand for each additional franchised/subfranchised coffeehouse opened (after the first 100). The agreement provides for $5 thousand of the initial deposit received by the Company to be applied against the initial franchise fee as discussed herein. Monthly royalty payments ranging from 3%-5% of gross sales are also due to the Company. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     As of July 3, 2011 and January 2, 2011, the Company included $1.9 million of the deposit in long term liabilities as deferred revenue. As of July 3, 2011 and January 2, 2011, the Company included $0.4 million and $0.3 million in current liabilities as deferred revenue on its balance sheet, respectively. The initial deposit will be amortized into income on a pro rata basis along with the initial franchise fee payments received in connection with the execution of the franchise or subfranchise agreements at the time of the coffeehouse opening. The current portion of deferred revenue represents the franchise fees for the coffeehouses estimated to be opened during the subsequent twelve months per the development schedule in the Master Franchise Agreement. At July 3, 2011, there were 74 coffeehouses operating under this Agreement. </div>   </div>  <div style="font-family: 'Times New Roman',Times,serif"> </div>

<div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>11. Revolving Credit Facility</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     On February 19, 2010, the Company entered into a sale leaseback arrangement with a third party finance company whereby from time to time the Company sells equipment to the finance company, and, immediately following the sale, it leases back all of the equipment it sold to such third party. The Company does not recognize any gain or loss on the sale of the assets. The maximum amount of equipment the Company can sell and leaseback is $15.0 million, with an option for an additional $10.0 million. The agreement expires on December 31, 2011. Annual rent payable under the lease arrangement is equal to the amount outstanding under the lease financing arrangement multiplied by the applicable Federal Funds effective rate plus a specified margin or the lenders prime rate plus a specified margin. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     The finance company funds its obligations under the lease financing arrangement through a revolving credit facility that it entered into with a commercial lender also on February 19, 2010. The terms of the revolving credit facility are economically equivalent to the lease financing arrangement such that the amount of rent payments and unpaid acquisition costs under the lease financing arrangement are at all times equal to the interest and principal under the revolving credit facility. The Company consolidates the third party finance company as the Company is the primary beneficiary in a variable interest entity due to the terms and provisions of the lease financing arrangement. Accordingly, the Company’s condensed consolidated balance sheets include all assets and liabilities of the third party finance company under the captions property and equipment and revolving credit facility, respectively. The Company’s condensed consolidated statements of operations include all the operations of the finance company including all interest expense related to the revolving credit facility. Notwithstanding this presentation, the Company’s obligations are limited to its obligations under the lease financing arrangement and the Company has no obligations under the revolving credit facility. The third party finance company was established solely for the purpose of facilitating the Company’s sale leaseback arrangement. The finance company does not have any other assets or liabilities or income and expense other than those associated with the revolving credit facility. At July 3, 2011 there was no property and equipment leased under this arrangement. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     Both the lease financing arrangement and the revolving credit facility above were entered into on February 19, 2010. Simultaneously, the Company terminated a similar lease financing arrangement and revolving credit facility with a different commercial lender. Upon termination of old lease financing arrangement and revolving credit facility, the Company wrote off $0.1 million in deferred financing fees and capitalized $0.3 million in deferred financing fees related to the new lease arrangement and revolving credit facility, which will be amortized over the life of the agreements. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     The terms of the sale leaseback agreement contain certain financial covenants and limitations on the amount used for expansion activities based on leverage ratios and interest coverage ratios of the Company. The Company is liable for 0.5% commitment fee on any unused portion of the facility. There are no amounts outstanding under the facility at July 3, 2011 or January 2, 2011. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     Unamortized deferred financing fees capitalized on the balance sheet totaled $0.1 million as of July 3, 2011 and January 2, 2011. Interest payable under the revolving credit facility is equal to the amount outstanding under the facility multiplied by the applicable LIBOR rate plus a specified margin. </div> </div>

<div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>12. Commitments and Contingencies</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     From time to time, the Company becomes involved in certain legal proceedings in the ordinary course of business. The Company does not believe that any such ordinary course legal proceedings to which it is currently a party will have a material adverse effect on its financial position or results of operations. </div> </div>

<div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>13. Segment Reporting</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     Segment information is prepared on the same basis that the Company’s management reviews financial information for decision making purposes. The Company has three reportable operating segments: retail coffeehouses, commercial and franchise. “Unallocated corporate” includes expenses pertaining to corporate administrative functions that support the operating segments but are not specifically attributable to or managed by any segment and are not included in the reported financial results of the operating segments. All of the segment sales are from external customers. </div>   </div>  <div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 6pt">     <b>Retail Coffeehouses</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     The Company’s retail segment represented 74.8% and 83.8% of total net sales for the thirteen weeks ended July 3, 2011 and July 4, 2010, respectively and 77.1% and 83.4% of total net sales for the twenty-six weeks ended July 3, 2011 and July 4, 2010, respectively. The retail segment operated 407 company-owned coffeehouses located in 16 states and the District of Columbia, as of July 3, 2011. The coffeehouses offer customers high-quality premium coffee and espresso-based beverages, food, and also offer specialty teas, whole bean coffee, branded merchandise and related products. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     <b>Commercial</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     The Company’s commercial segment represented 21.0% and 12.6% of total net sales for the thirteen weeks ended July 3, 2011 and July 4, 2010, respectively and 18.7% and 13.0% of total net sales for the twenty-six weeks ended July 3, 2011 and July 4, 2010, respectively. The commercial segment sells high-quality premium whole and ground coffee to grocery stores, mass merchandisers, club stores, office coffee and foodservice providers, hotels, entertainment venues, on-line customers. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     <b>Franchise</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     The Company’s franchise segment represented 4.2% and 3.6% of total net sales for the thirteen weeks ended July 3, 2011 and July 4, 2010, respectively and 4.2% and 3.6% of total net sales for the twenty-six weeks ended July 3, 2011 and July 4, 2010, respectively. The franchise segment sells franchises to operate Caribou Coffee brand coffeehouses to domestic and international franchisees. As of July 3, 2011, there were 147 franchised coffeehouses in U.S and international markets. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     The tables below present information by operating segment for the thirteen and twenty-six weeks ended July 3, 2011 and July 4, 2010 (in thousands): </div> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>Thirteen weeks ended July 3, 2011</b> </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="40%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Retail</b></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Unallocated</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"> </td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Coffeehouses</b></td> <td style="border-bottom: 1px solid #000000"> </td> <td style="border-bottom: 1px solid #000000"> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Commercial</b></td> <td style="border-bottom: 1px solid #000000"> </td> <td style="border-bottom: 1px solid #000000"> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Franchise</b></td> <td style="border-bottom: 1px solid #000000"> </td> <td style="border-bottom: 1px solid #000000"> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Corporate</b></td> <td style="border-bottom: 1px solid #000000"> </td> <td style="border-bottom: 1px solid #000000"> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Total</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Total net sales </div></td> <td> </td> <td align="left">$</td> <td align="right">60,032</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">16,828</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">3,410</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">80,270</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Costs of sales and related occupancy costs </div></td> <td> </td> <td> </td> <td align="right">25,055</td> <td> </td> <td> </td> <td> </td> <td align="right">11,010</td> <td> </td> <td> </td> <td> </td> <td align="right">1,858</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">37,923</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Operating expenses </div></td> <td> </td> <td> </td> <td align="right">25,089</td> <td> </td> <td> </td> <td> </td> <td align="right">1,443</td> <td> </td> <td> </td> <td> </td> <td align="right">279</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">26,811</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Depreciation and amortization </div></td> <td> </td> <td> </td> <td align="right">2,733</td> <td> </td> <td> </td> <td> </td> <td align="right">31</td> <td> </td> <td> </td> <td> </td> <td align="right">4</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">2,768</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">General and administrative expenses </div></td> <td> </td> <td> </td> <td align="right">2,272</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">5,870</td> <td> </td> <td> </td> <td> </td> <td align="right">8,142</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Operating income (loss) </div></td> <td> </td> <td align="left">$</td> <td align="right">4,883</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">4,344</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">1,269</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(5,870</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">4,626</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Identifiable assets </div></td> <td> </td> <td align="left">$</td> <td align="right">29,157</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">309</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">42</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">8,282</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">37,790</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Capital expenditures </div></td> <td> </td> <td align="left">$</td> <td align="right">1,010</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">55</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">1,269</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">2,334</td> <td> </td> </tr>  </table> </div> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>Thirteen weeks ended July 4, 2010</b> </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="40%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Retail</b></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Unallocated</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"> </td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Coffeehouses</b></td> <td style="border-bottom: 1px solid #000000"> </td> <td style="border-bottom: 1px solid #000000"> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Commercial</b></td> <td style="border-bottom: 1px solid #000000"> </td> <td style="border-bottom: 1px solid #000000"> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Franchise</b></td> <td style="border-bottom: 1px solid #000000"> </td> <td style="border-bottom: 1px solid #000000"> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Corporate</b></td> <td style="border-bottom: 1px solid #000000"> </td> <td style="border-bottom: 1px solid #000000"> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Total</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Total net sales </div></td> <td> </td> <td align="left">$</td> <td align="right">57,751</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">8,660</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">2,474</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">68,885</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Costs of sales and related occupancy costs </div></td> <td> </td> <td> </td> <td align="right">23,475</td> <td> </td> <td> </td> <td> </td> <td align="right">5,668</td> <td> </td> <td> </td> <td> </td> <td align="right">1,408</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">30,551</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Operating expenses </div></td> <td> </td> <td> </td> <td align="right">23,598</td> <td> </td> <td> </td> <td> </td> <td align="right">1,104</td> <td> </td> <td> </td> <td> </td> <td align="right">365</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">25,067</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Depreciation and amortization </div></td> <td> </td> <td> </td> <td align="right">3,010</td> <td> </td> <td> </td> <td> </td> <td align="right">14</td> <td> </td> <td> </td> <td> </td> <td align="right">4</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">3,028</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">General and administrative expenses </div></td> <td> </td> <td> </td> <td align="right">2,122</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">5,511</td> <td> </td> <td> </td> <td> </td> <td align="right">7,633</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Operating (loss) income </div></td> <td> </td> <td align="left">$</td> <td align="right">5,546</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">1,874</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">697</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(5,511</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">2,606</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr> <tr style="font-size: 6pt"> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Identifiable assets </div></td> <td> </td> <td align="left">$</td> <td align="right">33,392</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">233</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">57</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">7,667</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">41,349</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Capital expenditures </div></td> <td> </td> <td align="left">$</td> <td align="right">199</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">73</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">328</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">600</td> <td> </td> </tr>  </table> </div>   </div>  <div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>Twenty-six weeks ended July 3, 2011</b> </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="40%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Retail</b></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Unallocated</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"> </td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Coffeehouses</b></td> <td style="border-bottom: 1px solid #000000"> </td> <td style="border-bottom: 1px solid #000000"> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Commercial</b></td> <td style="border-bottom: 1px solid #000000"> </td> <td style="border-bottom: 1px solid #000000"> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Franchise</b></td> <td style="border-bottom: 1px solid #000000"> </td> <td style="border-bottom: 1px solid #000000"> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Corporate</b></td> <td style="border-bottom: 1px solid #000000"> </td> <td style="border-bottom: 1px solid #000000"> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Total</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Total net sales </div></td> <td> </td> <td align="left">$</td> <td align="right">117,643</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">28,485</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">6,417</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">152,545</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Costs of sales and related occupancy costs </div></td> <td> </td> <td> </td> <td align="right">49,198</td> <td> </td> <td> </td> <td> </td> <td align="right">18,323</td> <td> </td> <td> </td> <td> </td> <td align="right">3,638</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">71,159</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Operating expenses </div></td> <td> </td> <td> </td> <td align="right">49,070</td> <td> </td> <td> </td> <td> </td> <td align="right">2,743</td> <td> </td> <td> </td> <td> </td> <td align="right">408</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">52,221</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Depreciation and amortization </div></td> <td> </td> <td> </td> <td align="right">5,636</td> <td> </td> <td> </td> <td> </td> <td align="right">60</td> <td> </td> <td> </td> <td> </td> <td align="right">8</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">5,704</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">General and administrative expenses </div></td> <td> </td> <td> </td> <td align="right">4,529</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">11,411</td> <td> </td> <td> </td> <td> </td> <td align="right">15,940</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Operating income (loss) </div></td> <td> </td> <td align="left">$</td> <td align="right">9,210</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">7,359</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">2,363</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(11,411</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">7,521</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Identifiable assets </div></td> <td> </td> <td align="left">$</td> <td align="right">29,157</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">309</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">42</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">8,282</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">37,790</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Capital expenditures </div></td> <td> </td> <td align="left">$</td> <td align="right">1,506</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">119</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">1,800</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">3,425</td> <td> </td> </tr>  </table> </div> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>Twenty-six weeks ended July 4, 2010</b> </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="40%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Retail</b></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Unallocated</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"> </td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Coffeehouses</b></td> <td style="border-bottom: 1px solid #000000"> </td> <td style="border-bottom: 1px solid #000000"> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Commercial</b></td> <td style="border-bottom: 1px solid #000000"> </td> <td style="border-bottom: 1px solid #000000"> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Franchise</b></td> <td style="border-bottom: 1px solid #000000"> </td> <td style="border-bottom: 1px solid #000000"> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Corporate</b></td> <td style="border-bottom: 1px solid #000000"> </td> <td style="border-bottom: 1px solid #000000"> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Total</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Total net sales </div></td> <td> </td> <td align="left">$</td> <td align="right">113,348</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">17,647</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">4,940</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">135,935</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Costs of sales and related occupancy costs </div></td> <td> </td> <td> </td> <td align="right">47,050</td> <td> </td> <td> </td> <td> </td> <td align="right">11,962</td> <td> </td> <td> </td> <td> </td> <td align="right">2,938</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">61,950</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Operating expenses </div></td> <td> </td> <td> </td> <td align="right">47,279</td> <td> </td> <td> </td> <td> </td> <td align="right">2,083</td> <td> </td> <td> </td> <td> </td> <td align="right">667</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">50,029</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Depreciation and amortization </div></td> <td> </td> <td> </td> <td align="right">6,139</td> <td> </td> <td> </td> <td> </td> <td align="right">26</td> <td> </td> <td> </td> <td> </td> <td align="right">7</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">6,172</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">General and administrative expenses </div></td> <td> </td> <td> </td> <td align="right">3,969</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">10,173</td> <td> </td> <td> </td> <td> </td> <td align="right">14,142</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Operating (loss) income </div></td> <td> </td> <td align="left">$</td> <td align="right">8,911</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">3,576</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">1,328</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(10,173</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">3,642</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Identifiable assets </div></td> <td> </td> <td align="left">$</td> <td align="right">33,392</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">233</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">57</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">7,667</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">41,349</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Capital expenditures </div></td> <td> </td> <td align="left">$</td> <td align="right">775</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">73</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">57</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">521</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">1,426</td> <td> </td> </tr>  </table> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     All of the Company’s assets are located in the United States, and approximately 2.1% of the Company’s consolidated sales come from outside the United States. </div> </div>

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Condensed Consolidated Balance Sheets (Unaudited) (USD $) In Thousands	Jul. 03, 2011	Jan. 02, 2011
Current assets:
Cash and cash equivalents	$ 32,461	$ 23,092
Accounts receivable, net	10,469	8,096
Other receivables, net	1,469	1,227
Income tax receivable	14	0
Inventories	23,158	25,931
Deferred tax assets - current	3,285	0
Prepaid expenses and other current assets	939	1,122
Total current assets	71,795	59,468
Property and equipment, net of accumulated depreciation and amortization	37,790	41,075
Restricted cash	837	837
Deferred tax assets - non-current	17,999	0
Other assets	382	345
Total assets	128,803	101,725
Current liabilities:
Accounts payable	8,016	8,080
Accrued compensation	5,574	5,954
Accrued expenses	7,371	6,916
Deferred revenue	6,237	8,726
Total current liabilities	27,198	29,676
Asset retirement liability	1,231	1,194
Deferred rent liability	5,446	6,296
Deferred revenue	2,091	2,091
Income tax liability	0	2
Total long term liabilities	8,768	9,583
Caribou Coffee Company, Inc. Shareholders' equity:
Preferred stock, par value $.01, 20,000 shares authorized; no shares issued and outstanding	0	0
Common stock, par value $.01, 200,000 shares authorized; 20,734 and 20,141 shares issued and outstanding at July 3, 2011 and January 2, 2011, respectively	207	202
Additional paid-in capital	130,877	129,026
Accumulated comprehensive income	61	12
Accumulated deficit	(38,445)	(66,941)
Total Caribou Coffee Company, Inc. shareholders' equity	92,700	62,299
Noncontrolling interest	137	167
Total equity	92,837	62,466
Total liabilities and equity	$ 128,803	$ 101,725

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Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) In Thousands, except Per Share data	Jul. 03, 2011	Jan. 02, 2011
Caribou Coffee Company, Inc. Shareholders' equity:
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	20,000	20,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	200,000	200,000
Common stock, shares issued	20,734	20,141
Common stock, shares outstanding	20,734	20,141

- Definition

Total number of shares of common stock held by shareholders. May be all or portion of the number of common shares authorized. These shares represent the ownership interest of the common shareholders. Shares outstanding equals shares issued minus shares held in treasury and other adjustments, if any.

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Face amount or stated value per share of nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer); generally not indicative of the fair market value per share.

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Document and Entity Information (USD $)	6 Months Ended
Document and Entity Information (USD $)	Jul. 03, 2011	Aug. 03, 2011	Jul. 04, 2010
Document and Entity Information [Abstract]
Entity Registrant Name	Caribou Coffee Company, Inc.
Entity Central Index Key	0001332602
Document Type	10-Q
Document Period End Date	Jul. 03, 2011
Amendment Flag	false
Document Fiscal Year Focus	2011
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--01-01
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Smaller Reporting Company
Entity Public Float			$ 66,850,000
Entity Common Stock, Shares Outstanding		20,739,108

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Inventories

6 Months Ended

Jul. 03, 2011

Inventories [Abstract]

Inventories

6. Inventories

Inventories consist of the following (in thousands):


	July 3,		January 2,
	2011		2011

Coffee	$	16,042	$	18,880
Merchandise held for sale		4,073		4,015
Supplies		3,043		3,036

	$	23,158	$	25,931

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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Revolving Credit Facility	6 Months Ended
Revolving Credit Facility	Jul. 03, 2011
Revolving Credit Facility [Abstract]
Revolving Credit Facility	11. Revolving Credit Facility On February 19, 2010, the Company entered into a sale leaseback arrangement with a third party finance company whereby from time to time the Company sells equipment to the finance company, and, immediately following the sale, it leases back all of the equipment it sold to such third party. The Company does not recognize any gain or loss on the sale of the assets. The maximum amount of equipment the Company can sell and leaseback is $15.0 million, with an option for an additional $10.0 million. The agreement expires on December 31, 2011. Annual rent payable under the lease arrangement is equal to the amount outstanding under the lease financing arrangement multiplied by the applicable Federal Funds effective rate plus a specified margin or the lenders prime rate plus a specified margin. The finance company funds its obligations under the lease financing arrangement through a revolving credit facility that it entered into with a commercial lender also on February 19, 2010. The terms of the revolving credit facility are economically equivalent to the lease financing arrangement such that the amount of rent payments and unpaid acquisition costs under the lease financing arrangement are at all times equal to the interest and principal under the revolving credit facility. The Company consolidates the third party finance company as the Company is the primary beneficiary in a variable interest entity due to the terms and provisions of the lease financing arrangement. Accordingly, the Company’s condensed consolidated balance sheets include all assets and liabilities of the third party finance company under the captions property and equipment and revolving credit facility, respectively. The Company’s condensed consolidated statements of operations include all the operations of the finance company including all interest expense related to the revolving credit facility. Notwithstanding this presentation, the Company’s obligations are limited to its obligations under the lease financing arrangement and the Company has no obligations under the revolving credit facility. The third party finance company was established solely for the purpose of facilitating the Company’s sale leaseback arrangement. The finance company does not have any other assets or liabilities or income and expense other than those associated with the revolving credit facility. At July 3, 2011 there was no property and equipment leased under this arrangement. Both the lease financing arrangement and the revolving credit facility above were entered into on February 19, 2010. Simultaneously, the Company terminated a similar lease financing arrangement and revolving credit facility with a different commercial lender. Upon termination of old lease financing arrangement and revolving credit facility, the Company wrote off $0.1 million in deferred financing fees and capitalized $0.3 million in deferred financing fees related to the new lease arrangement and revolving credit facility, which will be amortized over the life of the agreements. The terms of the sale leaseback agreement contain certain financial covenants and limitations on the amount used for expansion activities based on leverage ratios and interest coverage ratios of the Company. The Company is liable for 0.5% commitment fee on any unused portion of the facility. There are no amounts outstanding under the facility at July 3, 2011 or January 2, 2011. Unamortized deferred financing fees capitalized on the balance sheet totaled $0.1 million as of July 3, 2011 and January 2, 2011. Interest payable under the revolving credit facility is equal to the amount outstanding under the facility multiplied by the applicable LIBOR rate plus a specified margin.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References+ Details

XML 20 R8.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies

6 Months Ended

Jul. 03, 2011

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Revenue Recognition

Allowance for Doubtful Accounts


	July 3,		January 2,
	2011		2011
Allowance for doubtful accounts — accounts receivable	$	1	$	20
Allowance for doubtful accounts — other receivables		218		192

Operating Leases and Rent Expense

- Definition

The entire disclosure for all significant accounting policies of the reporting entity.

+ References+ Details

XML 21 R14.htm IDEA: XBRL DOCUMENT

Income Taxes	6 Months Ended
Income Taxes	Jul. 03, 2011
Income Taxes [Abstract]
Income Taxes	8. Income Taxes A valuation allowance was originally recorded against our deferred tax assets as we determined the realization of these assets did not meet the more likely than not criteria. During the first quarter of 2011, we determined that a full valuation allowance against our deferred tax assets was not necessary and recorded a partial reversal of the deferred tax valuation allowance of $21.4 million. We considered the available positive and negative evidence, including our recent earnings trend and expected continued future taxable income including the following discrete events: (1) our attainment of three years of cumulative income and (2) the finalization of our current year and long range financial plan which projects sufficient future taxable income. As of July 3, 2011, we continued to maintain a valuation allowance for the remainder of our gross deferred tax assets. Our effective income tax rate differs from the statutory income tax rate primarily as a result of the reduction of a portion of our valuation allowance described above, our use of federal net operating losses (NOLs) to offset current federal tax expense and our use of tax credits to offset current state tax expense.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 136, 172
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 43, 44, 45, 46, 47, 48, 49
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph h
-Article 4

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(h))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

+ Details

XML 22 R19.htm IDEA: XBRL DOCUMENT

Segment Reporting

6 Months Ended

Jul. 03, 2011

Segment Reporting [Abstract]

Segment Reporting

13. Segment Reporting

Retail Coffeehouses

Commercial

Franchise

The tables below present information by operating segment for the thirteen and twenty-six weeks ended July 3, 2011 and July 4, 2010 (in thousands):

Thirteen weeks ended July 3, 2011


	Retail						Unallocated
	Coffeehouses		Commercial		Franchise		Corporate			Total
Total net sales	$	60,032	$	16,828	$	3,410	$	—		$	80,270
Costs of sales and related occupancy costs		25,055		11,010		1,858		—			37,923
Operating expenses		25,089		1,443		279		—			26,811
Depreciation and amortization		2,733		31		4		—			2,768
General and administrative expenses		2,272		—		—		5,870			8,142

Operating income (loss)	$	4,883	$	4,344	$	1,269	$	(5,870	)		4,626

Identifiable assets	$	29,157	$	309	$	42	$	8,282		$	37,790
Capital expenditures	$	1,010	$	55	$	—	$	1,269		$	2,334

Thirteen weeks ended July 4, 2010


	Retail						Unallocated
	Coffeehouses		Commercial		Franchise		Corporate			Total
Total net sales	$	57,751	$	8,660	$	2,474	$	—		$	68,885
Costs of sales and related occupancy costs		23,475		5,668		1,408		—			30,551
Operating expenses		23,598		1,104		365		—			25,067
Depreciation and amortization		3,010		14		4		—			3,028
General and administrative expenses		2,122		—		—		5,511			7,633

Operating (loss) income	$	5,546	$	1,874	$	697	$	(5,511	)		2,606


Identifiable assets	$	33,392	$	233	$	57	$	7,667		$	41,349
Capital expenditures	$	199	$	73	$	—	$	328		$	600

Twenty-six weeks ended July 3, 2011


	Retail						Unallocated
	Coffeehouses		Commercial		Franchise		Corporate			Total
Total net sales	$	117,643	$	28,485	$	6,417	$	—		$	152,545
Costs of sales and related occupancy costs		49,198		18,323		3,638		—			71,159
Operating expenses		49,070		2,743		408		—			52,221
Depreciation and amortization		5,636		60		8		—			5,704
General and administrative expenses		4,529		—		—		11,411			15,940

Operating income (loss)	$	9,210	$	7,359	$	2,363	$	(11,411	)		7,521

Identifiable assets	$	29,157	$	309	$	42	$	8,282		$	37,790
Capital expenditures	$	1,506	$	119	$	—	$	1,800		$	3,425

Twenty-six weeks ended July 4, 2010


	Retail						Unallocated
	Coffeehouses		Commercial		Franchise		Corporate			Total
Total net sales	$	113,348	$	17,647	$	4,940	$	—		$	135,935
Costs of sales and related occupancy costs		47,050		11,962		2,938		—			61,950
Operating expenses		47,279		2,083		667		—			50,029
Depreciation and amortization		6,139		26		7		—			6,172
General and administrative expenses		3,969		—		—		10,173			14,142

Operating (loss) income	$	8,911	$	3,576	$	1,328	$	(10,173	)		3,642

Identifiable assets	$	33,392	$	233	$	57	$	7,667		$	41,349
Capital expenditures	$	775	$	73	$	57	$	521		$	1,426

All of the Company’s assets are located in the United States, and approximately 2.1% of the Company’s consolidated sales come from outside the United States.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599

Reference 7: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-SubTopic 10
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-Paragraph 35
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Paragraph 32
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 131
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Paragraph 30
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Reference 12: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599

+ Details

XML 23 R15.htm IDEA: XBRL DOCUMENT

Net Income (Loss) Per Share

6 Months Ended

Jul. 03, 2011

Net Income (Loss) Per Share [Abstract]

Net Income (Loss) Per Share

9. Net Income Per Share


	Thirteen Weeks Ended				Twenty-Six Weeks Ended
	July 3,		July 4,		July 3		July 4,
	2011		2010		2011		2010

Net income attributable to Caribou Coffee Company, Inc.	$	4,425	$	2,421	$	28,496	$	3,459

Weighted average common shares outstanding — basic		19,995		19,515		19,925		19,514
Dilutive impact of stock-based compensation		685		1,005		680		867

Weighted average common shares outstanding — dilutive		20,670		20,520		20,605		20,381

Basic net income per share	$	0.22	$	0.12	$	1.43	$	0.18
Diluted net income per share	$	0.21	$	0.12	$	1.38	$	0.17

- Definition

The entire disclosure for earnings per share.

+ References+ Details

XML 24 R13.htm IDEA: XBRL DOCUMENT

Equity and Stock Based Compensation

6 Months Ended

Jul. 03, 2011

Equity and Stock Based Compensation [Abstract]

Equity and Stock Based Compensation

7. Equity and Stock Based Compensation

Stock option activity during the period indicated is as follows (in thousands, except per share and life data):


						Weighted
				Weighted		Average
	Number of			Average		Contract
	Shares			Exercise Price		Life

Outstanding, January 2, 2011		1,466		$	3.77	6.88 Yrs
Granted		—		$	—
Exercised		(57	)	$	2.61
Forfeited		(8	)	$	4.84

Outstanding, April 3, 2011		1,401		$	3.81	6.60 Yrs

Granted		—		$	—
Exercised		(232	)	$	3.56
Forfeited		(7	)	$	5.30

Outstanding, July 3, 2011		1,162		$	3.85	6.30 Yrs


Options vested at July 3, 2011		643		$	5.13	5.61 Yrs

Restricted Stock activity during the period indicated is as follows (in thousands, except per share and life data):


				Weighted		Weighted
				Average Grant		Average
	Number of			Date		Contract
	Shares			Fair Value		Life

Outstanding, January 2, 2011		405		$	6.43
Granted		310		$	9.14
Vested		(82	)	$	7.07
Forfeited		(2	)	$	7.52

Outstanding, April 3, 2011		631		$	7.68	3.25 Yrs
Granted		—		$	—
Vested		(3	)	$	1.86
Forfeited		(4	)	$	7.47

Outstanding, July 3, 2011		624		$	7.71	3.05 Yrs

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 93-6
-Paragraph 53
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 14

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 123R
-Paragraph 64, 65, A240
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 40
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 50
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

+ Details

XML 25 R6.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) In Thousands	6 Months Ended
	Jul. 03, 2011	Jul. 04, 2010
Operating activities
Net income attributable to Caribou Coffee Company, Inc.	$ 28,496	$ 3,459
Adjustments to reconcile net income to net cash used by operating activities:
Depreciation and amortization	6,688	7,140
Amortization of deferred financing fees	51	97
Noncontrolling interest	210	160
Stock-based compensation	863	618
Deferred income taxes	(21,284)
Other	73	(132)
Changes in operating assets and liabilities:
Accounts receivable and other receivables	(2,629)	516
Inventories	2,773	(11,498)
Prepaid expenses and other assets	95	342
Accounts payable	117	339
Accrued expenses and other liabilities	(718)	(3,923)
Deferred revenue	(2,489)	(2,635)
Net cash provided (used) by operating activities	12,246	(5,517)
Investing activities
Payments for property and equipment	(3,630)	(1,562)
Proceeds from the disposal of property		6
Net cash used in investing activities	(3,630)	(1,556)
Financing activities
Distribution of noncontrolling interest	(240)	(150)
Issuance of common stock	993	205
Payment of debt financing fees		(299)
Stock repurchase		(73)
Net cash provided (used) by financing activities	753	(317)
Increase (decrease) in cash and cash equivalents	9,369	(7,390)
Cash and cash equivalents at beginning of period	23,092	23,578
Cash and cash equivalents at end of period	32,461	16,188
Noncash financing and investing transactions:
Accrual for leasehold improvements, furniture and equipment	$ 172

XML 26 R9.htm IDEA: XBRL DOCUMENT

Recent Accounting Pronouncements	6 Months Ended
Recent Accounting Pronouncements	Jul. 03, 2011
Accounting Policies [Abstract]
Recent Accounting Pronouncements	3. Recent Accounting Pronouncements In January 2010, the FASB issued further guidance under ASC No. 820, Fair Value Measurements and Disclosures (“ASC 820”). ASC 820 requires disclosures about the transfers of investments between levels in the fair value hierarchy and disclosures relating to the reconciliation of fair value measurements using significant unobservable inputs (level 3 investments). ASC 820 is effective for the fiscal years and interim periods beginning after December 15, 2010. The Company adopted the update on January 3, 2011. The adoption of ASC 820 did not have a material impact on the Company’s condensed consolidated financial statements. In June 2011, the FASB issued authoritative guidance for the presentation of comprehensive income. The guidance amended the reporting of Other Comprehensive Income (“OCI”) by eliminating the option to present OCI as part of the Statement of Changes in Shareholder’s Equity. The amendment will not impact the accounting for OCI, but only its presentation in the Company’s consolidated financial statements. Under this new guidance, an entity can elect to present items of net income and other comprehensive income in one continuous statement or in two separate, but consecutive, statements. This guidance is effective for publicly traded companies as of the beginning of a fiscal year that begins after December 15, 2011 and interim and annual periods thereafter. Early adoption is permitted, but full retrospective application is required. As the Company currently reports comprehensive income within its Statement of Stockholder’s Equity, the adoption of these rules will impact the presentation of the Company’s consolidated financial statements beginning in the first quarter of 2012.

- Definition

The entire disclosure for reporting accounting changes and error corrections. It includes the conveyance of information necessary for a user of the Company's financial information to understand all aspects and required disclosure information concerning all changes and error corrections reported in the Company's financial statements for the period.

+ References+ Details

XML 27 R10.htm IDEA: XBRL DOCUMENT

Derivative Financial Instruments

6 Months Ended

Jul. 03, 2011

Derivative Financial Instruments [Abstract]

Derivative Financial Instruments

4. Derivative Financial Instruments

The Company evaluates various strategies in managing its exposure to market-based risks, such as entering into hedging transactions to manage its exposure to fluctuating dairy commodity prices.

The Company had no derivatives not designated as hedging instruments as of July 3, 2011 and January 2, 2011.

The following table presents the effect of derivative instruments on the condensed consolidated financial statements for the thirteen weeks ended July 3, 2011 and July 4, 2010 (in thousands):


	Gain/(Loss)					Gain/(Loss)
	Recognized in OCI					Reclassified into Earnings
Contract Type	July 3, 2011		July 4, 2010			July 3, 2011		July 4, 2010
Cash flow commodity hedges	$	31	$	(5	)	$	61	$	(18	)

The following table presents the effect of derivative instruments on the condensed consolidated financial statements for the twenty-six weeks ended July 3, 2011 and July 4, 2010 (in thousands):


	Gain/(Loss)					Gain/(Loss)
	Recognized in OCI					Reclassified into Earnings
Contract Type	July 3, 2011		July 4, 2010			July 3, 2011		July 4, 2010
Cash flow commodity hedges	$	118	$	(40	)	$	68	$	(35	)

- Definition

The entire disclosure for the entity's entire derivative instruments and hedging activities. Describes an entity's risk management strategies, derivatives in hedging activities and non-hedging derivative instruments, the assets, obligations, liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items.

+ References

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Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jul. 03, 2011
Commitments and Contingencies [Abstract]
Commitments and Contingencies	12. Commitments and Contingencies From time to time, the Company becomes involved in certain legal proceedings in the ordinary course of business. The Company does not believe that any such ordinary course legal proceedings to which it is currently a party will have a material adverse effect on its financial position or results of operations.

- Definition

The entire disclosure for commitments and contingencies.

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Fair Value Measurements
6 Months Ended

Jul. 03, 2011

Fair Value Measurements [Abstract]

Fair Value Measurements

5. Fair Value Measurements

     Generally Accepted Accounting Principles define fair value, establish a framework for measuring fair value, and establish a fair value hierarchy that prioritizes the inputs used to measure fair value:

• Level 1: Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities traded in active markets.

• Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

• Level 3: Inputs that are generally unobservable. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value.

     The following table presents the financial assets measured at fair value on a recurring basis as of July 3, 2011 (in thousands):

Total Level 1 Level 2 Level 3

Assets:

Cash
$ 5,461 $ 5,461 $ — $ —

Money market funds
$ 27,000 $ 27,000 $ — $ —

Derivatives
$ 61 $ 61 $ — $ —

     The following table presents the financial assets measured at fair value on a recurring basis as of January 2, 2011 (in thousands):

Total Level 1 Level 2 Level 3

Assets:

Cash
$ 5,303 $ 5,303 $ — $ —

Money market funds
$ 17,789 $ 17,789 $ — $ —

Derivatives
$ 12 $ 12 $ — $ —

     Cash and cash equivalents include cash held at FDIC-insured financial institutions and highly liquid money market funds. The fair value of money market funds is determined using quoted market prices in active markets for identical assets, thus they are considered to be Level 1 instruments.

     Derivative assets consist of commodity futures contracts. Where applicable, the Company uses quoted prices in an active market for identical derivative assets and liabilities that are traded in exchanges. These derivative assets are included in Level 1.

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The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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Condensed Consolidated Statement of Changes in Equity (Unaudited) (USD $)
In Thousands

Total

Common Stock [Member]

Additional Paid-In Capital [Member]

Noncontrolling Interest [Member]

Accumulated Other Comprehensive Income [Member]

Accumulated Deficit [Member]

Beginning Balance at Jan. 02, 2011 $ 62,466 $ 202 $ 129,026 $ 167 $ 12 $ (66,941)

Beginning Balance, shares at Jan. 02, 2011 20,141 20,141

Net income 28,706 210 28,496

Changes in fair value of derivative financial instruments 49 49

Comprehensive income 28,755

Share based compensation 863 863

Options exercised 993 2 991

Options exercised, shares 289

Restricted shares issued, net of cancellations 3 (3)

Restricted shares issued, net of cancellations, shares 304

Distribution of noncontrolling interest (240) (240)

Ending Balance at Jul. 03, 2011 $ 92,837 $ 207 $ 130,877 $ 137 $ 61 $ (38,445)

Ending Balance, shares at Jul. 03, 2011 20,734 20,734

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Basis of Presentation
6 Months Ended

Jul. 03, 2011

Basis of Presentation [Abstract]

Basis of Presentation

1. Basis of Presentation

     The “Company” and “Caribou” refer to Caribou Coffee Company, Inc. and its affiliates, collectively.

     The unaudited condensed consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and with the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, these statements include all adjustments considered necessary for the fair presentation of all interim periods reported herein. All adjustments are of a normal recurring nature unless otherwise disclosed. Management believes that the disclosures made are adequate for a fair presentation of the Company’s results of operations, financial position and cash flows. These condensed consolidated financial statements should be read in conjunction with the year-end consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K (File No. 000-51535).

     Principles of Consolidation

     The Company’s condensed consolidated financial statements include the accounts of Caribou Coffee Company, Inc., affiliates that it controls and a third party finance company (which exists for purposes of the Company’s revolving credit facility, as described in the Company’s Annual Report on Form 10-K) where the Company is the primary beneficiary in a variable interest entity. The affiliates are Caribou MSP Airport, a partnership in which the Company owns a 49% interest and that operates six coffeehouses, and Caribou Coffee Development Company, Inc., a licensor of Caribou Coffee branded coffeehouses. The Company controls the daily operations of Caribou Coffee Development Company, Inc. and accordingly consolidates their results of operations. The Company provided a loan to its partner in Caribou MSP Airport for all of the partner’s equity contribution to the venture. Consequently, the Company bears all the risk of loss but does not control all decisions that may have a significant effect on the success of the venture. Therefore, the Company consolidates the Caribou MSP Airport, as it is the primary beneficiary in this variable interest entity. All material intercompany balances and transactions between Caribou Coffee Company, Inc., Caribou MSP Airport and Caribou Coffee Development Company, Inc. and the third party finance company have been eliminated in consolidation.

     Use of Estimates

     The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the accompanying consolidated financial statements. Actual results may differ from those estimates, and such differences may be material to the consolidated financial statements.

     Fiscal Year End

     The Company’s fiscal year ends on the Sunday falling nearest to December 31. Each fiscal year consists of four 13-week quarters in a 52-week year and three 13-week quarters and one 14-week fourth quarter in a 53-week year. Each fiscal quarter reported herein consists of two four-week months and one five-week month.

     The Company’s sales are somewhat seasonal, with the fourth quarter accounting for the highest sales volumes. Operating results for the thirteen week period ended July 3, 2011 are not necessarily indicative of future results that may be expected for the year ending January 1, 2012.

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Master Franchise Agreement
6 Months Ended

Jul. 03, 2011

Master Franchise Agreement [Abstract]

Master Franchise Agreement

10. Master Franchise Agreement

     In November 2004, the Company entered into a Master Franchise Agreement with a franchisee. The agreement provides the franchisee the right to develop, subfranchise or operate 250 Caribou Coffee coffeehouses in 12 Middle Eastern countries. In June of 2011, the Master Franchise Agreement was amended to expand the rights of the franchisee to develop 350 Caribou Coffee coffeehouses and to extend the expiration date. The Agreement, as amended, expires in December 2021.

     In connection with the original agreement, the franchisee paid the Company a nonrefundable deposit aggregating $3.3 million. In addition to the deposit, under the amended agreement the franchisee continues to be obligated to pay the Company $20 thousand per franchised/subfranchised coffeehouse (initial franchise fee) opened for the first 100 Caribou Coffee Coffeehouses and $15 thousand for each additional franchised/subfranchised coffeehouse opened (after the first 100). The agreement provides for $5 thousand of the initial deposit received by the Company to be applied against the initial franchise fee as discussed herein. Monthly royalty payments ranging from 3%-5% of gross sales are also due to the Company.

     As of July 3, 2011 and January 2, 2011, the Company included $1.9 million of the deposit in long term liabilities as deferred revenue. As of July 3, 2011 and January 2, 2011, the Company included $0.4 million and $0.3 million in current liabilities as deferred revenue on its balance sheet, respectively. The initial deposit will be amortized into income on a pro rata basis along with the initial franchise fee payments received in connection with the execution of the franchise or subfranchise agreements at the time of the coffeehouse opening. The current portion of deferred revenue represents the franchise fees for the coffeehouses estimated to be opened during the subsequent twelve months per the development schedule in the Master Franchise Agreement. At July 3, 2011, there were 74 coffeehouses operating under this Agreement.

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Condensed Consolidated Statements of Operations (Unaudited) (USD $)
In Thousands, except Per Share data
3 Months Ended 6 Months Ended

Jul. 03, 2011

Jul. 04, 2010

Jul. 03, 2011

Jul. 04, 2010

Condensed Consolidated Statements of Operations [Abstract]

Coffeehouse sales $ 60,032 $ 57,751 $ 117,643 $ 113,348

Commercial and franchise sales 20,238 11,134 34,902 22,587

Total net sales 80,270 68,885 152,545 135,935

Cost of sales and related occupancy costs 37,923 30,551 71,159 61,950

Operating expenses 26,811 25,067 52,221 50,029

Depreciation and amortization 2,768 3,028 5,704 6,172

General and administrative expenses 8,142 7,633 15,940 14,142

Operating income 4,626 2,606 7,521 3,642

Other income (expense):

Interest income 7 5 12 10

Interest expense (58) (64) (114) (171)

Income before provision for (benefit from) income taxes 4,575 2,547 7,419 3,481

Provision for (benefit from) income taxes 47 20 (21,287) (138)

Net income 4,528 2,527 28,706 3,619

Less: Net income attributable to noncontrolling interest 103 106 210 160

Net Income attributable to Caribou Coffee Company, Inc. $ 4,425 $ 2,421 $ 28,496 $ 3,459

Basic net income attributable to Caribou Coffee Company, Inc. common shareholders per share $ 0.22 $ 0.12 $ 1.43 $ 0.18

Diluted net income attributable to Caribou Coffee Company, Inc. common shareholders per share $ 0.21 $ 0.12 $ 1.38 $ 0.17

Basic weighted average number of shares outstanding 19,995 19,515 19,925 19,514

Diluted weighted average number of shares outstanding 20,670 20,520 20,605 20,381

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Condensed Consolidated Statement of Changes in Equity (Unaudited) (USD $) In Thousands	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Noncontrolling Interest [Member]	Accumulated Other Comprehensive Income [Member]	Accumulated Deficit [Member]
Beginning Balance at Jan. 02, 2011	$ 62,466	$ 202	$ 129,026	$ 167	$ 12	$ (66,941)
Beginning Balance, shares at Jan. 02, 2011	20,141	20,141
Net income	28,706			210		28,496
Changes in fair value of derivative financial instruments	49				49
Comprehensive income	28,755
Share based compensation	863		863
Options exercised	993	2	991
Options exercised, shares		289
Restricted shares issued, net of cancellations		3	(3)
Restricted shares issued, net of cancellations, shares		304
Distribution of noncontrolling interest	(240)			(240)
Ending Balance at Jul. 03, 2011	$ 92,837	$ 207	$ 130,877	$ 137	$ 61	$ (38,445)
Ending Balance, shares at Jul. 03, 2011	20,734	20,734

Basis of Presentation	6 Months Ended
Basis of Presentation	Jul. 03, 2011
Basis of Presentation [Abstract]
Basis of Presentation	1. Basis of Presentation The “Company” and “Caribou” refer to Caribou Coffee Company, Inc. and its affiliates, collectively. The unaudited condensed consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and with the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, these statements include all adjustments considered necessary for the fair presentation of all interim periods reported herein. All adjustments are of a normal recurring nature unless otherwise disclosed. Management believes that the disclosures made are adequate for a fair presentation of the Company’s results of operations, financial position and cash flows. These condensed consolidated financial statements should be read in conjunction with the year-end consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K (File No. 000-51535). *Principles of Consolidation* The Company’s condensed consolidated financial statements include the accounts of Caribou Coffee Company, Inc., affiliates that it controls and a third party finance company (which exists for purposes of the Company’s revolving credit facility, as described in the Company’s Annual Report on Form 10-K) where the Company is the primary beneficiary in a variable interest entity. The affiliates are Caribou MSP Airport, a partnership in which the Company owns a 49% interest and that operates six coffeehouses, and Caribou Coffee Development Company, Inc., a licensor of Caribou Coffee branded coffeehouses. The Company controls the daily operations of Caribou Coffee Development Company, Inc. and accordingly consolidates their results of operations. The Company provided a loan to its partner in Caribou MSP Airport for all of the partner’s equity contribution to the venture. Consequently, the Company bears all the risk of loss but does not control all decisions that may have a significant effect on the success of the venture. Therefore, the Company consolidates the Caribou MSP Airport, as it is the primary beneficiary in this variable interest entity. All material intercompany balances and transactions between Caribou Coffee Company, Inc., Caribou MSP Airport and Caribou Coffee Development Company, Inc. and the third party finance company have been eliminated in consolidation. *Use of Estimates* The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the accompanying consolidated financial statements. Actual results may differ from those estimates, and such differences may be material to the consolidated financial statements. *Fiscal Year End* The Company’s fiscal year ends on the Sunday falling nearest to December 31. Each fiscal year consists of four 13-week quarters in a 52-week year and three 13-week quarters and one 14-week fourth quarter in a 53-week year. Each fiscal quarter reported herein consists of two four-week months and one five-week month. The Company’s sales are somewhat seasonal, with the fourth quarter accounting for the highest sales volumes. Operating results for the thirteen week period ended July 3, 2011 are not necessarily indicative of future results that may be expected for the year ending January 1, 2012.

Master Franchise Agreement	6 Months Ended
Master Franchise Agreement	Jul. 03, 2011
Master Franchise Agreement [Abstract]
Master Franchise Agreement	10. Master Franchise Agreement In November 2004, the Company entered into a Master Franchise Agreement with a franchisee. The agreement provides the franchisee the right to develop, subfranchise or operate 250 Caribou Coffee coffeehouses in 12 Middle Eastern countries. In June of 2011, the Master Franchise Agreement was amended to expand the rights of the franchisee to develop 350 Caribou Coffee coffeehouses and to extend the expiration date. The Agreement, as amended, expires in December 2021. In connection with the original agreement, the franchisee paid the Company a nonrefundable deposit aggregating $3.3 million. In addition to the deposit, under the amended agreement the franchisee continues to be obligated to pay the Company $20 thousand per franchised/subfranchised coffeehouse (initial franchise fee) opened for the first 100 Caribou Coffee Coffeehouses and $15 thousand for each additional franchised/subfranchised coffeehouse opened (after the first 100). The agreement provides for $5 thousand of the initial deposit received by the Company to be applied against the initial franchise fee as discussed herein. Monthly royalty payments ranging from 3%-5% of gross sales are also due to the Company. As of July 3, 2011 and January 2, 2011, the Company included $1.9 million of the deposit in long term liabilities as deferred revenue. As of July 3, 2011 and January 2, 2011, the Company included $0.4 million and $0.3 million in current liabilities as deferred revenue on its balance sheet, respectively. The initial deposit will be amortized into income on a pro rata basis along with the initial franchise fee payments received in connection with the execution of the franchise or subfranchise agreements at the time of the coffeehouse opening. The current portion of deferred revenue represents the franchise fees for the coffeehouses estimated to be opened during the subsequent twelve months per the development schedule in the Master Franchise Agreement. At July 3, 2011, there were 74 coffeehouses operating under this Agreement.