UNITED
STATES
SECURITIES AND
EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): August 7, 2013
GREEN
MOUNTAIN COFFEE ROASTERS, INC.
(Exact
name of registrant as specified in its charter)
Delaware
(Jurisdiction
of Incorporation)
1-12340 |
03-0339228 |
|
(Commission File Number) |
(IRS Employer Identification Number) |
33 Coffee Lane, Waterbury, Vermont 05676 |
(Address of registrant's principal executive office) |
(802) 244-5621
(Registrant's telephone number)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
⃞ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
⃞ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
⃞ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
⃞ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02 Results of Operations and Financial Condition
On August 7, 2013, Green Mountain Coffee Roasters, Inc. (the "Company") issued a press release announcing its third quarter results for the period ending June 29, 2013, and will hold a live audio webcast to discuss its third quarter results. A copy of the press release is attached hereto as Exhibit 99.1, and is incorporated herein by reference.
The information furnished in Item 2.02, including the Exhibit attached hereto, shall not be deemed "filed" for any purpose, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, regardless of any general incorporation language in any such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
99.1 Press Release of the Company dated August 7, 2013 regarding Third Quarter 2013 Results.
SIGNATURES
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 hereunto duly authorized.
GREEN MOUNTAIN COFFEE ROASTERS, INC. |
By: /s/ Frances G. Rathke |
Frances G. Rathke |
Chief Financial Officer |
Date: August 7, 2013 |
EXHIBIT INDEX
99.1 |
Press Release of the Company dated August 7, 2013 regarding Third Quarter 2013 Results. |
Exhibit 99.1
Green Mountain Coffee Roasters Reports Third Quarter Fiscal Year 2013 Results
Delivers GAAP EPS of $0.76 and Non-GAAP EPS of $0.82 Representing Growth of 65% and 58%, Respectively, Over the Prior Year Period; Raises Fiscal Year 2013 Earnings Outlook to Reflect Growth of 37% to 39% Over Prior Year
WATERBURY, Vt.--(BUSINESS WIRE)--August 7, 2013--Green Mountain Coffee Roasters, Inc., (GMCR) (NASDAQ: GMCR), a leader in specialty coffee and coffee makers with its innovative Keurig® brewing technology, today announced its third quarter fiscal year 2013 results for the 13 weeks and 39 weeks ended June 29, 2013.
Third Quarter 2013 Performance Highlights
“We continue to drive leverage in our business and were very pleased to deliver earnings per share growth in the quarter that exceeded our revenue growth by more than five-fold,” said Brian P. Kelley, GMCR’s President and CEO. “Free cash flow generation was also strong, bringing our fiscal year-to-date total to $582 million.”
“Our total revenue growth of 11% was at the low end of our expectations, driven primarily by a sales decline in Canada. Importantly, our U.S. business is very healthy, growing 14% in the period,” continued Kelley. “Ongoing consumer adoption and continued use of installed Keurig® brewers drove 21% unit growth of our Keurig Brewed® portion pack business during our third fiscal quarter.”
($ in millions except earnings per share) | Thirteen weeks ended | Thirty-nine weeks ended | ||||||||||||||||||
June 29, 2013 | June 23, 2012 | % Increase |
|
June 29, 2013 | June 23, 2012 | % Increase | ||||||||||||||
Net sales | $ | 967.1 | $ | 869.2 | 11 | % | $ | 3,310.9 | $ | 2,912.5 | 14 | % | ||||||||
Operating income: | ||||||||||||||||||||
GAAP | $ | 193.3 | $ | 129.7 | 49 | % | $ | 587.9 | $ | 425.2 | 38 | % | ||||||||
Non-GAAP | $ | 205.7 | $ | 144.2 | 43 | % | $ | 624.9 | $ | 464.5 | 35 | % | ||||||||
Net income: | ||||||||||||||||||||
GAAP | $ | 116.3 | $ | 73.3 | 59 | % | $ | 356.3 | $ | 270.7 | 32 | % | ||||||||
Non-GAAP | $ | 124.7 | $ | 82.9 | 50 | % | $ | 381.6 | $ | 280.6 | 36 | % | ||||||||
Diluted income per share: | ||||||||||||||||||||
GAAP | $ | 0.76 | $ | 0.46 | 65 | % | $ | 2.33 | $ | 1.70 | 37 | % | ||||||||
Non-GAAP | $ | 0.82 | $ | 0.52 | 58 | % | $ | 2.50 | $ | 1.76 | 42 | % | ||||||||
Note: Complete GAAP to Non-GAAP reconciliation tables provided with this release. | ||||||||||||||||||||
Third Quarter 2013 Financial Review
Net Sales by Product | ||||||||||||||
($ in millions) | Thirteen weeks ended | |||||||||||||
June 29, 2013 | June 23, 2012 |
$ Increase |
% Increase |
|||||||||||
Single serve packs | $ | 751.7 | $ | 638.0 | $ | 113.7 | 18 | % | ||||||
Brewers and accessories | 133.1 | 139.1 | (6.0 | ) | (4 | )% | ||||||||
Subtotal | 884.8 | 777.1 | 107.7 | 14 | % | |||||||||
Other products and royalties | 82.3 | 92.1 | (9.8 | ) | (11 | )% | ||||||||
Total net sales | $ | 967.1 | $ | 869.2 | $ | 97.9 | 11 | % | ||||||
Single Serve Packs
Brewers and Accessories
Other Products and Royalties
Regionally
Change from |
|||
Favorable green coffee costs | +370 bps | ||
Lower labor and overhead manufacturing costs | +130 bps | ||
Net price realization primarily associated with single serve packs | -120 bps | ||
Lower sales returns primarily related to Keurig® Single Cup Brewers | +100 bps | ||
Shift in sales mix between Keurig® Single Cup Brewers and single serve packs | +90 bps | ||
Change in estimate for a charge related to a non-coffee purchase commitment | +80 bps | ||
Other items | +70 bps | ||
Balance Sheet & Cash Flow Highlights
($ in millions) | June 29, 2013 | June 23, 2012 | % Change | |||||||
Cash and cash equivalents, including restricted cash | $ | 352.9 | $ | 149.1 | 137 | % | ||||
Accounts receivables, net | $ | 333.6 | $ | 265.9 | 25 | % | ||||
Inventories | $ | 586.3 | $ | 667.0 | (12 | )% | ||||
Raw materials & supplies | $ | 177.9 | $ | 243.0 | (27 | )% | ||||
Coffee | $ | 101.7 | $ | 153.0 | (34 | )% | ||||
Packaging & other raw materials | $ | 76.2 | $ | 90.0 | (15 | )% | ||||
Finished goods | $ | 408.4 | $ | 424.0 | (4 | )% | ||||
Brewers & accessories | $ | 251.1 | $ | 301.5 | (17 | )% | ||||
Single serve packs | $ | 128.5 | $ | 95.6 | 34 | % | ||||
Other | $ | 28.8 | $ | 26.9 | 7 | % | ||||
Debt outstanding and capital lease and financing obligations | $ | 317.3 | $ | 409.1 | (22 | )% | ||||
Thirty-nine weeks net cash provided by operating activities | $ | 772.2 | $ | 488.2 | 58 | % | ||||
Thirty-nine weeks free cash flow (1) | $ | 581.8 | $ | 182.7 | 218 | % | ||||
(1) Free cash flow is calculated by subtracting capital expenditures for fixed assets from net cash provided by operating activities as reported in the unaudited statement of cash flows.
Business Outlook and Other Forward-Looking Information
Company Estimates for Fourth Quarter and Fiscal Year 2013
Please note that the Company's fourth quarter and fiscal year 2012 included an additional week (53rd week). This unique calendar shift last occurred in fiscal year 2006 and is not scheduled to occur again until fiscal year 2017. The 53rd week added approximately $90.0 million in net sales; approximately $11.0 million (net of income taxes of $5.8 million) in net income; and, approximately $0.07 in diluted earnings per share in the fourth quarter and fiscal year 2012.
The Company provided its outlook for its fourth quarter of fiscal year 2013, which excludes the impact of the 53rd week, as follows:
The Company revised its outlook for its fiscal year 2013, which excludes the impact of the 53rd week, as follows:
Use of Non-GAAP Financial Measures
In addition to reporting financial results in accordance with generally accepted accounting principles (GAAP), the Company provides non-GAAP operating results that exclude any gain from sale of the Filterfresh U.S.-based coffee services business; legal and accounting expenses related to the SEC inquiry and pending securities and stockholder derivative class action litigation; and non-cash acquisition-related items such as amortization of identifiable intangibles, each of which include adjustments to show the tax impact of excluding these items. These amounts are not in accordance with, or an alternative to, GAAP. The Company’s management believes that these measures provide investors with transparency by helping illustrate the underlying financial and business trends relating to the Company’s results of operations and financial condition and comparability between current and prior periods. Management uses the measures to establish and monitor budgets and operational goals and to evaluate the performance of the Company. Please see the “GAAP to Non-GAAP Reconciliation” table that accompanies this document for a full reconciliation the Company’s GAAP to non-GAAP results.
Conference Call and Webcast
Green Mountain Coffee Roasters, Inc. will be discussing these financial results with analysts and investors in a conference call and live webcast available via the Internet at 5:00 p.m. ET today, August 7, 2013. The call, along with accompanying slides, is accessible via live webcast from the events section of the Investor Relations portion of the Company’s website at http://investor.gmcr.com/events.cfm. The Company archives the latest conference call for a period of time. A replay of the conference call also will be available by telephone at (719) 457-0820, passcode 8261198 from 9:00 p.m. ET on August 7, 2013 through 9:00 p.m. ET on Monday, August 12, 2013.
About Green Mountain Coffee Roasters, Inc.
As a leader in specialty coffee and coffee makers, Green Mountain Coffee Roasters, Inc. (GMCR) (NASDAQ: GMCR), is recognized for its award-winning coffees, innovative Keurig® Single Cup brewing technology, and socially responsible business practices. GMCR supports local and global communities by investing in sustainably-grown coffee, and donating a portion of its pre-tax profits to social and environmental projects.
GMCR routinely posts information that may be of importance to investors in the Investor Relations section of its website, www.GMCR.com, including news releases and its complete financial statements, as filed with the SEC. The Company encourages investors to consult this section of its website regularly for important information and news. Additionally, by subscribing to the Company’s automatic email news release delivery, individuals can receive news directly from GMCR as it is released.
Forward-Looking Statements
Certain information contained in this filing, including statements concerning expected performance such as those relating to net sales, earnings, cost savings, acquisitions and brand marketing support, are “forward-looking statements”. Generally, these statements may be identified by the use of words such as “may,” “will,” “would,” “expect,” “should,” “anticipate,” “estimate,” “believe,” “forecast,” “intend,” “plan” and similar expressions intended to identify forward-looking statements. These statements may relate to: the expected impact of raw material costs and our pricing actions on our results of operations and gross margins, expected trends in net sales and earnings performance and other financial measures, the expected productivity and working capital improvements, the ability to maximize or successfully assert our intellectual property rights, the success of introducing and producing new product offerings, ability to attract and retain senior management, the impact of foreign exchange fluctuations, the adequacy of internally generated funds and existing sources of liquidity, such as the availability of bank financing, the expected results of operations of businesses acquired by us, our ability to issue debt or additional equity securities, our expectations regarding purchasing shares of our common stock under the existing authorizations, organizational efficiencies, and the impact of the inquiry initiated by the SEC and any related litigation or additional governmental inquiry or enforcement proceedings.
These and other forward-looking statements are based on management's current views and assumptions and involve risks and uncertainties that could significantly affect expected results. Results may be materially affected by external factors such as damage to our reputation or brand name, business interruptions due to natural disasters or similar unexpected events, actions of competitors, customer relationships and financial condition, the ability to achieve expected cost savings and margin improvements, the acquisition and integration of new businesses, fluctuations in the cost and availability of raw and packaging materials, successful execution of internal changes to the organizational and leadership structures, changes in regulatory requirements, and global economic conditions generally which would include the availability of financing, interest, inflation rates and investment return on retirement plan assets, as well as foreign currency fluctuations, risks associated with our information technology systems, the threat of data breaches or cyber-attacks, and other risks described in our filings with the SEC.
Actual results could differ materially from those projected in the forward-looking statements. We undertake no obligation to update or revise publicly, any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.
GMCR-C
GREEN MOUNTAIN COFFEE ROASTERS, INC. |
|||||||||
Unaudited Consolidated Balance Sheets | |||||||||
(Dollars in thousands, except per share data) | |||||||||
June 29, |
September 29, |
||||||||
Assets | |||||||||
Current assets: | |||||||||
Cash and cash equivalents | $ | 352,205 | $ | 58,289 | |||||
Restricted cash and cash equivalents | 713 | 12,884 | |||||||
Receivables, less uncollectible accounts and return allowances of $27,649 and $34,517 at June 29, 2013 and September 29, 2012, respectively | 333,593 | 363,771 | |||||||
Inventories | 586,263 | 768,437 | |||||||
Income taxes receivable | 2,157 | 32,943 | |||||||
Other current assets | 70,410 | 35,019 | |||||||
Deferred income taxes, net | 51,628 | 51,613 | |||||||
Total current assets | 1,396,969 | 1,322,956 | |||||||
Fixed assets, net | 973,246 | 944,296 | |||||||
Intangibles, net | 439,035 | 498,352 | |||||||
Goodwill | 779,639 | 808,076 | |||||||
Deferred income taxes, net | 272 | — | |||||||
Other long-term assets | 34,222 | 42,109 | |||||||
Total assets | $ | 3,623,383 | $ | 3,615,789 | |||||
Liabilities and Stockholders’ Equity | |||||||||
Current liabilities: | |||||||||
Current portion of long-term debt | $ | 9,789 | $ | 6,691 | |||||
Current portion of capital lease and financing obligations | 3,380 | 3,057 | |||||||
Accounts payable | 227,036 | 279,577 | |||||||
Accrued compensation costs | 73,431 | 38,458 | |||||||
Accrued expenses | 145,999 | 132,992 | |||||||
Income tax payable | — | 29,322 | |||||||
Deferred income taxes, net | 229 | 245 | |||||||
Other current liabilities | 12,960 | 29,645 | |||||||
Total current liabilities | 472,824 | 519,987 | |||||||
Long-term debt, less current portion | 228,296 | 466,984 | |||||||
Capital lease and financing obligations, less current portion | 75,801 | 54,794 | |||||||
Deferred income taxes, net | 271,765 | 270,348 | |||||||
Other long-term liabilities | 23,858 | 32,544 | |||||||
Commitments and contingencies | |||||||||
Redeemable noncontrolling interests | 10,238 | 9,904 | |||||||
Stockholders’ equity: | |||||||||
Preferred stock, $0.10 par value: Authorized - 1,000,000 shares; No shares issued or outstanding | — | — | |||||||
Common stock, $0.10 par value: Authorized - 500,000,000 shares; Issued and outstanding - 150,526,269 and 152,680,855 shares at June 29, 2013 and September 29, 2012, respectively | 15,053 | 15,268 | |||||||
Additional paid-in capital | 1,430,104 | 1,464,560 | |||||||
Retained earnings | 1,126,164 | 771,200 | |||||||
Accumulated other comprehensive (loss) income | (30,720 | ) | 10,200 | ||||||
Total stockholders’ equity | 2,540,601 | 2,261,228 | |||||||
Total liabilities and stockholders’ equity | $ | 3,623,383 | $ | 3,615,789 | |||||
GREEN MOUNTAIN COFFEE ROASTERS, INC. | ||||||||||||||||||
Unaudited Consolidated Statements of Operations | ||||||||||||||||||
(Dollars in thousands except per share data) | ||||||||||||||||||
Thirteen weeks ended |
Thirty-nine weeks ended |
|||||||||||||||||
June 29, |
June 23, |
June 29, |
June 23, |
|||||||||||||||
Net sales | $ | 967,072 | $ | 869,194 | $ | 3,310,923 | $ | 2,912,462 | ||||||||||
Cost of sales | 559,454 | 565,883 | 2,068,996 | 1,959,509 | ||||||||||||||
Gross profit | 407,618 | 303,311 | 1,241,927 | 952,953 | ||||||||||||||
Selling and operating expenses | 136,742 | 117,982 | 433,368 | 370,445 | ||||||||||||||
General and administrative expenses | 77,532 | 55,601 | 220,670 | 157,349 | ||||||||||||||
Operating income | 193,344 | 129,728 | 587,889 | 425,159 | ||||||||||||||
Other income, net | 237 | 229 | 652 | 1,589 | ||||||||||||||
Gain (loss) on financial instruments, net | 4,419 | 3,032 | 8,994 | (214 | ) | |||||||||||||
(Loss) gain on foreign currency, net | (10,391 | ) | (5,068 | ) | (19,185 | ) | 1,231 | |||||||||||
Gain on sale of subsidiary | — | — | — | 26,311 | ||||||||||||||
Interest expense | (3,937 | ) | (6,157 | ) | (13,481 | ) | (18,662 | ) | ||||||||||
Income before income taxes | 183,672 | 121,764 | 564,869 | 435,414 | ||||||||||||||
Income tax expense | (67,226 | ) | (48,244 | ) | (207,907 | ) | (163,949 | ) | ||||||||||
Net income | 116,446 | 73,520 | $ | 356,962 | $ | 271,465 | ||||||||||||
Net income attributable to noncontrolling interests | 174 | 224 | 686 | 724 | ||||||||||||||
Net income attributable to GMCR | $ | 116,272 | $ | 73,296 | $ | 356,276 | $ | 270,741 | ||||||||||
Basic income per share: | ||||||||||||||||||
Basic weighted average shares outstanding | 149,825,581 | 155,459,690 | 149,307,144 | 155,071,117 | ||||||||||||||
Net income per common share - basic | $ | 0.78 | $ | 0.47 | $ | 2.39 | $ | 1.75 | ||||||||||
Diluted income per share: | ||||||||||||||||||
Diluted weighted average shares outstanding | 152,869,392 | 159,299,578 | 152,647,767 | 159,364,440 | ||||||||||||||
Net income per common share - diluted | $ | 0.76 | $ | 0.46 | $ | 2.33 | $ | 1.70 | ||||||||||
GREEN MOUNTAIN COFFEE ROASTERS, INC. | |||||||||
Unaudited Consolidated Statements of Cash Flows | |||||||||
(Dollars in thousands) | |||||||||
Thirty-nine | Thirty-nine | ||||||||
weeks ended | weeks ended | ||||||||
June 29, 2013 | June 23, 2012 | ||||||||
Cash flows from operating activities: | |||||||||
Net income | $ | 356,962 | $ | 271,465 | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Depreciation and amortization of fixed assets | 137,734 | 89,221 | |||||||
Amortization of intangibles | 34,234 | 34,496 | |||||||
Amortization of deferred financing fees | 4,538 | 4,538 | |||||||
Unrealized loss (gain) on foreign currency, net | 15,555 | (535 | ) | ||||||
Loss on disposal of fixed assets | 222 | 2,103 | |||||||
Gain on sale of subsidiary, excluding transaction costs | — | (28,914 | ) | ||||||
Provision for doubtful accounts | 68 | 2,084 | |||||||
Provision for sales returns | 59,209 | 83,170 | |||||||
(Gain) loss on derivatives, net | (7,872 | ) | 112 | ||||||
Excess tax benefits from equity-based compensation plans | (47,845 | ) | (12,449 | ) | |||||
Deferred income taxes | 8,794 | 13,198 | |||||||
Deferred compensation and stock compensation | 21,393 | 13,811 | |||||||
Other | 881 | 4 | |||||||
Changes in assets and liabilities: | |||||||||
Receivables | (32,732 | ) | (37,895 | ) | |||||
Inventories | 175,532 | 6,464 | |||||||
Income tax receivable/payable, net | 48,905 | 91,032 | |||||||
Other current assets | (34,634 | ) | 4,014 | ||||||
Other long-term assets, net | 3,311 | (608 | ) | ||||||
Accounts payable, accrued expenses and accrued compensation costs | 39,082 | (48,813 | ) | ||||||
Other current liabilities | (2,469 | ) | (3,909 | ) | |||||
Other long-term liabilities | (8,633 | ) | 5,593 | ||||||
Net cash provided by operating activities | 772,235 | 488,182 | |||||||
Cash flows from investing activities: | |||||||||
Change in restricted cash | 2,852 | (461 | ) | ||||||
Proceeds from sale of subsidiary, net of cash transferred | — | 137,733 | |||||||
Capital expenditures for fixed assets | (190,388 | ) | (305,532 | ) | |||||
Other investing activities | 501 | 580 | |||||||
Net cash used in investing activities | (187,035 | ) | (167,680 | ) | |||||
Cash flows from financing activities: | |||||||||
Net change in revolving line of credit | (226,210 | ) | (208,678 | ) | |||||
Proceeds from issuance of common stock under compensation plans | 21,764 | 8,392 | |||||||
Repurchase of common stock | (125,681 | ) | — | ||||||
Excess tax benefits from equity-based compensation plans | 47,845 | 12,449 | |||||||
Payments on capital lease and financing obligations | (2,596 | ) | (4,255 | ) | |||||
Repayment of long-term debt | (6,640 | ) | (6,231 | ) | |||||
Other financing activities | (1,006 | ) | (513 | ) | |||||
Net cash used in financing activities | (292,524 | ) | (198,836 | ) | |||||
Change in cash balances included in current assets held for sale | — | 5,160 | |||||||
Effect of exchange rate changes on cash and cash equivalents | 1,240 | (827 | ) | ||||||
Net increase in cash and cash equivalents | 293,916 | 125,999 | |||||||
Cash and cash equivalents at beginning of period | 58,289 | 12,989 | |||||||
Cash and cash equivalents at end of period | $ | 352,205 | $ | 138,988 | |||||
Supplemental disclosures of cash flow information: | |||||||||
Fixed asset purchases included in accounts payable and not disbursed at the end of each period | $ | 17,998 | $ | 34,293 | |||||
Noncash investing and financing activities: | |||||||||
Fixed assets acquired under capital lease and financing obligations | $ | 23,461 | $ | 44,174 | |||||
Settlement of acquisition related liabilities through release of restricted cash | $ | 9,227 | $ | 18,788 | |||||
GREEN MOUNTAIN COFFEE ROASTERS, INC. | ||||||||||||
GAAP to Non-GAAP Reconciliation | ||||||||||||
(Dollars in thousands, except per share data) | ||||||||||||
Thirteen weeks ended | ||||||||||||
June 29, 2013 | June 23, 2012 | |||||||||||
Operating income | $ | 193,344 | $ | 129,728 | ||||||||
Expenses related to SEC inquiry (1) | 1,036 | 2,996 | ||||||||||
Amortization of identifiable intangibles (2) | 11,295 | 11,475 | ||||||||||
Non-GAAP operating income | $ | 205,675 | $ | 144,199 | ||||||||
Thirteen weeks ended | ||||||||||||
June 29, 2013 | June 23, 2012 | |||||||||||
Net income attributable to GMCR | $ | 116,272 | $ | 73,296 | ||||||||
After tax: | ||||||||||||
Expenses related to SEC inquiry (1) | 657 | 1,759 | ||||||||||
Amortization of identifiable intangibles (2) | 7,746 | 7,876 | ||||||||||
Non-GAAP net income attributable to GMCR | $ | 124,675 | $ | 82,931 | ||||||||
Thirteen weeks ended | ||||||||||||
June 29, 2013 | June 23, 2012 | |||||||||||
Diluted income per share | $ | 0.76 | $ | 0.46 | ||||||||
After tax: | ||||||||||||
Expenses related to SEC inquiry (1) | — | 0.01 | ||||||||||
Amortization of identifiable intangibles (2) | 0.05 | 0.05 | ||||||||||
Non-GAAP net income per share | $ | 0.82 | * | $ | 0.52 | |||||||
* Does not sum due to rounding. | ||||||||||||
(1) | Represents legal and accounting expenses related to the SEC inquiry and pending securities and stockholder derivative class action litigation classified as general and administrative expense. | |||||||||||
(2) | Represents the amortization of intangibles related to the Company’s acquisitions classified as general and administrative expense. | |||||||||||
Thirty-nine weeks ended | ||||||||||||
June 29, 2013 | June 23, 2012 | |||||||||||
Operating income | $ | 587,889 | $ | 425,159 | ||||||||
Expenses related to SEC inquiry (1) | 2,799 | 4,811 | ||||||||||
Amortization of identifiable intangibles (2) | 34,234 | 34,496 | ||||||||||
Non-GAAP operating income | $ | 624,922 | $ | 464,466 | ||||||||
Thirty-nine weeks ended | ||||||||||||
June 29, 2013 | June 23, 2012 | |||||||||||
Net income attributable to GMCR | $ | 356,276 | $ | 270,741 | ||||||||
After tax: | ||||||||||||
Expenses related to SEC inquiry (1) | 1,773 | 2,889 | ||||||||||
Amortization of identifiable intangibles (2) | 23,523 | 23,658 | ||||||||||
Gain on sale of subsidiary (3) | — | (16,685 | ) | |||||||||
Non-GAAP net income attributable to GMCR | $ | 381,572 | $ | 280,603 | ||||||||
Thirty-nine weeks ended | ||||||||||||
June 29, 2013 | June 23, 2012 | |||||||||||
Diluted income per share | $ | 2.33 | $ | 1.70 | ||||||||
After tax: | ||||||||||||
Expenses related to SEC inquiry (1) | 0.01 | 0.02 | ||||||||||
Amortization of identifiable intangibles (2) | 0.15 | 0.15 | ||||||||||
Gain on sale of subsidiary (3) | — | (0.10 | ) | |||||||||
Non-GAAP net income per share | $ | 2.50 | * | $ | 1.76 | * | ||||||
* Does not sum due to rounding. | ||||||||||||
(1) | Represents legal and accounting expenses related to the SEC inquiry and pending securities and stockholder derivative class action litigation classified as general and administrative expense. | |||||||||||
(2) | Represents the amortization of intangibles related to the Company’s acquisitions classified as general and administrative expense. | |||||||||||
(3) | Represents the gain on the sale of Filterfresh, net of income taxes of $9.6 million. |
CONTACT:
Green Mountain Coffee Roasters, Inc.
Suzanne DuLong,
802-488-2600
Investor.Services@GMCR.com
or
Katie Gilroy,
781-205-7345
Investor.Services@GMCR.com