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Green Mountain Coffee Roasters reports continued robust performance in third quarter

first_imgGreen Mountain Coffee Roasters, Inc., (NASDAQ: GMCR) today announced its fiscal 2009 third quarter results for the thirteen weeks ended June 27, 2009, reporting outstanding top and bottom line growth. Net sales for the third quarter of fiscal 2009 totaled $190.5 million as compared to $118.1 million reported in the third quarter of fiscal 2008, representing an increase of 61% over the same quarter last year. Net income for the third quarter of fiscal 2009 increased 123% to $14.1 million or $0.36 per diluted share, from $6.3 million or $0.16 per diluted share in the third quarter of fiscal 2008.During fiscal 2009 s third quarter, 398 million K-Cup® portion packs were shipped system-wide by all Keurig licensed roasters, up 64% over the year-ago quarter. Supporting continued growth in K-Cup demand, there were 439,000 Keurig brewers shipped during the third quarter of fiscal 2009, up 187% over the same quarter in the prior year.Lawrence J. Blanford, GMCR s President and CEO, said, We are very pleased with our performance this past quarter. Over the last twelve quarters our overall top-line growth has averaged 56%. We believe our consistently strong top-line growth demonstrates that the quality, convenience and value of the Keurig Single-Cup Brewing System have caused a revolution in how consumers prepare and enjoy their coffee.Blanford continued, We are in the right place at the right time with our innovative brewing system which has been so well received in the marketplace. Looking forward, we intend to continue leveraging this opportunity through the successful execution of our enabling initiatives that fuel GMCR s growth by driving Keurig Single-Cup brewer sales and K-Cup portion pack demand. To date, these initiatives have included the acquisition of the wholesale business and Tully s® brand from Tully s Coffee Corporation and the integration of that business into our Specialty Coffee business unit, licensing of Keurig single-cup brewer technology for the Cuisinart® and Mr. Coffee® brands, and beverage innovations such as the introduction of new K-Cup portion pack products like Café Escapes and Celestial Seasonings Perfect Iced Teas.Blanford concluded, Our goal is to build stockholder value by providing consumers with an extraordinary coffee experience while helping to make a positive difference in the world. This success would not have been possible without the tremendous efforts from all of our employees, the enthusiasm with which our customers and loyal consumers have embraced our system, and the dedication of everyone else who has played an important role in this story. However, there is much more of the story to be told, and, as we look forward, I believe all of these constituencies will continue to play an important role.Fiscal 2009 Third Quarter Financial ReviewNet SalesFor the Keurig business unit, net sales for the third quarter of fiscal 2009, after the elimination of inter-company sales, were $90.1 million, up 97% from net sales of $45.8 million in the third quarter of fiscal 2008. About half of the increase in Keurig s net sales this past quarter was due to the 112% increase in K-Cup sales to retailers and to consumers from Keurig.com. Dollar net sales of At Home brewers and accessories contributed approximately one-third of the increase in total Keurig business unit net sales this quarter. In addition, royalty income from the sale of K-Cups® from third party licensed roasters increased approximately $3 million over last year s third fiscal quarter and totaled $9 million. Further detail on shipments of Keurig brewers and K-Cup portion packs is provided in the chart accompanying this press release.For the Specialty Coffee business unit (previously called the Green Mountain Coffee segment), net sales for the third quarter of fiscal 2009 grew 39% to $100.4 million, after the elimination of inter-company sales, as compared to $72.4 million reported in the third quarter of fiscal 2008. Dollar net sales growth was strongest in channels that benefit from sales of K-Cup portion packs including retail reseller, supermarket, consumer direct and office coffee channels. Coffee, tea and hot cocoa pounds shipped increased 40% this quarter over the prior period and totaled 10.9 million pounds.Sales related to the Tully s brand represented approximately 5.5% of the 61% increase in consolidated net sales, which are included in the Company s results for the first time.Costs, Margins and IncomeCost of sales increased to 66.4% of total net sales compared to 64.0% for the corresponding quarter last year. The increase over last year is primarily due to the significant increase in sales of Keurig At Home Single-Cup brewers, which are sold at approximately cost, as part of the Company s strategy to drive demand for our K-Cup portion packs by increasing the installed base of Keurig brewers.Selling, general and administrative expenses (SG&A) improved as a percentage of net sales by 470 basis points to 21.7% from 26.4% in the prior year quarter. This improvement was primarily the result of leveraging selling and organizational resources on a higher sales base.As a result of this SG&A leverage, the Company increased its operating income by 101% to $22.8 million in the third quarter of fiscal 2009, as compared to $11.3 million reported in the third quarter of fiscal 2008. Operating margins significantly improved as a percentage of net sales to 12.0% from 9.6% in the prior year period.Interest expense was $1.1 million and $1.4 million in the third quarter of fiscal 2009 and fiscal 2008, respectively.Income before taxes for the third quarter of fiscal 2009 increased 118% to $21.7 million as compared to $9.9 million reported in the third quarter of fiscal 2008.The Company s tax rate was 34.7% as compared to 36.3% in the prior year quarter. The difference was primarily due to higher research and development costs and foreign tax credits.Net income for the third quarter of fiscal 2009 was $14.1 million or 7.4% of net sales as compared to $6.3 million or 5.4% in the corresponding quarter last year.Balance Sheet HighlightsAccounts receivable increased 82% year-over-year to $68.5 million at June 27, 2009, from $37.7 million at June 28, 2008, as a result of the strong sales during the third quarter of fiscal 2009.Inventories increased 64% year-over-year to $103.2 million at June 27, 2009, from $63.1 million at June 28, 2008, reflecting the Company s effort to ensure both efficiencies and sufficient inventories of brewers and K-Cups for the fourth quarter of fiscal 2009 to meet anticipated strong consumer demand.Long-term debt increased to $126.0 million at June 27, 2009, from $118.7 million at March 28, 2009 primarily to fund capital expenditures. Cash flow from operations in the third quarter funded this quarter s increase in inventories and other working capital needs.During the quarter the Company completed a three-for-two stock split, effected in the form of a stock dividend, and distributed one additional share of its common stock to all shareholders of record at the close of business on May 29, 2009 for every two shares of common stock held on that date. On June 9, 2009, the Company s stock began trading on a split-adjusted basis with the new number of outstanding shares equaling 1.5 times the pre-split number.Subsequent EventOn June 29, 2009, the Company exercised the increase option under its existing $225 million revolving credit facility. This increase option was in the form of a $50 million term loan, to be amortized at the rate of 10% annually, commencing on September 30, 2009. All borrowings under the credit agreement, including the outstanding balance under the term loan, are due on December 3, 2012. In addition, on June 29, 2009, the Company amended the credit agreement which resulted in removing the capital expenditures limitation covenant and adjusting the definition of the fixed charge coverage ratio to adjust the capital expenditures included in the definition to 50% of unfinanced capital expenditures. For more detailed information, please see the Amended and Restated Revolving Credit Agreement to be filed with the Company s Form 10-Q for this quarter.Business Outlook and Other Forward-Looking InformationCompany Estimates for Fiscal Year 2009:Total consolidated net sales growth of 58% to 61%.Total K-Cup portion packs shipped system-wide by all Keurig licensed roasters to increase in the range of 60% to 65%.An operating margin in the range of 9.4% to 9.8%, up from prior estimates of 8.6% to 9.0%, including $5.3 million or $0.08 per diluted share for non-cash amortization expenses related to the identifiable intangibles of both the Keurig and Tully s acquisitions, and excluding the pre-tax $17 million Kraft patent litigation settlement.Interest expense of $5.2 million to $5.5 million, down from prior estimates of $5.5 million to $6.0 million.A tax rate of 37.9% as compared to 38.9% in fiscal 2008, down from prior estimate of 39.5%.The Tully s transaction is expected to be neutral to slightly accretive to earnings per share for the first twelve months of ownership, and accretive thereafter. However, for the fourth quarter of fiscal 2009, as the Company integrates the Tully s business into its Specialty Coffee business unit and invests in additional West Coast capacity, the transaction is expected to be slightly dilutive to the Company’s operating margin and earnings per share.Fully diluted GAAP earnings per share in the range of $1.37 to $1.41 per share, including the pre-tax $17 million or $0.27 per diluted share Kraft patent litigation settlement, and including the non-cash amortization expenses related to the identifiable intangibles of $5.3 million or approximately $0.08 per share. Excluding the Kraft litigation settlement, fully diluted non-GAAP earnings per share in the range of $1.10 to $1.14 per share, up from prior estimates of $0.98 to $1.02 per share.Company Estimates Relating to Balance Sheet and Cash Flow for Fiscal Year-end 2009:Capital expenditures for fiscal 2009 in the range of $55 to $60 million.Depreciation and amortization expenses in the range of $24 to $26 million including $5.3 million for amortization of identifiable intangibles.First Issue of Company Estimates for Fourth Quarter Fiscal Year 2009:Total consolidated net sales growth of 60% to 63% as compared to the fourth quarter of 2008.An operating margin in the range of 10.0% to 10.8% (as compared to 9.6% in the year-ago quarter, and 12.0% in the third quarter of fiscal 2009) including non-cash amortization expenses for identifiable intangibles of approximately $1.5 million. The fiscal fourth quarter operating margin estimates include start-up costs associated with ramping up production capabilities at the Company s new Knoxville, Tennessee facility and the expectation that the Tully s wholesale business will be slightly dilutive to earnings per share in the fiscal fourth quarter of 2009.Fully diluted GAAP earnings per share in the range of $0.30 to $0.34 per share, including the non-cash amortization expenses related to the identifiable intangibles that are estimated to reduce earnings per share by approximately $0.02 per share.First Issue of Company Estimates for Fiscal Year 2010:Total consolidated net sales growth of 45% to 50%.Total K-Cup portion packs shipped system-wide by all Keurig licensed roasters to increase in the range of 65% to 70%.Fully diluted GAAP earnings per share in the range of $1.70 to $1.80 per share, including the non-cash amortization expenses related to the identifiable intangibles mentioned above of $5.3 million or approximately $0.08 per share.Use of Non-GAAP Financial MeasuresIn addition to reporting financial results in accordance with generally accepted accounting principles (GAAP), the Company provides non-GAAP operating results that exclude certain charges or credits and non-cash related items such as amortization of identifiable intangibles related to the Keurig acquisition completed on June 15, 2006, the acquisition of Tully Coffee Corporation s wholesale business and brands completed on March 27, 2009, and one-time operating income related to the settlement of the Company s Kraft litigation. These amounts are not in accordance with, or an alternative to, GAAP. The Company s management believes that these measures provide investors with greater 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.Green Mountain Coffee Roasters, Inc. will be discussing these financial results and future prospects with analysts and investors in a conference call available via the internet. The call will take place today at 5:00 PM ET and will be available, with accompanying slides, via live webcast on the Company s website at www.GreenMountainCoffee.com(link is external). The Company archives the latest conference call on the Investor Services section of its website for a period of time. A replay of the conference call also will be available by telephone at 719-457-0820, Passcode 4422024 from 9:00 PM ET on July 29 through 9:00 PM ET on Monday, August 3, 2009.GMCR routinely posts information that may be of importance to investors in the Investor Services section of its website, 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.About Green Mountain Coffee Roasters, Inc.As a leader in the specialty coffee industry, Green Mountain Coffee Roasters, Inc. (NASDAQ: GMCR) is recognized for its award-winning coffees, innovative brewing technology, and socially responsible business practices. GMCR s operations are managed through two business units. The Specialty Coffee business unit produces coffee, tea and hot cocoa from its family of brands, including Green Mountain Coffee®, Tully s Coffee® and Newman s Own® Organics coffee. The Keurig business unit is a pioneer and leading manufacturer of gourmet single-cup brewing systems. K-Cup® portion packs for Keurig® Single-Cup Brewers are produced by a variety of licensed brands, including Green Mountain Coffee and Tully s Coffee. GMCR supports local and global communities by offsetting 100% of its direct greenhouse gas emissions, investing in Fair Trade Certified ¢ coffee, and donating at least five percent of its pre-tax profits to social and environmental projects. Visit www.GreenMountainCoffee.com(link is external) and www.Keurig.com(link is external) for more information.Forward-Looking StatementsCertain statements contained herein are not based on historical fact and are forward-looking statements within the meaning of the applicable securities laws and regulations. Generally, these statements can be identified by the use of words such as anticipate, believe, , could, estimate, expect, feel, forecast, intend, may, plan, potential, project, should, would, and similar expressions intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Owing to the uncertainties inherent in forward-looking statements, actual results could differ materially from those stated here. Factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, the impact on sales and profitability of consumer sentiment in this difficult economic environment, the Company s success in efficiently expanding operations and capacity to meet growth, the Company s success in efficiently and effectively integrating Tully s wholesale operations and capacity into its Specialty Coffee business unit, the Company s success in introducing new product offerings, the ability of our lenders to honor their commitments under our credit facility, competition and other business conditions in the coffee industry and food industry in general, fluctuations in availability and cost of high-quality green coffee, any other increases in costs including fuel, Keurig s ability to continue to grow and build profits with its roaster partners in the office and At Home businesses, the impact of the loss of major customers for the Company or reduction in the volume of purchases by major customers, delays in the timing of adding new locations with existing customers, the Company s level of success in continuing to attract new customers, sales mix variances, weather and special or unusual events, as well as other risks described more fully in the Company s filings with the SEC. Forward-looking statements reflect management s analysis as of the date of this press release. The Company does not undertake to revise these statements to reflect subsequent developments, other than in its regular, quarterly earnings releases.last_img read more

Mountain Music Festival 2018

first_imgThe only adventure vacation music festival in the world is at ACE Adventure Resort in the New River Gorge, WV. May 31st – June 2nd Mountain Music Festival returns to ACE Adventure Resort for its fifth year. Featuring whitewater rafting, zip lines, and a waterpark alongside 25 bands on four stages this is a festival like nothing you have ever seen. This year Umphrey’s McGee and Big Something will be taking over the mountaintop, both playing for two nights. Joining these two jam band powerhouses will be Perpetual Groove, Pimps of Joytime, Aqueous, Litz, Broccoli Samurai, The Fritz, The Kind Thieves and more!The New River Gorge in West Virginia is known around the world as a top-notch adventure sports destination featuring some of America’s best whitewater rafting, rock climbing, and mountain biking. Mountain Music Festival attendees are smack in the middle of all this action and ACE has the best guides to get your adrenaline flowing in the outdoors. Take a half-day rafting trip down the river and experience over 20 rapids, scenic views, and finish your trip underneath the famous New River Gorge Bridge. This is the most popular activity and ACE’s guides have been leading trips for almost 40 years on this wild and wonderful river.Rather stay dry? Sign up for one of the zip line canopy tours and fly through the trees as you zip from cliff-top to cliff-top. Navigate this course on the rim of the gorge as your traverse nine different zip lines and two sky bridges. The grand finale is a 40-foot freefall off the plunge tower. Plus there are a ton of other activities to choose from including paintball, kayaking, stand up paddle boarding, rock climbing, rappelling, and more.With over 25 bands coming to the mountain there will be no shortage of great music at all hours of the day and night. Umphrey’s McGee will be bringing their new album “it’s not us” to the mountaintop and Big Something just released their latest album “The Otherside” so you can expect tons of new music. The Greenbrier Valley Brewing Company Lake Stage will keep music flowing on the beach and at the waterpark all day Saturday. Wake up each morning and wander over to the Tito’s Strange Stage for coffee and great regional acts. Aside from incredible music there are over 25 visual artists, 20+ vendors, free workshops, and great people all over the mountain.New for 2018 ACE is introducing VIP packages that turn your festival weekend into an adventure weekend. Go all-inclusive with the diamond package that includes meals, adventures, free festival merchandise, VIP perks, and the best camping on the mountain. Checkout the Gold and Silver options that get you into the VIP club as well. Other upgrades such as car camping, cabins, and party tents are still available.Mountain Music Festival is truly a summertime music event like none other you have experienced. From the beautiful mountaintop camping, to the friendly welcoming vibes, and the amazing music all weekend this is the place to be May 31st – June 2nd. Advance tickets are on sale now and you can save $20 OFF your festival pass with promo code BROLOVE20. Make your plans, call off work, and tell your friends to join you on the mountain!last_img read more

Colombian Rebels Killed In Strike Near Ecuador Border

first_imgBy Dialogo September 19, 2011 At least four guerrillas were killed when Colombian Air Force planes bombed a rebel camp located near the border with Ecuador on September 15, police told AFP. The camp, belonging to the Revolutionary Armed Forces of Colombia (FARC), was located less than a mile away from the border with Ecuador in the southern province of Nariño. “Up to now we have registered the death of four guerrillas. We believe that there were 30 more in the camp as well as their commander, known by his alias ‘Euclides,’” a police spokesman said. In an operation that began on September 15 at dawn, security forces entered the area and found explosives, weapons and computers belonging to the rebels, the spokesman said. “Euclides” took command of the regional FARC unit in March after the previous leader, Oliver Solarte, was killed in a police operation, officials said. The FARC unit normally operates in the neighboring province of Putumayo, which also touches the Peruvian border, but apparently moved west into Nariño, which reaches the Pacific Ocean. The southern Nariño region is among Colombia’s most violent due to the presence of FARC rebels, criminal gangs and former paramilitaries who were demobilized between 2003 and 2006. The three groups are engaged in an ongoing battle over control of the lucrative coastal Pacific drug trafficking routes, according to police. The Colombian government has been battling the FARC – Latin America’s oldest rebel movement, estimated to have some 8,000 fighters – since 1964.last_img read more

Bazdarevic speaks on BiH Performances this Year

first_img“I wanted to make a press conference to see you all. After the European Championship, we have a lot of activities. A lot of bad things was written about Kirin cup. I did not pay a lot of attention to it,” said at the beginning of his address coach Bazdarevic.The coach praised the character of the team and believes that our team mentally progressed and that they are dealing with advantage of score in a great way.“The players have shown to have a new character in all the matches. Even after ‘the score advantage they continued to work. They were fighting until the end and they did not leave things to chance. I think that this will be important in qualifiers. We had five matches against renowned opponents except Luxembourg. Everything except the introductory minutes against Spain was satisfactory. Kirin Cup was the icing on this. We played well, but what is waiting for us has lot more pressure,” said Bazdarevic.As a reason for the bad opening of the match against Spain, the coach said that preparation before the match were not at an adequate level.“They came from the break and it was a friendly match. There was no desire in the preparation match as in the match against Switzerland. We did not have time to do two quality training. I’m sorry, because it was the best team we’ve met for years,” said Bazdarevic.Speaking on the European Championship, the coach said that it is hardest for him, but its closed story now.“I regret it very much, the most difficult is to me. It’s a done thing. We must make sure not to experience that ever again. There are some teams that are worse than us, but they invest more. We need to fix this segment,” said the coach.“My idea from the first day is to have one team, to think about the match, about the behavior. I think in these 5 matches only 45 minutes was slightly worse and without commitment. I hope it will not happen again. The players deserve all congratulations on winning the Cup. I would not make a big euphoria, but it is good to tell them that they gave their best,” said the coach.In the following period, before the start of qualifiers for the World Cup which starts in September, the coach is planning to play another friendly match and said that Genta Danijel Milicevic earned the right to be invited to the A team of our national BiH team.(Source: O. T./Klix.ba)last_img read more