IRVINE, Calif., Jan. 25 /PRNewswire-FirstCall/ -- Diedrich Coffee,
Inc. (NASDAQ:DDRX), a leading roaster and wholesaler of the world's
finest coffees, reported financial results for the second quarter
ended December 9, 2009. Total revenue increased 78% to $24.7
million in the second quarter of fiscal 2010 from $13.9 million in
the second quarter of fiscal 2009, led by a 97% or $11.3 million
increase in K-Cup sales. Gross margin in the second quarter of
fiscal 2010 increased to 27% of total revenue as compared to 17%
during the same period of last year. In addition to price increases
taken during fiscal 2009, the improvement was due primarily to
higher machine utilization, optimal resource management, and
improved inventory controls along with our ability to continue to
leverage the company's fixed manufacturing costs over higher
production volumes. Net loss totaled $32,000 or $(0.01) per basic
and diluted share in the second quarter of fiscal 2010, an
improvement from a net loss of $995,000 or $(0.18) per basic and
diluted share in the second quarter of fiscal 2009. Net loss in the
second quarter of fiscal 2010 included approximately $2.5 million
in merger-related costs. Adjusted net income (a non-GAAP financial
measure) was $2.5 million or $0.30 per diluted share in the second
quarter of fiscal year 2010, an improvement from an adjusted net
loss of $1.1 million or $(0.20) per basic and diluted share in the
same quarter of the prior year. Adjusted net income represents net
income or loss before merger related costs, loss from discontinued
operations and the timing of the fiscal 2009 accrual for management
incentive compensation (see important discussion about the
presentation of non-GAAP financial information below, including a
reconciliation to the most directly comparable GAAP financial
measure). As announced on December 8, 2009, Diedrich Coffee entered
into a definitive agreement under which Green Mountain Coffee
Roasters, Inc. (NASDAQ: GMCR) ("GMCR") will acquire Diedrich Coffee
in an all cash transaction valued at $35.00 per share or a total
transaction value of approximately $290 million pursuant to a cash
tender offer (the "Offer") by GMCR's wholly owned subsidiary,
Pebbles Acquisition Sub, Inc. ("Acquisition Sub"), and upon
completion of the Offer, Acquisition Sub will merge with and into
Diedrich Coffee (the "Merger"). For more information, please see
Diedrich Coffee's Schedule 14D-9 filed on December 11, 2009 and
amendments thereto and other filings made by Diedrich Coffee with
the Securities and Exchange Commission (the "SEC"). About Adjusted
Net Income (Loss) and the Use of Non-GAAP Financial Information
Adjusted net income (loss) is not a financial measure calculated
and presented in accordance with U.S. generally accepted accounting
principles ("GAAP") and should not be considered as an alternative
to net income, operating income or any other financial measures
calculated and presented in accordance with GAAP. Diedrich Coffee
defines adjusted net income as net income (loss) before merger
related costs, loss from discontinued operations and the timing of
the fiscal 2009 accrual for management incentive compensation.
Diedrich Coffee presents adjusted net income because it believes it
to be a meaningful supplemental measure of performance in the
evaluation of Diedrich Coffee's results of operations because it
excludes amounts that Diedrich Coffee does not consider part of
ongoing operating results when assessing the performance of
Diedrich Coffee and presents a measure of earnings that facilitates
a comparison of results from one period to results from another
period on a more consistent basis. Management also uses this
information internally for forecasting and budgeting. It may not be
indicative of the historical operating results of Diedrich Coffee
nor is it intended to be predictive of potential future results.
Investors should not consider adjusted net income in isolation or
as a substitute for analysis of results as reported under GAAP.
Diedrich Coffee strongly encourages investors to review its
financial statements in their entirety and to not rely on any
single financial measure. Because non-GAAP financial measures are
not standardized, it may not be possible to compare these financial
measures with other companies' non-GAAP financial measures having
the same or similar names. See "Reconciliation of Adjusted Net
Income (Loss) to GAAP Net Income (Loss)" below for further
information on this non-GAAP financial measure and reconciliation
of adjusted net income (loss) to GAAP net income (loss) for the
periods indicated. Diedrich Coffee, Inc. Reconciliation of Adjusted
Net Income (Loss) to GAAP Net Income (Loss) (in thousands, except
per share amounts) (unaudited) For the For the twelve twelve weeks
weeks ended ended ------- ------- 12/9/2009 12/10/2008 ---------
---------- Consolidated Statement of Operations Reconciliation
--------------------------------------------------- Net loss on a
GAAP basis $(32) $(995) Merger related costs 2,501 - Accrued
management incentive compensation (1) - (156) Loss from
discontinued operations - 83 --- --- Adjusted net income (loss)
$2,469 $(1,068) ====== ======= Consolidated Statement of Operations
Reconciliation of Diluted income (loss) per Share
--------------------------------------------------- Diluted net
loss per share on a GAAP basis $(0.01) $(0.18) Merger related costs
0.31 - Accrued management incentive compensation (1) - (0.03) Loss
from discontinued operations - 0.01 --- ---- Adjusted diluted net
income (loss) per share $0.30 $(0.20) ===== ====== Diluted shares
used in the calculation 8,134 5,468 ===== ===== (1) The full year
expense for the bonus accrual was recorded in the 4th quarter of
fiscal 2009. This amount represents the estimated expense that
would have been booked in the 2nd Quarter of fiscal 2009 had the
bonus accrual been expensed throughout the year. For the For the
twenty- twenty- four four weeks weeks ended ended ------- -------
12/9/2009 12/10/2008 --------- ---------- Consolidated Statement of
Operations Reconciliation
--------------------------------------------------- Net income
(loss) on a GAAP basis $539 $(2,778) Merger related costs 2,501 -
Accrued management incentive compensation (2) - (312) Loss from
discontinued operations - 399 --- --- Adjusted net income (loss)
$3,040 $(2,691) ====== ======= Consolidated Statement of Operations
Reconciliation of Diluted net income (loss) per Share
--------------------------------------------------- Diluted net
income (loss) per share on a GAAP basis $0.07 $(0.51) Merger
related costs 0.31 - Accrued management incentive compensation (2)
- (0.05) Loss from discontinued operations - 0.07 --- ---- Adjusted
diluted net income (loss) per share $0.38 $(0.49) ===== ======
Diluted shares used in the calculation 8,076 5,468 ===== ===== (2)
The full year expense for the bonus accrual was recorded in the 4th
quarter of fiscal 2009. This amount represents the estimated
expense that would have been booked through the first two quarters
of fiscal 2009 had the bonus accrual been expensed throughout the
year. Additional Information On December 11, 2009, in connection
with the Offer, GMCR filed a Tender Offer Statement on Schedule TO
with the SEC, and Diedrich Coffee filed a
Solicitation/Recommendation Statement on Schedule 14D-9 with the
SEC. Investors may obtain free copies of the Schedule TO and the
Schedule 14D-9, as well as other filings containing information
about Diedrich Coffee and GMCR without charge, at the SEC's website
(http://www.sec.gov/) as documents are filed with the SEC. A free
copy of the Schedule 14D-9 may also be obtained from Diedrich
Coffee's website at http://www.diedrich.com/ under the heading
"Investor Relations" and also by making a request to Investor
Relations at Diedrich Coffee, Inc., 28 Executive Park, Suite 200,
Irvine, CA 92614. Forward-Looking Statements We make
forward-looking statements in this earnings release that are
subject to risks and uncertainties. These forward-looking
statements include information about the proposed transaction with
GMCR. The "safe harbor" set forth in Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities Exchange
Act of 1934, as amended, does not apply to forward-looking
statements made in connection with a tender offer. When we use the
words "believe," "expect," "anticipate," "estimate" or similar
expressions, we are making forward-looking statements. Many
possible events or factors could affect our future financial
results and performance. This could cause our results or
performance to differ materially from those expressed in our
forward-looking statements. You should consider these risks when
you review this earnings release, along with the following possible
events or factors: -- the risk that the Offer and the Merger will
not close; -- the risk that Diedrich Coffee's business will be
adversely impacted during the pendency of the Offer and the Merger;
-- the financial and operating performance of our wholesale
operations; -- our ability to achieve and/or maintain profitability
over time; -- the successful execution of our growth strategies; --
the impact of competition; and -- the availability of working
capital. Additional risks and uncertainties are described in detail
under the caption "Risk Factors Relating to Diedrich Coffee and Its
Business" in our annual report on Form 10-K for the fiscal year
ended June 24, 2009 and in other reports that we file with the SEC.
You are cautioned not to place undue reliance on these
forward-looking statements, which reflect management's analysis
only as of the date of this earnings release. There can be no
assurance that the proposed transaction will in fact be
consummated. Except where required by law, we do not undertake an
obligation to revise or update any forward-looking statements,
whether as a result of new information, future events or changed
circumstances. About Diedrich Coffee Diedrich Coffee specializes in
sourcing, roasting and selling the world's highest quality coffees.
The company markets its three leading brands of specialty coffees,
Diedrich Coffee, Coffee People and Gloria Jean's Coffees, through
office coffee service distributors, restaurants and specialty
retailers, and via the company's web stores. Diedrich Coffee is one
of only a few roasters under license to produce K-Cups for Keurig,
Incorporated's top-selling single-cup brewing system. For more
information about Diedrich Coffee, call 800-354-5282, or go to
http://www.diedrich.com/, http://www.coffeepeople.com/ or
http://www.coffeeteastore.com/. Trademarks are the property of
their respective owners. Diedrich Coffee Investor Relations: Scott
Liolios or Cody Slach Liolios Group, Inc. Tel 949-574-3860 DIEDRICH
COFFEE, INC. SELECTED CONSOLIDATED FINANCIAL INFORMATION (in
thousands, except per share amounts) (unaudited) Twelve Weeks
Twelve Weeks Ended December Ended December 9, 2009 10, 2008 Net
Revenue: Wholesale $24,455 $13,686 Retail and other 195 184 --- ---
Total revenue 24,650 13,870 ------ ------ Costs and expenses: Cost
of sales (exclusively of depreciation shown separately below)
18,117 11,579 Operating expenses 1,434 1,045 Depreciation and
amortization 359 402 General and administrative expenses 2,013
1,577 Gain on asset disposals (3) (1) --- --- Total costs and
expenses 21,920 14,602 Operating income (loss) from continuing
operations 2,730 (732) Interest expense and other income, net 60
176 Merger related costs 2,501 - ----- --- Income (loss) from
continuing operations before income tax 169 (908) Income tax
provision 201 4 --- --- Income (loss) from continuing operations
(32) (912) Discontinued operations: Discontinued operations, net of
tax expense of $0 - (83) --- --- Net income (loss) $(32) $(995)
==== ===== Basic net income (loss) per share: Income (loss) from
continuing operations $(0.01) $(0.17) ====== ====== Loss from
discontinued operations, net $- $(0.01) === ====== Net income
(loss) $(0.01) $(0.18) ====== ====== Diluted net income (loss) per
share: Income (loss) from continuing operations $(0.01) $(0.17)
====== ====== Loss from discontinued operations, net $- $(0.01) ===
====== Net income (loss) $(0.01) $(0.18) ====== ====== Weighted
average and equivalent shares outstanding: Basic 5,727 5,468 =====
===== Diluted 5,727 5,468 ===== ===== Twenty-Four Weeks Twenty-Four
Weeks Ended December 10, Ended December 9, 2009 2008 Net Revenue:
Wholesale $40,097 $24,033 Retail and other 326 245 --- --- Total
revenue 40,423 24,278 ------ ------ Costs and expenses: Cost of
sales (exclusively of depreciation shown separately below) 29,829
19,853 Operating expenses 2,621 2,258 Depreciation and amortization
714 734 General and administrative expenses 3,810 3,391 Gain on
asset disposals (3) (7) --- --- Total costs and expenses 36,971
26,229 Operating income (loss) from continuing operations 3,452
(1,951) Interest expense and other income, net 149 424 Merger
related costs 2,501 - ----- --- Income (loss) from continuing
operations before income tax 802 (2,375) Income tax provision 263 4
--- --- Income (loss) from continuing operations 539 (2,379)
Discontinued operations: Discontinued operations, net of tax
expense of $0 - (399) --- ---- Net income (loss) $539 $(2,778) ====
======= Basic net income (loss) per share: Income (loss) from
continuing operations $0.09 $(0.44) ===== ====== Loss from
discontinued operations, net $- $(0.07) === ====== Net income
(loss) $0.09 $(0.51) ===== ====== Diluted net income (loss) per
share: Income (loss) from continuing operations $0.07 $(0.44) =====
====== Loss from discontinued operations, net $- $(0.07) === ======
Net income (loss) $0.07 $(0.51) ===== ====== Weighted average and
equivalent shares outstanding: Basic 5,727 5,468 ===== =====
Diluted 8,076 5,468 ===== ===== DIEDRICH COFFEE, INC. CONSOLIDATED
BALANCE SHEET DATA (in thousands) (unaudited) June 24, 2009
------------- December 9, 2009 ------------ Cash $3,946 $3,572
Restricted cash 623 623 Accounts receivable, net 10,954 6,335
Inventories 3,926 5,510 Other assets 10,286 10,888 Total assets
$29,735 $26,928 ======= ======= Accounts payable $8,466 $5,228 All
other current liabilities 4,639 5,921 Other liabilities 1,832 2,005
Total stockholders' equity 14,798 13,774 Total liabilities and
stockholders' equity $29,735 $26,928 ======= ======= DATASOURCE:
Diedrich Coffee, Inc. CONTACT: Investor Relations, Scott Liolios,
or Cody Slach, +1-949-574-3860, , both of Liolios Group, Inc., for
Diedrich Coffee, Inc. Web Site: http://www.diedrich.com/
http://www.coffeepeople.com/ http://www.coffeeteastore.com/
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