Caribou Coffee Company, Inc.

CIK:0001332602|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Oct. 02, 2011	Sep. 30, 2012	Oct. 02, 2011
Condensed Consolidated Statements of Operations [Abstract]
Coffeehouse sales	$ 61,032	$ 58,695	$ 182,777	$ 176,338
Commercial and franchise sales	16,210	22,744	56,131	57,646
Total net sales	77,242	81,439	238,908	233,984
Cost of sales and related occupancy costs	37,210	41,941	119,071	113,100
Operating expenses	26,555	26,291	79,535	78,512
Depreciation and amortization	2,547	2,669	7,519	8,373
General and administrative expenses	8,161	7,763	23,009	23,703
Operating income	2,769	2,775	9,774	10,296
Other income (expense):
Interest income	11	3	35	15
Interest expense	(20)	(70)	(61)	(184)
Income before provision for (benefit from) income taxes	2,760	2,708	9,748	10,127
Provision for (benefit from) income taxes	925	803	3,782	(20,484)
Net income	1,835	1,905	5,966	30,611
Less: Net income attributable to noncontrolling interest	113	118	244	328
Net income attributable to Caribou Coffee Company, Inc.	$ 1,722	$ 1,787	$ 5,722	$ 30,283
Basic net income attributable to Caribou Coffee Company, Inc. common shareholders per share	$ 0.09	$ 0.09	$ 0.28	$ 1.51
Diluted net income attributable to Caribou Coffee Company, Inc. common shareholders per share	$ 0.08	$ 0.09	$ 0.27	$ 1.46
Basic weighted average number of shares outstanding	19,918	20,232	20,311	20,076
Diluted weighted average number of shares outstanding	20,445	20,953	20,934	20,751

Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2012	Oct. 02, 2011
Operating activities
Net income	$ 5,966	$ 30,611
Adjustments to reconcile net income to net cash used by operating activities:
Depreciation and amortization	9,073	9,843
Amortization of deferred financing fees	14	101
Stock-based compensation	1,431	1,329
Deferred income taxes	1,584	(20,630)
Other	(180)	97
Changes in operating assets and liabilities:
Accounts receivable and other receivables	6,657	(3,115)
Inventories	(22,592)	2,923
Prepaid expenses and other assets	447	109
Accounts payable	2,298	3,099
Accrued expenses and other liabilities	(1,140)	2,722
Deferred revenue	(2,817)	(3,058)
Net cash provided by operating activities	741	24,031
Investing activities
Payments for property and equipment	(8,600)	(6,650)
Proceeds from the disposal of property	200
Net cash used in investing activities	(8,400)	(6,650)
Financing activities
Distribution of noncontrolling interest	(198)	(305)
Purchase of common stock	(8,920)
Issuance of common stock	868	1,526
Payment of debt financing fees		(35)
Net cash (used) provided by financing activities	(8,250)	1,186
(Decrease) increase in cash and cash equivalents	(15,909)	18,567
Cash and cash equivalents at beginning of period		23,092
Cash and cash equivalents at end of period	28,586	41,659
Noncash financing and investing transactions:
Accrual for leasehold improvements, furniture and equipment	$ 370	$ 583

Condensed Consolidated Balance Sheets (Unaudited) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2012	Jan. 01, 2012
Current assets:
Cash and cash equivalents	$ 28,586	$ 44,495
Accounts receivable, net	7,574	14,646
Other receivables, net	2,158	1,743
Inventories	45,557	22,965
Deferred tax assets - current	3,465	6,766
Prepaid expenses and other current assets	1,076	1,514
Total current assets	88,416	92,129
Property and equipment, net of accumulated depreciation and amortization	36,699	36,965
Deferred tax assets - non-current	15,664	13,947
Other assets	300	323
Total assets	141,079	143,364
Current liabilities:
Accounts payable	13,143	10,480
Accrued compensation	5,087	6,272
Accrued expenses	9,694	8,502
Deferred revenue	5,804	8,591
Total current liabilities	33,728	33,845
Asset retirement liability	1,237	1,248
Deferred rent liability	4,216	5,132
Deferred revenue	1,853	1,883
Total long term liabilities	7,306	8,263
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; 20334 and 20,848 shares issued and outstanding at July 1, 2012 and January 1, 2012, respectively	203	208
Additional paid-in capital	126,027	132,643
Accumulated comprehensive loss	(358)
Accumulated deficit	(25,996)	(31,718)
Total Caribou Coffee Company, Inc. shareholders' equity	99,876	101,133
Noncontrolling interest	169	123
Total equity	100,045	101,256
Total liabilities and equity	$ 141,079	$ 143,364