Supreme Court affirms capital punishment despite risks of pain

first_imgBill Chizek/iStock(WASHINGTON) — When does capital punishment become “cruel and unusual?”The Supreme Court this week, in a narrow 5-4 decision, offered a sweeping defense of the death penalty, including in cases when an inmate faces the risk of extreme pain.“The Eighth Amendment does not guarantee a prisoner a painless death,” Justice Neil Gorsuch wrote for the majority in the death row appeal by Missouri convict Russell Bucklew. The amendment prohibits the infliction of “cruel and unusual punishments.”Bucklew, 50, suffers from a rare condition known as cavernous hemangioma, which causes blood-filled tumors to grow on his head, face, neck and mouth. He claims a lethal injection of pentobarbital could burst the tumors, causing him to choke and suffocate on his own blood.He proposed an alternative method of execution by nitrogen gas, which has not been used in the state.“His main claim now was that he would experience pain during the period after the pentobarbital started to take effect but before it rendered him fully unconscious,” Gorsuch wrote. But, he also noted that the lower courts found Bucklew “produced no evidence that his proposed alternative … would significantly reduce the risk.”Gorsuch said unconstitutional punishments are those that “intensify the sentence of death with a (cruel) ‘superaddition’ of ‘terror, pain, or disgrace.’” He ruled that Missouri’s plan to execute Bucklew with pentobarbital would not.Chief Justice John Roberts and Associate Justices Clarence Thomas, Samuel Alito and Brett Kavanaugh joined the majority opinion.“His suit in the end amounts to little more than an attack on settled precedent,” Gorsuch wrote.Bucklew was convicted in the 1996 kidnapping and rape of his ex-girlfriend; murder of her boyfriend; and shootout with police. He later escaped from jail while awaiting trial and attacked his ex-girlfriend’s mother with a hammer.His decades-long legal appeals have not challenged his conviction or the constitutionality of the death sentence itself. Rather, Bucklew contends the type of drug Missouri uses for executions would cause him unreasonable pain.Missouri is one of 30 states with the death penalty. Hanging was the primary method of execution in the state until 1936 when lethal gas was added as an option, according to the Death Penalty Information Center. In 1987, the state adopted lethal injection.“The experts dispute whether Bucklew’s execution will prove as unusually painful as he claims,” Justice Stephen Breyer wrote in a dissenting opinion, “but resolution of that dispute is a matter for trial.”“The question is not … whether a punishment is deliberately inflicted to cause unnecessary pain, but rather whether we would today consider the punishment to cause excessive suffering,” Breyer said.In a separate dissent opinion, Justice Sonia Sotomayor took issue with the language in Gorsuch’s opinion, warning against a rush to judgment in death penalty cases, which often get delayed for years by numerous appeals.“There are higher values than ensuring that executions run on time,” Sotomayor wrote. “If a death sentence of the manner in which it is carried out violates the Constitution, that stain can never come out. Our jurisprudence must remain one of vigilance and care, not one of dismissiveness.”Support for the death penalty remains near historic lows, according to recent public opinion polling.Roughly half of Americans — 54 percent — said they support the death penalty in a Pew Research poll released in June 2018. Thirty-nine percent said they were opposed.Three American inmates have been executed, by lethal injection, so far this year, according to the Death Penalty Information Center. In 2018, there were 25 executions nationwide.Copyright © 2019, ABC Radio. All rights reserved.last_img read more

Green Mountain Coffee 2011 earnings more than double

first_imgBasic income per share: – 2010 Change in restricted cash – $199,501 $27.6Information Systems Technology 1,131,527 $2,650,899 9,617 Source: Green Mountain Coffee Roasters, Inc. November 9, 2011 – – 348,696 Thirteen weeks ended September 24, 2011 212%Royalties Cash and cash equivalents$12,989 $ Increase (decrease) 526 $373.1 (116,653)Income tax receivable, net 24,236 Expenses related to SEC inquiry and pending litigation (2) 8,788 40%Other Products September 25, $138.9 27,184 310,321 1,746,274 $869.6 Receivables, less uncollectible accounts and return allowances – – 672,248 $62.0 2011 $1.3 $26,991 (375,709) Q4 2011 335,504 Fifty-two 17,328 Cash flows from investing activities: (1,630)Total stockholders’ equity$1,912,215 104%Brewers and Accessories 5,191 September 24, (8) Common stock, $0.10 par value: Authorized – 200,000,000 shares; GAAP to Non-GAAP Reconciliation of Unaudited Consolidated Statements of Operations September 25, – 81.8 disqualified dispositions of incentive stock options 1.0 (6,142) Other current assets (66)%Total Net Sales $711.9 Interest expense Loss on extinguishment of debt (4)$0.07 63,487 $41,676 244.4 243 Fifty-two 36,231 904,625 $- % Increase (decrease)K-Cup® Portion Packs Diluted income per share$1.31 Acquisition-related expenses (1) 785 132,210,938 1,199,845 Expenses related to SEC inquiry and pending litigation (2)$0.03 49,279 Non-GAAP operating income$119,139 92,579 Current liabilities related to assets held for sale 9,961 Cash distributions to redeemable noncontrolling interests shareholders Intangibles, net 18,906 (1) Amortization of identifiable intangibles (3)$0.05 Net income attributable to GMCR$75,369 Current assets: 95,150 19,732 Fifty-two (126,205)Proceeds from disposal of fixed assets Current assets held for sale (12,715) weeks ended $834.4 186,418 After tax: 10,575 Net income per common share – basic$0.49 $1,356.8 Income tax expense Operating income Accrued expenses 41,676 Retained earnings Net operating and capital loss carryforwards (4)$(0.05) 44,105 Change in cash balances included in short-term assets held for sale Net cash used in investing activities Description 85 Gain (loss) on financial instruments, net 5,574 113,446 (6,245) 411,727 610 $226.0 Amortization of identifiable intangibles (3) 425,758 – – 2010 (57,657) 169.6 99,349 $1.36 Amortization of intangibles 120.3 (715) (283,444) $79,506 (101,699) – $26,991 Deferred income taxes, net (46,009) Cash flows from financing activities: Stockholders’ equity: – 1,547 $4,401 (237,410)Cash and cash equivalents at beginning of period $ Increase (decrease) Represents legal and accounting expenses related to the SEC inquiry and pending litigation classified as general and administrative expense.(3) September 25, 2010, respectively Fixed asset purchases included in accounts payable 144%Royalties September 24, 100,568 82.2 131,529,412 After tax: (63)%Total Net Sales$2,650.9 Unrealized loss of foreign currency 675 Diluted income per share: (533,435) 159,207,852 – 59%Other Products 137,834,123 Thirteen weeks ended September 25, 2010 Proceeds from issuance of common stock for private placement $19,009 $79,506 September 25, Thirteen Cash paid for income taxes$58,182 1,645 2010Assets $42,313 8.2 Fifty-two weeks ended September 24, 2011 Restricted cash and cash equivalents Commitments and contingencies Represents direct acquisition-related expenses classified as general and administrative expense.(2) 4,895 of $21,407 and $14,056 at September 24, 2011 and 573 GAAP to Non-GAAP Reconciliation of Unaudited Consolidated Statements of Operations 172,200 Represents the write-off of debt issuance costs and original issue discount, net of tax, primarily associated with the extinguishment of the Term B loan under the Credit Agreement.(5) $25.4 weeks ended $8.0Coffee Processing (primarily roasting & grinding equipment) GREEN MOUNTAIN COFFEE ROASTERS, INC.Unaudited Consolidated Statements of Operations(Dollars in thousands except per share data) 5,350 11,752 302,747 $0.60 Proceeds from issuance of common stock under compensation plans September 24, After tax: $27.6 41,339 GREEN MOUNTAIN COFFEE ROASTERS, INC.Unaudited Consolidated Statements of Cash Flows(Dollars in thousands) – Additional paid-in capital The 2011 fiscal year reflects direct acquisition-related expenses of $10.6 million ($8.9 million after-tax); the write-off of deferred financing expenses of $2.6 million ($1.6 million after-tax) on our Former Credit Facility in conjunction with the new financing secured for the Van Houtte acquisition; and the foreign exchange impact of hedging the risk associated with the Canadian dollar purchase price of the Van Houtte acquisition of $5.3 million ($4.0 million after-tax). The 2010 fiscal year represents direct acquisition-related expenses of $18.9 million ($16.8 million after-tax). Direct acquisition-related expenses incurred prior to the closing of the acquisition are tax affected. Generally, upon the close of the acquisition, the direct acquisition-related expenses are nondeductible. Fixed assets, net Noncash investing activity: Amortization of identifiable intangibles (3) 258,923 529,494 220,005 (8,376) 10,573 673,048 – 2010K-Cup® Portion Pack Packaging (354)Loss on foreign currency, net – Amortization deferred financing fees 19,341 $475.5 Supplemental disclosures of cash flow information: 14,973 Total current assets (2,297) – Non-GAAP operating income$428,693 265,511 – 452 GREEN MOUNTAIN COFFEE ROASTERS, INC. 120,583 931,017 Loss on extinguishment of debt (4) $- 139,220 Represents direct acquisition-related expenses classified as general and administrative expense.(2) 92,120 Deferred income taxes, net 193.9 140,000 – 34,613 (52) 355 Proceeds from issuance of common stock for public equity offering – 189,637 General and administrative expenses 238,055 Green Mountain Coffee Roasters, Inc., (GMCR) (NASDAQ: GMCR), a leader in specialty coffee and coffeemakers, today announced its full year and fiscal 2011 fourth quarter results for the thirteen and fifty-two weeks ended September 24, 2011. Earnings more than doubled for the year and revenues increased 95 percent. Those numbers, however, were below analysts’ expectations, especially on the revenue side, and GMCR’s stock fell in after-hours trading nearly 30 percent to $48.11 as of 4:32 pm. http://finance.yahoo.com/q?s=GMCR(link is external)Performance HighlightsFiscal 2011Net sales of $2,650.9 million, up 95% over fiscal 2010GAAP EPS of $1.31 increases 126% over fiscal 2010; non-GAAP EPS of $1.64 increases 113% over a year agoGAAP operating income of $368.9 million increases 166% over fiscal 2010; non-GAAP operating income of $428.7 million improves 148% over a year agoGAAP net income of $199.5 million increases 151% over 2010; non-GAAP net income of $248.9 million up 135% over 2010Fourth Quarter Fiscal 2011Net sales of $711.9 million, up 91% over the same period in fiscal 2010GAAP EPS of $0.47 increases 135% over fourth quarter fiscal 2010; non-GAAP EPS of $0.47 increases 96% over the year ago quarterGAAP operating income of $106.7 million increases 156% over fourth quarter fiscal 2010; non-GAAP operating income of $119.1 million improves 128% over the year ago quarterGAAP net income of $75.4 million increases 179% over Q4’10; non-GAAP net income of $75.3 million increases 126% over Q4’10″With 95% annual revenue growth over last year the business continues to demonstrate extraordinary momentum as a result of broad consumer adoption of the Keurig® Single Cup Brewing system,” said Lawrence J. Blanford , president and CEO of GMCR. “We are seeing continued evidence of strong consumer demand for both brewers and portion packs from our customers and from third party sources that track consumer purchases such as NPD Group and SymphonyIRI Group, Inc. For instance, NPD reports Keurig® Single Cup Brewer unit sales increased 56% in our fiscal 2011 fourth quarter from the same period last year. As an indication of what we believe will be strong holiday consumer demand, for the month of September alone, NPD reports Keurig brewer unit sales are up 73% from the same month in 2010.””Our fiscal fourth quarter revenue growth of 91% was strong. This was off of our estimates as a result of a number of factors including changes in wholesale customer ordering patterns in our grocery and club channels despite steady consumer point-of-sale demand in those channels,” continued Blanford.Blanford concluded, “While like most consumer products companies we are watchful of broader consumer sentiment going into the holidays, we remain confident in the Company’s growth potential and comfortable reiterating our estimate for fiscal year 2012 non-GAAP earnings per diluted share in a range of $2.55 to $2.65.”Fiscal 2011 Financial ReviewNet Sales (in millions) Preferred stock, $0.10 par value: Authorized – 1,000,000 shares; (7,555) (53,703)Net Income$75,821 – (102,297)Inventories 38.5 Loss on extinguishment of debt 298,322 Acquisition-related expenses (1) Loss on disposal of fixed assets Net income attributable to noncontrolling interests $33,312 Redeemable noncontrolling interests $0.58 Amortization of identifiable intangibles (3) (23,528) 575,969 $6,486 Operating income$368,913 – $1,356,775 Issued and outstanding – 154,466,463 and 132,823,585 shares at September 24, 2011 and September 25, 2010, respectively 15,447 2011 Accounts payable (1,339)Repayment of long-term debt $52,169 (67,813) 2011 32.9 $- 474 138,256,219 – 5,017 Long-term liabilities related to assets held for sale (5,294)Income before income taxes Current liabilities: Q4 2010 2,074center_img weeks ended 5,191 5,476 187,016 2010Cash flows from operating activities: 29,484 Non-GAAP net income per share$0.47 Expenses related to SEC inquiry and pending litigation (2)$- provided by operating activities: Depreciation 368,913 Net income$201,048 Inventories 67,813 1,376 6,158 4,401 91%Approximately 83% of consolidated net sales in the fourth quarter were from the Keurig® Single Cup Brewing system and its recurring portion pack sales, including Keurig-related accessory sales, with the remainder of total sales consisting primarily of sales of bagged coffee and revenue from the office coffee services business.The increase in K-Cup® portion pack net sales is driven by a 52 percentage point increase in K-Cup® portion pack sales volume, a 29 percentage point increase in K-Cup® portion pack net price realization due to price increases implemented during fiscal 2011 to offset higher green coffee and other input costs, and a 10 percentage point increase in K-Cup® portion pack net sales due to the acquisition of Van Houtte.GMCR sold 1.3 million Keurig® Single Cup Brewers during the fourth quarter of fiscal 2011. This brewer shipment number does not account for consumer returns to retailers. We estimate that GMCR brewer shipments represented approximately 92% of total brewers shipped with Keurig technology in the period.Royalty revenue declined from the fourth quarter of 2010 due to the acquisition of Van Houtte, which previously paid royalties to GMCR as a third party licensed roaster.Revenue from the Canadian business unit segment, which includes the acquisition of Van Houtte completed on December 17, 2010, contributed approximately $100.4 million to net sales in the fourth quarter of fiscal 2011.Fourth quarter fiscal 2011 gross margin was 35.7% of total net sales compared to 30.4% for the corresponding quarter in fiscal 2010. The elements of the gross margin improvement are primarily:The impact of price increases on K-Cup® portion packs during the fourth quarter of fiscal 2011 improved gross margin by approximately 710 basis points.The benefit from the K-Cup® portion pack price increases was offset by higher green coffee costs in the fourth quarter of fiscal 2011 as compared to the prior year quarter, which decreased the Company’s gross margin by approximately 860 basis points.Gross margin also increased due to a shift in the Company’s sales mix.Net sales from Keurig® Single Cup Brewers and related accessories were lower as a percentage of total Company net sales in the fourth quarter of fiscal 2011 as compared to the fourth quarter of fiscal 2010.The Company sells the majority of Keurig® Single Cup Brewers approximately at cost, or sometimes at a loss when factoring in the incremental costs related to sales, including fulfillment charges, returns and warranty expenses.In the fourth quarter of fiscal 2011, the decrease in Keurig® Single Cup Brewer and accessories net sales as a percentage of total net sales improved the Company’s gross margin by approximately 250 basis points over the fourth quarter of fiscal 2010.The Company’s effective income tax rate was 23.7% for the fourth quarter of fiscal 2011 compared to a 32.0% effective tax rate for the fourth quarter of fiscal 2010. The difference is primarily attributable to the release of valuation allowances related to a $17.7 million capital loss carryforward and a $5.4 million net operating loss carryforward in the fourth quarter of fiscal 2011. In addition, in the fourth quarter of fiscal 2011 as compared to the fourth quarter of fiscal 2010, the Company had a larger percentage of foreign-based sales in Canada, which has a lower corporate tax rate.Diluted weighted average shares outstanding increased 15% to 159.2 million in the fourth quarter of fiscal 2011 from 138.3 million in the fourth quarter of fiscal 2010 primarily due to the issuance of approximately 8.6 million shares of common stock to Luigi Lavazza S.p.A (“Lavazza”) on September 28, 2010 and approximately 10.1 million shares on May 11, 2011 from a public offering and concurrent private placement to Lavazza pursuant to its preemptive rights.Business Outlook and Other Forward-Looking InformationCompany Estimates for First Quarter Fiscal Year 2012The Company is providing initial estimates for its first quarter of fiscal 2012:Fiscal first quarter consolidated net sales growth of 85% to 90%.Fiscal first quarter fully diluted non-GAAP earnings per share in the range of $0.35 to $0.40 per share excluding any acquisition-related transaction expenses; legal and accounting expenses related to the SEC inquiry and the Company’s pending litigation; amortization of identifiable intangibles related to the Company’s acquisitions; and any gain from sale of the Filterfresh U.S.-based coffee services business.Company Estimates for Fiscal Year 2012The Company provided the following estimates for its fiscal year 2012:Total consolidated net sales growth of 60% to 65% from fiscal 2011.Fiscal 2012 non-GAAP earnings per diluted share in a range of $2.55 to $2.65 per diluted share, excluding any acquisition-related transaction expenses; legal and accounting expenses related to the SEC inquiry and the Company’s pending litigation; amortization of identifiable intangibles related to the Company’s acquisitions; and any gain from sale of the Filterfresh U.S.-based coffee services business.For fiscal 2012, we currently expect to invest between $630.0 million to $700.0 million in capital expenditures to support the Company’s future growth. We expect approximately $225.0 million will be spent to increase our portion pack packaging capacity related to our current Keurig® Single Cup Brewing platform, approximately $100.0 million will be spent for portion pack packaging capacity related to our next-generation Keurig® Single Cup Brewing platform, approximately $175.0 million will be spent to expand our physical plants, research and development facilities and office space, approximately $100 million will be spent for coffee processing equipment, and approximately $65.0 million will be spent for information technology infrastructure and systems.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 such as transaction expenses related to the Company’s acquisitions including the foreign exchange impact of hedging the risk associated with the Canadian dollar purchase price of the Van Houtte acquisition; any gain from sale of the Fitlerfresh U.S.-based coffee services business; legal and accounting expenses related to the SEC inquiry and pending litigation; non-cash related items such as amortization of identifiable intangibles and losses incurred on the extinguishment of debt; and the effect of net operating and capital loss carryforwards, 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 of Unaudited Consolidated Statements of Operations” tables that accompany this document for a full reconciliation the Company’s GAAP to non-GAAP results.Conference Call and WebcastGreen 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, November 9, 2011. Management’s prepared remarks on its quarterly results will be provided via a Current Report on Form 8-K and also posted under the events link in the Investor Relations section of the Company’s website at www.GMCR.com(link is external). As a result, the conference call will include only brief remarks by management followed by a question and answer session. The call along with accompanying slides is accessible via live webcast from the events link in the Investor Relations portion of the Company’s website at http://investor.gmcr.com/events.cfm(link is external). 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 7944796 from 9:00 p.m. ET on November 9, 2011 through 9:00 p.m. ET on Sunday, November 13, 2011.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 offsetting 100% of its direct greenhouse gas emissions, investing in sustainably-grown coffee, and donating at least five percent 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, 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 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 the Company’s acquisitions, the Company’s success in introducing and producing new product offerings, the ability of lenders to honor their commitments under the Company’s 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, the Company’s ability to continue to grow and build profits in the At Home and Away from Home businesses, the Company experiencing product liability, product recall and higher than anticipated rates of warranty expense or sales returns associated with a product quality or safety issue, the extent to which the data security of the Company’s websites may be compromised, 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, the impact of the inquiry initiated by the SEC and any related litigation or additional governmental investigative or enforcement proceedings, 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 release. The Company does not undertake to revise these statements to reflect subsequent developments, other than in its regular, quarterly earnings releases.GMCR-C 884 Acquisition-related expenses (1) $0.12 – 47,759 (11,454) (285) Net income attributable to GMCR$75,369 (Dollars in thousands) 25,600 2,584 Other long-term liabilities 386,416 64,457 40,139 Income taxes receivable 648 (188)Tax expense from exercise of non-qualified options and 115.1 Fifty-two weeks ended September 24, 2011 21,034 790 Amortization of identifiable intangibles (3) 16,773 Other income (expense), net 2011 (713)Excess tax benefits from equity-based compensation plans Amortization of identifiable intangibles (3)$0.18 Capital expenditures for fixed assets 1,499,616 43,260 Long-term assets held for sale Diluted income per share$0.47 (5,097) (1,063) Net operating and capital loss carryforwards (4) Non-GAAP net income per share$1.64 10,065 Other current liabilities Accumulated other comprehensive loss 41,007 27,665 (5,349)Accounts payable 106,202 Long-term debt Accrued compensation costs Purchases of short-term investments $1,294.1 Thirteen weeks ended September 24, 2011 14,973 $26,991 $699,245 (8,828) 39,706 $63.1Next Generation Portion Pack Packaging (3,118) Other long-term assets $13.0Manufacturing Facilities & Infrastructure Goodwill % Increase (decrease)K-Cup® Portion Packs$1,704.0 (1) Gross profit $- Net increase (decrease) in cash and cash equivalents 50,000 Net income per common share – diluted$0.47 Provision for sales returns (2,912) Acquisition of Timothy’s Coffee of the World Inc. – (1.9) Represents the amortization of intangibles related to the Company’s acquisitions classified as general and administrative expense.(4) Diluted weighted average shares outstanding (1,187,672) GREEN MOUNTAIN COFFEE ROASTERS, INC.Unaudited Consolidated Balance Sheets(Dollars in thousands) 2,233 Net change in revolving line of credit 153,837,445 Other long-term liabilities 1,041 291,096 Thirteen weeks ended September 24, 2011 $1,370,574 Other investing activities (158) Net income attributable to GMCR$199,501 4,377 22.0 (1,918) and not disbursed at the end of each year$25,737 Represents the amortization of intangibles related to the Company’s acquisitions classified as general and administrative expense.(4) 414.0 Changes in assets and liabilities, net of effects of acquisition: *$0.77 27,523 457,793 213,844 – Non-GAAP net income$75,275 Expenses related to SEC inquiry and pending litigation (2) Expenses related to SEC inquiry and pending litigation (2) (8,376) September 25, $0.24 – No shares issued or outstanding GREEN MOUNTAIN COFFEE ROASTERS, INC. 524.7 (Dollars in thousands) Acquisition-related expenses (6) 262,478 $1,370,574 499 (217)Proceeds from borrowings of long-term debt 91%Brewers and Accessories – 579,219 41,339 13,282 (906,885) 72,297 Non-GAAP net income$248,914 (8,500)Net cash provided by financing activities 23,405 (5,160) – Selling and operating expenses 26,997 – – 8,588 796,375 $0.20 241,811 Cash and cash equivalents at end of period$12,989 2011 Deferred financing fees Cash paid for interest$33,452 (10,692)Other long-term assets, net 2011 106,712 – weeks ended $20,261 14,590 Liabilities assumed in conjunction with acquisitions$- $1,533 $0.20 259,641 Deferred income taxes, net Unrealized (gain) loss on financial instruments, net $21.0Other 495,269 146,214,860 Current portion of long-term debt$6,669 3,292 Total liabilities and stockholders’ equity$3,197,887 7,868 8,110 $373,087 Excess tax benefits from equity-based compensation plans Other current assets 145,000 95%Approximately 84% of consolidated net sales in fiscal 2011 were from the Keurig® Single Cup Brewing system and its recurring portion pack sales, including Keurig-related accessory sales, with the remainder of total sales consisting primarily of sales of bagged coffee and revenue from the office coffee services business.The increase in K-Cup® portion pack net sales is driven by a 76 percentage point increase in K-Cup® portion pack sales volume, an 18 percentage point increase in K-Cup® portion pack net price realization due to price increases implemented during fiscal 2011 to offset higher green coffee and other input costs, and a 10 percentage point increase in K-Cup® portion pack net sales due to the acquisition of Van Houtte.Supporting continued growth in portion pack demand, GMCR sold 5.9 million Keurig® Single Cup Brewers during fiscal 2011. This brewer shipment number does not account for consumer returns to retailers. We estimate that GMCR brewer shipments represented approximately 91% of total brewers shipped with Keurig technology in the year.Royalty revenue declined from 2010 due to the acquisitions of Timothy’s, Diedrich and Van Houtte, all of which previously paid royalties to GMCR as third party licensed roasters.Revenue from the Canadian business unit segment, which includes the acquisition of Van Houtte completed on December 17, 2010, contributed approximately $321.4 million to net sales for the year.Gross profit for fiscal 2011 was $904.6 million, or 34.1% of net sales as compared to $425.8 million, or 31.4% of net sales, in fiscal 2010.The impact of price increases on K-Cup® portion packs during fiscal 2011 improved gross margin by approximately 400 basis points.The benefit from the K-Cup® portion pack price increases was offset by higher green coffee costs in fiscal 2011 as compared to fiscal 2010, which decreased the Company’s gross margin by approximately 330 basis points.Gross margin also increased due to a shift in the Company’s sales mix.Net sales from Keurig® Single Cup Brewers and related accessories were lower as a percentage of total Company net sales in fiscal 2011 as compared to fiscal 2010.The Company sells the majority of Keurig® Single Cup Brewers approximately at cost, or sometimes at a loss when factoring in the incremental costs related to sales, including fulfillment charges, returns and warranty expense.In fiscal 2011, the decrease in Keurig® Single Cup Brewer and accessories net sales as a percentage of total net sales improved the Company’s gross margin by approximately 230 basis points.The Company’s effective income tax rate was 33.6% for fiscal 2011 compared to a 40.3% effective tax rate for fiscal 2010. The difference is primarily attributable to the release of valuation allowances related to a $17.7 million capital loss carryforward and a $5.4 million net operating loss carryforward in the fourth quarter of fiscal 2011. In addition, in fiscal 2011 as compared to fiscal 2010, the Company had a larger percentage of foreign-based sales in Canada which has a lower corporate tax rate.Diluted weighted average shares outstanding increased 10% to 152.1 million in fiscal 2011 from 137.8 million in fiscal 2010 primarily due to the issuance of approximately 8.6 million shares of common stock to Luigi Lavazza S.p.A (“Lavazza”) on September 28, 2010 and approximately 10.1 million shares on May 11, 2011 from a public offering and concurrent private placement to Lavazza pursuant to its preemptive rights. The initial Lavazza sale raised $250.0 million and the May offering raised approximately $688.9 million after deducting underwriting discounts and commissions and offering expenses.The Company allocates at least 5% of its pre-tax profits to social and environmental programs. GMCR estimates that total resources allocated to social and environmental programs totaled approximately $15.2 million for fiscal 2011.Balance Sheet HighlightsAccounts receivable increased 80% year-over-year to $310.3 at September 24, 2011, from $172.2 million at September 25, 2010, reflecting continuing sales growth and the addition of Van Houtte-related accounts receivables.Inventories were $672.2 million at September 24, 2011 including $52.0 million of Van Houtte-related inventories. This compares to $262.5 million at September 25, 2010. The year-over-year increase is comprised of:a $136.5 million, or 295%, increase in raw materials most notably from an increase in green coffee volume and 65% average green coffee cost increase;a $273.3 million, or 126%, increase in finished goods inventory with approximately half of the increase due to K-Cup® portion packs on hand and the other half due to Keurig® Single Cup Brewers and accessories on hand.Debt outstanding increased to $582.6 million at September 24, 2011 from $354.5 million at September 25, 2010 as a result of an increase in the long-term revolver.On October 3, 2011, the Company completed the sale of the Filterfresh U.S.-based coffee services business portion of its Van Houtte acquisition to ARAMARK Refreshment Services, LLC for an aggregate cash purchase price of approximately $145.0 million. As of September 24, 2011, the business was classified as “assets held for sale” in the Company’s financial statements.Capital Expenditures+Following is a summary of the Company’s 2011 and 2010 capital expenditures (in millions): – $338.8 Thirteen weeks ended September 25, 2010 Fifty-two weeks ended September 25, 2010 23,488 152,142,434 10,964 (75)Proceeds from sale of short-term investments 2.9 $4,401 453 $290.3 Income tax payable Contributions to the ESOP Provision for doubtful accounts – 330.8 25,885 18,258 2010Net sales$711,883 Expenses related to SEC inquiry and pending litigation (2) $1.31 Liabilities and Stockholders’ Equity 3,437 weeks ended – 1,192 Adjustments to reconcile net income to net cash (used in) (1,830)Accrued expenses $105,806 Operating income$106,712 Receivables – (14,590)Deferred income taxes (154,208)Acquisition of Diedrich Coffee, Inc., net of cash acquired – (907,835) Acquisition-related expenses (1)$- 254,090 (6,931)Deferred compensation and stock compensation $0.02 Accrued compensation costs (157,329) Net cash provided by (used in) operating activities Total current liabilities Cost of sales 138,772 2,884 Represents the release of the valuation allowance against federal capital loss carryforwards which represents the estimate of the tax benefit for the amount of capital losses that will be utilized in the first quarter of fiscal 2012 on capital gains generated on the sale of Filterfresh and the utilization in fiscal 2011 of net operating loss carryforwards generated from the Filterfresh acquisition.(6) (14,575) 14,524 $0.58 Financing costs in connection with public equity offering (305,261)Acquisition of LJVH Holdings, Inc. (Van Houtte), net of cash acquired 471,374 1,934 $32.6 $172,651 Thirteen weeks ended September 25, 2010 $0.02 $249.5 $134.0+ Note: Capital expenditures do not include capital acquired in the Timothy’s, Diedrich or Van Houtte acquisitions.Fiscal 2011 Fourth Quarter Financial ReviewNet Sales (in millions) 1,788 – $0.20 $201,048 333,835 Basic weighted average shares outstanding Represents the release of the valuation allowance against federal capital loss carryforwards which represents the estimate of the tax benefit for the amount of capital losses that will be utilized in the first quarter of fiscal 2012 on capital gains generated on the sale of Filterfresh and the utilization in fiscal 2011 of net operating loss carryforwards generated from the Filterfresh acquisition. Total assets$3,197,887 27,343 Fifty-two weeks ended September 25, 2010 Fifty-two weeks ended September 24, 2011 11,027 $79,506 $- (25,685) After tax: 133,209 Thirteen – Fifty-two weeks ended September 25, 2010 Proceeds from notes receivable Net operating and capital loss carryforwards (5)$(0.06) 52,228 Acquisition-related expenses (6)$0.10 $138,772 7,829 weeks ended Represents legal and accounting expenses related to the SEC inquiry and pending litigation classified as general and administrative expense.(3) $0.07 473,749 Net operating and capital loss carryforwards (5) Capital lease obligations 789,305 $3.8 28,072 * Does not add due to rounding. Other current liabilities 9,527 862 $79,506 Fifty-two (13.8) September 24, Effect of exchange rate changes on cash and cash equivalentslast_img read more

Ignoring outrage, Trump makes good on WHO pullout

first_imgThe withdrawal of the key WHO founding member is effective in one year — July 6, 2021. Joe Biden, Trump’s presumptive Democratic opponent in November elections, vowed he would immediately end the pullout if he won the White House.”Americans are safer when America is engaged in strengthening global health. On my first day as President, I will rejoin the WHO and restore our leadership on the world stage,” Biden wrote on Twitter.WHO chief Tedros Adhanom Ghebreyesus responded to the news with a one-word tweet — “Together!” — as he linked to a discussion by US health experts on how leaving the global body could impede efforts to prevent future pandemics.In line with conditions set when the WHO was set up in 1948, the United States can leave within one year but must meet its remaining assessed financial obligations, UN spokesman Stephane Dujarric said. ‘Total control’ In late May, Trump said that China exerted “total control” over the WHO and accused the UN body led by Tedros, an Ethiopian doctor and diplomat, of failing to implement reforms.Blaming China for the coronavirus, Trump, a frequent critic of the UN, said the United States would redirect funding “to other worldwide and deserving, urgent, global public health needs.”Democratic lawmakers have accused Trump of seeking to deflect criticism from his handling of the pandemic in the United States, which has suffered by far the highest death toll of any nation despite the president’s stated hope that the virus will disappear.”To call Trump’s response to COVID chaotic and incoherent doesn’t do it justice,” said Senator Robert Menendez, the top Democrat on the Foreign Relations Committee.”This won’t protect American lives or interests — it leaves Americans sick and America alone,” he said.Representative Ami Bera, himself a physician, said that the United States and World Health Organization had worked “hand in hand” to eradicate smallpox and nearly defeat polio.”Our cases are increasing,” Bera said of COVID-19. “If the WHO is to blame: why has the US been left behind while many countries from South Korea to New Zealand to Vietnam to Germany return to normal?”Even some of Trump’s Republican allies had voiced hope that he was exerting pressure rather than making a final decision to abandon the World Health Organization.The investigative news outlet ProPublica reported last month that most of Trump’s aides were blindsided by the WHO withdrawal announcement, which he made during an appearance about China. The Trump administration has said that the WHO ignored early signs of human-to-human transmission in China, including warnings from Taiwan — which, due to Beijing’s pressure, is not part of the UN body.While many public health advocates share some criticism of the WHO, they question what other options the world body had other than to work with China, where COVID-19 was first detected late last year in the city of Wuhan.The anti-poverty campaign ONE said the United States should work to reform, not abandon, the WHO.”Withdrawing from the World Health Organization amidst an unprecedented global pandemic is an astounding action that puts the safety of all Americans the world at risk,” it said. President Donald Trump on Tuesday formally started the withdrawal of the United States from the World Health Organization, making good on threats to deprive the UN body of its top funding source over its response to the coronavirus.Public health advocates and Trump’s political opponents voiced outrage at the departure from the Geneva-based body, which leads the global fight on maladies from polio to measles to mental health — as well as COVID-19, at a time when cases have again been rising around the world.After threatening to suspend the $400 million in annual US contributions and then announcing a withdrawal, the Trump administration has formally sent a notice to UN Secretary-General Antonio Guterres, a State Department spokesperson said.center_img Topics :last_img read more