Green Mountain Coffee Roasters (GMCR)

Accounts receivable increased 67% year-over-year to $91.6 million at September 26, 2009, from $54.8 million at September 27, 2008, as a result of continuing strong sales during the fourth quarter of fiscal 2009.

Inventories increased 61% year-over-year to $137.3 million at September 26, 2009, from $85.3 million at September 27, 2008, reflecting the Company’s effort to ensure both efficiencies and sufficient inventories of brewers and K-Cups for the holiday season of fiscal 2010 to meet anticipated strong consumer demand.

Long-term debt decreased to $73.0 million at September 26, 2009, from $123.5 million at September 27, 2008 as a portion of the proceeds received from the public offering of 5,750,000 shares of the Company’s common stock on August 12, 2009 were used to pay down debt. Cash flow from operations in the fourth quarter funded this quarter’s increase in inventories and other working capital needs.

Cash and short-term cash investments were $292.0 million at September 26, 2009, up from $1.0 million at September 27, 2008, due to the proceeds from the offering of common stock.

Accounts 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.

Accounts receivable increased 64% year-over-year to $71.1 million at March 28, 2009, from $43.5 million at March 29, 2008, driven by the strong sales during the second quarter of fiscal 2009. Days’ sales in receivables remained consistent at approximately 33 days year over year.

Inventories increased 42% year-over-year to $71.6 million at March 28, 2009 from $50.4 million at March 29, 2008, reflecting the Company’s effort to ensure both efficiencies and sufficient inventories of brewers and K-Cups for the third quarter of fiscal 2009 to meet consumer demand.

Long-term debt increased to $118.7 million at March 28, 2009, from $90.0 million at December 27, 2008, reflecting the Company’s $40.3 million acquisition of Tully’s wholesale assets on March 27, 2009, offset partially by the Company’s positive cash flow provided by operating activities during the second quarter of fiscal 2009.

Accounts receivable increased 28% to $70.3 million at December 27, 2008 from $54.8 million at September 27, 2008 driven by the strong sales during the first quarter of fiscal 2009.

Inventories decreased as planned by 22% to $66.8 million at December 27, 2008 from $85.3 million at September 27, 2008, reflecting strong holiday sales of At Home Single-Cup Keurig brewers and K-Cups. Inventories increased 40% year-over-year from $47.8 million at December 29, 2007 as part of the Company’s effort to ensure sufficient inventories of brewers and K-cups for the second quarter of fiscal 2009 to meet consumer demand.

Long-term debt decreased to $90.0 million at December 27, 2008 from $123.5 million at September 27, 2008 reflecting the Company’s decision to use the majority of the litigation settlement payment to reduce debt outstanding under its existing credit facility as well as decreased borrowing requirements as a result of strong cash flow provided by operating activities during the first quarter of fiscal 2009.

Inventories increased as planned by 119% to $85.3 million at September 27, 2008 from $38.9 million at September 29, 2007 in order to meet expected strong holiday sales of At Home Single-Cup Keurig brewers and K-Cups. The Company anticipates selling more than double the amount of At Home Single-Cup Keurig brewers and K-Cups during this holiday season in retail stores. In addition, the product line of At Home brewers has expanded to include the new “Keurig Mini” and other models contributing to the build in inventories.

Long-term debt increased to $123.5 million at 9/27/08 from $90 million at 9/29/07 primarily to fund capital expenditures of $48 million in fiscal 2008. Annual cash from operations funded the Company’s working capital needs in fiscal 2008.