This excerpt taken from the GMCR 8-K filed Nov 12, 2008.
2008 Fiscal Year EPS up 68%
WATERBURY, VT (November 12, 2008) Green Mountain Coffee Roasters, Inc., (NASDAQ: GMCR) today announced its fiscal 2008 and fiscal fourth quarter results for the thirteen weeks ended September 27, 2008, reporting strong sales and even stronger earnings growth. During the fourth quarter of fiscal 2008, 273 million K-Cup portion packs were shipped system-wide by all Keurig licensed roasters, up 62% over the year-ago quarter.
Net sales for the fourth quarter of fiscal 2008 totaled $134.8 million as compared to $93.0 million reported in the fourth quarter of fiscal 2007, representing an increase of 45% year over year.
Net income for the fiscal fourth quarter of 2008 increased 99% to $7.1 million or $0.28 per diluted share, from $3.6 million or $0.14 per diluted share in the fiscal fourth quarter of 2007.
For the fifty-two weeks ended September 27, 2008, the Company recorded net sales of $500.3 million, up 46% from $341.7 million for the year ended September 29, 2007. Net income for fiscal 2008 increased 74% to $22.3 million, or $0.87 per diluted share, as compared to net income of $12.8 million, or $0.52 per diluted share for the prior year.
Excluding the impact of the non-cash amortization expense related to the Keurig intangibles of approximately $4.8 million (pre-tax) or $0.11 per diluted share in both fiscal 2008 and 2007, non-GAAP net income totaled $25.2 million in fiscal 2008 compared to non-GAAP net income of $15.7 million for the comparable year-ago period.
Lawrence J. Blanford, President and CEO, said, I am thrilled with our employees ability to execute and innovate, building for the future and delivering the strong financial results we are reporting today. Some people feel that coffee is a basic need in all economic times, yet still in todays business environment, I am proud of the strong top and bottom line growth we have delivered to our stockholders. With our proprietary Keurig Single-Cup Brewing system, we are truly turning opportunity into success, driving sales growth and profitability. Looking forward, our great coffee, our long history of success in focusing on innovation, our passion for socially responsible initiatives, and the opportunities presented by single-cup brewing create very exciting prospects for our Company in terms of brand expansion, continued growth, and helping make the world a better place.
Fiscal 2008 Fourth Quarter Financial Review