GMCR » Topics » Company Estimates Raised for Fiscal Year 2009:
This excerpt taken from the GMCR 8-K filed Jan 28, 2009.
Company Estimates Raised for Fiscal Year 2009:
Total consolidated net sales growth of 43% to 48%, up from prior estimates of 40% to 45%.
Total K-Cup portion packs shipped system-wide by all Keurig licensed roasters to increase in the range of 53% to 63%, up from prior estimates of 50% to 60%. As the
Company gains more data and insight into the K-Cup consumption rate of the new Keurig Mini Brewer over the next few months, it intends to refine the range of growth for total K-Cup portion packs shipped system-wide.
An operating margin in the range of 8.5% to 9.1%, including $4.8 million or $0.11 per diluted share for non-cash amortization expenses related to the identifiable
intangibles, and excluding the pre-tax $17 million Kraft patent litigation settlement.
Interest expense of $6.5 million to $7.5 million excluding any additional interest expense associated with financing the Tullys acquisition, down from prior
estimates of $7.5 million to $8.5 million.
A tax rate of 39.5% as compared to 38.9% in fiscal 2008.
Fully diluted GAAP earnings per share in the range of $1.65 to $1.75 per share, including the pre-tax $17 million or $0.40 per diluted share Kraft patent litigation
settlement, and including the non-cash amortization expenses related to the identifiable intangibles mentioned above of $4.8 million or approximately $0.11 per share. Excluding the Kraft litigation settlement, fully diluted non-GAAP EPS in the range
of $1.25 to $1.35 per share, up from prior estimates of $1.20 to $1.30 per share.
As previously announced on September 15, 2008, the Company executed an Asset Purchase Agreement to acquire the Tullys coffee brand and wholesale business
from Tullys Coffee Corporation for a cash purchase price of $40.3 million, subject to adjustment at closing. The Company intends to finance the purchase through its existing $225 million senior revolving credit facility and has received
consent from the lenders under its existing revolving credit agreement. This transaction is subject to customary closing conditions, including approval by Tullys shareholders, and is expected to close in March or April. The Company anticipates
the acquisition will be neutral to modestly accretive to its earnings per share for the first twelve months of ownership following the closing of the transaction, and accretive thereafter.
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