This excerpt taken from the GMCR 8-K filed May 1, 2008.
Net income up 89% led by improved operating margin of 9.6%
WATERBURY, Vt.--(BUSINESS WIRE)--Green Mountain Coffee Roasters, Inc., (NASDAQ: GMCR) today announced its fiscal 2008 second quarter results for the thirteen weeks ended March 29, 2008.
Net sales for the second quarter of fiscal 2008 were up 46% to $120.9 million as compared to $82.9 million reported in the second quarter of fiscal 2007. Driving this growth during the second quarter of fiscal 2008, approximately 193,000 Keurig brewers were shipped, up 130% from the 84,000 Keurig brewers shipped during the second quarter of fiscal 2007. The Green Mountain Coffee segment shipped over 155 million K-Cup portion packs, which was 68% more than the year-ago quarter.
Net income for the fiscal second quarter of 2008 was $6.0 million or $0.23 per diluted share, up 89% from $3.1 million or $0.13 per diluted share in the fiscal second quarter of 2007.
Excluding the impact of the non-cash amortization expense related to the Keurig intangibles of approximately $1.2 million (pre-tax) in each of the second quarters of fiscal 2008 and 2007, non-GAAP net income totaled $6.7 million in the second fiscal quarter of 2008 compared to non-GAAP net income of $3.8 million for the comparable year-ago period.
Net sales for the twenty-six weeks ended March 29, 2008 were up 49% to $247.3 million as compared to $166.2 million reported in the comparable year-ago period. Net income for the first two quarters of fiscal 2008 was $8.9 million or $0.35 per diluted share, up 59% from $5.6 million or $0.23 per diluted share in the first six months of fiscal 2007.
Lawrence J. Blanford, President and CEO, said, "It was, by all measures, an outstanding quarter for Green Mountain Coffee Roasters, driven by the success of the patented Keurig Single-Cup Brewing system. Our success is enhanced by our continued focus on exceeding customers’ and consumers’ expectations with our high quality products. Looking forward, we believe we are at the crest of a new wave in coffee making, with Keurig leading the introduction of single-cup brewing to coffee, tea and hot cocoa lovers. When combined with our high quality coffee, innovative technology, leadership in corporate social responsibility, and brand strength, the opportunity for long-term growth is exciting."
Fiscal 2008 Second Quarter Financial Review