This excerpt taken from the GMCR 8-K filed Jan 28, 2009.
Company Raises Estimates for Future Sales and Earnings Growth
WATERBURY, VT (January 28, 2009) Green Mountain Coffee Roasters, Inc., (NASDAQ: GMCR) today announced its fiscal 2009 first quarter results for the thirteen weeks ended December 27, 2008, reporting strong growth.
Net sales for the first quarter of fiscal 2009 totaled $197.0 million as compared to $126.4 million reported in the first quarter of fiscal 2008, representing an increase of 56% over the same quarter prior year.
Net income for the first quarter of fiscal 2009 increased 392% to $14.4 million or $0.56 per diluted share, from $2.9 million or $0.12 per diluted share in the first quarter of fiscal 2008. Excluding the impact of the $17 million or $0.40 per diluted share previously reported patent litigation settlement, non-GAAP fully diluted EPS totaled $0.16 per share in the first quarter of fiscal 2009.
During 2009s first fiscal quarter, 357 million K-Cup portion packs were shipped system-wide by all Keurig licensed roasters, up 55% over the year-ago quarter. Supporting continued growth in K-Cup demand, during the first quarter of the new fiscal year, 711,000 Keurig brewers were shipped, up 121% over the same quarter prior year.
Lawrence J. Blanford, President and CEO, said, We are off to a very strong start for fiscal year 2009 with our first quarter results. The robust growth rate of Keurig brewer sales during the holiday season contributed meaningfully to our sales growth this past quarter. Equally important, we anticipate it will drive continued strong sales of K-Cups to support a growing installed base of brewers in consumers homes.
Blanford continued, Even in a difficult consumer economy, GMCR is driving significant top and bottom line growth with innovative products that have tremendous consumer appeal and are positioned at the intersection of quality and value. Our success is driven by the winning combination of our outstanding coffees and the Keurig Single-Cup Brewing System.
Blanford concluded, Looking forward, we are committed to continuing to represent the best of business in terms of our growth and profitability and our ability to make a positive difference in the world. We appreciate and sincerely thank the enthusiastic consumers, as well as our employees and business partners and all our other stakeholders, who make these accomplishments possible.
Fiscal 2009 First Quarter Financial Review