Green Mountain Coffee Sales ClimbGreen Mountain Coffee Sales Climb
January 5, 2004
Green Mountain Coffee Sales Climb
Green Mountain Coffee Roasters Inc. (NASDAQ:GMCR)reported Nov. 20 that for its fiscal year (FY03), ended Sept. 27, sales were upin all channels and a new distribution facility was in the companys future.
Net sales rose to $27.5 million from $21.6 million, while gross marginslipped to 39.7 percent of sales from 41.9 percent. Operating expenses rose to$7.6 million from $7.0 million, and net income saw an increase, to $1.4 million,or $.20 earned per share, from $1.0 million, or $.14 earned per share.
Growth in all four of the companys distribution channels was strong. Thesupermarket channel was up 32.7 percent in pounds of coffee shipped, mainly dueto sales to Wild Oats and Costco. The convenience store channel was up 27.4percent, the office coffee service channel went up 19.5 percent and the foodservice channel grew 29.2 percent, thanks partly to sales to Amtrak.
Of the 15.5 million pounds of coffee sold in FY03, 1.9 million pounds wasFair Trade and organic coffee. I believe weve made a meaningful differencein educating the public about the importance of supporting Fair Trade as well asthe role that companies can play in helping to support communities and protectthe environment, said Robert Stiller, chairman, president and chief executiveofficer.
The company also appointed Frances Rathke as chief financial officer (CFO);she had been interim CFO since April 2003. She was formerly CFO at Ben &Jerrys Homemade and Wild Oats.
The companys future includes adding a new $8.4 million distribution andwarehousing facility to its current plant. It also expects a net sales growth inthe range of 13 percent to 18 percent in FY04.
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