Green Mountain Coffee Roasters reports third quarter 2012 results, repurchase of $500 million in shares

first_img(28,914) 0.05 $0.46 $(7.4) June 25, 2011 – Acquisition-related expenses (1) $144,199 23,827 $717.2 $129.7 $271,465 * Does not sum due to rounding. 25,885 95%Finished goods 9%Net Income: Net income per common share – basic ($ in millions) – (535) 21% Selling and operating expenses $44,174 (27)%Total Net Sales – Gross profit $149.1 $1.75 Thirty-nine 29,175 Loss on extinguishment of debt (3) % Increase 399,841 Total current liabilities $3,337,130 $417.5 Thirteen weeks ended Loss on extinguishment of debt (3) 291,096 $409.1 $ Increase % Increase 19,514 149,357,480 $90.0 Gain on foreign currency, net Thirty-nine weeks ended June 25, 2011 Excess tax benefits from equity-based compensation plans 119,310 $313.5 Deferred income taxes, net 9%Non-GAAP Assets 215,153 1,959,509 (34.3) Receivables GAAP 3,032 Other current liabilities 0.05 471,875 $0.83 (233)Loss on financial instruments, net (1) 0.00 $2,912,462 1,534,166 -110 bpsLower warranty expense Stockholders’ equity: – 60 bpsGAAP operating margin of 14.9% of net sales in the third quarter of fiscal year 2012 decreased from 16.6% in the prior year period as a result of the lower gross margin.Non-GAAP operating margin, which excludes $3.0 million in expenses associated with the SEC inquiry and pending litigation in the quarter, as well as$11.5 million in amortization of identifiable intangibles related to the Company’s acquisitions, was 16.6% of net sales in the third quarter of fiscal year 2012 compared to 18.4% in the prior year period.The Company’s effective income tax rate was 39.6% for the third quarter of fiscal year 2012 as compared to a 35.8% effective tax rate for the prior year period. The increase is attributable to the extension of the 2011 Federal R&D credit in the third quarter of the prior year and lower stock option activity in the current quarter.Diluted weighted average shares outstanding as of the end of the third quarter of fiscal year 2012 increased to 159.3 million from 153.3 million from the prior year period.Balance Sheet & Cash Flow Highlights”We are pleased with the strength of our balance sheet including our low debt ratio,” said Frances G. Rathke, GMCR’s Chief Financial Officer. “As part of our ongoing efforts to drive efficiencies in our single-serve pack inventory management and distribution, we have reduced our forward-weeks coverage on hand from our fiscal second quarter.””Our higher overall inventory dollar balance in the third quarter of fiscal 2012 compared to the same period in fiscal 2011 is largely driven by increases in Keurig® brewer finished goods resulting from expected first quarter fiscal 2013 holiday demand,” continued Rathke. “In order to ensure brewer availability on retail shelves for the holiday season, all of our anticipated holiday brewer units must be on hand in North America by early October, leading to brewer and accessories inventory build beginning in our fiscal third quarter and continuing into our fiscal fourth quarter.” – June 23, 0.10 June 25, (12,449) 9%Diluted Income Per Share: 482 June 25, $129,728 Non-GAAP net income 25%Non-GAAP Income tax payable $174.2 579,219 $152.0 – 34,496 – $667.0 Financing costs in connection with public equity offering $123.4 60%Raw materials & supplies – 33.7 $126.1 $9,271 $153.0 Amortization of identifiable intangibles (3) $125,227 Expenses related to SEC inquiry (1) 496,793 $46.1 Unrealized gain of foreign currency $1.70 $424.0 Basic income per share: 0.15 $(12.8) 27,184 (907,835)Proceeds from sale of subsidiary, net of cash transferred $127.3 Cash flows from investing activities: $56,970 (13,728) (461) Net income per common share – diluted $301.5 8,392 112 796,375 Adjustments to reconcile net income to net cash provided by operating activities: 2012 $3,337,130 $1,939,016 (827) Additional paid-in capital $485.4 Diluted income per share 16%Inventories 26,311 $717,210 Accumulated other comprehensive income (loss) (45,821)Repayment of long-term debt 43,646 2,214,882 (31,778)Net Income weeks ended Thirteen weeks ended June 23, 2012 June 23, Current liabilities: $3.5 2011 25,533 Change in restricted cash 2012 Thirty-nine weeks ended June 23, 2012 13,198 453,130 92.1 $95.6 Thirteen (29,175)Deferred income taxes $0.38 % Increase (Decrease)Net Sales (6,231) 28,603 (7)Proceeds from borrowings of long-term debt 89,221 Accrued compensation costs +60 bpsOther 0.07 47,759 Expenses related to SEC inquiry (1) Gain on sale of subsidiary, excluding transaction costs N/A(*)Free cash flow is calculated by subtracting capital expenditures for fixed assets from net cash provided by operating activities as reported in the unaudited statement of cash flows. Non-GAAP operating income 37,913 (4,255) (4,956)Loss on disposal of fixed assets Thirteen weeks ended June 25, 2011 121,764 153,344,389 (608) weeks ended 19,341 5,593 Amortization of identifiable intangibles (2) 1,288,481 (14,575)Total stockholders’ equity Gross profit 650,535 Net income attributable to noncontrolling interests 29,587 $6,669 Basic weighted average shares outstanding $0.37 (59,130) 23,658 Thirty-nine weeks ended June 23, 2012 (208,678) Diluted income per share: $70.8 224 $0.52 71,737 $36.5 (981)Interest expense weeks ended $869,194 986,183 weeks ended $243.0 229 $75,747 Non-GAAP net income Thirteen weeks ended  June 25, 2011 (Decrease)Cash and cash equivalents 1,759 1,499,616 (78,171)Net Income Proceeds from notes receivable $119,310 Net change in revolving line of credit Total liabilities and stockholders’ equity Net Sales by Product Deferred financing fees 370,445 Amortization deferred financing fees 27,523 Other current liabilities Deferred income taxes, net Operating income Loss on extinguishment of debt (4) (6,157) Redeemable noncontrolling interests $300.6 $0.86 GAAP Approximately 89% of consolidated third quarter fiscal year 2012 net sales were from sales of Keurig® Single Cup Brewers, single-serve packs, andKeurig®-related accessories, with the remainder of net sales consisting primarily of sales of bagged coffee and sales from the office coffee services business.The increase in single-serve pack sales was driven by a 28 percentage point increase in sales volume and a 3 percentage point increase in K-Cup® pack net price realization due primarily to price increases implemented during fiscal 2011 to offset higher green coffee and other input costs.GMCR sold 1.4 million Keurig® Single Cup Brewers during the third quarter of fiscal year 2012. This brewer shipment number does not account for consumer returns.The Company estimates that the combination of brewer shipments from GMCR and its licensed partners resulted in shipments of 1.5 million Keurig® Single Cup Brewers in the third quarter of fiscal year 2012.The third fiscal quarter’s net sales included $20.0 million of sales of new Vue® brewers and Vue® packs. According to data from The NPD Group, Vue® brewer sales were more than two times that of other coffee and espresso makers in its price category in the quarter ending June 2012.Other products and royalties declined year-over-year primarily as a result of the sale of the Filterfresh on October 3, 2011.Operating MetricsIn the third quarter of fiscal 2012, gross margin declined to 34.9% from 36.8% in the prior year period.The decline compared to the prior year period was due in part to under-utilization of the Company’s manufacturing base as a result of lower than expected manufacturing through-put primarily due to lower K-Cup® pack demand and lower-than-planned production levels. An increase in single-serve pack obsolescence also adversely impacted gross margin in the quarter.These adverse impacts were partially offset by the single-serve pack net price realization from price increases taken in fiscal 2011 to offset higher green coffee and other input costs experienced in fiscal 2011 and the first half of fiscal 2012, as well as by a decrease in green coffee costs in the third quarter of fiscal 2012 compared to the prior year period.The following table quantifies the changes in gross margin period to period: Thirteen weeks ended June 23, 2012 Cost of sales Other income (expense), net Represents direct acquisition-related expenses of $10.6 million ($9.8 million after-tax); the write-off of deferred financing expenses as part of new debt financing of$2.6 million ($1.6 million after-tax); and the foreign exchange impact of hedging the risk associated with the Canadian dollar purchase price of the Van Houtte acquisition of $5.3 million ($4.0 million after-tax). In addition, the Company recognized a $2.1 million tax expense related to the reversal of nondeductible acquisition-related expenses incurred during the Company’s fourth quarter of fiscal 2010 and a $3.0 million tax benefit related to the reversal of certain nondeductible acquisition-related expenses incurred during the Company’s fourth quarter of fiscal 2010 and the first quarter of fiscal 2011 that were deemed deductible in accordance with tax regulations enacted in the second quarter of fiscal 2011. This combined tax affect was reversed for purposes of this non-GAAP table.(2) (18,662) 11,027 2,315 Cash distributions to redeemable noncontrolling interests shareholders Loss on extinguishment of debt (118,113)Income tax receivable/payable, net Acquisition-related expenses (1) Interest expense (11,552)Accounts payable (16,685) 10,096 GREEN MOUNTAIN COFFEE ROASTERS, INC.Unaudited Consolidated Statements of Operations(Dollars in thousands except per share data) 126.4 38 116%Packaging & other raw materials Net sales Thirty-nine (3)%Thirty-nine weeks cash provided by operating activities Loss on financial instruments, net Unrealized loss on financial instruments, net 155,071,117 Change in cash balances included in current assets held for sale (158)Net cash used in investing activities 139.1 Expenses related to SEC inquiry (2) Diluted income per share: Diluted weighted average shares outstanding (11,819)Gain on foreign currency, net $869.2 GREEN MOUNTAIN COFFEE ROASTERS, INC.Unaudited Consolidated Balance Sheets(Dollars in thousands) $1.70 Net sales (52,560)Income before income taxes -320 bpsNet price realization September 24, Represents the write-off of debt issuance costs and original issue discount, net of tax, primarily associated with the extinguishment of the Term B loan under the Credit Agreement. – – Non-GAAP operating income Cash and cash equivalents $0.83 11,794 Restricted cash and cash equivalents $125,227 GREEN MOUNTAIN COFFEE ROASTERS, INC.Unaudited Consolidated Statements of Operations(Dollars in thousands except per share data) June 25, 265,862 189,637 Inventories 667,005 262,201 Income taxes receivable Tax benefit from exercise of non-qualified options and disqualified dispositions of incentive stock options 4,401 Long-term assets held for sale 1,164 13,811 $717.2 789,305 (1,082,070) Income tax expense Acquisition of LJVH Holdings, Inc. (Van Houtte), net of cash acquired $12,989 $0.49 1,159,171 Represents the write-off of debt issuance costs and original issue discount, net of tax, primarily associated with the extinguishment of the Term B loan under the Credit Agreement.(5) – 846,323 (198,836) Thirty-nine weeks ended June 23, 2012 15,553 $270,741 Goodwill 21,034 2012 1,131,527 $183.5 – 253,546 117,982 474 Total assets Operating income General and administrative expenses 6,464 4,014 Net income per common share – diluted $174.7 2,996 $103.0 $0.49 Acquisition-related expenses (1) 933 (1) June 23, 12,449 108,085 Diluted weighted average shares outstanding $106.8 77,626 9,617 Deferred income taxes, net Operating income 243 Just after the stock market closed Wednesday, Green Mountain Coffee Roasters, Inc, (GMCR) (NASDAQ: GMCR) announced its third quarter fiscal year 2012 results for the thirteen and thirty-nine weeks ended June 23, 2012. It also announced that its board had authorized a $500 million share repurchase. Against the third quarter of 2011, Q3 2012 sales were $869.2 million, or 21 percent greater and net income per share was 46 cents, an increase of 25 percent from last year. The stock is near its 52-week low ($17.11/$115.98) as it finished the day at $17.91, down 35 cents or $1.92 percent. Shares were up by early Thursday to $22.74, a gain of $4.82 from Wednesday’s close (+26.93%). GMCR also announced that Norman H Wesley, former CEO and Chairman of Fortune Brands, Inc, has joined its Board of Directors. 28,072 34,613 Current liabilities related to assets held for sale June 23, 9,828 $0.37 $119.3 Thirty-nine weeks ended June 25, 2011 Amortization of identifiable intangibles (3) 11,027 $152.6 41%Brewers & accessories 212,101 425,159 Other long-term liabilities 55,601 120,583 $0.37 49,134 (29,830)Income before income taxes – Other income (expense), net 45,598 92,120 34,496 143,606,691 $173,639 2011 Common stock, $0.10 par value: Authorized – 500,000,000 shares; Issued and outstanding – 155,526,602 and 154,466,463 shares atJune 23, 2012 and September 24, 2011, respectively Provision for doubtful accounts 952,953 $73,520 -120 bpsFavorable green coffee costs $26.9 411,727 678,891 Long-term debt and capital lease obligations $138,988 2011 575,969 Other investing activities $464,466 (906,708)Net cash (used in) provided by financing activities June 23, 2012 $3,197,887 11,541 Total current assets $869.2 2011 Thirty-nine June 23, 6%EBITDA – LTM(*) 513 $421.9 Cash flows from operating activities: Net income *$1.16 Other long-term assets Represents the amortization of intangibles related to the Company’s acquisitions classified as general and administrative expense.(3) General and administrative expenses $265.9 50,176 Cash and cash equivalents at beginning of period Thirteen weeks ended June 25, 2011 – weeks ended 4,538 2,103 Change Q3 2011 to Q3 2012Manufacturing base under-utilization Non cash financing and investing activities: 3,343 $0.46 15,447 43,260 4 32%Other Products and Royalties $262,201 $75.7 – $280,603 – (167,680) After tax: 83,170 48,755 ($ in millions except earnings per share) $56.3 $309,554 9,577 Operating income Gain on sale of subsidiary June 23, $ Increase (214) 264,080 $3,197,887 799 $82.2 1,912,215 1,231 Changes in assets and liabilities, net of effects of acquisition: Thirteen weeks ended June 23, 2012 (58,229)Inventories 73%Single-serve packs Principal payments under capital lease obligations 4,643 Deferred compensation and stock compensation 129,728 (1,106)Accrued expenses (7)%Other $0.52 Current assets held for sale $270,741 2012 Expenses related to SEC inquiry (2) 203,398 Receivables, less uncollectible accounts and return allowances of $39,389 and $21,407 at June 23, 2012 and September 24, 2011, respectively Net income attributable to GMCR 2,889 12,054 $23.4 Represents the gain recognized on the sale of Filterfresh, net of income taxes of $9.6 million. (2,388)Other long-term liabilities Gain on sale of subsidiary (5) 14,524 Net cash provided by operating activities Cash flows from financing activities: Net income attributable to noncontrolling interests (702)Proceeds from issuance of common stock in public equity offering 125,999 (163,949) Diluted income per share +110 bpsVue®-related impact 240 449 $488.2 $182.7 672,248 137,733 (5,068) Proceeds from issuance of common stock under compensation plans 159,299,578 (175,474)Proceeds from disposal of fixed assets 340 Selling and operating expenses 7,810 – – 19,732 36,231 0.03 2011 Proceeds from issuance of common stock for private placement 21%Operating Income: 2012 Loss on extinguishment of debt (4) Accrued expenses weeks ended 2011 ($ in millions) “Our third quarter results demonstrate continued business strength and solid fundamentals, particularly in light of the robust comparable quarter we reported in the year ago period,” said Lawrence J Blanford, GMCR’s President and CEO. “Our Keurig® Single Cup Brewing system continues to revolutionize the way North Americans prepare and consume their single-serve beverages and our proven ability to grow consumer awareness and demand for the system has enabled us to deliver extraordinary results over the past five years.””As we become larger, however, our sales growth trajectory will understandably moderate from hyper-growth to a level more in-line with other successful growth businesses,” continued Blanford. “Based upon our current analysis of business fundamentals and the single-serve opportunity, we believe we will deliver annual sales growth in the range of 15% to 20% with annual earnings growth in the mid-teens over the longer term.”Board Authorized Share RepurchaseGMCR’s Board of Directors has authorized the Company to repurchase up to $500.0 million of its common shares over the next two years, at such times and prices as determined appropriate by the Company’s management in collaboration with the Board of Directors. The shares will be purchased with cash on hand, cash from operations, and funds available through our existing credit facility.”Based on expectations for future growth and the Company’s ability to generate meaningful free cash flow in 2013 and 2014, the Board of Directors has decided to strategically deploy its capital by authorizing the repurchase of common shares from time to time depending on market conditions,” said Michael J. Mardy, Interim Chairman of GMCR’s Board of Directors. Amortization of intangibles 529,494 $638.0 673,048 Capital expenditures for fixed assets $124,132 (25,685)Excess tax benefits from equity-based compensation plans 159,364,440 (0.10) (37,895) 0.07 565,883 91,032 (3,909) Fixed Assets acquired under capital lease obligations/vendor notes 15%Debt outstanding and capital lease obligations 791,197 2,371 Net income attributable to GMCR Other current assets Expenses related to SEC inquiry (1) 7,686 $714.9 (8,248) $390.8 $34,293 Liabilities and Stockholders’ Equity Net increase in cash and cash equivalents 134,788 $124,132 Amortization of identifiable intangibles (2) 12,989 23,812 Cash and cash equivalents at end of period $144.2 – Thirty-nine Business Outlook and Other Forward-Looking InformationCompany Estimates for Fourth Quarter and Fiscal Year 2012In its guidance for its fourth quarter (which contains 14 weeks), the Company refined estimates for its fiscal year 2012.For the fourth quarter of fiscal year 2012, the Company anticipates:Total net sales in the range of $889.9 million to $925.5 million, or net growth of 25% to 30%, from $711.9 million in the fourth quarter of fiscal year 2011.Fourth quarter 2012 non-GAAP earnings per diluted share in a range of $0.45 to $0.50 per diluted share, excluding any acquisition-related transaction expenses; legal and accounting expenses related to the SEC inquiry and the Company’s pending litigation; amortization of identifiable intangibles related to the Company’s acquisitions; and any impact from anticipated Company share repurchases.We anticipate the fiscal 2012 fourth quarter tax rate to be similar to the 37.7% year to date tax rate. Last year’s fourth quarter tax rate was 23.7% primarily attributable to the release of valuation allowances related to a $17.7 million capital loss carryforward and a $5.4 million net operating loss carryforward in the fourth quarter of fiscal 2011.For its fiscal year 2012, the Company anticipates:Total net sales in the range of $3.79 billion to $3.84 billion, or net growth of 43% to 45%, from $2.65 billion in fiscal year 2011.Fiscal year 2012 non-GAAP earnings per diluted share in a range of $2.21 to $2.26 per diluted share, excluding approximately $0.20 per share due to the amortization of identifiable intangibles related to the Company’s acquisitions; any acquisition-related transaction expenses; legal and accounting expenses related to the SEC inquiry and the Company’s pending litigation; any gain from the sale of the Filterfresh business; and any impact from anticipated Company share repurchases.Capital expenditures in the range of $475 to $525 million, down from prior estimates of $525 to $575 million.Slightly negative free cash flow for fiscal 2012.Company Outlook for Fiscal Year 2013The Company provided its outlook for its fiscal year 2013:Total net sales growth in the range of 15% to 20% over fiscal 2012.Fiscal year 2013 non-GAAP earnings per diluted share in a range of $2.55 to $2.65 per diluted share, excluding approximately $0.18 per share due to the amortization of identifiable intangibles related to the Company’s acquisitions; any acquisition-related transaction expenses; legal and accounting expenses related to the SEC inquiry and the Company’s pending litigation; and, any impact from anticipated Company share repurchases.Capital expenditures in the range of $380 million to $430 million.Free cash flow in the range of $100 million to $150 million.Use of Non-GAAP Financial MeasuresIn addition to reporting financial results in accordance with generally accepted accounting principles (GAAP), the Company provides non-GAAP operating results that exclude certain charges or credits such as transaction expenses related to the Company’s acquisitions including the foreign exchange impact of hedging the risk associated with the Canadian dollar purchase price of the Van Houtte acquisition; any gain from sale of the Filterfresh U.S.-based coffee services business; legal and accounting expenses related to the SEC inquiry and pending litigation; and non-cash related items such as amortization of identifiable intangibles and losses incurred on the extinguishment of debt, each of which include adjustments to show the tax impact of excluding these items. These amounts are not in accordance with, or an alternative to, GAAP. The Company’s management believes that these measures provide investors with transparency by helping illustrate the underlying financial and business trends relating to the Company’s results of operations and financial condition and comparability between current and prior periods. Management uses the measures to establish and monitor budgets and operational goals and to evaluate the performance of the Company. Please see the “GAAP to Non-GAAP Reconciliation of Unaudited Consolidated Statements of Operations” tables that accompany this document for a full reconciliation the Company’s GAAP to non-GAAP results.Conference Call and WebcastGreen Mountain Coffee Roasters, Inc. will be discussing these financial results with analysts and investors in a conference call and live webcast available via the Internet at 5:00 p.m. ET today, August 1, 2012. Management’s prepared remarks on its quarterly results will be provided via a Current Report on Form 8-K and also posted under the events link in the Investor Relations section of the Company’s website at www.GMCR.com(link is external). As a result, the conference call will include only brief remarks by management followed by a question and answer session. The call along with accompanying slides is accessible via live webcast from the events link in the Investor Relations portion of the Company’s website at http://investor.gmcr.com/events.cfm(link is external). The Company archives the latest conference call for a period of time. A replay of the conference call also will be available by telephone at (719) 457-0820, Passcode 5540931 from 9:00 p.m. ET on August 1, 2012 through 9:00 p.m. ET on Sunday, August 5, 2012.About Green Mountain Coffee Roasters, Inc.As a leader in specialty coffee and coffee makers, Green Mountain Coffee Roasters, Inc. (GMCR) (NASDAQ: GMCR), is recognized for its award-winning coffees, innovative Keurig® Single Cup brewing technology, and socially responsible business practices. GMCR supports local and global communities by offsetting 100% of its direct greenhouse gas emissions, investing in sustainably-grown coffee, and donating a portion of its pre-tax profits to social and environmental projects.GMCR routinely posts information that may be of importance to investors in the Investor Relations section of its website, including news releases and its complete financial statements, as filed with the SEC. The Company encourages investors to consult this section of its website regularly for important information and news. Additionally, by subscribing to the Company’s automatic email news release delivery, individuals can receive news directly from GMCR as it is released.Forward-Looking StatementsCertain information contained in this release, including statements concerning expected performance such as those relating to net sales, earnings, cost savings, acquisitions and brand marketing support, are “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934. Generally, these statements may be identified by the use of words such as “may,” “will,” “would,” “expect,” “should,” “anticipate,” “estimate,” “believe,” “forecast,” “intend,” “plan” and similar expressions intended to identify forward-looking statements. These statements may relate to: the expected impact of raw material costs and our pricing actions on our results of operations and gross margins, expected trends in net sales and earnings performance and other financial measures, the expected productivity and working capital improvements, the ability to maximize or successfully assert our intellectual property rights, the success of introducing and producing new product offerings, ability to attract and retain senior management, the impact of foreign exchange fluctuations, the adequacy of internally generated funds and existing sources of liquidity, such as the availability of bank financing, the expected results of operations of businesses acquired by us, our ability to issue debt or additional equity securities, our expectations regarding purchasing shares of our common stock under the existing authorizations, and the impact of the inquiry initiated by the SEC and any related litigation or additional governmental inquiry or enforcement proceedings.These and other forward-looking statements are based on management’s current views and assumptions and involve risks and uncertainties that could significantly affect expected results. Results may be materially affected by external factors such as damage to our reputation or brand name, business interruptions due to natural disasters or similar unexpected events, actions of competitors, customer relationships and financial condition, the ability to achieve expected cost savings and margin improvements, the successful acquisition and integration of new businesses, fluctuations in the cost and availability of raw and packaging materials, changes in regulatory requirements, and global economic conditions generally which would include the availability of financing, interest, inflation rates and investment return on retirement plan assets, as well as foreign currency fluctuations, risks associated with our information technology systems, the threat of data breaches or cyber-attacks, and other risks described in the Company’s filings with the Securities and Exchange Commission.Actual results could differ materially from those projected in the forward-looking statements. The Company undertakes no obligation to update or revise publicly, any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.GMCR-C Net income attributable to GMCR $26,970 5,160 622 157,349 June 25, 18,258 $56,348 Supplemental disclosures of cash flow information: $43.9 471,374 724 $42.3 $138,988 Third Quarter Fiscal Year 2012 Performance Highlights – Depreciation Net income attributable to GMCR Thirty-nine weeks ended June 25, 2011 Other long-term assets, net – 147,663,350 Cost of sales 98 $73,296 Current portion of long-term debt and capital lease obligations Represents the amortization of intangibles related to the Company’s acquisitions classified as general and administrative expense.(4) 155,459,690 Thirteen 310,321 488,182 7,876 7,859 $271,465 15,341 83%Note: Complete GAAP to Non-GAAP reconciliation tables provided with this release.(*) EBITDA is earnings before interest, taxes, depreciation, and amortization. LTM is last twelve months. Other current assets Current assets: 4,643 31%Brewers and Accessories 174,708 Basic income per share: GREEN MOUNTAIN COFFEE ROASTERS, INC.Unaudited Consolidated Statements of Cash Flows(Dollars in thousands) (305,532) After tax: After tax: 4,811 +250 bpsIncrease in obsolescence 421 $- Fixed asset purchases included in accounts payable and not disbursed at the end of each period – 7,671 $116.9 Retained earnings 2,084 $1.76 11,475 Represents legal and accounting expenses related to the SEC inquiry and pending litigation classified as general and administrative expense.(2) (48,244) Amortization of identifiable intangibles (2) GREEN MOUNTAIN COFFEE ROASTERS, INC.GAAP to Non-GAAP Reconciliation(Dollars in thousands, except per share data) Amortization of identifiable intangibles (3) Net income per common share – basic 40%Accounts receivable, net $425,159 GREEN MOUNTAIN COFFEE ROASTERS, INC.GAAP to Non-GAAP Reconciliation(Dollars in thousands, except per share data) 2012 108%Coffee 10,573 850 4,442 7,193 30%Non-GAAP $131,903 29,587 Fixed assets, net Accounts payable $131.9 Income tax expense $73.3 June 25, 1,095 (Decrease) $73,296 – Effect of exchange rate changes on cash and cash equivalents Preferred stock, $0.10 par value: Authorized – 1,000,000 shares; No shares issued or outstanding Expenses related to SEC inquiry (2) Accrued compensation costs – Balance Sheet & Cash Flow Highlights – $(0.8) $76,138 $82,931 Intangibles, net $56,348 Non-GAAP net income per share 105.4 Commitments and contingencies (5,024) $229.4 (Decrease)Single-Serve Packs – (Decrease) $82.9 Basic weighted average shares outstanding 165,835 303,311 – Long-term liabilities related to assets held for sale GAAP 0.02 88,748 $0.47 265,511 Gain on sale of subsidiary (5) 95,512 Provision for sales returns 0.13 Third Quarter Fiscal Year 2012 Financial ReviewNet Sales 0.01 – Non-GAAP net income per share $0.46 49,258 $249.5 179%Thirty-nine weeks free cash flow (*) (513) Represents legal and accounting expenses related to the SEC inquiry and pending litigation classified as general and administrative expense.(3) After tax: 1,589 435,414 Source: Green Mountain Coffee Roasters, Inc.  WATERBURY, Vt.–(BUSINESS WIRE) 8.1.2012last_img