Caribou Coffee Co., Inc. Reports 16.1 Percent Sales Gain In Third Quarter
Caribou Coffee Co., Inc., the second largest company-owned premium coffeehouse operator in the U.S. based on the number of coffeehouses, today reported financial results for the third quarter of 2011 (13 weeks ended Oct. 2, 2011).
General and administrative expenses increased $0.4 million, or 4.6 percent, to $7.8 million in the third quarter of 2011, from $7.4 million in the third quarter of 2010. As a percentage of total net sales, general and administrative expenses decreased to 9.5 percent in the third quarter of 2011 from 10.6 percent in the third quarter of 2010, as the company leveraged fixed costs against higher sales.
Depreciation and amortization decreased $0.4 million to $2.7 million during the third quarter of 2011 due to a lower depreciable asset base.
The company’s net income attributable to Caribou Coffee Co., Inc. for the third quarter of 2011 was $1.8, million or $0.09 per diluted share, compared to $1.6 million, or $0.08 per diluted share, in the same period in 2010.
EBITDA was $5.8 million in the third quarter of 2011, compared to EBITDA of $5.3 million in the third quarter of 2010, an improvement of 9.7 percent (EBITDA is a non-GAAP measure.)
The company’s non-GAAP pro forma net income attributable to Caribou Coffee Co., Inc. in the third quarter of 2011 was $1.6 million, or $0.07 per diluted share, compared to a pro forma net income of $1.0 million, or $0.05 per diluted share for the same period in 2010
