General and administrative expenses decreased $0.3 million, or 3.3 percent, to $7.5 million in the fourth quarter of 2011, from $7.8 million in the fourth quarter of 2010. As a percentage of total net sales, general and administrative expenses decreased to 8.1 percent in the fourth quarter of 2011, compared to 10.0 percent in the fourth quarter of 2010 as the company leveraged fixed costs against higher sales.
The company’s net income attributable to Caribou Coffee Co., Inc. for the fourth quarter of 2011 was $4.9 million or $0.24 per diluted share, compared to $4.3 million, or $0.21 per diluted share, in the same period in 2010. The company ended the quarter with $44.5 million in cash and cash equivalents and no long term debt.
The company’s non-GAAP pro forma net income attributable to Caribou Coffee Co., Inc. in the fourth quarter of 2011 was $2.9 million, or $0.14 per diluted share, compared to a pro forma net income of $2.6 million, or $0.13 per diluted share for the same period in 2010.
Fiscal Year 2012 Outlook
Looking ahead, Caribou Coffee confirmed the following fiscal year 2012 guidance:
- Net sales growth of approximately 10 percent.
- Comparable coffeehouse sales growth of 2 percent to 4 percent.
- Commercial sales growth of approximately 20 percent.
- New coffeehouse unit growth of 55 to 70, of which approximately 20 will be company-owned coffeehouse openings.
- Capital expenditure investments of $13 million to $15 million.
- Diluted earnings per share of $0.48 to $0.51.