GMCR Increases Sales 16 Percent Fiscal Year 2013

Green Mountain Coffee Roasters, Inc. (GMCR) announced its results for the 13 weeks and 52 weeks ended Sept. 28, 2013 with fiscal year 2013 revenues of $4.4 billion, up 16 percent compared to one year ago. GMCR also reported 22 percent revenue growth for the fourth quarter 2013.

“We had a strong end to an excellent year, driven by continued consumer passion for the Keurig brewing system,” said Brian P. Kelley, GMCR's president and CEO, in a prepared statement. “Our 16 percent annual revenue growth and 22 percent revenue growth for the fourth quarter were driven by robust brewer sales and continued portion pack sales momentum. We also continued to deliver solid operating results, growing non-GAAP earnings per share by 56 percent in the fourth quarter and 45 percent for the fiscal year. Importantly, for the year, free cash flow generation of $603 million was nearly eight times last year's $77 million.”

The company's fourth quarter and fiscal year 2012 included an additional week (53rd week) which added approximately $90.0 million in net sales; approximately $11.0 million (net of income taxes of $5.8 million) in net income; and, approximately $0.07 in diluted earnings per share in the fourth quarter and fiscal year 2012. The company has provided both 52 and 53 week comparisons for its fiscal fourth quarter and fiscal year 2013 results but believes the 52-week data reflects a more meaningful comparison for the periods. Comparisons other than free cash flow exclude management's estimates of the impact of the extra week of fiscal year 2012.