Home » Business

Peet’s, Bank of Alameda release Q2 results

Submitted by on 1, July 29, 2009 – 5:50 amOne Comment

prnphotos073949-300x232Peet’s Coffee & Tea is reporting continued good financial news this quarter, posting increased earnings and revenues over the same quarter last year and lower costs.

Company executives also announced a partnership with Godiva to sell and distribute a premium line of the chocolatier’s medium blend and flavored coffees.

Peet’s reported diluted earnings of 26 cents per share, up 24 percent from 21 cents per share the same period in 2008 (and up from 23 cents per share last quarter). Year-over-year net revenues increased 5 percent, to $73.6 million, while costs of sale declined to 44.8 percent of net revenue, from 46 percent. Operating expenses also dropped to 34.8 percent of net revenue, from 35.2 percent a year ago. But administrative and depreciation costs were up.

“I’m very pleased with our performance,” Patrick O’Dea, chief executive officer and president of Peet’s Coffee & Tea, said in a telephone press conference. “In a weak economy, we’re delivering strong earnings per share growth. This is a testament to the strength of our brand, our people, and the infrastructure we’ve built.”

The company ended the quarter with cash and investments worth $20.7 million.

Meanwhile, NorCal Community Bancorp, the parent company of Bank of Alameda, continued to struggle, posting a second quarter net loss of $377,000, or 12 cents per diluted share. That’s compared to a $360,000 gain, or 11 cents a share, during the second quarter of 2008.

For the six months ending on June 30, 2009, the company posted a total loss of $37,000, or one cent per diluted share, compared with earnings of $888,000, or 27 cents per share, a year ago.

The bank attributed the losses to increased loan loss provisions associated with declining real estate values and the state’s poor economy, plus a 178 percent jump in FDIC insurance charges for all banks insured under the program.

As of June 30, the bank’s assets stood at $263.6 million, down from $282.3 million on June 30, 2008. Total deposits decreased to $216.4 million in June, compared to $225.8 million a year earlier. Total loans and leases dropped 5 percent, or $13.8 million, to $239.6 million.

Loan and lease losses stood at 2.83% of total loans and leases at June 30, compared to 1.32% a year earlier. Non-performing loans and other real estate owned were 6.32% of total assets, or $16.7 million.

“The Company is concentrating its efforts to reduce the problem assets either through working with our borrowers to restructure certain loans or the acquisition and eventual sale of the collateral. Each problem credit is looked at on a case by case basis with every effort being afforded to maximize repayment and minimize losses,” Stephen G. Andrews, the bank’s president and chief executive officer, said in a company press release.

The company remains “well capitalized” under federal guidelines, the release said.

The bank restated its first quarter results and results for all of 2008 this past May.

One Comment »

  • Jack B. says:

    PEET opened for trading today more than a buck and a half… has recovered but still down 2.5% at 26.56 today. Their high of the year was 30.42 in early June and their lowest recent price was 17.79 last November. Their all-time high was 37.28 in July 2005.

Leave a comment!

Add your comment below, or trackback from your own site. You can also subscribe to these comments via RSS.

Be nice. Keep it clean. Stay on topic. No spam.

You can use these tags:
<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

This is a Gravatar-enabled weblog. To get your own globally-recognized-avatar, please register at Gravatar.