Green Mountain Coffee Roasters Earnings Call Nuggets: Revenue Growth and Outlook
Bryan Spillane – Bank of America Merrill Lynch: Larry, congratulations and all the best as you move on. I’ve got just one point of clarification and one question. Then want to make sure I understand, the revenue growth for 2013 off of the base that includes the 53rd week, is that correct?
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Frances Rathke – CFO: Bryan this is, yes, given $90 million on close to four here, it’s not significant and we’re comfortable with the 15% to 20% including the 53rd week.
Bryan Spillane – Bank of America Merrill Lynch: Including the 53 week in the base, okay.
Frances Rathke – CFO: Just a clarification on the earnings side, we just want to make sure it was apples-to-apples.
Bryan Spillane – Bank of America Merrill Lynch: Then also, is the amortization – you’re expecting more amortization add back next year than you had in this current year?
Frances Rathke – CFO: No. I think in terms of the amortization expense, it will be about the same as – it should be about the same as this year.
Bryan Spillane – Bank of America Merrill Lynch: Then, Larry, just, the question is, as you look forward and your confidence in the 5% to 15% range for competitor – unlicensed competitors within single cup, how much of the barrier to entry is just simply the cost it would cost some competitor to actually install the capacity needed in order to have – there’s a significant or bit of a I guess a moat around the business, just because it’s going to be a significant capital outlay in order to have that much capacity to have much greater share of the single cup market, and just how much of it is your view that at some point, transitioning to the view sort of give you more exclusivity within single cup? I’m just trying to understand how much of your outlook is based on just simply how much capital requirement competitors would have to put in versus your view on transitioning to the new platform?
Larry Blanford – President and CEO: We actually, I believe, have several moats around the business, one certainly being your thoughts on our manufacturing scale and economies of scale and size. And from that perspective, we continue to invest in our equipment, continue to work on increasing efficiencies and throughputs and quality, so just the scale required to serve this business, is continuing to grow significantly, certainly is a factor in our competitive position. I would also say it’s not necessarily as easy to produce these portion packs as it may appear, in other words to produce them in a way that work in a quality way with our brewers and to produce them in a high quantity and a high throughput. Beyond that of course just quickly, I would reference other modes, the 32 brands we now have in the system really differentiates us from any other system that’s out there and I think is certainly a significant competitive advantage. Then of course, as I mentioned, I think in my comments we’re continuing to innovate this Company. The DNA of this Company is innovation. We continue to innovate – if I look at our R&D pipelines they are fulsome and we’re going to continue to bring new products on both the beverage side and on the brewer platform side to market. We’re going to continue to innovate and as we mentioned, the partners that we have in the system that are participating are in a position to leverage that ongoing innovation. So, I think we have a number of modes that help us and give us confidence in our business going forward.