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NG Advantage closes first round of equity financing

first_imgNG Advantage LLC,NG Advantage LLC has announced the initial closing of its first round of outside equity investment. With its Milton, VT natural gas compressor station online and customer deliveries beginning soon, this investment enables NG Advantage to grow quickly to provide the economic and environmental benefits of natural gas to more companies across New England and New York. Support came from an accomplished group of investors with broad experience in the natural gas industry, clean energy development, and disruptive technology across many sectors of the economy.Investors include Essex Flagship Investors Group, a private investment firm based in Boston comprised of senior professionals with extensive experience investing in, developing, and managing operating businesses in the energy sector. The firm is affiliated with Essex Hydro Associates and Flagship Energy Partners whose principals have a deep knowledge of the North American natural gas infrastructure and end user markets.Another key investor is Dr David Donohue, a Boston-based developer of US underground gas storage facilities and founder of IHRDC, the worldwide leader in knowledge, training, and competency development for the oil and gas industry. Dr. Donohue noted that NG Advantage is ‘ facing a great opportunity’ to advance innovation in the natural gas sector.Members of the Clean Energy Venture Group, an investment group that provides seed capital and management expertise to early stage clean energy companies, provided additional investments.”Clean Energy Venture Group is pleased to have participated in the recent capital raise by NG Advantage,’ said Steve Kaufman, a partner in Clean Energy Venture Group. ‘ As one of the most active early stage clean energy investment groups with a New England focus, we strongly believe that NG Advantage’s environmental and regional economic benefits will have a material impact by reducing emissions from fuel oil usage and helping industries geographically removed from gas pipelines take advantage of lower energy costs.”Experienced bankers and high tech venture capitalists, using their own funds, also invested in this round.‘ These resources will allow us to bring cheaper, cleaner natural gas to businesses, improving both their bottom line and their environmental footprint,’ said Neale Lunderville, NG Advantage Chief Executive Officer. ‘ These funds position NG Advantage to grow quickly to deliver the benefits of natural gas beyond the pipeline to large energy users around New England and New York. Work is underway for continued expansion later this year.’Seasoned entrepreneurs Tom and Mary Evslin founded the company in 2011 and Tom Evslin remains Chairman of NG Advantage. ‘ We are deeply gratified with the strong support from these outside investors,’ said Evslin. ‘ Their experience across a range of industries will be critical to NG Advantage’ s success.’About NG Advantage LLC: NG Advantage is the leading compressed natural gas (CNG) delivery service in the U.S., bringing the economic and environmental benefits of North American natural gas to enterprise customers without access to a pipeline. With customer contracts signed, its Milton, VT compressor station online, and TITAN trailers from Lincoln Composites ready to go, the Company will begin deliveries in March 2013. The Company’ s customers are located across New England. Beginning in mid-2013, the Company will add other compressor stations throughout the region.NG Advantage compresses natural gas from an existing pipeline into specialized containers and delivers it via public highways ‘ a virtual pipeline ‘ directly to large industrial, commercial, and institutional users, providing them with cheaper, cleaner, and safer fuel. NG Advantage saves customers 30-40% on energy bills annually, reduces their CO2 emissions by 26%, and virtually eliminates harmful pollutants like sulfur dioxide and nitrous oxides.NG Advantage LLC. MILTON, Vt.–(BUSINESS WIRE)–3.11.2013last_img read more

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Planned Parenthood Action Fund Pac settles with the state over 2010 ads against Dubie

first_imgThe State of Vermont has reached a settlement with Planned Parenthood of Northern New England Action Fund (’PPNNE Action Fund’) after investigating a campaign finance complaint regarding its activities in the 2010 general election cycle. PPPNNE Action Fund will pay a penalty of $30,000.The investigation focused on allegations by Let Vermont Vote that PPNNE Action Fund had failed to comply with political committee reporting requirements and other campaign finance laws. During the 2010 gubernatorial campaign, PPNNE Action Fund spent about $119,000 on political advertisements advocating against Brian Dubie and received contributions from individual donors in amounts greater than $2,000. Thus, it qualified as a political committee. PPNNE Action Fund should have registered and filed reports of its campaign finances with the Secretary of State. In addition, as a PAC, it could not accept contributions in excess of $2,000 from any one donor.In response to the investigation, PPNNE Action Fund claimed it was an independent-expenditure-only PAC and should be exempt from contribution limits under the Attorney General’s enforcement policy announced in July 2012. Independent expenditures are ones that are not made directly to candidates or coordinated with them.In considering a possible contribution limit violation, the State did not find any evidence that PPNNE Action Fund coordinated campaign advertising with the Shumlin campaign. However, Planned Parenthood operated a PAC called PPNNE VT-PAC, which has made direct contributions to candidates in other elections. The State contended that a full examination of the operations of PPNNE Action Fund and PPNNE VT-PAC would reveal significant overlap in their planning, activities, and finances, which would establish that PPNNE Action Fund did not make only independent political expenditures. PPNNE disputed the State’s contention. To avoid the burden and expense of an examination of its operations, PPNNE Action Fund chose to settle this matter.‘All PACs must file campaign finance reports, and donors may not give a PAC more than $2,000 in contributions. Only independent-expenditure PACs are currently excused from this contribution limit,’ said Attorney General William Sorrell. ‘A PAC must demonstrate that it makes only independent expenditures in order to qualify for this exception. Otherwise, the PAC will continue to be subject to Vermont’s contribution limits,’ explained Attorney General Sorrell.Vermont Attorney General, November 19, 2013‘last_img read more

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Green Mountain Coffee Roasters reports Q4 and FY 2013 results

first_imgGreen Mountain Coffee Roasters, Inc, (NASDAQ: GMCR) Wednesday announced after the markets closed its results for the 13 weeks and 52 weeks ended September 28, 2013. Its shares, which have slipped in recent months after a 52-week high reached in August ($27.54 – $89.66), were up shortly after the announcement in after-hours trading. Shares had closed the day at $61.83, up 40 cents. After the announcement, shares edged up toward $63. By opening Thursday, shares were just over $66. GMCR also announced that it would buy back another $1 billion shares and would institute a 25-cent quarterly dividend.See related story on stock repurchase and divident here.See Yahoo report here.Performance Highlights’ Fiscal Year 2013 Revenue of $4.4 billion, Up 16% vs. Year Ago (52-to-52 weeks)Fiscal Year 2013 Free Cash Flow of $603 millionFiscal Year 2013 GAAP EPS of $3.16Fiscal Year 2013 Non-GAAP EPS of $3.39, Up 45% vs. Year Ago (52-to-52 weeks)Fourth Quarter Revenue of $1.0 billion up 22% vs. Year Ago (52-to-52 weeks)Fourth Quarter GAAP EPS of $0.83Fourth Quarter Non-GAAP EPS of $0.89, Up 56% vs. Year Ago (52-to-52 weeks)”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. “Our 16% annual revenue growth and 22% 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% in the fourth quarter and 45% for the fiscal year. Importantly, for the year, free cash flow generation of $603 million was nearly eight times last year’s $77 million.”**Please note that 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’ $0.07’ in diluted earnings per share in the fourth quarter and fiscal year 2012. The Company has provided both 52 and 53 week comparisons for its fiscal fourth quarter and fiscal year 2013 results but believes the 52-week data reflects a more meaningful comparison for the periods. Comparisons other than free cash flow exclude management’s estimates of the impact of the extra week of fiscal year 2012.Fiscal Year 2013‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ($ in millions except earnings per share)‘ ‘ Fifty-two weeks Ended‘ ‘ Fifty-three weeks Ended‘ ‘ ‘ ‘ ‘ Fiscal 2012 as adjusted(1)‘ ‘ ‘ ‘ ‘ ‘ Sept 28, 2013‘ ‘ Sept 29, 2012‘ ‘ % Increase‘ ‘ Fifty-two weeks‘ ‘ % IncreaseNet sales‘ ‘ $4,358.1‘ ‘ $3,859.2‘ ‘ 13%‘ ‘ $3,769.2‘ ‘ 16%Operating income:‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ GAAP‘ ‘ $765.2‘ ‘ $568.9‘ ‘ 35%‘ ‘ ‘ N/A‘ ‘ N/A‘ Non-GAAP‘ ‘ $815.5‘ ‘ $621.6‘ ‘ 31%‘ ‘ $604.8‘ ‘ 35%Net income:‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ GAAP‘ ‘ $483.2‘ ‘ $362.6‘ ‘ 33%‘ ‘ ‘ N/A‘ ‘ N/A‘ Non-GAAP‘ ‘ $517.6‘ ‘ $381.6‘ ‘ 36%‘ ‘ $370.6‘ ‘ 40%Diluted income per share:‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ GAAP‘ ‘ $3.16‘ ‘ $2.28‘ ‘ 39%‘ ‘ ‘ N/A‘ ‘ N/A‘ Non-GAAP‘ ‘ $3.39‘ ‘ $2.40‘ ‘ 41%‘ ‘ $2.33‘ ‘ 45%(1)Management’s estimates of fiscal year 2012’s 53rd week’s financial results are not included in the calculation of the 52-week period, as adjusted.Note: Complete GAAP to Non-GAAP reconciliation tables provided with this release.Fourth Quarter 2013‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ Thirteen weeks Ended‘ ‘ Fourteen weeks Ended‘ ‘ ‘ ‘ ‘ Q4 2012‘ ‘ ‘ ($ in millions except earnings per share)‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ as adjusted(1)‘ ‘ ‘ ‘ ‘ ‘ Sept 28, 2013‘ ‘ Sept 29, 2012‘ ‘ % Increase‘ ‘ Thirteen weeks‘ ‘ % IncreaseNet sales‘ ‘ $1,047.2‘ ‘ $946.7‘ ‘ 11%‘ ‘ $856.7‘ ‘ 22%Operating income:‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ GAAP‘ ‘ $177.3‘ ‘ $143.7‘ ‘ 23%‘ ‘ ‘ N/A‘ ‘ N/A‘ Non-GAAP‘ ‘ $190.6‘ ‘ $157.1‘ ‘ 21%‘ ‘ $140.3‘ ‘ 36%Net income:‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ GAAP‘ ‘ $127.0‘ ‘ $91.9‘ ‘ 38%‘ ‘ ‘ N/A‘ ‘ N/A‘ Non-GAAP‘ ‘ $136.0‘ ‘ $101.0‘ ‘ 35%‘ ‘ $90.0‘ ‘ 51%Diluted income per share:‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ GAAP‘ ‘ $0.83‘ ‘ $0.58‘ ‘ 43%‘ ‘ ‘ N/A‘ ‘ N/A‘ Non-GAAP‘ ‘ $0.89‘ ‘ $0.64‘ ‘ 39%‘ ‘ $0.57‘ ‘ 56%(1)Management’s estimates of fiscal year 2012’s 53rd week’s financial results are not included in the calculation of the 13-week period, as adjusted.Note: Complete GAAP to Non-GAAP reconciliation tables provided with this release.Fiscal Year 2013 Financial ReviewNet Revenue by Product‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ Fifty-two weeks ended‘ ‘ Fifty-three weeks ended‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ Fifty-two weeks, as adjusted(1)‘ ‘ ‘ ‘ ‘ ‘ ($ in millions)‘ ‘ Sept 28, 2013‘ ‘ Sept 29, 2012‘ ‘ $ Increase (Decrease)‘ ‘ % Increase (Decrease)‘ ‘ Sept 29, 2012‘ ‘ $ Increase (Decrease)‘ ‘ % Increase (Decrease)Portion packs‘ ‘ $3,187.3‘ ‘ $2,708.9‘ ‘ $478.4‘ ‘ ‘ 18%‘ ‘ $2,639.7‘ ‘ $547.6‘ ‘ ‘ 21%Brewers and accessories‘ ‘ ‘ 827.6‘ ‘ ‘ 759.8‘ ‘ ‘ 67.8‘ ‘ ‘ 9%‘ ‘ ‘ 748.2‘ ‘ ‘ 79.4‘ ‘ ‘ 11%Subtotal‘ ‘ ‘ 4,014.9‘ ‘ ‘ 3,468.7‘ ‘ ‘ 546.2‘ ‘ ‘ 16%‘ ‘ ‘ 3,387.9‘ ‘ ‘ 627.0‘ ‘ ‘ 19%Other products and royalties‘ ‘ ‘ 343.2‘ ‘ ‘ 390.5‘ ‘ ‘ (47.3)‘ ‘ (12)%‘ ‘ ‘ 381.3‘ ‘ ‘ (38.1)‘ ‘ (10)%Total net sales‘ ‘ $4,358.1‘ ‘ $3,859.2‘ ‘ $498.9‘ ‘ ‘ 13%‘ ‘ $3,769.2‘ ‘ $588.9‘ ‘ ‘ 16%(1)Management’s estimates of fiscal year 2012’s 53rd week’s financial results are not included in the calculation of the 52-week period, as adjusted.Approximately 92% of consolidated fiscal year 2013 net sales were sales of Keurig’® Single Cup brewers, portion packs, and Keurig’®-related accessories, with the remainder of net sales consisting primarily of bagged coffee, fractional packs and our Canadian office coffee services business.Portion PacksThe 21% increase in portion pack revenue over the prior year period (excluding management’s estimated impact of the extra week of fiscal year 2012) was driven by a 26 percentage point increase in unit volume offset by a 1 percentage point decrease due to net price realization and a 4 percentage point decrease due to portion pack product mix.Brewers and Accessories10.6 million Keurig’® system brewers were sold during fiscal year 2013.‘ ‘ ‘ Fifty-two wks‘ ‘ Fifty-three wks‘ ‘ FY 2012‘ ‘ ‘ Ended‘ ‘ Ended‘ ‘ as adjusted (1) to‘ ‘ ‘ Sept 28, 2013‘ ‘ Sept 29, 2012‘ ‘ Fifty-two wksGMCR-sold Keurig’® Brewers‘ ‘ 9.8‘ ‘ 8.6‘ ‘ 8.5Licensed partner-sold Keurig’® Brewers‘ ‘ 0.8‘ ‘ 0.6‘ ‘ 0.6Total‘ ‘ 10.6‘ ‘ 9.2‘ ‘ 9.1(1)Management’s estimates of fiscal year 2012’s 53rd week’s financial results are not included in the calculation of the 52-week period, as adjusted.Other Products and RoyaltiesRevenue of other products and royalties declined 10% over the prior year period (excluding management’s estimated impact of the extra week of fiscal year 2012) primarily due to the continuing demand shift from traditional coffee package formats to portion packs.In fiscal year 2013, gross margin improved 430 basis points to 37.2% from 32.9% in the prior year period (excluding management’s estimated impact of the extra week of fiscal year 2012). The following table quantifies the changes in gross margin period to period:‘ ‘ ‘ ‘ ‘ ‘ ‘ Change from FY 2012 to FY 2013Favorable green coffee costs‘ ‘ +290 bpsLower labor and overhead manufacturing costs‘ ‘ +100 bpsNet price realization‘ ‘ -100 bpsLower warranty expense‘ ‘ +80 bpsLower sales returns primarily related to Keurig’® Single Cup brewers‘ ‘ +60 bpsGAAP operating income improved to 17.6% of net sales in fiscal year 2013 compared to 14.7% in the prior year period.Non-GAAP operating income improved to 18.7% of net sales in fiscal year 2013 compared to 16.0% in the prior year period (excluding management’s estimated impact of the extra week of fiscal year 2012).The Company’s effective income tax rate was 34.7% for fiscal year 2013 as compared to 36.9% for the prior year.Diluted weighted average shares outstanding for fiscal year 2013 decreased 3.9% to 152.8 million from 159.1 million in the prior year period in part as a result of the Company’s share repurchases under its previously announced share repurchase program.Balance Sheet & Cash Flow Highlights”Our strong fiscal year 2013 free cash flow of $603 million, which was 125% of GAAP net income, resulted from a healthy balance of net profit growth, lower inventory levels on the working capital side and lower capital investment,” said Frances G. Rathke, GMCR’s Chief Financial Officer.($ in millions)‘ ‘ Sept 28, 2013‘ ‘ Sept 29, 2012‘ ‘ % ChangeCash and cash equivalents, including restricted cash‘ ‘ $260.7‘ ‘ $71.2‘ ‘ 266%Accounts receivables, net‘ ‘ $468.0‘ ‘ $363.8‘ ‘ 29%Inventories‘ ‘ $676.1‘ ‘ $768.4‘ ‘ (12)%Raw materials & supplies‘ ‘ $182.9‘ ‘ $229.9‘ ‘ (20)%Coffee‘ ‘ $100.2‘ ‘ $148.9‘ ‘ (33)%Packaging & other raw materials‘ ‘ $82.7‘ ‘ $81.0‘ ‘ 2%Finished goods‘ ‘ $493.2‘ ‘ $538.5‘ ‘ (8)%Brewers & accessories‘ ‘ $323.2‘ ‘ $384.3‘ ‘ (16)%Portion packs‘ ‘ $149.3‘ ‘ $120.9‘ ‘ 23%Other‘ ‘ $20.7‘ ‘ $33.3‘ ‘ (38)%Debt outstanding and capital lease and financing obligations‘ ‘ $251.0‘ ‘ $531.5‘ ‘ (53)%Cash provided by operating activities (1)‘ ‘ $836.0‘ ‘ $477.8‘ ‘ 75%Free cash flow (1)(2)‘ ‘ $603.2‘ ‘ $76.7‘ ‘ 686%(1) Represents 52 weeks for fiscal 2013 and 53 weeks for fiscal 2012.(2) Free cash flow is calculated by subtracting capital expenditures for fixed assets from net cash provided by operating activities as reported in the unaudited statement of cash flows.Share Repurchase and Dividend Declaration SummaryFrom the inception of its Board authorized share repurchase program in August of 2012 through today the Company has repurchased a total of 10.1 million shares at a total cost of $362 million and an average price of $35.82.Separately today, the Company announced its Board of Directors has approved a new share repurchase authorization of up to $1 billion. The new share repurchase program will take effect upon completion of the Company’s current program, which has $138 million remaining of its previously authorized $500 million. The Company also announced the Board approved an indicated annual dividend of $1.00 per share, payable $0.25 per quarter and declared a quarterly cash dividend of $0.25 per share.Fourth Quarter Fiscal Year 2013 Financial ReviewNet Revenue By Product‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ Thirteen weeks ended‘ ‘ Fourteen weeks ended‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ Thirteen weeks, as adjusted(1)‘ ‘ ‘ ‘ ‘ ‘ ($ in millions)‘ ‘ Sept 28, 2013‘ ‘ Sept 29, 2012‘ ‘ $ Increase (Decrease)‘ ‘ % Increase (Decrease)‘ ‘ Sept 29, 2012‘ ‘ $ Increase (Decrease)‘ ‘ % Increase (Decrease)Portion packs‘ ‘ $777.9‘ ‘ $700.2‘ ‘ $77.7‘ ‘ ‘ 11%‘ ‘ $631.0‘ ‘ $146.9‘ ‘ ‘ 23%Brewers and accessories‘ ‘ ‘ 190.4‘ ‘ ‘ 150.1‘ ‘ ‘ 40.3‘ ‘ ‘ 27%‘ ‘ ‘ 138.5‘ ‘ ‘ 51.9‘ ‘ ‘ 37%Subtotal‘ ‘ ‘ 968.3‘ ‘ ‘ 850.3‘ ‘ ‘ 118.0‘ ‘ ‘ 14%‘ ‘ ‘ 769.5‘ ‘ ‘ 198.8‘ ‘ ‘ 26%Other products and royalties‘ ‘ ‘ 78.9‘ ‘ ‘ 96.4‘ ‘ ‘ (17.5)‘ ‘ (18)%‘ ‘ ‘ 87.2‘ ‘ ‘ (8.3)‘ ‘ (10)%Total net sales‘ ‘ $1,047.2‘ ‘ $946.7‘ ‘ $100.5‘ ‘ ‘ 11%‘ ‘ $856.7‘ ‘ $190.5‘ ‘ ‘ 22%(1)Management’s estimates of fiscal year 2012’s 53rd week’s financial results are not included in the calculation of the 13-week period, as adjusted.As shown in the table above, approximately 92% of consolidated fourth quarter fiscal year 2013 net sales were sales of Keurig’® Single Cup Brewers, portion packs, and Keurig’®-related accessories, with the remainder of net sales consisting primarily of bagged coffee, fractional packs and our Canadian office coffee services business.Portion PacksThe 23% increase in portion pack revenue over the prior year period (excluding management’s estimated impact of the extra week of fiscal year 2012) was driven by a 29 percentage point increase in unit volume offset by a 2 percentage point decrease due to net price realization and a 4 percentage point decrease due to portion pack product mix.Brewers and AccessoriesFor the quarter, 2.6 million Keurig’® system brewers were sold‘ ‘ ‘ Thirteen wks‘ ‘ Fourteen wks‘ ‘ Q4 2012‘ ‘ ‘ ‘ Ended‘ ‘ Ended‘ ‘ as adjusted (1) to‘ ‘ ‘ ‘ Sept 28, 2013‘ ‘ Sept 29, 2012‘ ‘ Thirteen wks‘ GMCR-sold Keurig’® Brewers‘ ‘ 2.5‘ ‘ 1.8‘ ‘ 1.7‘ Licensed partner-sold Keurig’® Brewers‘ ‘ 0.2‘ ‘ 0.2‘ ‘ 0.2‘ Total‘ ‘ 2.6(2)‘ 2.0‘ ‘ 1.8(2)(1)Management’s estimates of the fiscal year 2012’s 53rd week’s financial results are not included in the calculation of the 13-week period, as adjusted.(2) Does not sum due to roundingOther Products and RoyaltiesRevenue of other products and royalties declined 10% in the quarter over the prior year period (excluding management’s estimated impact of the extra week of fiscal year 2012) primarily due to the continuing demand shift from traditional coffee package formats to portion packs.In the fourth quarter of fiscal year 2013, gross margin improved 240 basis points to 36.0% from 33.6% in the prior year period (excluding management’s estimated impact of the extra week of fiscal year 2012). The following table quantifies the changes in gross margin period to period:‘ ‘ ‘ Change from Q4 2012 to Q4 2013Favorable green coffee costs‘ ‘ +380 bpsLower labor and overhead manufacturing costs‘ ‘ +210 bpsHigher write-downs due to obsolescence expense of brewer inventories as part of product transition plans‘ ‘ -210 bpsNet price realization‘ ‘ -140 bpsShift in sales mix between Keurig’® Single Cup brewers and portion packs‘ ‘ -120 bpsLower warranty expense‘ ‘ +70 bpsLower sales returns primarily related to Keurig’® Single Cup brewers‘ ‘ +40 bpsOther Items‘ ‘ +10 bpsGAAP operating income of 16.9% of net sales in the fourth quarter of fiscal year 2013 increased from 15.2% in the prior year period.Non-GAAP operating income of 18.2% of net sales in the fourth quarter of fiscal year 2013 increased from 16.4% in the prior year period (excluding management’s estimated impact of the extra week of fiscal year 2012).The Company’s effective income tax rate was 27.8% for the fourth quarter of fiscal year 2013 as compared to 34.6% for the prior year period.Diluted weighted average shares outstanding as of the end of the fourth quarter of fiscal year 2013 decreased 3.0% to 153.3 million from 158.1 million in the prior year period in part as a result of the Company’s share repurchases under its previously announced share repurchase program.Business Outlook and Other Forward-Looking Information”Over the long term, the Company continues to expect double digit annual revenue growth and annual earnings growth in the mid-teens as we launch a new Keurig hot single-serve system and other anticipated disruptive product innovations,” said Kelley. “For fiscal year 2014, we expect net sales growth in the high single digits with some variability quarter-to-quarter as we anticipate rolling out new products to customers and managing the transition from prior generations of products.”The Company updated its outlook for its fiscal year 2014 and expects:Net sales growth in the high single digits over fiscal year 2013 with stronger revenue growth in the second half of the year as a number of currently unlicensed packs are transitioned to licensed partners.An annual effective tax rate of 37.0%Non-GAAP earnings per diluted share of $3.75 to $3.85 (excluding the amortization of identifiable intangibles related to the Company’s acquisitions; any acquisition-related transaction expenses; and legal and accounting expenses related to the SEC inquiry and the Company’s pending securities and stockholder derivative class action litigation).Free cash flow in the range of $200 million to $300 millionCapital investment in the range of $400 million to $450 million primarily to fund new system introductionsThe Company also provided its outlook for its first quarter of fiscal year 2014:Net sales growth of low-to-mid single digits over the first quarter of fiscal year 2013 due to difficult brewer and portion pack sales comparisons; the impact of unlicensed packs; and, the currency headwind in Canada.Non-GAAP earnings per diluted share in a range of $0.85 to $0.90, an increase of 12% to 18% over the prior year period (excluding the amortization of identifiable intangibles related to the Company’s acquisitions and, legal and accounting expenses related to the SEC inquiry and the Company’s pending securities and stockholder derivative class action litigation).Use of Non-GAAP Financial MeasuresIn addition to reporting financial results in accordance with generally accepted accounting principles (GAAP), the Company provides non-GAAP operating results that exclude any gain from sale of the Filterfresh U.S.-based coffee services business; legal and accounting expenses related to the SEC inquiry and pending securities and stockholder derivative class action litigation; and non-cash acquisition-related items such as amortization of identifiable intangibles, each of which include adjustments to show the tax impact of excluding these items. These amounts are not in accordance with, or an alternative to, GAAP. The Company’s management believes that these measures provide investors with transparency by helping illustrate the underlying financial and business trends relating to the Company’s results of operations and financial condition and comparability between current and prior periods. Management uses the measures to establish and monitor budgets and operational goals and to evaluate the performance of the Company. Please see the “GAAP to Non-GAAP Reconciliation” table that accompanies this document for a full reconciliation the Company’s GAAP to non-GAAP results.Conference Call and WebcastGreen Mountain Coffee Roasters, Inc. will be discussing these financial results with analysts and investors in a conference call and live webcast available via the Internet at 5:00 p.m. ET today, November 20, 2013. The call is accessible via live webcast from the events section of the Investor Relations portion of the Company’s website at http://investor.gmcr.com/events.cfm(link is external). The Company archives the latest conference call for a period of time. A replay of the conference call also will be available by telephone at (719) 457-0820, passcode 5918330 from 9:00 p.m. ET on November 20, 2013 through 9:00 p.m. ET on Monday, November 25, 2013.About Green Mountain Coffee Roasters, Inc.As a leader in specialty coffee and coffee makers, Green Mountain Coffee Roasters, Inc. (GMCR) (NASDAQ: GMCR), is recognized for its award-winning coffees, innovative Keurig’® Single Cup brewing technology, and socially responsible business practices. GMCR supports local and global communities by investing in sustainably-grown coffee, and donating a portion of its pre-tax profits to social and environmental projects. For more information visit: www.gmcr.com(link is external). To purchase Keurig’® and Green Mountain Coffee’® products visit: www.Keurig.com(link is external) or www.greenmountaincoffee.com(link is external).GMCR routinely posts information that may be of importance to investors in the Investor Relations section of its website, www.GMCR.com(link is external), including news releases and its complete financial statements, as filed with the SEC. The Company encourages investors to consult this section of its website regularly for important information and news. Additionally, by subscribing to the Company’s automatic email news release delivery, individuals can receive news directly from GMCR as it is released.Forward-Looking StatementsCertain information contained in this filing constitutes “forward-looking statements.” Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “seeks” or words of similar meaning, or future or conditional verbs, such as “will,” “should,” “could,” “may,” “aims,” “intends,” or “projects.” However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. These statements may relate to: the expected impact of raw material costs and our pricing actions on our results of operations and gross margins, expected trends in net sales and earnings performance and other financial measures, the expected productivity and working capital improvements, the success of introducing and producing new product offerings, the impact of foreign exchange fluctuations, the adequacy of internally generated funds and existing sources of liquidity, such as the availability of bank financing, the expected results of operations of businesses acquired by us, our ability to issue debt or additional equity securities, our expectations regarding purchasing shares of our common stock under the existing authorizations, and projection of payment of dividends. In addition, forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from our historical experience and our present expectations or projections. These risks and uncertainties include, but are not limited to, those risks and uncertainties described in our filings with the SEC.Actual results could differ materially from those projected in the forward-looking statements. We expressly disclaim any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.GMCR-C‘ ‘ ‘ ‘ ‘ ‘ ‘ GREEN MOUNTAIN COFFEE ROASTERS, INC.Unaudited Consolidated Balance Sheets(Dollars in thousands, except per share data)‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ September 28,2013‘ ‘ September 29,2012Assets‘ ‘ ‘ ‘ ‘ ‘ Current assets:‘ ‘ ‘ ‘ ‘ ‘ Cash and cash equivalents‘ ‘ $260,092‘ ‘ ‘ $58,289Restricted cash and cash equivalents‘ ‘ ‘ 560‘ ‘ ‘ ‘ 12,884Receivables, less uncollectible accounts and return allowances of $33,640 and $34,517 at September 28, 2013 and September 29, 2012, respectively‘ ‘ ‘ 467,976‘ ‘ ‘ ‘ 363,771Inventories‘ ‘ ‘ 676,089‘ ‘ ‘ ‘ 768,437Income taxes receivable‘ ‘ ‘ 11,747‘ ‘ ‘ ‘ 32,943Other current assets‘ ‘ ‘ 46,891‘ ‘ ‘ ‘ 35,019Deferred income taxes, net‘ ‘ ‘ 58,137‘ ‘ ‘ ‘ 51,613Total current assets‘ ‘ ‘ 1,521,492‘ ‘ ‘ ‘ 1,322,956‘ ‘ ‘ ‘ ‘ ‘ ‘ Fixed assets, net‘ ‘ ‘ 985,563‘ ‘ ‘ ‘ 944,296Intangibles, net‘ ‘ ‘ 435,216‘ ‘ ‘ ‘ 498,352Goodwill‘ ‘ ‘ 788,184‘ ‘ ‘ ‘ 808,076Deferred income taxes, net‘ ‘ ‘ 149‘ ‘ ‘ ‘ ‘Other long-term assets‘ ‘ ‘ 30,944‘ ‘ ‘ ‘ 42,109‘ ‘ ‘ ‘ ‘ ‘ ‘ Total assets‘ ‘ $3,761,548‘ ‘ ‘ $3,615,789‘ ‘ ‘ ‘ ‘ ‘ ‘ Liabilities and Stockholders’ Equity‘ ‘ ‘ ‘ ‘ ‘ Current liabilities:‘ ‘ ‘ ‘ ‘ ‘ Current portion of long-term debt‘ ‘ ‘ 12,929‘ ‘ ‘ ‘ 6,691Current portion of capital lease and financing obligations‘ ‘ ‘ 1,760‘ ‘ ‘ ‘ 3,057Accounts payable‘ ‘ ‘ 312,170‘ ‘ ‘ ‘ 279,577Accrued expenses‘ ‘ ‘ 242,427‘ ‘ ‘ ‘ 171,450Income tax payable‘ ‘ ‘ ‘‘ ‘ ‘ ‘ 29,322Deferred income taxes, net‘ ‘ ‘ 233‘ ‘ ‘ ‘ 245Other current liabilities‘ ‘ ‘ 27,544‘ ‘ ‘ ‘ 29,645Total current liabilities‘ ‘ ‘ 597,063‘ ‘ ‘ ‘ 519,987‘ ‘ ‘ ‘ ‘ ‘ ‘ Long-term debt, less current portion‘ ‘ ‘ 160,221‘ ‘ ‘ ‘ 466,984Capital lease and financing obligations, less current portion‘ ‘ ‘ 76,061‘ ‘ ‘ ‘ 54,794Deferred income taxes, net‘ ‘ ‘ 252,867‘ ‘ ‘ ‘ 270,348Other long-term liabilities‘ ‘ ‘ 28,721‘ ‘ ‘ ‘ 32,544‘ ‘ ‘ ‘ ‘ ‘ ‘ Commitments and contingencies‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ Redeemable noncontrolling interests‘ ‘ ‘ 11,045‘ ‘ ‘ ‘ 9,904‘ ‘ ‘ ‘ ‘ ‘ ‘ Stockholders’ equity:‘ ‘ ‘ ‘ ‘ ‘ Preferred stock, $0.10 par value: Authorized – 1,000,000 shares; No shares issued or outstanding‘ ‘ ‘ ‘‘ ‘ ‘ ‘ ‘Common stock, $0.10 par value: Authorized – 500,000,000 shares; Issued and outstanding – 150,265,809 and 152,680,855 shares at September 28, 2013 and September 29, 2012, respectively‘ ‘ ‘ 15,026‘ ‘ ‘ ‘ 15,268Additional paid-in capital‘ ‘ ‘ 1,387,322‘ ‘ ‘ ‘ 1,464,560Retained earnings‘ ‘ ‘ 1,252,407‘ ‘ ‘ ‘ 771,200Accumulated other comprehensive (loss) income‘ ‘ ‘ (19,185)‘ ‘ ‘ 10,200Total stockholders’ equity‘ ‘ ‘ 2,635,570‘ ‘ ‘ ‘ 2,261,228‘ ‘ ‘ ‘ ‘ ‘ ‘ Total liabilities and stockholders’ equity‘ ‘ $3,761,548‘ ‘ ‘ $3,615,789‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ GREEN MOUNTAIN COFFEE ROASTERS, INC.Unaudited Consolidated Statements of Operations(Dollars in thousands except per share data)‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ Thirteen weeks ended‘ ‘ Fourteen weeks ended‘ ‘ Fifty-two weeks ended‘ ‘ Fifty-three weeks ended‘ ‘ ‘ Sept 28, 2013‘ ‘ Sept 29, 2012‘ ‘ Sept 28, 2013‘ ‘ Sept 29, 2012Net sales‘ ‘ $1,047,177‘ ‘ ‘ $946,736‘ ‘ ‘ $4,358,100‘ ‘ ‘ $3,859,198‘ Cost of sales‘ ‘ ‘ 669,718‘ ‘ ‘ ‘ 630,290‘ ‘ ‘ ‘ 2,738,714‘ ‘ ‘ ‘ 2,589,799‘ Gross profit‘ ‘ ‘ 377,459‘ ‘ ‘ ‘ 316,446‘ ‘ ‘ ‘ 1,619,386‘ ‘ ‘ ‘ 1,269,399‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ Selling and operating expenses‘ ‘ ‘ 127,062‘ ‘ ‘ ‘ 111,048‘ ‘ ‘ ‘ 560,430‘ ‘ ‘ ‘ 481,493‘ General and administrative expenses‘ ‘ ‘ 73,059‘ ‘ ‘ ‘ 61,661‘ ‘ ‘ ‘ 293,729‘ ‘ ‘ ‘ 219,010‘ Operating income‘ ‘ ‘ 177,338‘ ‘ ‘ ‘ 143,737‘ ‘ ‘ ‘ 765,227‘ ‘ ‘ ‘ 568,896‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ Other income, net‘ ‘ ‘ 308‘ ‘ ‘ ‘ 230‘ ‘ ‘ ‘ 960‘ ‘ ‘ ‘ 1,819‘ (Loss) gain on financial instruments, net‘ ‘ ‘ (3,481)‘ ‘ ‘ (4,731)‘ ‘ ‘ 5,513‘ ‘ ‘ ‘ (4,945)Gain (loss) on foreign currency, net‘ ‘ ‘ 6,536‘ ‘ ‘ ‘ 5,812‘ ‘ ‘ ‘ (12,649)‘ ‘ ‘ 7,043‘ Gain on sale of subsidiary‘ ‘ ‘ ‘‘ ‘ ‘ ‘ ‘‘ ‘ ‘ ‘ ‘‘ ‘ ‘ ‘ 26,311‘ Interest expense‘ ‘ ‘ (4,696)‘ ‘ ‘ (4,321)‘ ‘ ‘ (18,177)‘ ‘ ‘ (22,983)Income before income taxes‘ ‘ ‘ 176,005‘ ‘ ‘ ‘ 140,727‘ ‘ ‘ ‘ 740,874‘ ‘ ‘ ‘ 576,141‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ Income tax expense‘ ‘ ‘ (48,864)‘ ‘ ‘ (48,692)‘ ‘ ‘ (256,771)‘ ‘ ‘ (212,641)Net income‘ ‘ $127,141‘ ‘ ‘ $92,035‘ ‘ ‘ $484,103‘ ‘ ‘ $363,500‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ Net income attributable to noncontrolling interests‘ ‘ ‘ 185‘ ‘ ‘ ‘ 148‘ ‘ ‘ ‘ 871‘ ‘ ‘ ‘ 872‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ Net income attributable to GMCR‘ ‘ $126,956‘ ‘ ‘ $91,887‘ ‘ ‘ $483,232‘ ‘ ‘ $362,628‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ Basic income per share:‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ Basic weighted average shares outstanding‘ ‘ ‘ 150,633,106‘ ‘ ‘ ‘ 154,557,765‘ ‘ ‘ ‘ 149,638,636‘ ‘ ‘ ‘ 154,933,948‘ Net income per common share – basic‘ ‘ $0.84‘ ‘ ‘ $0.59‘ ‘ ‘ $3.23‘ ‘ ‘ $2.34‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ Diluted income per share:‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ Diluted weighted average shares outstanding‘ ‘ ‘ 153,280,550‘ ‘ ‘ ‘ 158,094,806‘ ‘ ‘ ‘ 152,801,493‘ ‘ ‘ ‘ 159,075,646‘ Net income per common share – diluted‘ ‘ $0.83‘ ‘ ‘ $0.58‘ ‘ ‘ $3.16‘ ‘ ‘ $2.28‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ GREEN MOUNTAIN COFFEE ROASTERS, INC.Unaudited Consolidated Statements of Cash Flows(Dollars in thousands)‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ Fifty-two‘ ‘ Fifty-three‘ ‘ ‘ weeks ended‘ ‘ weeks ended‘ ‘ ‘ September 28, 2013‘ ‘ September 29, 2012Cash flows from operating activities:‘ ‘ ‘ ‘ ‘ ‘ Net income‘ ‘ $484,103‘ ‘ ‘ $363,500‘ Adjustments to reconcile net income to net cash provided by operating activities:‘ ‘ ‘ ‘ ‘ ‘ Depreciation and amortization of fixed assets‘ ‘ ‘ 183,814‘ ‘ ‘ ‘ 135,656‘ Amortization of intangibles‘ ‘ ‘ 45,379‘ ‘ ‘ ‘ 45,991‘ Amortization deferred financing fees‘ ‘ ‘ 7,125‘ ‘ ‘ ‘ 6,050‘ Unrealized loss (gain) on foreign currency, net‘ ‘ ‘ 9,159‘ ‘ ‘ ‘ (6,557)(Gain) loss on disposal of fixed assets‘ ‘ ‘ (85)‘ ‘ ‘ 2,517‘ Gain on sale of subsidiary, excluding transaction costs‘ ‘ ‘ ‘‘ ‘ ‘ ‘ (28,914)Provision for doubtful accounts‘ ‘ ‘ 689‘ ‘ ‘ ‘ 3,197‘ Provision for sales returns‘ ‘ ‘ 79,747‘ ‘ ‘ ‘ 107,436‘ (Gain) loss on derivatives, net‘ ‘ ‘ (4,507)‘ ‘ ‘ 6,310‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ Excess tax benefits from equity-based compensation plans‘ ‘ ‘ (54,699)‘ ‘ ‘ (12,070)Deferred income taxes‘ ‘ ‘ (17,701)‘ ‘ ‘ 60,856‘ Deferred compensation and stock compensation‘ ‘ ‘ 26,315‘ ‘ ‘ ‘ 18,079‘ Other‘ ‘ ‘ 844‘ ‘ ‘ ‘ (672)Changes in assets and liabilities:‘ ‘ ‘ ‘ ‘ ‘ Receivables‘ ‘ ‘ (187,221)‘ ‘ ‘ (159,317)Inventories‘ ‘ ‘ 87,677‘ ‘ ‘ ‘ (92,862)Income tax payable/receivable, net‘ ‘ ‘ 46,290‘ ‘ ‘ ‘ 16,457‘ Other current assets‘ ‘ ‘ (12,668)‘ ‘ ‘ (6,900)Other long-term assets, net‘ ‘ ‘ 3,915‘ ‘ ‘ ‘ (469)Accounts payable and accrued expenses‘ ‘ ‘ 133,532‘ ‘ ‘ ‘ 17,125‘ Other current liabilities‘ ‘ ‘ 3,100‘ ‘ ‘ ‘ (2,718)Other long-term liabilities‘ ‘ ‘ 1,161‘ ‘ ‘ ‘ 5,090‘ Net cash provided by operating activities‘ ‘ ‘ 835,969‘ ‘ ‘ ‘ 477,785‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ Cash flows from investing activities:‘ ‘ ‘ ‘ ‘ ‘ Change in restricted cash‘ ‘ ‘ 3,005‘ ‘ ‘ ‘ (2,875)Proceeds from the sale of subsidiary, net of cash acquired‘ ‘ ‘ ‘‘ ‘ ‘ ‘ 137,733‘ Capital expenditures for fixed assets‘ ‘ ‘ (232,780)‘ ‘ ‘ (401,121)Other investing activities‘ ‘ ‘ 4,208‘ ‘ ‘ ‘ 618‘ Net cash used in investing activities‘ ‘ ‘ (225,567)‘ ‘ ‘ (265,645)‘ ‘ ‘ ‘ ‘ ‘ ‘ Cash flows from financing activities:‘ ‘ ‘ ‘ ‘ ‘ Net change in revolving line of credit‘ ‘ ‘ (226,210)‘ ‘ ‘ (108,727)Proceeds from issuance of common stock under compensation plans‘ ‘ ‘ 29,777‘ ‘ ‘ ‘ 12,092‘ Repurchase of common stock‘ ‘ ‘ (188,278)‘ ‘ ‘ (76,470)Excess tax benefits from equity-based compensation plans‘ ‘ ‘ 54,699‘ ‘ ‘ ‘ 12,070‘ Payments on capital lease and financing obligations‘ ‘ ‘ (8,288)‘ ‘ ‘ (7,558)Repayment of long-term debt‘ ‘ ‘ (71,620)‘ ‘ ‘ (7,814)Other financing activities‘ ‘ ‘ (1,406)‘ ‘ ‘ 3,283‘ Net cash used in financing activities‘ ‘ ‘ (411,326)‘ ‘ ‘ (173,124)‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ Change in cash balances included in current assets held for sale‘ ‘ ‘ ‘‘ ‘ ‘ ‘ 5,160‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ Effect of exchange rate changes on cash and cash equivalents‘ ‘ ‘ 2,727‘ ‘ ‘ ‘ 1,124‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ Net increase in cash and cash equivalents‘ ‘ ‘ 201,803‘ ‘ ‘ ‘ 45,300‘ Cash and cash equivalents at beginning of period‘ ‘ ‘ 58,289‘ ‘ ‘ ‘ 12,989‘ Cash and cash equivalents at end of period‘ ‘ $260,092‘ ‘ ‘ $58,289‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ Supplemental disclosures of cash flow information:‘ ‘ ‘ ‘ ‘ ‘ Cash paid for interest‘ ‘ $9,129‘ ‘ ‘ $20,783‘ Cash paid for income taxes‘ ‘ $223,580‘ ‘ ‘ $136,407‘ Fixed asset purchases included in accounts payable and not disbursed at the end of each year‘ ‘ $30,451‘ ‘ ‘ $56,127‘ Noncash investing and financing activities:‘ ‘ ‘ ‘ ‘ ‘ Fixed assets acquired under capital lease and financing obligations‘ ‘ $27,791‘ ‘ ‘ $66,531‘ Settlement of acquisition-related liabilities through release of restricted cash‘ ‘ $9,227‘ ‘ ‘ $18,788‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ GREEN MOUNTAIN COFFEE ROASTERS, INC.GAAP to Non-GAAP Reconciliation(Dollars in thousands, except per share data)‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ Thirteen weeks ended‘ ‘ Fourteen weeks ended‘ ‘ ‘ September 28, 2013‘ ‘ September 29, 2012Operating income‘ ‘ $177,338‘ ‘ $143,737Expenses related to SEC inquiry (1)‘ ‘ ‘ 2,111‘ ‘ ‘ 1,858Amortization of identifiable intangibles (2)‘ ‘ ‘ 11,145‘ ‘ ‘ 11,495Non-GAAP operating income‘ ‘ $190,594‘ ‘ $157,090‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ Thirteen weeks ended‘ ‘ Fourteen weeks ended‘ ‘ ‘ September 28, 2013‘ ‘ September 29, 2012Net income attributable to GMCR‘ ‘ $126,956‘ ‘ $91,887After tax:‘ ‘ ‘ ‘ ‘ ‘ Expenses related to SEC inquiry (1)‘ ‘ ‘ 1,435‘ ‘ ‘ 1,184Amortization of identifiable intangibles (2)‘ ‘ ‘ 7,605‘ ‘ ‘ 7,897Non-GAAP net income attributable to GMCR‘ ‘ $135,996‘ ‘ $100,968‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ Thirteen weeks ended‘ ‘ Fourteen weeks ended‘ ‘ ‘ September 28, 2013‘ ‘ September 29, 2012Diluted income per share‘ ‘ $0.83‘ ‘ $0.58After tax:‘ ‘ ‘ ‘ ‘ ‘ Expenses related to SEC inquiry (1)‘ ‘ ‘ 0.01‘ ‘ ‘ 0.01Amortization of identifiable intangibles (2)‘ ‘ ‘ 0.05‘ ‘ ‘ 0.05Non-GAAP net income per share‘ ‘ $0.89‘ ‘ $0.64(1) Represents legal and accounting expenses related to the SEC inquiry and pending securities and stockholder derivative class action litigation classified as general and administrative expense.(2) Represents the amortization of intangibles related to the Company’s acquisitions classified as general and administrative expense.GREEN MOUNTAIN COFFEE ROASTERS, INC.GAAP to Non-GAAP Reconciliation(Dollars in thousands, except per share data)‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ Fifty-two weeks ended‘ ‘ Fifty-three weeks ended‘ ‘ ‘ ‘ September 28, 2013‘ ‘ September 29, 2012‘ Operating income‘ ‘ $765,227‘ ‘ $568,896‘ ‘ Expenses related to SEC inquiry (1)‘ ‘ ‘ 4,910‘ ‘ ‘ 6,669‘ ‘ Amortization of identifiable intangibles (2)‘ ‘ ‘ 45,379‘ ‘ ‘ 45,991‘ ‘ Non-GAAP operating income‘ ‘ $815,516‘ ‘ $621,556‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ Fifty-two weeks ended‘ ‘ Fifty-three weeks ended‘ ‘ ‘ ‘ September 28, 2013‘ ‘ September 29, 2012‘ Net income attributable to GMCR‘ ‘ $483,232‘ ‘ $362,628‘ ‘ After tax:‘ ‘ ‘ ‘ ‘ ‘ ‘ Expenses related to SEC inquiry (1)‘ ‘ ‘ 3,208‘ ‘ ‘ 4,073‘ ‘ Amortization of identifiable intangibles (2)‘ ‘ ‘ 31,128‘ ‘ ‘ 31,555‘ ‘ Gain on sale of subsidiary (3)‘ ‘ ‘ ‘‘ ‘ ‘ (16,685)‘ Non-GAAP net income attributable to GMCR‘ ‘ $517,568‘ ‘ $381,571‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ Fifty-two weeks ended‘ ‘ Fifty-three weeks ended‘ ‘ ‘ ‘ September 28, 2013‘ ‘ September 29, 2012‘ Diluted income per share‘ ‘ $3.16‘ ‘ $2.28‘ ‘ After tax:‘ ‘ ‘ ‘ ‘ ‘ ‘ Expenses related to SEC inquiry (1)‘ ‘ ‘ 0.02‘ ‘ ‘ 0.03‘ ‘ Amortization of identifiable intangibles (2)‘ ‘ ‘ 0.20‘ ‘ ‘ 0.20‘ ‘ Gain on sale of subsidiary (3)‘ ‘ ‘ ‘‘ ‘ ‘ (0.10)‘ Non-GAAP net income per share‘ ‘ $3.39*‘ $2.40‘ ** Does not sum due to rounding.(1) Represents legal and accounting expenses related to the SEC inquiry and pending securities and stockholder derivative class action litigation classified as general and administrative expense.(2) Represents the amortization of intangibles related to the Company’s acquisitions classified as general and administrative expense.(3) Represents the gain on the sale of Filterfresh, net of income taxes of $9.6 million.Source: Green Mountain Coffee Roasters, Inc. 11.20.2013last_img read more

uxomisrp

National groups urge Governor Shumlin to broaden Zohydro rules

first_imgThe Center for Lawful Access and Abuse Deterrence (CLAAD(link is external)) sent a letter to Vermont Governor Peter Shumlin(link is external) on Thursday urging him to use concerns over Zohydro ER, a new opioid pain medication, “as a lightning rod for change.”The American Academy of Pain Management and National Fibromyalgia & Chronic Pain Association co-signed the letter asking the governor and health commissioner to participate in a “multi-lateral meeting to develop a more thorough approach” to stemming Vermont’s prescription drug abuse epidemic.Drug overdoses kill over 38,000 Americans per year — more than car crashes or incidents involving firearms. Of those deaths, more than 22,000 involve prescription medications, according to statistics from the Centers for Disease Control and Prevention.The U.S. Food and Drug Administration (FDA) approved Zohydro ER last fall, and the product has been on the market for several weeks. CLAAD opposed the approval of Zohydro ER and petitioned the FDA to require abuse-deterrent features for all new opioid pills, including Zohydro ER, the letter stated. Nevertheless, CLAAD and the co-signing organizations “respect the federal government’s authority on drug-approval matters.” Earlier this month, the Vermont governor issued an emergency rule that requires prescribers to conduct a thorough risk assessment when prescribing Zohydro ER. In announcing the rule, the governor erroneously stated that the drug is stronger than other opioid medications. The joint letter clarifies that Zohydro ER poses “substantially the same risks” as other opioids.”Vermont’s approach does not go far enough,” the letter read.  The groups contend that safe-prescribing and abuse-prevention requirements should apply to all similarly powerful controlled substances, as numerous national health care organizations have recommended. “We have an opportunity to harness concerns over Zohydro ER to advance the comprehensive, consensus-based National Prescription Drug Abuse Prevention Strategy, which CLAAD and 30 of its not-for-profit health and safety partners have worked since 2008 to develop and refine,” the letter stated.The organizations asked Shumlin to meet with them and Zogenix, the maker of Zohydro ER, to develop a strategy that “incorporates the viewpoints of the public and private sectors, medical and legal professions, abuse-prevention and pain care communities, and patient advocates.” About the Center for Lawful Access and Abuse DeterrenceThe not-for-profit Center for Lawful Access and Abuse Deterrence (CLAAD)(link is external) coordinates a comprehensive national effort to prevent prescription drug fraud, diversion, and abuse while advancing consumer access to high-quality medical care. CLAAD enables health professionals, law enforcement, businesses, government, and others, to share resources and work together to improve public health and safety.  Follow @claad_coalition(link is external).SOURCE WASHINGTON, April 23, 2014 /PRNewswire/ — Center for Lawful Access and Abuse Deterrencelast_img read more

nsddhwtd

Brattleboro Retreat to present 2014 Anna Marsh Award to State Rep Bill Lippert

first_imgThe Brattleboro Retreat will present the hospital’s 2014 Anna Marsh Award to Vermont State Representative Bill Lippert of Hinesburg at the Boston Gay Men’s Chorus event to be held on Saturday, November 1 at the Latchis Theatre in Brattleboro. Representative Lippert has served in the Vermont Legislature since his initial appointment by Governor Howard Dean in 1994. Throughout his career in the mental health and substance field, Lippert combined his activism for the LGBT community with his professional pursuits.  While executive director of the Counseling Service of Addison County, Lippert also served on the founding board of Outright Vermont, a statewide LGBTQ youth-serving organization.  In 2000, as the only openly gay member of the General Assembly, Lippert was instrumental in the creation of Civil Unions, the nation’s first legal recognition of same-sex couples.  A thirty-year resident of Hinesburg, Lippert and his marriage partner, Enrique Peredo, recently celebrated their twenty-fifth anniversary.Representative Lippert will be the sixth honoree to receive the Anna Marsh Award in recognition for advocacy on behalf of those with mental illness and addiction. Past honorees have included Hollywood actor Ken Howard, the late Senator Robert Gannett, the Retreat’s first female board chair, Julie Peterson, former Retreat board member, Larry Cassidy, and last year’s honoree, Governor Peter Shumlin.“We are so pleased to recognize Bill both for his professional career in the mental health field, as well as for his civil rights advocacy on behalf of Vermont’s LGBTQ community,” said Bette Abrams, Chair of the Retreat’s Board of Trustees.  “He has devoted his life to making our state a more inclusive, equitable place and we are delighted to recognize him for this important work.”“I am honored to receive this award on behalf of our LGBT sisters and brothers who have gone before us.  In the course of my lifetime, as lesbian, gay, bi-sexual, and transgender people, we have gone from being labeled with psychiatric disorders simply for being our full selves, to being affirmed and welcomed members of the community.  Brattleboro Retreat’s LGBT Program, which offers life-affirming services to our LGBT sisters and brothers in need of mental health and addiction care, is an important symbol of this profound change.”Tickets are on sale now for the Boston Gay Men’s Chorus event with the presentation of the Anna Marsh Award to Representative Lippert. Tickets start at $20 for balcony seating, $30 for rear orchestra, and $50 for front orchestra.  A limited number of $125 premium tickets are still available, which include a private, pre-show reception at Duo Restaurant inside the newly-renovated Brooks House.  Proceeds from the event support the Retreat’s LGBT Program, which provides mental health and addiction care to individuals in crisis who identify as LGBTQA.Tickets are available online at www.brattlebororetreat.org/chorus(link is external) or by calling 800-838-3006.  The event is likely to sell-out, so interested concert-goers should purchase their tickets promptly.The Brattleboro Retreat, founded in 1834, is a not-for-profit, regional specialty psychiatric hospital and addictions treatment center, providing a full range of diagnostic, therapeutic and rehabilitation services for individuals of all ages and their families. Nationally recognized for its premier treatment in behavioral healthcare, the Brattleboro Retreat offers a high quality, individualized, comprehensive continuum of care including inpatient, partial hospitalization, residential and outpatient treatment. Source: BRATTLEBORO, VT (Oct. 28, 2014)—Brattleboro Retreatlast_img read more

iwydsxxl

Majority of Vermont dairy farmers taking advantage of federal ‘margin’ program

first_imgThe USDA on Monday announced that 582 Vermont dairy farms – 67 percent of Vermont’s registered dairy farms — and more than 23,000 of the nation’s dairy operations, or more than half of the country’s dairy farms, have enrolled in the new Margin Protection Program (MPP) that was created by the 2014 Farm Bill. The voluntary program offers financial assistance to participating farmers when the margin — the difference between the price of milk and national average feed costs — falls below the coverage levels selected by individual farmers. Vermont’s congressional delegation – Senator Patrick Leahy (D), Senator Bernie Sanders (I) and Representative Peter Welch (D) – applauded the program. An additional 28 Vermont dairy farmers signed up for the Livestock Gross Margin Insurance program which offers protection based on the margin between the cost of feed and the average dairy income. In a joint statement, Leahy, Sanders and Welch said:  “We are heartened that so many Vermont dairy farmers are taking advantage of this new risk management tool.  We worked hard during the 2014 Farm Bill debate to create a program that would best serve Vermont’s family-owned dairy farms.  USDA staff in Vermont, Vermont’s dairy cooperatives, and the University of Vermont Extension Service all worked overtime to get the word out to farmers about this new program and in helping producers to review market scenarios to determine what levels of coverage would best meet their needs.”After a record run, milk prices have slumped significantly in recent months.  Wild swings in milk prices are nothing new and highlight the need for dairy farmers to plan ahead.Dairy farmers were offered a range of choices of protection to help them choose those that are best suited to their individual dairy operations.  Starting with a basic catastrophic coverage level for an administrative fee of $100, producers could also select higher levels of coverage at affordable incremental premiums set by the Farm Bill.  The U.S. Department of Agriculture Monday reports that nationally more than half of applicants selected higher coverage beyond the basic level.  In Vermont, due to the extensive outreach to inform dairy farmers about the new program, and to news that forecasts for dairy prices were declining, 63 percent of the state’s producers who enrolled chose to buy coverage for higher levels of protection.Those producers who did not sign up for 2015 and are interested in enrolling in MPP for calendar year 2016 will be able to register between July 1, 2015, and Sept. 30, 2015.  Those producers now enrolled in the program will be able to make changes to their coverage levels at that same time.(MONDAY, Jan. 12, 2015) — Delegationlast_img read more

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Shumlin, Sears outline bill to ‘cautiously’ legalize marijuana in Vermont

first_imgVermont Business Magazine Governor Peter Shumlin and Chairman of the Senate Judiciary Committee Richard Sears (D-Bennington) today detailed legislation to “cautiously and deliberately” legalize marijuana in Vermont. The move comes after the governor announced in his State of the State Address that he and Senator Sears would work to draft common-sense legislation to better regulate and eliminate the black market for a substance that over 80,000 Vermonters – almost one in eight – already report using on a monthly basis.“The War on Drugs has failed when it comes to marijuana prohibition,” Shumlin said. “Under the status quo, marijuana use is widespread, Vermonters have little difficulty procuring it for personal use, and the shadows of prohibition make it nearly impossible to address key issues like prevention, keeping marijuana out of the hands of minors, and dealing with those driving under the influence who are already on Vermont’s roads. The system has failed. The question for us is how do we deal with that failure. Vermont can take a smarter approach that regulates marijuana in a thoughtful way, and this bill provides a framework for us to do that.”In his State of the State Address, the Governor outlined five principles he will insist on in any legislation to legalize marijuana. ·       A legal market must keep marijuana and other drugs out of the hands of underage kids. With 83 percent of Vermont youth saying that marijuana is easy or somewhat easy to obtain, the current system doesn’t do this.·       The tax imposed must be low enough to wipe out the black market and get rid of the illegal drug dealers.·       Revenue from legalization must be used to expand addiction prevention programs.·       Law enforcement’s capacity to improve the response to impaired drivers under the influence of marijuana who are already on Vermont’s roads must be strengthened.·       The sale of edibles must be prohibited at first.“The legislation outlined today meets these criteria,” Shumlin said. “I want to thank Senator Sears for his thoughtful approach on this issue.”Because Vermont has already taken steps to decriminalize small amounts of marijuana, the legislation introduced today does not require repealing any criminal penalties under Vermont law.On the critical issue of keeping marijuana out of the hands of underage kids, the legislation outlines a number of steps, including:·       No person under the age of 21 will be permitted on the premises of a marijuana establishment.·       Advertising and labeling may not be used to appeal to children or youth.·       Marijuana establishments are prohibited from being located within 1,000 feet of a school or child care center.·       And civil and criminal penalties will be established for furnishing marijuana to those under 21. Current civil and criminal penalties will also remain in place for those using or possessing marijuana underage.In order to improve the response to impaired drivers under the influence of marijuana, alcohol, and other substances already on Vermont’s roads, the legislation calls for ten additional law enforcement officers to be trained as drug recognition experts and an additional 25 new State Troopers to be added over the next three years. It also calls for the Governor’s Highway Safety Program to expand its public education and prevention campaign to discourage impaired or drugged driving and adds to Vermont’s open container law, preventing its use in a motor vehicle.Going forward, the Senate Health and Welfare Committee will work with the Department of Health to include prevention provisions and the Senate Finance Committee will work to set a tax rate that undercuts the black market, both priorities of the Governor.last_img read more

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Goodrich: Carbon tax danger

first_imgby John Goodrich For nearly 38 years I had the privilege to work for one of the most important companies in the St. Johnsbury area. Weidmann puts bread on the table for 300 families. It was, and is, a mainstay of our local economy. Thus I was alarmed at the urgent call by Scott Campbell, a Democratic candidate for the House, for the legislature to impose a new “carbon tax” on gasoline, diesel fuel, natural gas, heating oil, and propane. Campbell’s proposed tax is designed to raise $500 million a year when fully in place in 2028.In 2012 Weidmann expanded our St. Johnsbury plant, just barely winning the competition from company locations at other non-Vermont sites. Our local plant is a major user of compressed natural gas for process heat to produce transformer board. If Campbell’s carbon tax had been levied on our fuel supply, I am pretty sure the expanded plant you see on Route 5 would today be located in some other state or country, making the entire operation here tenuous at best.Significantly, ten percent of the revenue from Campbell’s carbon tax would be skimmed off to subsidize renewable energy and energy efficiency programs. That’s what Campbell says he does for a living, so you can see why the carbon tax has such appeal for him.Keeping Vermont’s economy afloat is a huge task. We have enough hard work staying above water without facing a massive new carbon tax on gasoline, diesel fuel, natural gas, heating oil and propane, which, in any case will have no detectable effect on our climate.Scott Campbell will clearly improve his own economic position if the carbon tax is enacted, but his job as a legislator is to look out for the rest of us, not just himself. I don’t think he gets that. We need representatives who do.John Goodrich lives in St Johnsbury.last_img read more

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Vermont Teddy Bear Company cozies up to Oprah

first_imgVermont Teddy Bear Co,Vermont Business Magazine The Vermont Teddy Bear Company has revealed that its 4-foot Giant Bear is featured with Oprah Winfrey on the cover of the December issue of O Magazine. The 4-foot Giant Bear has been a best-seller for a number of years and is available at Amazon(link is external). Hand-stuffed in Vermont, using 100 percent recycled material, the Giant Bear is a big hit each holiday season, and as year-round gifts for ages 1-100.“It is such an honor to have our 4-foot Giant Bear featured next to Oprah Winfrey on her magazine,” says Bill Shouldice, CEO. “This is very exciting for all of us at Vermont Teddy Bear.”“We can’t think of a better way to wrap up our 35th year and start our 36th,” says Shouldice. Vermont Teddy Bear offers more than 200 Bears for every person and occasion. For more information on their Bears and the company, visit their website at www.VermontTeddyBear.com(link is external).Source: Vermont Teddy Bear Company. 12.5.2016. Since 1981, Vermont Teddy Bear Company has been producing premium, handmade teddy bears in their Vermont, USA facility. All Bears are guaranteed for life and are stuffed using 100% recycled materials. For more information about Vermont Teddy Bear, please visit www.vermontteddybear.com(link is external) or call (800)829-2327 (BEAR). Please follow Vermont Teddy Bear on social media. Share your Bear story with #LoveIsInTheBEAR and #ShareYourStory.last_img read more

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Burlington confronts opioid crisis

first_imgVermont Business Magazine Mayor Miro Weinberger today released new principles and announced the pursuit of new initiatives to address the deepening opioid crisis in the region that has resulted in a significant 38 percent increase in opioid-related deaths in Vermont from 76 in 2015 to an estimated 105 in 2016. In Chittenden County, indicators such as retail theft and opioid-related arrests also show a growing crisis. The City is moving on numerous fronts to organize a sustained local effort to turn the crisis around, and announced today new partnerships with the University of Vermont Medical Center, the Chittenden County State’s Attorney, and metro area police departments.“Despite the hard work of many state and local agencies and individuals that undoubtedly has saved lives, we face a deepening opioid crisis that is taking lives and ravaging our community,” said Mayor Miro Weinberger. “The City is using its new analytical and coordinating capacity to take stock of our collective efforts, create new partnerships, and launch new opioid initiatives.  All of us – government officials, doctors, police, parents and patients – must take responsibility, be fully aware of the risks of opioids, and act with urgency to turn this crisis around.”“The goal of the Burlington Police is to reduce the number of Vermonters who die from opioid overdoses,” said Burlington Police Department (BPD) Chief Brandon del Pozo. “Achieving this goal will yield many collateral community benefits, such as fewer overdoses and overall fewer fractured families and social networks. We appreciate that medical professionals, business and community leaders, and people from all government sectors will stand with our mayor on a set of guiding principles that will keep our collective work focused. The work ahead will involve the police taking novel approaches to saving lives, and we are ready to innovate. All we request is that our partners be as relentless as we will be.”New Opioid PrinciplesThe City of Burlington is redoubling its efforts with new initiatives on numerous fronts of the opioid crisis. The City has drafted 11 new Opioid Principles to explain its approach to the public, to encourage community debate about and engagement with these efforts, and to guide City employees and officials working on this urgent challenge (each principle is expanded upon and explained in the attached document):1.       Prescription opioids can be as dangerous as heroin – and should be treated as such.2.       Opioid addiction is a public health crisis with a law enforcement component.3.       City governments play a unique and vital role in addressing the opioid challenge.4.       People struggling with opioid addiction need access to treatment without delay.5.       Police should give amnesty to users seeking help for their addictions and send them to treatment.6.       Heroin dealers who knowingly destroy communities should receive the full penalties they deserve.7.       The community needs the medical profession to fully embrace its role as one of the most important partners in solving the opioid crisis.8.       All institutions engaged in resolving the opioid crisis should embrace data collection, data-sharing, analysis, and transparency.9.       The pharmaceutical industry has a role in resolving the crisis it helped create.Treatment for opioid addiction should not end upon arrest.11.   Naloxone must be available to the people abusing opioids, their friends and family, and their emergency service providers.To share its approach with the public, and to gather public input through community debate and engagement, the City will hold an Opioid Town Hall meeting in Contois Auditorium on March 16 at 6 p.m. before presenting these principles to the City Council for final approval.There will be an additional Burlington public event regarding the opioid crisis on April in Contois Auditorium at the Mayor’s Book Group discussion of Dreamland: The True Tale of America’s Opioid Epidemic.  Author Sam Quinones will speak at the event and participate in a panel discussion. Dreamland reveals the origins of the nation’s opioid epidemic in the 1980s and 1990s – a narrative that is critical to understand as we seek to resolve this corrosive crisis.New initiatives flowing from these principlesThe City has taken the following steps in accordance with its principles:1.      CommunityStat effort expands to include South Burlington and Winooski police departmentsAs of February 2017, the CommunityStat group has expanded to include representation from the South Burlington and Winooski police departments. The CommunityStat group was originally formed in November 2016 to provide coordination of data gathering and analysis efforts among the police, public health and safety professionals, and social service providers as part of the effort to more effectively reduce the impact of opioid addiction in Burlington. The South Burlington and Winooski police departments have agreed to meet with the BPD on a bi-weekly basis to discuss identified cases and concerns.Through these conversations, the three departments will identify individuals who are engaged in risky behavior, need treatment, housing, or other social services, or may cause imminent harm to themselves or their community. The police departments will track these cases, including the time it takes to get an individual into various levels of care, and will share the data findings at the monthly CommunityStat meeting.“The Winooski Police Department is looking forward to collaborating on this project,” said Winooski Police Department Chief Rick Hebert. “Joining data sets from our three cities will enable the team to more quickly identify and provide services to people caught in this public health epidemic.”“The South Burlington Police Department is pleased and proud to be involved with CommunityStat,” said South Burlington Police Chief Trevor Whipple. “Individuals struggling with opioid addiction travel from community to community, making this collaborative effort even more important. This common sense approach to fighting addiction and working toward saving lives is beneficial to all our communities and those we serve. We are appreciative of Burlington taking the lead and inviting our department to join the fight against this public health crisis.  We are fully committed to working together to help those in crisis.”2.      First regular CommunityStat data reportOne of the key Opioid Principles is a commitment to data and transparency, an effort that already has yielded valuable insights into the many effects of the crisis at the local level. Slides compiled through the City’s CommunityStat meetings (see attached) show worsening trends.·         In 2015, more children under six years old came into Department of Children and Families custody due to guardian opioid use issues than any other issue (51 percent, or 276 cases total).·         More individuals are seeking treatment for opioid substance abuse than ever before in both Chittenden County (1,390) and the State of Vermont (6,084). Statewide, in 2015 more people received treatment for opioid substance abuse than all other substances combined.·         Opioid-related overdose deaths statewide and in Chittenden County continue to rise. Chittenden County reported 20 deaths in 2015, up from 19 in 2014 and 18 in 2013.·         There is increased demand for Narcan year over year. In 2015, Safe Recovery dispensed 5,872 doses of Narcan to the public, up from 2,893 doses in 2014.·         Anecdotally, many social service agencies, including those focused on housing, economic support, and treatment, are reporting increased stress on their agencies as a result of the crisis.3.      UVM Medical Center agrees to reduce opioid prescriptions and increase public transparency around opioidsIn January 2017, Centers for Medicare & Medicaid Services released a national Medicare Part D Opioid Prescribing Mapping Tool based on prescription data from 2013-2014.  This mapping tool suggests that of all New England states in those years, Vermont was an outlier in its prescribing practices. The BPD has completed a thorough analysis of the data provided by the map (see the BPD analysis and Executive Summary attached), which includes individual physicians’ prescribing practices, and found the following:At 3.2 scripts per patient, Vermont opioid prescriber’s rates in 2014 were 13 percent higher than the next highest state (Maine), and 17 percent higher than the average rate for New England not including Vermont.Vermont also led the region in drug supply days per beneficiary. On average, individual recipients were suppled opioids for 69 days of the year in 2014. That is 10 days longer on average than for the region not including Vermont.At 6.34 percent of all drugs, Vermont prescribed opioids at a 22 percent higher rate than the average for the region not including Vermont in 2014 (note: VT was not the state with the highest rate in the region).In 2014, doctors in Vermont wrote 11,000 more opioid scripts (82 percent of which were for the most abused opioids) to patients than the previous year – a 9 percent increase. The number of days for which doctors supplied patients with opioids increased an average of approximately one and a half days.This analysis, along with the information already publicly available on Vermont Prescription Monitoring System (VPMS), gave the City concern that prescribing practices may remain an issue. UVM Medical Center agrees with the City that it is important to continue to focus on prescribing practices, and this is an area where continued work is needed. The UVM Medical Center has agreed to spend 90 days to create a new system in which there would greater public transparency and accountability about the hospital’s prescribing practices. The release of UVM Medical Center prescription data will allow an important public conversation about optimal prescription practices. The City and the UVM Medical Center will also work with other stakeholders to translate this progress into a new, statewide system.“The University of Vermont Medical Center is committed to stemming the opioid addiction epidemic in Vermont,” said Stephen Leffler, MD, Chief Medical Officer, University of Vermont Medical Center. “We are engaged in both the Chittenden County Opioid Alliance and the City of Burlington’s CommStat effort. The UVM Medical Center has increased the number of providers who are prescribing Medication Assisted Treatment by nearly 50 physicians over the last year and a half, while reducing the amount of opioids we prescribe, but there is much more work to be done. Transparency is important when we are reforming complex systems, and we look forward to partnering with the City of Burlington on developing a process for reporting on our progress.”4.      State agrees to release frequent reports of opioid-related deathsAs mentioned earlier, recently released Vermont Department of Health data revealed that opioid-related deaths rose from 76 in 2015 to an estimated 105 in 2016 – a 38 percent increase. At present, the Health Department releases statewide opioid death numbers quarterly, and county-level numbers annually. The Health Department soon will begin updating county-level data monthly.“Supplying this county-level information more often may help everyone engaged in responding to the opioid crisis have a more complete picture of what’s happening on the ground,” said Vermont Health Commissioner Harry Chen, MD. “We stand with Burlington and the Chittenden County Opioid Alliance and will do whatever we can to strengthen our collective efforts.”In addition, the City has a new agreement with the State’s Attorney’s Office regarding the weekly reporting of untimely deaths.“I want to continue to grow and strengthen the programs the State’s Attorney’s Office currently has in place to address opioid addiction as a public health issue, and also to address public safety and reduce recidivism rates,” said Chittenden County State’s Attorney Sarah George. “My office can be helpful at an even earlier stage in the process. I have directed our deputies to track every overdose death we are called on so that I can review and analyze that data. This process will allow us to have weekly numbers on the likely number of overdose deaths in our county.”Summary of recent, previously announced City of Burlington initiatives to address the opioid epidemicIn the fall of 2016, the City reorganized the BPD to treat the opioid epidemic as a public health crisis, hiring former social worker Jackie Corbally as the new BPD Opioid Policy Manager, and sharing the cost with the Chittenden County Opioid Alliance (CCOA) of a new Data Manager, Sam Francis-Fath, to help analyze and track opioid-related data. The BPD also has contributed significantly to the effort with its own analyst, Eric Fowler.In November 2016, the City launched its CommunityStat effort to reverse the opioid crisis by approaching it as a public health challenge that requires collaboration and coordination of efforts among all the community stakeholders engaged in responding. Stakeholders include the Vermont Department of Health, Vermont Department of Children and Families, Vermont Department of Corrections, University of Vermont Medical Center, Community Health Centers of Burlington, the Chittenden County State’s Attorney’s Office, State Attorney General, the Community Justice Center, Howard Center, United Way, Turning Point Center, Steps to End Domestic Violence, Champlain Housing Trust, Burlington Housing Authority, King Street Center, Outright Vermont, Spectrum Youth & Family Services, and many more.“I applaud the City of Burlington for developing a comprehensive approach to finding solutions for the opioid crisis that includes education, treatment, and law enforcement,” said St. Albans Mayor Liz Gamache, who has been facing similar opioid challenges in St. Albans. “Progress can be made by engaging both stakeholders and the community at large.”BPD Medicare Prescription Data 2013-2014 Analysis Executive SummaryDataThe Centers for Medicare and Medicaid Services’ ”Medicare provider utilization and payment data public use” file tracks prescriber practices for drug events incurred by individuals on Medicare Part D drug plans in calendar years 2013 and 2014, the most recent years this data is currently available. Those eligible for Medicare Part D include individuals over the age of 65, individuals under the age of 65 who have certain permanent disabilities, and individuals with end-stage renal disease.FindingsThe analysis of the Medicare data from 2013 and 2014 included the following major findings about opioid prescribing practices in Vermont:1) In 2014, Vermont was an outlier when compared to the other five New England states in terms of unique opioid prescriptions per beneficiary (i.e. patient) and well above average for number of days an opioid was prescribed per beneficiarya. At 3.2 scripts per patient, Vermont prescriber’s rates were 17% higher than the average rate for New England outside of Vermont (18% for most abused or diverted opioids)b. At 69 days per beneficiary, Vermont doctors prescribed opioids 10 days longer on average than the rest of New England doctors2) From 2013 to 2014, doctors increased the rate of opioids prescribed and the number of days they were supplieda. Specifically, doctors prescribed 11,000 (9%) more opioid scripts in 2014 than 2013, 82% of which were for opioids identified as being the most abused1b. Doctors also prescribed opioids for a day and a half longer on average in 20141 77% of the overall opioid sample were drugs identified as most abused opioids3) A number of Vermont specialties prescribed opioids at statistically significantly higher rates than their New England peers in 2014. Some of those include:a. Family Practice doctors in Vermont prescribed opioids at a rate per beneficiary that was 5% higher than their New England peers. They supplied the most abused opioids 4 days longer per patient on average than other New England doctors (a 6% higher rate)b. Internal Medicine doctors in Vermont prescribed opioids at a rate per beneficiary that was 16% higher than their New England peers. They supplied opioids 4 days longer per patient on average than other New England doctors (an 11% higher rate)c. Nurse Practitioners in Vermont prescribed opioids at a rate per beneficiary that was 13% higher than their New England peers. They supplied opioids 4 days longer per patient on average than other New England doctors (an 13% higher rate)For several other specialties, the disparity in opioid prescriptions were much larger in terms of percent difference between Vermont’s rates and the average rate for the rest of New England. However, inthese cases, one or a very small number of outlying prescribers skewed the rate within their specialty, and therefore those results were not included here.4) There are a number of doctors that fall at least 3 standard deviations above the mean for opioid prescription rate per beneficiary and are, by definition, statistical outliers. It will be important to take a closer look at these prescribers and to track their rates over time to determine if there is a reasonable explanation for why they prescribe opioids at such higher rates than their peersLimitations & Implications of the AnalysisAbout 14% of insured individuals in Vermont have Medicare Part D plans. We cannot say for sure that the prescribing trends apparent in the federal Medicare data, which covers Medicare Part D beneficiaries, is representative of the prescribing practices to patients in Vermont overall. Regardless of this limitation, the findings of the analysis are important for two reasons: First, we find doctors in Vermont are over-prescribing opioids to Medicare Part D beneficiaries, the same concerning practices could be occurring within the larger universe of drug prescription. Second, regardless of the generalizability of the prescribing practices to Medicare Part D beneficiaries, if it is apparent that doctors in Vermont are over-prescribing opioids to people over the age of 65 and to those with permanent disabilities, these could be populations at a heightened risk for opioid addiction. Additionally, this finding would highlight the importance of transparency in public health care operations and would demand a deeper dive into prescribing practices to include other public insurance programs, such as Medicaid.An additional limitation of the data is that it is only available through 2014. That we only have data as recent as 2014 when it is now 2017 demonstrates the need for the more timely collection and dissemination of information crucial to tracking trends in prescription practices that should have direct implications for public policy.These two limitations underscore the importance of more inclusive and timely public health data releases. Providing more comprehensive public health prescribing practice data and at more frequent iterations while maintaining individual beneficiaries’ privacies is crucial. Beyond offering the public the level of transparency they deserve from the public health sector, such an effort would:1) Generate public discourse about opioid prescribing practices in the state of Vermont and how such consequential public services are affecting community health, safety and quality of life2) Give individual doctors and prescribers the opportunity to compare their practices to those of their peers and to make adjustments, if appropriate3) Allow for the monitoring of progresses in prescribing practices over the course of months and years and encourage the examination of areas in need of attention and reformSource: City of Burlington 2.16.2017last_img read more