cohen annual report final
TRANSCRIPT
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Indulge 2013 Annual Report
You Deserve A
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Contents
Foreward......................... 02
Company Summary....... 05
To Our Shareholders...... 07
Financials....................... 08
Secret Recipe................. 10
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Taking A Bite Out Of The Competition
It is with great pleasure that I
present our annual report or theyear o 2013, which displays all othe sugary success oIndulge Bakery.
Indulge Bakery is a amily ownedbakery that stems rom three
generations o bakers. Our historyo tradition, culture and know-howmakes us a bite above the rest inthe industry!
Indulge takes pride in being youraround the corner bakery. As a
three generation strong company,we are pleased to in orm
- Chelsea VenaPresident and Chie Executive Ofcer
2 | CEO Letter
our consumers that we arestill growing and increasingincome each year. 2013 was anexceptionally delicious year, with ahuge spike in revenue in the naltwo quarters. Indulge is the homeo resh baking with emphasison our customers as they always
come frst!
Concluding, I would like to saya very big thank you, to all o you,the riends o Indulge Bakeries, whotrust and believe in our quality obakery goods and who make this
dream come true! Thank you ortrusting us!
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2013 has truly been one o great
success. We have seen such growthin our bakeries, employees and in the
company overall.
Indulge has expanded on all o our
recipes, bringing more delicious treats
to consumers. Our primary market
consists o the typical parents andother amily oriented members. As o
now, Indulege has two main bakeries;
one in Syracuse, NY and one in
Manhattan, NY. With our great success
over the past year, we have begun to
considering opening more bakeries
within the Tri-State area.
Ater another great year, Indulge has
ound itsel in a great position or the
coming year, anticipating growth and
continued success.
A Year of Sweet Success
Company Summary |5
First Quarter:
Our rst quarter started a little bumpy, but pickedup around the valentines day season. Overall sales
started down rom the previous quarter, however we
anticipated this drop rom the beginning.
Second Quarter:
Indulge gained momentum over the spring season.
We reported net earnings o $50 million, up rom the$25 million in the rst quarter.
Third Quarter:
In the summer months, Indulge has always
encountered an unusual spike in revenue. This year
in particular, we ound an enormous spike in August,
increasing our sales by 17%.
Fourth Quarter:
Our services have been in such a large demand
over the past year that Indulge decided to open our
unique dessert catering line, which had not been
projected to begin until 2014.
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-President and CEO, Chelsea Vena
Sometimesall you need to do IS
letyourself
LIVE A LITTLE.
INDULGE.
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2013 was a year o signifcant growthand success or Indulge Bakeries. As athree-generation strong bakery, we have areputation to stick to, which we believe wehave held together.
Although several actors contributed to theyears outstanding results, the most importantactor was an unyielding drive among ourpeople to simply make our company betterregardless o the barriers they may ace. Thisdrive helped create a successul executiono essential marketing plans. As a result, wemade substantial progress in realizing theull value o our brands in the marketplaceeven as we enhanced our operations andimproved service to our customers.
To Our Favorite Desserts
To The Shareholders|7
Along with a successul marketing strategy,we made progress in the plans or openinganother bakery in Manhattan along withlaunching our newest division, dessertcatering. With these expansions, Indulgehopes to continue growing and progressing
with the same speed each year to ollow.
This year was one o hard work and well-earned success or Indulge Bakeries. Overthe course o 2013, we raised our net worth,and began plans or expanding our bakeryinto the tri-state area. A special thanks to ouremployees or their hard work, our customersor their loyalty, and our shareholders ortheir constant support. We look orward tocontinued sweet success in 2014.
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8 | Financial Summary
An Abundance o Cookies
TotalRevenue(in
millions)
09 10 11 12 13
$546
$706
$551
$751
$805
NetIncome(inmillions)
09 10 11 12 13
$50.6
$80.2
$67.3
$90.3
$97.5
Sales(inmillions)
Quarterly Stats Q1 Q2 Q3 Q4Number o Product Sales 330,150 400,043 504,503 503,493
Number o Special Orders 250,003 349,493 569,403 578,394
Number o Catering Orders N/A N/A N/A 405,504
T
otalCompanyCosts
49%Supplies
26%Employee
Salary
11%Expansion
13%Other
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Financial Summary |9
Cash and Cash Equivalents $ 278,277
Receivables 926,353
Prepaid Expenses and Other Assets 1,298,281
Investments 21,229,932Fixed Assets, net 1,345,323
Intangables, net 2,394,392
Total Assets: $ 27,481,558
Assets
Accured Expenses $ 2,902,026
Short-Term Borrowing 2,800,000
Deerred Income 3,895,130
Deerred Rent 746,815
Pension Liability 2,989,042
$ 13,333,013
Liabilities and Net Assets
Unrestricted $ 4.067,537
Total Liabilites and Net Assets 4,067,537
Total and Net Assets: $ 17,400,550
Net Assets
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10 | Secret Recipe
A Secret Recipe Just For You
Ingredients
Directions
3 cups all-purpose four1 teaspoon baking soda2 teaspoons hot water1/2 teaspoon salt2 cups semisweet chocolate chips1 cup chopped walnuts (optional)
1 cup butter, sotened1 cup white sugar1 cup packed brown sugar2 eggs2 teaspoons vanilla extract
1. Preheat oven to 350 degrees F (175 degrees C).
2. Cream together the butter, white sugar, and brown sugar untilsmooth. Beat in the eggs one at a time, then stir in the vanilla.
Dissolve baking soda in hot water. Add to batter along with salt. Stirin four, chocolate chips, and nuts. Drop by large spoonuls ontoungreased pans.
3. Bake or about 10 minutes in the preheated oven, or until edgesare nicely browned.
Makes 4 Dozen
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Our Sweet Sta
Alan R. AndrewsVice President
Corporate Controller
Carlos E. MejiaVice President
Development
Margaret R. Bath
Senior Vice President
Quality and Technology
Paul T. NormanSenior Vice President
Research
Mark R. BaynesSenior Vice President
Chie Marketing Ocer
Todd A. PenegorVice President
Advertising
Gary H. PilnickSenior Vice President
Security
Brad J. DavidsonVice President
Corporate Development
Brian S. Rice
Vice President
Fincancial
Samantha A. GoldVice President
Catering
Julie P. RosenbaumVice President
In-Store Promotion
Chelsea S. DissingerVice President
Recipe Innovation
Alicia F. MackVice President
Corporate Expansion
Jay L. GoldmanIn Store
Francine P. Colon
In Store
Carly J. SitzerIn Store
James K. ShollIn Store
Michael L. LibbingIn Store
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336 Comstock AveSyracuse, NY 13210
T: 516. 509. 6362E: [email protected]
@indulgebakerywww.indulge.com