BUSINESS
September 15, 2006 | Jerry Hirsch, Times Staff Writer
Longtime Orange County fixture Diedrich Coffee Inc. said Thursday that it would sell its company-owned stores to Starbucks Corp. to focus on wholesaling coffee to restaurant chains, specialty stores and offices. The Irvine-based company will get $13.5 million for 40 Diedrich and Coffee People cafes. Most of the Diedrich outlets are in Orange and Los Angeles counties, and the Coffee People stores are in the Portland, Ore., area.
BUSINESS
April 30, 1997 | PATRICE APODACA, TIMES STAFF WRITER
Burned by its rapid expansion, Diedrich Coffee Inc. reported a $1.14-million fiscal fourth-quarter loss, and announced that Martin Diedrich is stepping down as chairman. The company, riding the wave of coffeehouse popularity, zoomed from 12 stores to 47 in the last year as it continued its expansion beyond its Orange County roots into Colorado and Texas.
BUSINESS
December 4, 2001 | JERRY HIRSCH, TIMES STAFF WRITER
Shares of Diedrich Coffee Inc. appeared as hot as the steaming lattes and cappuccinos served in the Irvine company's chain of coffeehouses for a brief time over the last month. Although the stock has since cooled, what's left of the gain represents a striking turnaround for the perennial Starbucks wannabe that nearly went out of business this year after a series of missteps left it with excessive debt.
BUSINESS
November 19, 1997 | RUSS STANTON, TIMES STAFF WRITER
Diedrich Coffee Inc., looking to return to profitability after a year of severe growing pains, said Tuesday that former Taco Bell Chairman John Martin will become its chairman and invest $1 million in the 37-store chain. Martin also is bringing aboard former Sizzler USA and Taco Bell executive Tim Ryan as Diedrich's chief executive, a position that has been vacant since March.
BUSINESS
September 28, 2006 | From the Associated Press
Diedrich Coffee Inc., which recently agreed to sell its company-owned stores to Starbucks, said its loss for the fiscal fourth quarter widened, in part because of costs related to boosting its wholesale operations. The loss for the quarter ended June 28 widened to $3.1 million, or 59 cents a share, from $1 million, or 20 cents, a year ago. Results from a year earlier were helped by a tax benefit of $1.9 million. Revenue rose to $18.3 million from $16.
BUSINESS
December 14, 2006
Shareholders of Diedrich Coffee Inc. have approved a sale of about 40 company-owned cafes in California, Colorado and Texas to Starbucks Corp. for $13.5 million.
BUSINESS
January 25, 2001 | Dow Jones
A Toronto company that wound up with an 8% stake in Diedrich Coffee Inc. said Wednesday in a filing with regulators that it has reduced its stake in the Irvine coffeehouse chain to 6.8%. Second Cup Ltd. said in the filing with the Securities and Exchange Commission that it sold 190,000 Diedrich shares between Dec. 1 and Jan. 18 at prices ranging from 41 cents to $1.31 a share. Second Cup had acquired its stake last year by selling its 69% interest in Coffee People Inc.
BUSINESS
January 29, 2001 | From Staff and Wire Reports
Diedrich Coffee Inc., the Irvine-based coffee roaster and retailer, received a Nasdaq determination Friday that the company's stock is out of compliance with Nasdaq's minimum net tangible assets requirement. On Friday, the company also reported a net income of $163,577, or 1 cent per share, for the 12 weeks ended Dec. 13, 2000. That was down 73% from a profit of $599,028, or 5 cents per share, a year earlier. Its latest fiscal second-quarter revenue rose by 1.4%, to $19.4 million.
BUSINESS
March 1, 2001
Diedrich Coffee Inc. said Wednesday that it will cut in half the estimated restructuring charges it had planned to take this quarter because improved performance at some stores has taken them off the list of those targeted for closure. The Irvine coffeehouse chain operator said in a press release that it will record a charge of $700,000 to $900,000 for its fiscal third quarter, which ends March 7, instead of the original estimate of $1.8 million to $2 million.
BUSINESS
March 16, 2001 | From Dow Jones Newswires
Diedrich Coffee Inc., the struggling coffeehouse chain, said Thursday that several investment funds have agreed to invest a total of $6 million for new shares of the company's stock. The Irvine company, in an effort to prevent its shares from being delisted, also said it plans to ask shareholders to approve a 1-for-3 reverse stock split. The infusion comes from an investment group led by Westcliff Capital Management and that includes a fund managed by Diedrich Chairman Paul C.