Peet's Coffee Joins the Wayback Restatement Club

| About: Peet's Coffee (PEET)

Peet’s Coffee & Tea becomes the latest to join the way, way-back crowd: it filed a non-reliance 8-K yesterday for all periods beginning after January 1, 1996.

A curiosity: Peet’s has only been a public company since January 2001. Here’s a link to their first 10-K, which carries a description of their option plans. Those option plans were pretty active before the company went public: options were issued at strike prices of 85% of their fair value, and the intrinsic value (the in-the-moneyness of the option) was recorded as compensation expense over the service period. All of that sounds properly accounted for. Yet the company’s “Audit Committee concluded that the Company will most likely need to restate its historical financial statements to record additional non-cash stock-based compensation expense related to stock option grants as a result of errors in recording the measurement date for certain stock option grants.”

So, the five years before the company became public may figure largely into the measurement date mishap. Or the company just wanted to cover all its bases. Whatever - we’ll have to wait for further enlightenment. Another curiosity: Peet’s is one of those rare non-tech companies having options dating issues.