Cohen Annual Report FINAL

8/2/2019 Cohen Annual Report FINAL

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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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6

-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

Documents

Cohen Annual Report FINAL