Diedrich Coffee's Sean McCarthy Receives Orange County Business Journal's CFO of the Year Award for 'Outstanding Transformation Agent'
IRVINE, Calif. /PRNewswire via COMTEX/ -- Sean McCarthy, president and chief financial officer of Diedrich Coffee, Inc. (Nasdaq: DDRX), has received the Orange County Business Journal 2009 CFO of the Year Award for 'Outstanding Transformation Agent.' McCarthy, who has served as the company's chief financial officer since 2006, was recently appointed to also serve as the company's president. Diedrich Coffee is one of the nation's leading roasters and wholesalers of premium coffees and is one of a few roasters under license to produce K-Cups for the Keurig top-selling single-cup brewing system.
The award was announced at the Journal's 3rd Annual CFO of the Year Awards Ceremony held in Irvine, California, and in association with the OC/Long Beach Chapter of the Cal CPA Society. A record 550 people attended the event, including top executives from some of Orange County's hottest and most successful public and private companies. McCarthy was singled out among 17 Orange County CFOs who were nominated for the award by their peers.
According to Paul Heeschen, Diedrich Coffee's executive chairman: "This prestigious award recognizes the many contributions Sean has made to our company over the last few years during which our company has transformed from being principally a coffeehouse retailer and franchiser to a leading roaster and wholesaler of premium coffees. With Sean's able assistance, we have dramatically restructured our operations, boosted our financial performance, and generated a significant increase in shareholder value. We are very pleased that the selection committee shared our view of Sean's talents by selecting him from such a capable list of nominees for this award."
About Diedrich Coffee
With headquarters in Irvine, California, Diedrich Coffee specializes in sourcing, roasting and selling the world's highest quality coffees. The company markets its three leading brands of specialty coffees, Diedrich Coffee, Coffee People and Gloria Jean's Coffees, through office coffee service distributors, restaurants and specialty retailers, and via the company's web stores. Diedrich Coffee is one of only a few roasters under license to produce K-Cups for Keurig Incorporated's top-selling single-cup brewing system.
As announced on December 8, 2009, Diedrich Coffee entered into a definitive agreement under which Green Mountain Coffee Roasters, Inc. (Nasdaq: GMCR) ("GMCR") will acquire Diedrich Coffee in an all cash transaction valued at $35.00 per share or a total transaction value of approximately $290 million pursuant to a cash tender offer (the "Offer") by GMCR's wholly owned subsidiary, Pebbles Acquisition Sub, Inc. ("Acquisition Sub"), and upon completion of the Offer, Acquisition Sub will merge with and into Diedrich Coffee (the "Merger"). For more information, please see Diedrich Coffee's Schedule 14D-9 filed on December 11, 2009 and amendments thereto and other filings made by Diedrich Coffee with the Securities and Exchange Commission (the "SEC").
Statements in this news release that relate to future plans, financial results or projections, events or performance are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and fall under the safe harbor. Actual results and financial position could differ materially from those anticipated in the forward-looking statements as a result of a number of factors, including, but not limited to, the financial and operating performance of Diedrich Coffee's wholesale operations, the company's ability to maintain profitability over time, the successful execution of the company's growth strategies, the impact of competition, the availability of working capital, and other risks and uncertainties described in detail under "Risk Factors and Trends Affecting Diedrich Coffee and its Business" in the company's annual report on Form 10-K for the fiscal year ended June 24, 2009 and other reports filed with the Securities and Exchange Commission. Except where required by law, the company does not undertake an obligation to revise or update any forward-looking statements, whether as a result of new information, future events or changed circumstances.
SOURCE Diedrich Coffee, Inc.