Ben & Jerry's Finance Report

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Managerial Finance
26 Aug, 1999

A Little History: Ben & Jerry's, Vermont's Finest Ice Cream and Frozen Yogurt, was founded in 1978 in a renovated gas station in Burlington, Vermont, by childhood friends Ben Cohen and Jerry Greenfield with a $12,000 investment ($4,000 of which was borrowed.) They soon became popular for their innovative flavors, made from fresh Vermont milk and cream. The company works to employ its Mission Statement in as many day to day business decisions as possible so that the company is profitable and the community can profit by the way Ben & Jerry's does business.

Corporate Profile: Ben & Jerry's Homemade, Inc. is a Vermont (USA) corporation. They make super premium ice cream, frozen yogurt, and ice cream novelties in unique as well as traditional flavors; their products are marketed through supermarkets, grocery stores, convenience stores, and food service operations, as well as through licensed scoop shops, franchised scoop shops, and company-owned scoop shops. Ben & Jerry's products are distributed in all 50 states, and you'll find over 120 Ben & Jerry's franchised scoop shops in 20 states (including Washington, D.C.). Internationally, there are franchised scoop shops in Canada and licensed scoop

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shops in Israel and The Netherlands. In 1988 Ben & Jerry's Homemade, Inc. created a document called the Statement of Mission. They are dedicated to the creation & demonstration of a new corporate concept of linked prosperity. Our mission consists of three interrelated parts: product, economic and social. Ben & Jerry's Philanthropy: Ben & Jerry's gives away 7.5 percent of its pre-tax earnings in three ways: the Ben & Jerry's Foundation; employee Community action Teams at five Vermont sites; and through corporate grants made by the Director of Social Mission Development. They support projects which are models for social change - projects which exhibit creative problem solving and hopefulness. The Foundation is managed by a nine member employee board and considers proposals relating to children and families, disadvantaged groups, and the environment.

Ben & Jerry's is dedicated to the creation & demonstration of a new corporate concept of linked prosperity. Their mission consists of three interrelated parts. Underlying the mission is the determination to seek new and creative ways of addressing all three parts, while holding a deep respect for individuals inside and outside the company, and for the communities of which they are a part.

Product: To make, distribute and sell the finest quality all natural ice cream and related products in a wide variety of innovative flavors made from Vermont dairy products. Economic: To operate the Company on a sound financial basis of profitable growth, increasing value for their shareholders, and creating career opportunities and financial rewards for their employees. Social: To operate the Company in a way that actively recognizes the central role that business plays in the structure of society by initiating innovative ways to improve the quality of life

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of a broad community local, national, and international. Underlying the mission of Ben & Jerry's is the determination to seek new & creative ways of addressing all three parts, while holding a deep respect for individuals inside and outside the Company and for the communities of which they are a part. CEO's Letter: On the threshold of their third decade in business, Ben & Jerry's is on track and gaining the forward momentum that will ensure continuous improvements and breakthrough innovation well into the new millennium. With aggressive new product development and an increased focus on brand equity, net sales for 1998 were $209,203,000-a 20.1% increase over 1997's net sales of $174,206,000. All quarters displayed double-digit net sales increases, with a particularly strong 29.2% increase in the third quarter of 1998. The Company's...
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