SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 11-K
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED]
For the Fiscal Year Ended June 30, 1996
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
For the Transition Period From ___ to ___
Commission File Number 0-20322
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A. Full title of the plan and the address of the plan, if different
from that of issuer named below:
STARBUCKS CORPORATION EMPLOYEE STOCK PURCHASE PLAN - 1995
B. Name of issuer of the securities held pursuant to the plan and the
address of its principal executive office:
STARBUCKS CORPORATION
2401 Utah Avenue South, Seattle, Washington 98134
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REQUIRED INFORMATION
a) Financial Statements
PAGE
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INDEPENDENT AUDITORS' REPORT 1
FINANCIAL STATEMENTS:
Statement of Assets Available for Benefits 2
Statement of Changes in Assets Available
for Benefits 3
Notes to Financial Statements 4
b) Exhibits
23.1 Consent of Deloitte & Touche LLP
SIGNATURES
THE PLAN. Pursuant to the requirements of the Securities Exchange Act of
1934, the trustees (or other persons who administer the employee benefit
plan) have duly caused this annual report to be signed on its behalf by the
undersigned hereunto duly authorized.
STARBUCKS CORPORATION
EMPLOYEE STOCK PURCHASE PLAN - 1995
(Name of Plan)
Dated: September 26, 1996 By: /s/ M. Michael Casey
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M. Michael Casey
chief financial officer
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INDEPENDENT AUDITORS' REPORT
Plan Administrator
Starbucks Corporation
Employee Stock Purchase Plan - 1995
Seattle, Washington
We have audited the accompanying statement of assets available for benefits
of the Starbucks Corporation Employee Stock Purchase Plan - 1995 (the Plan)
as of June 30, 1996, and the related statement of changes in assets available
for benefits for the year then ended. These financial statements are the
responsibility of the Plan Administrator. Our responsibility is to express
an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by the Plan Administrator, as well as evaluating
the overall financial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the assets available for benefits of the Plan as of June 30, 1996,
and the changes in assets available for benefits for the year then ended, in
conformity with generally accepted accounting principles.
/s/ Deloitte & Touche LLP
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DELOITTE & TOUCHE LLP
July 18, 1996
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STARBUCKS CORPORATION
EMPLOYEE STOCK PURCHASE PLAN - 1995
STATEMENT OF ASSETS AVAILABLE FOR BENEFITS
JUNE 30, 1996
<TABLE>
<S> <C>
ASSETS:
Cash $15,786
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ASSETS AVAILABLE FOR BENEFITS $15,786
=======
</TABLE>
See note to financial statements.
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<PAGE>
STARBUCKS CORPORATION
EMPLOYEE STOCK PURCHASE PLAN - 1995
STATEMENT OF CHANGES IN ASSETS AVAILABLE FOR BENEFITS
YEAR ENDED JUNE 30, 1996
<TABLE>
<S> <C>
ASSETS AVAILABLE FOR BENEFITS,
beginning of period $ -
ADDITIONS:
Employee contributions 1,519,470
DEDUCTIONS:
Cost of shares purchased 1,503,684
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CHANGE IN ASSETS AVAILABLE FOR
BENEFITS 15,786
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ASSETS AVAILABLE FOR BENEFITS,
end of period $ 15,786
==========
</TABLE>
See note to financial statements.
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<PAGE>
STARBUCKS CORPORATION
EMPLOYEE STOCK PURCHASE PLAN - 1995
NOTE TO FINANCIAL STATEMENTS
YEAR ENDED JUNE 30, 1996
NOTE 1: THE PLAN
The following description of the Starbucks Corporation Employee Stock
Purchase Plan - 1995 (the Plan) provides only general information.
Participants should refer to the Plan agreement for a complete description of
the Plan's provisions.
GENERAL: The Plan Administrator believes the Plan meets the qualification
standards of Section 423 of the Internal Revenue Code of 1986. The Plan is
not subject to the provisions of the Employee Retirement Income Security Act
of 1974 (ERISA).
The Plan covers all regular employees of Starbucks Corporation (the Company)
except officers (i.e., senior vice presidents, Chief Executive Officer, Chief
Operating Officer, Chief Financial Officer, President, and Chairman of the
Board) of the Company who have been employed for at least 90 days and have
worked an average of 20 hours per week during their employment.
CONTRIBUTIONS: Participants may make contributions to the Plan through
payroll deductions (not exceeding 10% of their compensation) for the purpose
of purchasing the Company's common stock. The Plan commenced on July 1,
1995, and participants are given the opportunity to purchase shares on each
subsequent October 1, January 1, and April 1 until such time as the Plan is
terminated (see Termination of the Plan). A maximum of 2,000,000 shares will
be offered under the Plan.
OPTIONS GRANTED AND WITHDRAWALS: Participants are granted the option to
purchase shares of Starbucks Corporation common stock from the Company at 85%
of the lesser of the fair market value on the first or last day or nearest
business day within the period, of each three-month period ending September
30, December 31, March 31, or June 30. If the participant elects to withdraw
from the Plan, the Company refunds the participant for amounts withheld. The
Plan purchased 78,019 shares during the year ended June 30, 1996, at prices
ranging from $15.99 to $30.18, leaving 1,921,981 shares reserved for future
use.
ASSETS AVAILABLE FOR BENEFITS: Assets available for benefits represent cash
in participant accounts that was less than the amount necessary to purchase a
full share and cash contributed to the Plan greater than the cost of the
maximum number of shares allowed to be purchased in a three-month period (see
Limitations). Participants may carry over such amounts to the next period.
LIMITATIONS: No employee shall be permitted to subscribe for any shares
under the Plan if such employee owns shares representing 5% or more of the
total combined voting power or value of all classes of shares of the Company.
Additionally, no participant may purchase shares under the Plan with an
aggregate fair market value in excess of $25,000 in any one calendar year.
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TERMINATION OF THE PLAN: The Plan shall terminate at the earliest of the
following:
June 30, 2000
The date of the filing of a Statement of Intent to
Dissolve by the Company or the effective date of a merger
or consolidation (except with a related company) where the
Company is not to be the surviving corporation
The date the Board acts to terminate the Plan
The date when all shares reserved under the Plan have been
purchased
In the event of a dissolution, merger, or acquisition, the Company may permit
a participating employee to exercise options to the extent that employee
payroll deductions have accumulated. In the event of termination, Plan assets
will be distributed to the participants.
PLAN ADMINISTRATION: All expenses for administration of the Plan are paid
directly by the Company, and are not reflected in the accompanying statements.
PLAN ACCOUNTING: The accompanying financial statements have been prepared on
the accrual basis of accounting.
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<PAGE>
EXHIBIT INDEX
Exhibit No. Description Page
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23.1 Consent of Deloitte & Touche LLP 7
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Exhibit 23.1
INDEPENDENT AUDITORS' CONSENT
We consent to the incorporation by reference in Registration Statement No.
33-92184 of Starbucks Corporation on Form S-8 of our report dated July 18,
1996, appearing in the Annual Report on Form 11-K of the Starbucks
Corporation Employee Stock Purchase Plan - 1995 for the year ended June 30,
1996.
/s/ Deloitte & Touche LLP
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DELOITTE & TOUCHE LLP
Seattle, Washington
September 24, 1996
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