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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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FORM 11-K
ANNUAL REPORT
PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
(Mark One):
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934 [NO FEE REQUIRED, EFFECTIVE OCTOBER 7, 1996].
For the fiscal year ended June 30, 2000
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934 [NO FEE REQUIRED].
For the transition from ____________ to __________
Commission File Number: 0-20322
A. Full title of the plan and the address of the plan, if
different from that of the issuer name 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, WA 98134
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REQUIRED INFORMATION
(a) Financial Statements
Independent Auditors' Report
Statements of Financial Condition as of June 30, 2000 and 1999
Statements of Income for the Fiscal Years Ended June 30, 2000, 1999, and
1998
Notes to Financial Statements
(b) Exhibits
23 Consent of Deloitte & Touche LLP
SIGNATURE
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 their behalf by the undersigned
hereunto duly authorized.
STARBUCKS CORPORATION
EMPLOYEE STOCK PURCHASE PLAN - 1995
Date: September 27, 2000 By: /s/ Michael Casey
--------------------------------- ---------------------------------
Michael Casey
executive vice president,
chief financial officer and
chief administrative officer
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STARBUCKS CORPORATION
EMPLOYEE STOCK PURCHASE
PLAN - 1995
================================================================================
FINANCIAL STATEMENTS FOR THE
YEARS ENDED JUNE 30, 2000, 1999, AND 1998, AND
INDEPENDENT AUDITORS' REPORT
DELOITTE & TOUCHE LLP
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INDEPENDENT AUDITORS' REPORT
Plan Administrator
Starbucks Corporation
Employee Stock Purchase Plan - 1995
Seattle, Washington
We have audited the accompanying statements of financial condition of the
Starbucks Corporation Employee Stock Purchase Plan - 1995 (the Plan) as of June
30, 2000 and 1999, and the related statements of income for each of the three
years in the period ended June 30, 2000. These financial statements are the
responsibility of the Plan Administrator. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with auditing standards generally accepted
in the United States of America. 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 audits provide a
reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the financial condition of the Plan as of June 30, 2000 and 1999, and
the results of operations for each of the three years in the period ended June
30, 2000, in conformity with accounting principles generally accepted in the
United States of America.
/s/ DELOITTE & TOUCHE LLP
-------------------------
DELOITTE & TOUCHE LLP
August 11, 2000
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STARBUCKS CORPORATION
EMPLOYEE STOCK PURCHASE PLAN - 1995
STATEMENTS OF FINANCIAL CONDITION
JUNE 30, 2000 AND 1999
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<TABLE>
<CAPTION>
2000 1999
------- -------
<S> <C> <C>
ASSETS:
Cash $92,139 $56,825
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TOTAL $92,139 $56,825
======= =======
LIABILITIES:
Deferred participant contributions $92,139 $56,825
------- -------
TOTAL $92,139 $56,825
======= =======
</TABLE>
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STARBUCKS CORPORATION
EMPLOYEE STOCK PURCHASE PLAN - 1995
STATEMENTS OF INCOME
YEARS ENDED JUNE 30, 2000, 1999, AND 1998
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<TABLE>
<CAPTION>
2000 1999 1998
---------- ---------- ----------
<S> <C> <C> <C>
INCOME:
Employee contributions, net of increase (decrease)
in amounts deferred of $35,314, $(6,725),
and $43,824 $9,713,199 $7,142,998 $4,652,217
EXPENSE:
Cost of shares purchased 9,713,199 7,142,998 4,652,217
---------- ---------- ----------
NET INCOME
EQUITY:
Beginning of year
End of year $ -- $ -- $ --
========== ========== ==========
</TABLE>
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STARBUCKS CORPORATION
EMPLOYEE STOCK PURCHASE PLAN - 1995
NOTE TO FINANCIAL STATEMENTS
YEARS ENDED JUNE 30, 2000, 1999, AND 1998
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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.
The Plan generally covers all regular employees of Starbucks Corporation
(the Company) who have been employed for at least 90 days and have worked
an average of 20 hours or more per week during such employment.
CONTRIBUTIONS: Participants may make contributions in whole percent
increments to the Plan through payroll deductions (not exceeding 10% of
their base pay) for the purpose of purchasing the Company's common stock.
The Plan commenced on July 1, 1995, and participants may purchase shares
on each subsequent September 30, December 31, March 31, and June 30,
until such time as the Plan is terminated (see Termination of the Plan).
A maximum of 8,000,000 shares will be offered under the Plan.
PURCHASES AND WITHDRAWALS: Participants may elect to purchase shares of
Starbucks Corporation common stock from the Company at a price equal to
85% of the lesser of the fair market value on the first or last 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, or exceeds the $25,000 limit (see Limitations), the
Company refunds the participant for amounts withheld but not yet used to
purchase shares. The Plan purchased 424,979 shares during the year ended
June 30, 2000, at prices ranging from $20.37 to $32.46; 385,752 shares
during the year ended June 30, 1999, at prices ranging from $14.05 to
$25.18; and purchased 271,884 shares during the year ended June 30, 1998,
at prices ranging from $15.99 to $19.58. The Plan has purchased a total
of 1,482,814 shares since the beginning of the Plan, leaving 6,517,186
shares reserved for future issue.
ASSETS: Assets are comprised of 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 any one calendar year (see
Limitations). Fractional share amounts are deferred and are carried over
to the next period. Contribution amounts which exceed the limit are
refunded to the participant.
LIMITATIONS: No employee shall be permitted to subscribe for any shares
under the Plan if such employee would then own 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 (determined at the time such
right to subscribe is granted) in excess of $25,000 in any one calendar
year. Contribution amounts which exceed the limit are refunded to the
participant.
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TERMINATION OF THE PLAN: Upon termination of the Plan, the Company shall
refund to each participant the balance of each participant's account. The
Plan was amended and restated by the Board of Directors as of June 30,
2000. The Plan term has been extended until the earliest of the
following:
- 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, which merger or consolidation is not
between or among corporations related to the Company. In such
event, the Company may permit a participating employee to carry
out the right to purchase to the extent that employee payroll
deductions have accumulated.
- The date the Board acts to terminate the Plan.
- The date when all shares reserved under the Plan have been
purchased.
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.
STOCK SPLIT: On March 19, 1999, the Company effected a two-for-one stock
split of its common stock for holders of record on March 5, 1999.
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EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit No. Description
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<S> <C>
23 Consent of Deloitte & Touche LLP
</TABLE>
