Originally published March 29, 2007 at 12:00 AM | Page modified March 29, 2007 at 5:31 PM
Shareholders at Tully's meeting learn little about proposed IPO
About 500 long-time Tully's Coffee shareholders gathered at the Museum of Flight on Thursday morning to hear more about its plans for an...
Seattle Times business reporter
About 500 long-time Tully's Coffee shareholders gathered at the Museum of Flight on Thursday morning to hear more about its plans for an initial public offering.
They didn't learn much beyond what the company announced two weeks ago — that Tully's plans to file a registration statement by April 30 with its proposed public offering. At least one investment bank is involved, but Tully's executives can't name it yet.
"We can't answer how the proposed stock offering might affect you in particular," Chief Financial Officer Kris Galvin told the shareholders, most of whom have owned the stock for at least eight years.
The IPO's success depends on several factors, including the strength of the stock market, the economy and Tully's performance.
"You should all be praying for the stock market to stay strong for the next few months," advised Galvin, who appeared at the podium on crutches because of an accident that's "a long story, starting with the grandchildren."
Executives reviewed Tully's business, including its improvement under current CEO John Buller.
For the past three quarters, Tully's has reported positive sales growth for stores open at least a year, and sales for the third quarter ended Dec. 31 were up 13 percent.
"We seem to be at a wonderful point where all the arrows are pointing in the right direction," Chairman and Founder Tom O'Keefe said during an interview with reporters after the meeting.
Although Tully's is not publicly traded, it must disclose quarterly results and hold an annual meeting because it has more than 500 shareholders.
Investors have asked for years when Tully's would go public, so they were mostly upbeat at Thursday's meeting and seemed willing to wait for details.
"I'm looking forward to it, because I know it's going to happen now," said Maureen Longen of Seattle, who figures she's held shares for about 15 years.
Melissa Allison: 206-464-3312 or mallison@seattletimes.com
Copyright © 2007 The Seattle Times Company
Nintendo re-enlists Mario, savior of video-game industry
Verizon-Frontier deal stirs concern among consumers
Brier Dudley: 'Guitar Hero' founder excited about future
Gaps for consumers in Democrat health care bills
Hutch gets $10M from Bezos family for immunotherapy research

PNW Magazine | Easy As Pie
A little friendly competition between professional pie-baker Kate McDermott and The Seatttle Times' Kathleen Triesch Saul is handled with great taste.
general classifieds
Garage & estate salesFurniture & home furnishings
Sporting goods
just listed
42" Hitachi Plasma 1080i - $500
8 Drawer Dresser with Attached Mirror - $200
8 seat pecon formal dining table and china hutch - $1500
More listings
POST A FREE LISTING
shopping
Give yourself a treat and visit Watson Kennedy's Holiday Open Houses
More minding the store
events for Monday, Nov. 23
- Amy Bengtson Holiday Trunk Show
- Metropolitan Pilates Pre-Thanksgiving Sale
- Castle Discount with Military ID
- Sur La Table November sale
editors' picks
- Spas & beauty salons
- Vintage, consignment and used clothing
- Phinney Ridge & Greenwood shopping
- Independent video stores
- 'The Road' takes Viggo Mortensen to Mount St. Helens and Astoria, Ore.
- Tugboat sinks at Seattle waterfront pier
- Illegal workers quietly let go
- Child-support error costs nearly $21,000
- Vikings easily beat the Seahawks
- Craigslist adoption ad: A plea by young mother-to-be? A scam?
- Chase shrugs off loss of CD investors
- Woman stabbed by stranger in North Seattle
- Snow piles up on Cascade slopes
- Denny Triangle gains skyline, but tenants slow to come
- Illegal workers quietly let go
383 - Climate change speeds up since 1997 Kyoto accord
210 - Metro won't cut bus service after all
159 - New Husky recruit: Enes Kanter
101 - Historic health care bill clears Senate hurdle
96 - Tattoos at Mill Creek Church pierce skin, soul
85 - Middleton says Huskies "plan on scoring at least 50 points'' Saturday
82 - Jerry Brewer: Seahawks can't lean on the Hutch Crutch now
74 - Seattle woman charged with knife attack on boyfriend's ex
71 - UW, WSU once again meet to see who's worse
68
- Sprouts, raw fish on attorney's 'do not eat' list
- Tattoos at Mill Creek church pierce skin, soul
- Food-safety lawyer's wish: Put me out of business
- Illegal workers quietly let go
- Architects, chefs find 'kid' within to build Gingerbread Village
- Rediscovering Moab, 'the most beautiful place on Earth'
- It's possible to recover a life lost to hoarding
- Child-support error costs nearly $21,000
- 'The Road' takes Viggo Mortensen to Mount St. Helens and Astoria, Ore.
- Taste | The Great Pie Bake-off pits friends and fruit

