Farmer Brothers (NASDAQ: FARM) today reported financial results for
its third fiscal quarter ended March 31, 2023. The company
published its quarterly shareholder letter, which contains
additional details regarding the results and can be found on the
Investor Relations section of farmerbros.com.
"Our third quarter performance demonstrated our
dedication to driving long-term growth and reflected sales and
gross margin progress, which was offset by short-term impacts from
the implementation of systems enhancements and optimized customer
pricing structures. We are already seeing the initial operational
and financial benefits of these enhancements, which are helping to
drive momentum as we head into the end of fiscal 2023,” said Farmer
Brothers Chief Executive Officer Deverl Maserang. “We believe our
progress along with the capital structure focus of our board
committee on strategic alternatives and capital allocation have us
well positioned as we move toward fiscal 2024."
Investor conference call
The company will host an audio-only investor
conference call today, May 10, 2023, at 8:30 a.m.
Eastern to review its financial results for the third fiscal
quarter ended March 31, 2023.
Interested parties may access the webcast via
the Investor Relations section of the Farmer
Brothers’ website. Participants
who pre-register will receive an email with dial-in
information, which will allow them to bypass the live operator. A
replay of the webcast will be available shortly after and for at
least 30 days on the Investor Relations section of
the Farmer Brothers’ website.
A copy of the company’s 10-Q and corresponding
shareholder letter will also be available on the Investor
Relations section of the company’s website, as well as the
Securities and Exchange Commission’s website at sec.gov.
About Farmer Brothers
Founded in 1912, Farmer Brothers is a national coffee roaster,
wholesaler, equipment servicer and distributor of coffee, tea and
culinary products. The company’s product lines, include organic,
Direct Trade and sustainably produced coffee. With a robust line of
coffee, hot and iced teas, cappuccino mixes, spices and
baking/biscuit mixes, Farmer Brothers delivers extensive beverage
planning services and culinary products to its U.S.-based
customers. It serves a wide variety of customers, from small
independent restaurants and foodservice operators to large
institutional buyers, such as restaurant, department and
convenience store chains, hotels, casinos, healthcare facilities
and gourmet coffee houses, as well as grocery chains with private
brand coffee and consumer branded coffee and tea products, and
foodservice distributors.
Headquartered in Northlake, Texas, Farmer Brothers generated net
sales of $469.2 million in fiscal 2022. The company’s primary
brands include Farmer Brothers, Artisan Collection by Farmer
Brothers, Superior, Metropolitan, China Mist and Boyd’s.
Forward-looking statements
This letter and other documents we file with the
Securities and Exchange Commission (“SEC”) contain forward-looking
statements that are based on current expectations, estimates,
forecasts and projections about us, our future performance, our
financial condition, our products, our business strategy, our
beliefs and our management’s assumptions. In addition, we, or
others on our behalf, may make forward-looking statements in press
releases or written statements, or in our communications and
discussions with investors and analysts in the normal course of
business through meetings, webcasts, phone calls and conference
calls. These forward-looking statements can be identified by the
use of words like “anticipates,” “estimates,” “projects,”
“expects,” “plans,” “believes,” “intends,” “will,” “could,” “may,”
“assumes” and other words of similar meaning. These statements are
based on management’s beliefs, assumptions, estimates and
observations of future events based on information available to our
management at the time the statements are made and include any
statements that do not relate to any historical or current fact.
These statements are not guarantees of future performance and they
involve certain risks, uncertainties and assumptions that are
difficult to predict. Actual outcomes and results may differ
materially from what is expressed, implied or forecast by our
forward-looking statements due in part to the risks, uncertainties
and assumptions set forth in Part I, Item 1A of our Annual Report
on Form 10-K for the fiscal year ended June 30, 2022 filed with the
SEC on September 2, 2022 (the “2022 Form 10-K”) as amended by
Amendment No. 1 to the 2022 Form 10-K, filed with the SEC on
October 27, 2022, as well as other factors described from time to
time in our filings with the SEC.
Factors that could cause actual results to
differ materially from those in forward-looking statements include,
but are not limited to, severe weather, levels of consumer
confidence in national and local economic business conditions, the
impact of labor shortages, the increase of costs due to inflation,
an economic downturn caused by any pandemic, epidemic or other
disease outbreak, comparable or similar to COVID-19, the success of
our turnaround strategy, the impact of capital improvement
projects, the adequacy and availability of capital resources to
fund our existing and planned business operations and our capital
expenditure requirements, the relative effectiveness of
compensation-based employee incentives in causing improvements in
our performance, the capacity to meet the demands of our large
national account customers, the extent of execution of plans for
the growth of our business and achievement of financial metrics
related to those plans, our success in retaining and/or attracting
qualified employees, our success in adapting to technology and new
commerce channels, the effect of the capital markets as well as
other external factors on shareholder value, fluctuations in
availability and cost of green coffee, competition, organizational
changes, the effectiveness of our hedging strategies in reducing
price and interest rate risk, changes in consumer preferences, our
ability to provide sustainability in ways that do not materially
impair profitability, changes in the strength of the economy,
including any effects from inflation, business conditions in the
coffee industry and food industry in general, our continued success
in attracting new customers, variances from budgeted sales mix and
growth rates, weather and special or unusual events, as well as
other risks, uncertainties and assumptions described from time to
time in our filings with the SEC.
Given these risks and uncertainties, you should
not rely on forward-looking statements as a prediction of actual
results. Any or all of the forward-looking statements contained in
this letter and any other public statement made by us, including by
our management, may turn out to be incorrect. We are including this
cautionary note to make applicable and take advantage of the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995 for forward-looking statements. We expressly disclaim any
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events, changes in
assumptions or otherwise, except as required under federal
securities laws and the rules and regulations of the SEC.
Investor relations contactEllipsis
Investor.relations@farmerbros.com 646-776-0886
Media contactBrandi WesselDirector of
Communications405-885-5176bwessel@farmerbros.com
Farmer Brothers (NASDAQ:FARM)
Gráfico Histórico do Ativo
De Abr 2024 até Mai 2024
Farmer Brothers (NASDAQ:FARM)
Gráfico Histórico do Ativo
De Mai 2023 até Mai 2024