Farmer Brothers reports fourth quarter and fiscal 2023 financial results and publishes quarterly shareholder letter
12 Setembro 2023 - 5:15PM
Farmer Brothers (NASDAQ: FARM) today reported its fiscal
fourth quarter and full year 2023 financial results for the period
ended June 30, 2023. The company filed its 10-K and published its
quarterly shareholder letter, which contains additional details
regarding the results and can be found on the investor relations
section of the company’s website.
“Farmer Brothers ended a challenging fiscal 2023 on a strong
note, including the strategic divestiture of our direct ship
customers and early signs of improved pricing and margins late in
the fourth quarter,” said Farmer Brothers Chief Executive Officer
Deverl Maserang. “The company enters fiscal 2024 with our full
focus on a revitalized direct store delivery (DSD) business, a
stronger balance sheet and a favorable coffee pricing environment.
Adding to our confidence are the early results of our new AI-driven
pricing engine, which is delivering early, demonstrable margin
improvement and solid initial traction with key future growth
initiatives. While transitional impacts from the divestiture and
our DSD reorganization will impact the first quarter of fiscal 2024
profitability, we are making steady progress toward an inflection
to positive free cash flow in the coming quarters.”
Investor Conference CallThe company will also
host an audio-only investor conference call today, Sept. 12, 2023,
at 5 p.m. Eastern to review its financial results for the fourth
quarter and full year 2023 ended June 30, 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,
allowing 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-K and corresponding shareholder
letter are also available on the investor relations section of the
company’s website, as well as the Securities and Exchange
Commission’s (SEC) website at sec.gov.
About Farmer BrothersFounded 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.
The company’s primary brands include Farmer Brothers,
Artisan Collection by Farmer Brothers, Superior, Metropolitan,
China Mist and Boyd’s.
Forward-looking statementsThis press release
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, our management’s
assumptions, the search for a successor CEO and the anticipated
benefits to the Company as a result of the CEO transition,
including the expected results following the transition. These
forward-looking statements can be identified by the use of words
such as, “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 this press release and 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 Sept. 2, 2022 (the 2022 Form
10-K) as amended by Amendment No. 1 to the 2022 Form 10-K, filed
with the SEC on Oct. 27, 2022, as well as other
factors 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 press
release 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
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