Farmer Brothers reports first quarter fiscal 2024 financial results and publishes quarterly shareholder letter
09 Novembro 2023 - 6:05PM
Farmer Brothers (NASDAQ: FARM) today reported its first
quarter fiscal 2024 financial results for the period ended Sept.
30, 2023. The company filed its 10-Q and published its quarterly
shareholder letter, which contains additional details regarding the
results. Both of those documents can be found on the investor
relations section of the company’s website.
“Farmer Brothers executed well in the fiscal first quarter as we
continue to transition our focus solely to our largest and most
profitable business – direct store delivery,” said Farmer Brothers
Interim Chief Executive Officer John Moore. “We are taking the
internal steps necessary to strengthen our balance sheet, reduce
our overall cost structure and increase our gross margins. We were
pleased to begin to see positive results thanks to these efforts
during the first quarter.
“Supported by favorable coffee pricing trends, we expect we will
continue to see momentum and improving results throughout the
fiscal year. We believe we are on track to achieve our goal of
positive free cash flow in early fiscal 2025, setting the stage for
a revitalized Farmer Brothers and creating long-term shareholder
value.”
Investor Conference CallThe company will host
an audio-only investor conference call today, Thursday,
Nov. 9, 2023, at 5 p.m. Eastern to review its financial
results for the fiscal first quarter.
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 materials are
available on the Investor Relations section of the
company’s website, as well as the SEC website.
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,
Cain’s, China Mist, West Coast Coffee 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, 2023 (2023 Form 10-K), as amended by
Amendment No. 1 to the 2023 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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