Farmer Brother - FARM STOCK NEWS

Farmer Bros. Co. (NASDAQ: FARM) reported Q1 fiscal 2023 results, revealing net sales of $121.4 million, up 12% year-over-year. However, the company faced a net loss of $7.4 million, worsening from a $2.4 million loss in the previous year. Gross margin decreased to 21.9% from 29.0%, reflecting inflationary pressures. Adjusted EBITDA showed a significant loss of $4.9 million, contrasting with an income of $3.5 million last year. Total debt reached $114.0 million, with cash and equivalents at $7.6 million.

Farmer Bros. Co. (NASDAQ: FARM) announced a new cooperation agreement with JCP Investment Management and 22NW, who collectively own 15.7% of the company's stock. Key points include the appointment of Bradley L. Radoff as an independent board member and the nomination of an additional independent director from JCP for the 2022 Annual Meeting. The board will form a new committee focused on strategic alternatives post-meeting. JCP and 22NW will withdraw their nominations and adhere to standstill provisions during the agreement's term. This strategic alignment aims to enhance shareholder value.

Farmer Bros. Co. (NASDAQ: FARM) will announce its financial results for the first quarter of fiscal 2023, ending September 30, 2022, on November 3, 2022, after market close. An investor conference call and webcast will follow at 5:00 p.m. ET. The earnings release will be available on the Company’s website. Founded in 1912, Farmer Bros. is a prominent coffee roaster and distributor, generating net sales of $469.2 million in fiscal 2022. The Company serves various U.S. clients, including restaurants and grocery chains, with a diverse range of coffee and allied products.

Farmer Bros. Co. (NASDAQ: FARM) announced it received notice from JCP Investment Partnership, LP regarding its intent to nominate three individuals for election to the Board of Directors at the 2022 Annual Meeting of stockholders. The Board will evaluate these nominations and disclose its recommendations in a definitive proxy statement to be filed with the SEC. Stockholders are not required to take any action at this time. In fiscal 2022, Farmer Bros. Co. reported net sales of $469.2 million and employs approximately 1,068 staff across the U.S.

Farmer Bros. Co. (NASDAQ: FARM) reported a 20% increase in Q4 net sales to $123.0 million, fueled by recovery in its Direct-Store-Delivery and Direct Ship channels. Gross margin improved to 28.4% from 27.6% year-over-year. The company's net loss narrowed to $3.8 million, compared to $4.0 million in the same quarter last year. For fiscal 2022, net sales reached $469.2 million, an 18% increase, with an adjusted EBITDA of $19.1 million. Despite economic uncertainties, management expresses optimism about future growth initiated by ongoing optimization strategies.

Farmer Bros. Co. announced the successful refinancing of its credit facility with Wells Fargo, securing a $47.0 million five-year first lien facility. This refinancing is projected to yield approximately $2.0 million in annual cash savings, alongside lowering interest rates and extending maturity. Key changes include the removal of the minimum AEBITDA covenant and a 15-year amortization period for principal payments. CEO Deverl Maserang emphasized that this refinancing improves the company's capital structure and provides increased financial flexibility.

Farmer Bros. Co. (NASDAQ: FARM) will release its financial results for the fiscal fourth quarter and year ended June 30, 2022, after market close on September 1, 2022. Management will conduct an audio-only investor conference call at 5:00 p.m. ET the same day to discuss the results. Investors can access the earnings press release on the Company’s website under 'Investor Relations.' The webcast will be archived for at least 30 days for later viewing.

Farmer Bros. Co. (NASDAQ:FARM) announced an amendment to its ABL credit facility with Wells Fargo, enhancing liquidity and flexibility. The amendment increases the maximum revolver commitment from $80 million to $90 million and replaces the LIBOR interest rate benchmark with SOFR, reducing the applicable margin from 2.25% to 1.75%. CEO Deverl Maserang highlighted the importance of this additional liquidity in maintaining inventory levels amid rising commodity pressures, underscoring a commitment to quality coffee products for customers and benefits for shareholders.

Farmer Bros. Co. (NASDAQ:FARM) announced the issuance of 39,062 restricted stock units to Charles Cahn, its new Vice President of Revive Service Restoration™, under the 2020 Inducement Incentive Plan. This award, designed to attract new talent, will vest over three years, contingent on Cahn's continued employment. The Inducement Plan complies with Nasdaq Listing Rules and supports the company's strategy to strengthen its workforce. Founded in 1912, Farmer Bros. is a leading distributor of coffee, tea, and culinary products nationally.