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Farmer Bros Co. (NASDAQ: FARM) is a leading national coffee roaster, wholesaler, and distributor of coffee, tea, and culinary products. Founded in 1912 and headquartered in Northlake, Texas, the company serves over 65,000 customers across the United States, including restaurants, hotels, casinos, offices, quick-service restaurants (QSRs), convenience stores, and healthcare facilities.
Farmer Brothers offers a comprehensive range of products, encompassing organic, fair trade, and sustainably produced coffee beans. Its product portfolio includes well-known brands such as Artisan Collection™, Metropolitan™, Superior®, Cain’s™, and McGarvey®. Alongside coffee, the company provides a full line of hot and iced teas, spices, mixes, and coffee/tea brewing equipment, delivering extensive beverage planning services to its clients.
In recent years, Farmer Brothers has shifted its focus to direct store delivery (DSD), a strategy that has shown early signs of success. The company reported a notable increase in gross margins and adjusted EBITDA, reflecting its efforts to streamline operations and strengthen financial performance. The company aims to achieve positive free cash flow by early fiscal 2025.
Farmer Brothers has also made strategic moves, including selling its Northlake headquarters and centralizing roasting operations in Portland, Oregon. This transition is expected to optimize operations and support future growth. The company continues to innovate and expand its product offerings while maintaining a strong commitment to sustainability and quality.
Under the leadership of CEO John Moore, who brings over 30 years of experience in the coffee industry, Farmer Brothers is well-positioned to leverage its DSD network and drive long-term growth. The company remains focused on delivering high-quality products and exceptional customer service, building on its century-long legacy in the beverage industry.
Farmer Bros. Co. (NASDAQ: FARM) has entered a strategic partnership with High Brew Coffee to distribute ready-to-drink (RTD) cold brew coffee. The agreement focuses on three flavors that will be piloted in Chicago, Houston, and Dallas, leveraging Farmer Brothers' extensive DSD network, which reached over 50,000 delivery points in 2020. The cold brew segment is growing rapidly, with a year-over-year increase of 27.6% in the past year. This partnership aims to enhance Farmer Brothers' market presence in the expanding RTD coffee category.
Farmer Bros. Co. (NASDAQ: FARM) will wind down its manufacturing operations in Houston, Texas, with production ending in late January 2021. This decision is part of the company’s supply chain optimization strategy, which includes enhancing its Dallas-Fort Worth facility and establishing a new distribution site in Rialto, California. CEO Deverl Maserang emphasized that this tough choice aims to strengthen the company's competitive position and future viability, while committing to supporting affected employees with severance and benefits.
Farmer Bros. Co. (NASDAQ: FARM) reported a net loss of $6.3 million for Q1 FY2021, compared to a profit of $4.7 million in the same period last year. Net sales declined by 29.8% to $97.3 million, with a 19.4% drop in green coffee volume processed. Gross margin fell to 23.0% from 29.3%, while operating expenses rose to 34.8% of sales. Adjusted EBITDA improved to $5.7 million from $4.0 million year-over-year. The company faces ongoing challenges due to COVID-19, but operational improvements and cost-saving initiatives were noted.
Farmer Bros. Co. (NASDAQ:FARM) will announce its financial results for the first quarter ending September 30, 2020, after the market closes on November 5, 2020. An investor conference call will be hosted by CEO Deverl Maserang and CFO Scott Drake at 5:00 p.m. ET to discuss these results. The earnings release will be available on the company’s website. Farmer Bros. Co. is a national coffee roaster and distributor, known for its sustainable coffee and tea products, serving diverse customers across the U.S.
Farmer Bros. Co. (NASDAQ: FARM) reported significant financial challenges for Q4 FY2020, with a net loss of $9.7 million, a decline from a $8.8 million loss in the previous year. Net sales plummeted by 42.9% to $81.1 million, driven by a 28% drop in green coffee volume processed, largely due to COVID-19 disruptions. Gross margin decreased to 19.2% from 26.6%. Despite efforts to implement cost-saving measures, operational expenses rose as a percentage of sales. Debt increased, but cash levels improved to $60 million, up from $7 million, reflecting enhanced liquidity efforts amidst ongoing market uncertainties.
Farmer Bros. Co. (NASDAQ: FARM) will announce its financial results for the fourth quarter and full fiscal year ending June 30, 2020, after market close on September 10, 2020. The CEO, Deverl Maserang, and CFO, Scott Drake, will hold an audio-only investor conference call at 5:00 p.m. ET to discuss the results. Shareholders can access the earnings press release on the company’s website. The audio webcast will be archived for 30 days post-event.
Farmer Bros. Co. (NASDAQ:FARM) granted a stock option and a restricted stock unit award to new Chief Sales Officer, Maurice S.J. Moragne, on July 1, 2020. The option, worth $75,000, allows purchase of 29,761 shares at an exercise price of $7.23, with a seven-year term and a three-year vesting period. The company utilizes the 2020 Inducement Incentive Plan for grants to new hires in accordance with Nasdaq rules. Farmer Bros., established in 1912, specializes in coffee, tea, and culinary products, generating $595.9 million in net sales in fiscal 2019.
Farmer Bros. Co. (NASDAQ: FARM) reported financial results for the third fiscal quarter ending March 31, 2020. Net sales decreased by $17.5 million, or 12.0%, to $129.1 million, largely due to COVID-19's impact on the Direct Store Delivery network. Gross margin improved to 29.4% from 27.2%. The company recorded a net loss of $39.8 million, a reduction from a loss of $51.7 million a year prior. Adjusted EBITDA rose to $6.6 million from $4.5 million, demonstrating operational resilience despite challenges posed by the pandemic.
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