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Farmer Brothers (NASDAQ: FARM), a renowned coffee roaster, wholesaler, and distributor, has appointed Vance Fisher as its new Chief Financial Officer (CFO). Fisher succeeds Brad Bollner, who has been serving as the interim CFO since August 2023 and will now continue as Vice President of Finance. CEO John Moore expressed excitement over Fisher's appointment, citing his successful track record in increasing revenue and EBITDA at previous companies. Fisher's background includes roles at Nothing Bundt Cakes, Dunn’s River Brands, and Daisy Brand, where he significantly contributed to financial growth. Fisher holds dual bachelor's degrees in accounting and finance from the University of Oklahoma. He is enthusiastic about joining Farmer Brothers at a important time as the company focuses on optimizing its Direct Store Delivery (DSD) network and driving long-term growth.
Farmer Brothers reported third quarter fiscal 2024 financial results with net sales of $85.4 million and a 660 basis points gross margin increase to 40.1% year-over-year. Despite a slight decrease in net sales due to lower unit sales, gross profit rose by $5.5 million. Operating expenses decreased slightly, leading to a net income improvement of $6.2 million compared to the prior year. Adjusted EBITDA remained positive at $0.3 million. The company believes it has adequate capital and aims to achieve positive free cash flow in early fiscal 2025.