Welcome to our dedicated page for Farmer Brother news (Ticker: FARM), a resource for investors and traders seeking the latest updates and insights on Farmer Brother stock.
Farmer Bros. Co. reports developments for a national coffee roaster, wholesaler, equipment servicer and distributor of coffee, tea and culinary products. News commonly covers operating and financial results, margin and cost trends, beverage and culinary product lines, and service to foodservice, institutional, grocery, hospitality and convenience-store customers.
Corporate updates also address material agreements, shareholder voting matters, governance, executive compensation arrangements, capital-structure disclosures and changes affecting the company's public-company status.
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.
Farmer Bros. Co. (NASDAQ: FARM) announced the issuance of 71,834 restricted stock units under its 2020 Inducement Incentive Plan. The awards were granted to three new executives: Amber Jefferson, Jared Vitemb, and Matt Coffman, with vesting periods ranging from 2024 to 2025 based on continued employment. This issuance complies with Nasdaq Listing Rule 5635(c)(4) for promoting new hires. Farmer Bros. is a national coffee roaster and distributor with a diverse product line serving various customers, from independent restaurants to large grocery chains.
Farmer Bros. Co. (NASDAQ: FARM) reported a 28.2% increase in net sales to $119.4 million for Q3 FY2022, driven by recovery in direct-store-delivery and Direct Ship channels. Gross margin expanded to 29.8%, up from 25.6% a year earlier, marking the seventh consecutive quarter of growth. Net loss improved to $4.0 million from $13.7 million a year prior, with adjusted EBITDA reaching $5.0 million, the highest since the pandemic began. Total debt stood at $101.1 million, with cash of $10.4 million.
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Farmer Bros. Co. (NASDAQ: FARM) will release financial results for its 2022 fiscal third quarter, ending March 31, 2022, after market close on May 5, 2022. An investor conference call will be held that same day at 4:00 p.m. ET to discuss the results. Investors can access the earnings press release on the company's website. Established in 1912, Farmer Bros. is a national coffee roaster and distributor, offering a diverse range of products, including organic and sustainably produced coffee, serving various customers from small restaurants to large chains.
Farmer Bros. Co. (NASDAQ: FARM) has released an updated investor presentation highlighting ongoing improvements in sales and customer acquisition. CEO Deverl Maserang noted that recent sales data indicates a recovery toward pre-COVID levels in various regions. The company continues to attract new customers, and the operational leverage built into the business positions it well for future growth and profitability. The investor presentation is available on the company's website, and a Fireside Chat was held on March 14, 2022, to discuss these updates.