farmer bros co (FARM) Key Developments
Farmer Brothers Co. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended September 30, 2013
Nov 7 13
Farmer Brothers Co. announced unaudited consolidated earnings results for the first quarter ended September 30, 2013. For the quarter, Net sales increased $9.4 million, or 7.9%, to $128.6 million from $119.2 million in the first quarter of the prior fiscal year primarily due to increases in sales of coffee and tea products. Income from operations was $2.9 million compared to loss from operations of $1.4 million in the first quarter of the prior fiscal year. Net income was $1.8 million, or $0.11 per common share, compared to $3.0 million, or $0.19 per common share, in the first quarter of the prior fiscal year. EBITDAE increased to $11.6 million from $8.1 million in the first quarter of the prior fiscal year. Income before taxes was $2,112,000 compared to $3,420,000 a year ago.
Farmer Brothers Co. to Report Q1, 2014 Results on Nov 07, 2013
Nov 4 13
Farmer Brothers Co. announced that they will report Q1, 2014 results at 5:00 PM, Eastern Standard Time on Nov 07, 2013
The Chanler Group Settles Toxic Food Additive Case Against Farmer Bros
Oct 30 13
The Chanler Group reached a settlement on behalf of its client, Whitney Leeman, Ph.D. with Farmer Bros. Dr. Leeman claimed that Farmer Bros. violated California's Proposition 65 by selling a food extract, flavor and coloring alleged to contain the carcinogenic toxin 4-methylimidazole, commonly known as 4-MEI, to California consumers without providing the requisite health hazard warning to consumers. The Honorable Marla J. Miller of the San Francisco County Superior Court approved the settlement on October 22, 2013. As a result of the settlement, Farmer Bros. has agreed to reformulate the extract to virtually eliminate 4-MEI. Farmer Bros. may manufacture, distribute, or sell the extract in California only if it meets reformulation specifications. Farmer Bros. is additionally responsible for paying a civil penalty of up to $30,000, 75% of which is paid to the State of California. This is the first time that a manufacturer, distributor, or supplier has ever been successfully held responsible for selling products in California containing 4-MEI. Dr. Leeman and The Chanler Group anticipate yet more settlements and reformulations in the coming months.
Farmer Brothers Co. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended June 30, 2013; Announces Impairment Losses for the Fourth Quarter Ended June 30, 2013
Oct 10 13
Farmer Brothers Co. announced unaudited consolidated earnings results for the fourth quarter and full year ended June 30, 2013. For the quarter, sales were $128,763,000 compared to $120,948,000 a year ago. Net sales increased $7.9 million, or 6.5% primarily due to increases in sales of the company's coffee and tea products. Loss from operations was $2,729,000 compared to $8,615,000 a year ago. Loss before taxes was $4,172,000 compared to $10,444,000 a year ago. Net loss was $2,978,000 or $0.19 basic and diluted per share compared to $10,272,000 or $0.65 basic and diluted per share a year ago. EBITDAE was $33,657,000 compared to $24,884,000 a year ago.
For the full year, sales were $509,964,000 compared to $495,442,000 a year ago. Net sales increased $14.6 million, or 2.9% primarily due to increases in sales of the Company's coffee and tea products. Loss from operations was $4,095,000 compared to $22,114,000 a year ago. Loss before taxes was $9,287,000 compared to $26,923,000 a year ago. Net loss was $8,462,000 or $0.54 basic and diluted per share compared to $26,576,000 or $1.72 basic and diluted per share a year ago. EBITDAE was $6,495,000 compared to $6,627,000 a year ago.
The company announced impairment losses for the fourth quarter ended June 30, 2013. For the quarter, the company's impairment losses on goodwill and intangible assets were $92,000 compared to $5,585,000 a year ago.
Farmer Bros. Receives NASDAQ Notification Letter
Oct 4 13
Farmer Bros. Co. announced that it received on October 3, 2013, a notification letter (NASDAQ Letter) from the Listing Qualifications Department of the NASDAQ Stock Market LLC (NASDAQ) advising the Company that, due to its failure to file with the Securities and Exchange Commission its Annual Report on Form 10-K for the fiscal year ended June 30, 2013 on a timely basis, the Company is not in compliance with NASDAQ Listing Rule 5250(c)(1). The NASDAQ Letter was anticipated given the Company’s inability to complete its previously announced restatement of certain prior period financial statements necessary in order to file its Annual Report on Form 10-K for the fiscal year ended June 30, 2013 by the September 30, 2013 deadline under Rule 12b-25 of the Securities Exchange Act of 1934, as amended (Exchange Act). The NASDAQ Letter was issued in accordance with standard NASDAQ procedures and has no immediate effect on the listing or trading of the Company's common stock on the NASDAQ Global Market. The NASDAQ Letter indicated that the Company has 60 calendar days from the date of the letter (or until December 2, 2013) to submit a plan to NASDAQ explaining how the Company expects to regain compliance. If NASDAQ approves the Company’s plan, it can grant the Company an extension of up to 180 calendar days from the due date of the Form 10-K (or until March 31, 2014) to regain compliance.