farmer bros co (FARM) Key Developments
Farmer Brothers Co. Announces Resignation of Mark A. Harding, as Senior Vice President of Operations
Jul 17 14
Farmer Brothers Co. announced separation agreement the company and Mark A. Harding, the Company's Senior Vice President of Operations, Mr. Harding's employment with the company and its subsidiaries shall terminate as of July 31, 2014. In addition, in order to accommodate a smooth transition of Mr. Harding's responsibilities, Mr. Harding has agreed to provide consulting services to the Company through December 31, 2014.
Farmer Brothers Co. Amends and Restates the Compensation Committee Charter, Effective May 29, 2014
Jun 4 14
Farmer Brothers Co. announced that the Board of Directors of the company, upon recommendation of the Compensation Committee, amended and restated the Compensation Committee Charter, effective as of May 29, 2014.
Farmer Brothers Co. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended March 31, 2014
May 8 14
Farmer Brothers Co. reported unaudited consolidated earnings results for the third quarter and nine months ended March 31, 2014. Net sales in the third quarter of fiscal 2014 decreased $1.7 million, or 1.4%, to $124.6 million from $126.3 million in the third quarter of the prior fiscal year. Net sales in the current period were impacted by the severe weather in the Midwestern and Eastern states and business-related disruptions experienced by some of retail customers. Net income in the third quarter of fiscal 2014 was $2.5 million, or $0.16 per diluted common share, compared to net loss of $1.3 million, or $0.08 per diluted common share, in the third quarter of the prior fiscal year. Adjusted EBITDA in the third quarter of fiscal 2014 increased to $11.1 million, or 8.9% of net sales, from $8.0 million, or 6.3% of net sales, in the third quarter of the prior fiscal year. Loss from operations was $2,075,000 against income from operations of $691,000 a year ago. Income before taxes was $2,702,000 against loss before taxes of $1,346,000 a year ago.
For the nine months, the company reported net sales of $395,312,000, income from operations of $6,589,000, income before taxes of $9,925,000, net income of $9,021,000 or $0.57 per diluted share, adjusted EBITDA of $35,717,000 against net sales of $381,201,000, income from operations of $3,022,000, loss before taxes of $5,115,000, net loss of $5,484,000 or $0.35 per diluted share, adjusted EBITDA of $23,688,000 a year ago.
Farmer Bros. Co. Introduces New Line of Ready-To-Drink (RTD) Iced Coffees
Apr 8 14
Farmer Bros. Co. introduced a new line of consumer tested (Quick Test/Heakin, 2013), ready-to-drink (RTD) iced coffees to help operators exceed patrons expectations, encourage repeat purchases, and maximize profits. Foodservice and retail establishments are able to add consistent, easy to serve, flavorful iced coffee to their menus, crafted to the same standards as company hot beverages, without the challenges of any significant additional equipment or training.
Farmer Bros. Co Announces Amendment to Amended and Restated Loan and Security Agreement
Mar 5 14
On February 28, 2014, Farmer Bros. Co entered into Amendment No. 3 to Amended and Restated Loan and Security Agreement, which amends the company's existing Amended and Restated Loan and Security Agreement, dated September 12, 2011, as previously amended by Amendment No. 1 to Amended and Restated Loan and Security Agreement, dated January 9, 2012 and Amendment No. 2 to Amended and Restated Loan and Security Agreement, dated March 18, 2013 (the Loan Agreement"), among the company and Coffee Bean International Inc., as Borrowers, certain of the company's other subsidiaries, as Guarantors, the Lenders party thereto, and Wells Fargo Bank, National Association, as agent for the Lenders. Amendment No. 3 amended the definition of Applicable Margin" set in Section 1.8 of the loan agreement.