Farmer Brothers reports fiscal third quarter 2023 financial results and publishes quarterly shareholder letter

Fiscal Q3 2023 net sales increased year-over-year to $124.2 million
Sequential gross margin improved in fiscal Q3 2023
Significant progress in optimizing customer pricing structure and production operations

NORTHLAKE, Texas, May 10, 2023 (GLOBE NEWSWIRE) -- Farmer Brothers (NASDAQ: FARM) today reported financial results for its third fiscal quarter ended March 31, 2023. The company published its quarterly shareholder letter, which contains additional details regarding the results and can be found on the Investor Relations section of farmerbros.com.

"Our third quarter performance demonstrated our dedication to driving long-term growth and reflected sales and gross margin progress, which was offset by short-term impacts from the implementation of systems enhancements and optimized customer pricing structures. We are already seeing the initial operational and financial benefits of these enhancements, which are helping to drive momentum as we head into the end of fiscal 2023,” said Farmer Brothers Chief Executive Officer Deverl Maserang. “We believe our progress along with the capital structure focus of our board committee on strategic alternatives and capital allocation have us well positioned as we move toward fiscal 2024."

Investor conference call

The company will host an audio-only investor conference call today, May 10, 2023, at 8:30 a.m. Eastern to review its financial results for the third fiscal quarter ended March 31, 2023.

Interested parties may access the webcast via the Investor Relations section of the Farmer Brothers’ website. Participants who pre-register will receive an email with dial-in information, which will allow them to bypass the live operator. A replay of the webcast will be available shortly after and for at least 30 days on the Investor Relations section of the Farmer Brothers’ website.

A copy of the company’s 10-Q and corresponding shareholder letter will also be available on the Investor Relations section of the company’s website, as well as the Securities and Exchange Commission’s website at sec.gov.

About Farmer Brothers

Founded in 1912, Farmer Brothers is a national coffee roaster, wholesaler, equipment servicer and distributor of coffee, tea and culinary products. The company’s product lines, include organic, Direct Trade and sustainably produced coffee. With a robust line of coffee, hot and iced teas, cappuccino mixes, spices and baking/biscuit mixes, Farmer Brothers delivers extensive beverage planning services and culinary products to its U.S.-based customers. It serves a wide variety of customers, from small independent restaurants and foodservice operators to large institutional buyers, such as restaurant, department and convenience store chains, hotels, casinos, healthcare facilities and gourmet coffee houses, as well as grocery chains with private brand coffee and consumer branded coffee and tea products, and foodservice distributors.