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

Fiscal year 2023 net sales from continuing operations of $340 million

Used $100 million proceeds from direct ship and Northlake, Texas facility transaction to significantly pay down debt

NORTHLAKE, Texas, Sept. 12, 2023 (GLOBE NEWSWIRE) -- Farmer Brothers (NASDAQ: FARM) today reported its fiscal fourth quarter and full year 2023 financial results for the period ended June 30, 2023. The company filed its 10-K and published its quarterly shareholder letter, which contains additional details regarding the results and can be found on the investor relations section of the company’s website.

“Farmer Brothers ended a challenging fiscal 2023 on a strong note, including the strategic divestiture of our direct ship customers and early signs of improved pricing and margins late in the fourth quarter,” said Farmer Brothers Chief Executive Officer Deverl Maserang. “The company enters fiscal 2024 with our full focus on a revitalized direct store delivery (DSD) business, a stronger balance sheet and a favorable coffee pricing environment. Adding to our confidence are the early results of our new AI-driven pricing engine, which is delivering early, demonstrable margin improvement and solid initial traction with key future growth initiatives. While transitional impacts from the divestiture and our DSD reorganization will impact the first quarter of fiscal 2024 profitability, we are making steady progress toward an inflection to positive free cash flow in the coming quarters.”

Investor Conference Call
The company will also host an audio-only investor conference call today, Sept. 12, 2023, at 5 p.m. Eastern to review its financial results for the fourth quarter and full year 2023 ended June 30, 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, allowing 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-K and corresponding shareholder letter are also available on the investor relations section of the company’s website, as well as the Securities and Exchange Commission’s (SEC) 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.