Farmer Bros Q1 net sales $81.9M, gross margin +380bps; settles activist shareholder dispute

FARMER BROTHERS CO

2024-Q1 EPS reported -$0.06 revenue$81,888,000

Net sales $81.9M (up from $79.8M YoY); gross margin 37.6% vs 33.8% prior year.
Net loss from continuing ops $1.3M vs $1.6M loss YoY; adjusted EBITDA loss $452K (improved from $3.9M loss).
Appointed John Moore as interim CEO; board to nominate five new directors, including Stacy Loretz-Congdon, David Pace, Bradley Radoff, Waheed Zaman, and CEO.
Alfred Poe will not stand for re-election; board size fixed at six with new chairman after annual meeting.
Company executing DSD focus, expects positive free cash flow by early fiscal 2025; capex guidance $16-18M.

item 1.01 item 2.02 item 5.02 item 9.01

Executive movements

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Departed

Alfred Poe

Director

FARM · FARMER BROTHERS CO

Filed: November 9, 2023, 6:59 PM ET

Mr. Poe will serve out the rest of his term as a director of the Company, which will expire as of immediately prior to the 2023 Annual Meeting.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

FARMER BROTHERS CO reported first fiscal quarter ended September 30, 2023 results: revenue $81.9 million, net income Net loss from continuing operations was $1.3 million.

Period: first fiscal quarter ended September 30, 2023
Revenue: $81.9 million
Net income: Net loss from continuing operations was $1.3 million
Result: reported results

Exact text from the filing

Farmer Brothers reports first quarter fiscal 2024 financial results and publishes quarterly shareholder letter Fiscal Q1 2024 net sales of $81.9 million

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Executive change SEC 8-K Item 5.02 confidence 0.95

Alfred Poe departed as Director at FARMER BROTHERS CO.

Action: not stand for re-election
Role: Director

Exact text from the filing

Mr. Poe will serve out the rest of his term as a director of the Company, which will expire as of immediately prior to the 2023 Annual Meeting.

View on SEC.gov

20 earnings releases filed in the last 30 days. Browse all earnings releases →

FARMER BROTHERS CO filing history →

Source: SEC EDGAR

accession 0000034563-23-000082

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