SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported): November 9, 2004
FARMER BROS. CO.
Delaware 0-1375 95-0725980
(State of incorporation) (Commission File Number) (IRS Employer
Identification No.)
20333 South Normandie Avenue, Torrance, California 90502
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code 310-787-5200
Item 5. Other Events and Regulation FD Disclosure.
NEWS RELEASE
November 9, 2004
FARM - NASDAQ NATIONAL MARKET SYSTEM
Farmer Bros. Reports Earnings Per Share of $0.11
TORRANCE, CALIF. - November 9, 2004 - Farmer Bros. Co. (Nasdaq: FARM) today
reported earnings for its first fiscal quarter ended September 30, 2004 of
$1.49 million or $0.11 per share, compared with $2.51 million or $0.14 per
share in the same quarter last year.
Revenues were $46.7 million in the first quarter of fiscal 2005, compared with
$45.7 million for the same quarter last year.
The Company attributes the modest revenue improvement primarily to changes in
the economic climate in its markets. The results, including earnings, also
primarily reflect the higher average costs for green coffee, which were 3%
lower than in the fourth quarter but 16% higher than a year ago, and a decrease
in investment income, which includes the effects of interest rate and
commodity price fluctuations during the quarter.
The Company said it has re-scheduled its annual meeting for shareholders for
Dec. 14, 2004, to ensure that shareholders have adequate time to receive and
review proxy materials, which the Company plans to file shortly.
Farmer Bros. Co. is an institutional coffee roaster that sells a variety of
coffee and allied products to the food service industry. The Company's
signature trucks and vans bearing the "Consistently Good" logo are seen
throughout Farmer Brothers' 28-state service area. Farmer Bros. has paid a
dividend for 51 consecutive years, increased the dividend in each of the last
seven consecutive years, and its stock price has grown on a split-adjusted
basis from $1.80 in 1980 to over $30.00 a share today.
THREE MONTHS ENDED September 30,2004 September 30,2003
Sales $46,708,000 $45,665,000
Net income $1,497,000 $2,511,000
Net income per share $0.11 $0.14
Weighted average shares outstanding 13,560,800 17,829,280
The accompanying condensed financial statements of the Company are subject to
year-end audit by independent auditors, but in Management's opinion all
adjustments necessary for a fair presentation of operating results have been
made. Per share amounts have been adjusted to reflect a ten-for-one stock split
in May 2004.
Contact:
Jim Lucas / Whitney Hays
Abernathy MacGregor Group
213-630-6550
Signature
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
FARMER BROS. CO.
s/ John E. Simmons
John E. Simmons
Treasurer
Date: November 10, 2004