FARM Farmer Brothers

Farmer Brothers Co. engages in the manufacture, wholesale, and distribution of coffee, tea, and culinary products. The company's products include roasted and liquid coffee; flavored and unflavored teas; coffee related products such as coffee filters, sugar and creamers; culinary products like spices, pancake and biscuit mixes, gravy and sauce mixes, soup bases, dressings, syrups and sauces; and other beverages including cappuccino, cocoa, granitas, and concentrated and ready-to-drink cold brew and iced coffee. The company was founded by Roy E. Farmer in 1912 and is headquartered in Northlake, TX.
Company profile
Ticker
FARM
Exchange
Website
CEO
Deverl Maserang
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
SEC CIK
Corporate docs
IRS number
950725980
FARM stock data
()
News
71 Biggest Movers From Yesterday
1 Apr 21
40 Stocks Moving In Wednesday's Mid-Day Session
31 Mar 21
Benzinga's Top Ratings Upgrades, Downgrades For March 31, 2021
31 Mar 21
B. Riley FBR Upgrades Farmer Bros to Buy, Announces $12.5 Price Target
31 Mar 21
Stocks That Hit 52-Week Highs On Tuesday
23 Mar 21
Press releases
Farmer Brothers Announces Participation at Roth's 33rd Annual Investor Conference & Release Date for Investor Presentation
9 Mar 21
Farmer Bros. Co. Reports Second Quarter Fiscal 2021 Financial Results
4 Feb 21
Farmer Brothers Co. to Host Earnings Call
4 Feb 21
Farmer Brothers Announces Opening of West Coast Distribution Center
2 Feb 21
Glancy Prongay & Murray LLP Announces Investigation of Farmer Bros. Co.
1 Feb 21
Calendar
4 Feb 21
22 Apr 21
30 Jun 21
Financial summary
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Financial data from company earnings reports.
Cash burn rate (estimated) | Burn method: Change in cash | Burn method: Operating income/loss | Burn method: FCF (opex + capex) | Last Q | Avg 4Q | Last Q | Avg 4Q | Last Q | Avg 4Q |
---|---|---|---|---|---|---|
Cash on hand (at last report) | 5.86M | 5.86M | 5.86M | 5.86M | 5.86M | 5.86M |
Cash burn (monthly) | 1.72M | 272.75K | 3.39M | 6.7M | 4.27M | 14.42K |
Cash used (since last report) | 6.45M | 1.02M | 12.68M | 25.06M | 15.98M | 53.95K |
Cash remaining | -589.76K | 4.84M | -6.82M | -19.21M | -10.12M | 5.8M |
Runway (months of cash) | -0.3 | 17.7 | -2.0 | -2.9 | -2.4 | 402.5 |
Recent insider trades
Date | Owner | Security | Transaction | Code | Indirect | 10b5-1 | $Price | #Shares | $Value | #Remaining |
---|---|---|---|---|---|---|---|---|---|---|
9 Dec 20 | Loretz Congdon Stacy | Common Stock | Grant | Aquire A | No | No | 0 | 15,081 | 0 | 30,958 |
9 Dec 20 | Friedman Ronald J | Common Stock | Grant | Aquire A | No | No | 0 | 17,401 | 0 | 41,862 |
9 Dec 20 | Scott R Lyon | Common Stock | Grant | Aquire A | No | No | 0 | 8,700 | 0 | 17,350 |
9 Dec 20 | Scott R Lyon | RSU Common Stock | Grant | Aquire A | No | No | 0 | 8,700 | 0 | 8,700 |
9 Dec 20 | Maurice S.J. Moragne | Common Stock | Grant | Aquire A | No | No | 0 | 12,470 | 0 | 40,670 |
9 Dec 20 | Scott Ray Drake | Common Stock | Grant | Aquire A | No | No | 0 | 20,011 | 0 | 48,617 |
Institutional ownership Q4 2020
Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.
67.3% owned by funds/institutions
13F holders |
Current |
---|---|
Total holders | 73 |
Opened positions | 8 |
Closed positions | 7 |
Increased positions | 27 |
Reduced positions | 23 |
13F shares |
Current |
---|---|
Total value | 74.34M |
Total shares | 11.96M |
Total puts | 0 |
Total calls | 0 |
Total put/call ratio | – |
Largest owners |
Shares | Value |
---|---|---|
Russell Investments | 1.97M | $9.19M |
Trigran Investments | 1.12M | $5.22M |
BLK Blackrock | 1.05M | $4.91M |
Adage Capital Partners GP, L.L.C. | 869.7K | $4.06M |
Renaissance Technologies | 820.3K | $3.83M |
Levin Easterly Partners | 800.1K | $3.74M |
Vanguard | 787.47K | $3.68M |
Dimensional Fund Advisors | 706.45K | $3.3M |
GBL Gamco Investors | 490.5K | $2.29M |
FMR | 400.3K | $1.87M |
Financial report summary
?Risks
- Competition in the coffee industry and beverage category could impact our profitability or harm our competitive position.
- Increases in the cost of green coffee could reduce our gross margin and profit and may increase volatility in our results.
- We face exposure to other commodity cost fluctuations, which could impact our margins and profitability.
- Our efforts to secure an adequate supply of quality coffees and other raw materials may be unsuccessful and impact our ability to supply our customers or expose us to commodity price risk.
- Interruption or increased costs of our supply chain and sales network or labor force, including a disruption in operations at any of our production and distribution facilities, could affect our ability to manufacture or distribute products and could adversely affect our business and sales.
- We rely on co-packers to provide our supply of tea, spice, culinary and other products. Any failure by co-packers to fulfill their obligations or any termination or renegotiation of our co-pack agreements could adversely affect our results of operations.
- Our restructuring activities may be unsuccessful or less successful than we anticipate, which may adversely affect our business, operating results and financial condition.
- Customer quality control problems or food safety issues may adversely affect our brands thereby negatively impacting our sales or leading to potential product recalls or product liability claims.
- Government regulations affecting the conduct of our business could increase our operating costs, reduce demand for our products or result in litigation.
- We could face significant withdrawal liability if we withdraw from participation in the multiemployer pension plans in which we participate.
- Litigation pending against us could expose us to significant liabilities and damage our reputation.
- We are self-insured and our reserves may not be sufficient to cover future claims.
- Loss of business from one or more of our large national account customers and efforts by these customers to improve their profitability could have a material adverse effect on our operations.
- Our accounts receivable represents a significant portion of our current assets and a substantial portion of our trade accounts receivables relate principally to a limited number of customers, increasing our exposure to bad debts and counter-party risk which could potentially have a material adverse effect on our results of operations.
- We depend on the expertise of key personnel and have experienced significant turnover in our senior management. The unexpected loss of one or more of these key employees or difficulty recruiting and retaining qualified personnel could have a material adverse effect on our operations and competitive position.
- Increased severe weather patterns may increase commodity costs, damage our facilities and disrupt our production capabilities and supply chain.
- Investment in acquisitions could disrupt our ongoing business, not result in the anticipated benefits and present risks not originally contemplated.
- An increase in our debt leverage could adversely affect our liquidity and results of operations.
- Our liquidity has been adversely affected as a result of our operating performance in recent periods and may be further materially adversely affected by constraints in the capital and credit markets and limitations under our financing arrangements.
- Our operating results may have significant fluctuations from period to period which could have a negative effect on the market price of our common stock.
- Concentration of ownership among our principal stockholders may dissuade potential investors from purchasing our stock, may prevent new investors from influencing significant corporate decisions, may result in activist actions and may result in a lower trading price for our common stock than if ownership of our common stock was less concentrated.
- Our outstanding Series A Preferred Stock or future equity offerings could adversely affect the holders of our common stock in some circumstances.
- Anti-takeover provisions or stockholder dilution could make it more difficult for a third party to acquire us.
- Volatility in the equity markets or interest rate fluctuations could substantially increase our pension funding requirements and negatively impact our financial position.
- We rely on information technology and are dependent on software in our operations. Any material failure, inadequacy, interruption or security failure of that technology could affect our ability to effectively operate our business.
- Failure to prevent the unauthorized access, use, theft or destruction of personal, financial and other confidential information relating to our customers, suppliers, employees or our Company, could damage our business reputation, negatively affect our results of operations, and expose us to potential liability.
- Our ability to use our NOL carryforwards to offset future taxable net income may be subject to certain limitations.
- Future impairment charges could adversely affect our operating results.
Management Discussion
- We are a national coffee roaster, wholesaler and distributor of coffee, tea and culinary products manufactured under supply agreements, under our owned brands, as well as under private labels on behalf of certain customers. We were founded in 1912, incorporated in California in 1923, and reincorporated in Delaware in 2004. Our principal office is located in Northlake, Texas. We operate in one business segment.
- We serve a wide variety of customers, from small independent restaurants and foodservice operators to large institutional buyers like restaurants, department and convenience store chains, hotels, casinos, healthcare facilities, and gourmet coffee houses, as well as grocery chains with private brand and consumer-branded coffee and tea products, and foodservice distributors. We are a coffee company dedicated to deliver the coffee people want, the way they want it. We are focused on being a growing and profitable forward-thinking industry leader, championing coffee culture through understanding, leading, building and winning in the business of coffee. Through our sustainability, stewardship, environmental efforts, and leadership we are not only committed to serving the finest products available, considering the cost needs of the customer, but also insist on their sustainable cultivation, manufacture and distribution whenever possible.
- Our product categories consist of a robust line of roast and ground coffee, including organic, Direct Trade, Project D.I.R.E.C.T.® and other sustainably-produced offerings; frozen liquid coffee; flavored and unflavored iced and hot teas; culinary products including gelatins and puddings, soup bases, dressings, gravy and sauce mixes, pancake and biscuit mixes, jellies and preserves, and coffee-related products such as coffee filters, sugar and creamers; spices; and other beverages including cappuccino, cocoa, granitas, and concentrated and ready-to-drink cold brew and iced coffee. We offer a comprehensive approach to our customers by providing not only a breadth of high-quality products, but also value added services such as market insight, beverage planning, and equipment placement and service.
Content analysis
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Legalese | ||
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Readability |
8th grade Avg
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New words:
country, CSRSU, exit, handheld, herewith, nonvested, spice, surge
Financial reports
10-Q
2021 Q2
Quarterly report
4 Feb 21
10-Q
2021 Q1
Quarterly report
5 Nov 20
10-K
2020 FY
Annual report
10 Sep 20
10-Q
2020 Q3
Quarterly report
7 May 20
10-Q
2020 Q2
Quarterly report
6 Feb 20
10-Q
2020 Q1
Quarterly report
7 Nov 19
10-K
2019 FY
Annual report
10 Sep 19
10-Q
2019 Q3
Quarterly report
7 May 19
10-Q
2019 Q2
Quarterly report
11 Feb 19
10-Q
2019 Q1
Quarterly report
9 Nov 18
Current reports
8-K
March 2021Investor Presentation
15 Mar 21
8-K
Farmer Bros. Co. Reports Second Quarter Fiscal 2021 Financial Results
4 Feb 21
8-K
Submission of Matters to a Vote of Security Holders
11 Dec 20
8-K
Farmer Bros. Co. Reports First Quarter Fiscal 2021 Financial Results
5 Nov 20
8-K
Departure of Directors or Certain Officers
15 Oct 20
8-K
Farmer Bros. Co. Reports Fourth Quarter and Fiscal 2020 Financial Results
10 Sep 20
8-K
Farmer Brothers Amends Credit Agreement and Provides Business Update
29 Jul 20
8-K
Departure of Directors or Certain Officers
22 Jul 20
8-K
Farmer Brothers Appoints Maurice Moragne as Chief Sales Officer
10 Jun 20
8-K
Farmer Bros. Co. Reports Third Quarter Fiscal 2020 Financial Results and Provides COVID-19 Update
7 May 20
Registration and prospectus
S-8
Registration of securities for employees
9 Dec 20
S-8
Registration of securities for employees
9 Dec 20
S-3/A
Shelf registration (amended)
4 Dec 17
S-3
Shelf registration
2 Nov 17
S-8
Registration of securities for employees
26 Jun 17
424B3
Prospectus supplement
28 Aug 16
S-3
Shelf registration
14 Aug 16
S-8
Registration of securities for employees
27 Sep 15
15-12G
Securities registration termination
23 Sep 15
8-A12B/A
Registration of securities on exchange (amended)
23 Sep 15
Proxies
DEFA14A
Additional proxy soliciting materials
28 Oct 20
DEF 14A
Definitive proxy
27 Oct 20
DFAN14A
Additional proxy materials by non-management
9 Dec 19
DFAN14A
Additional proxy materials by non-management
9 Dec 19
DEFA14A
Additional proxy soliciting materials
3 Dec 19
DEFA14A
Additional proxy soliciting materials
2 Dec 19
DFAN14A
Additional proxy materials by non-management
27 Nov 19
DFAN14A
Additional proxy materials by non-management
26 Nov 19
DEFA14A
Additional proxy soliciting materials
25 Nov 19
DEFA14A
Additional proxy soliciting materials
22 Nov 19
Other
EFFECT
Notice of effectiveness
17 Dec 17
CORRESP
Correspondence with SEC
12 Dec 17
CORRESP
Correspondence with SEC
4 Dec 17
CORRESP
Correspondence with SEC
4 Dec 17
UPLOAD
Letter from SEC
20 Nov 17
UPLOAD
Letter from SEC
31 Oct 16
UPLOAD
Letter from SEC
26 Oct 16
EFFECT
Notice of effectiveness
25 Aug 16
CORRESP
Correspondence with SEC
24 Aug 16
UPLOAD
Letter from SEC
18 Aug 16
Ownership
SC 13G/A
FARMER BROTHERS / Russell Investments ownership change
7 Apr 21
SC 13G/A
FARMER BROTHERS / Trigran Investments ownership change
1 Apr 21
SC 13D/A
FARMER BROTHERS / Farmer Richard F ownership change
16 Mar 21
SC 13G/A
FARMER BROTHERS / DIMENSIONAL FUND ADVISORS ownership change
12 Feb 21
SC 13G/A
FARMER BROTHERS / FARMER BROS CO ESOP ownership change
12 Feb 21
SC 13G/A
FARMER BROTHERS / ADAGE CAPITAL PARTNERS GP, L.L.C. ownership change
11 Feb 21
SC 13G
FARMER BROTHERS / BlackRock ownership change
2 Feb 21
SC 13D
FARMER BROTHERS / GAMCO INVESTORS, INC. ET AL ownership change
29 Jan 21
SC 13D/A
FARMER BROTHERS / Farmer Richard F ownership change
19 Jan 21
SC 13G/A
FARMER BROTHERS / Trigran Investments ownership change
8 Jan 21
Transcripts
2021 Q2
Earnings call transcript
5 Feb 21
2021 Q1
Earnings call transcript
8 Nov 20
2020 Q4
Earnings call transcript
10 Sep 20
2020 Q3
Earnings call transcript
10 May 20
2020 Q2
Earnings call transcript
6 Feb 20
2020 Q1
Earnings call transcript
10 Nov 19
2019 Q4
Earnings call transcript
10 Sep 19
2019 Q3
Earnings call transcript
11 May 19
2019 Q2
Earnings call transcript
11 Feb 19
2019 Q1
Earnings call transcript
7 Nov 18
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