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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
CEO
Deverl Maserang
Employees
Incorporated
Location
Fiscal year end
SEC CIK
IRS number
950725980

FARM stock data

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Calendar

6 May 21
30 Jul 21
30 Jun 22
Quarter (USD)
Mar 21 Dec 20 Sep 20 Jun 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Jun 20 Jun 19 Jun 18 Jun 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

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) 8.47M 8.47M 8.47M 8.47M 8.47M 8.47M
Cash burn (monthly) (positive/no burn) 1.49M 3.47M 3.8M (positive/no burn) 841.5K
Cash used (since last report) n/a 5.97M 13.86M 15.2M n/a 3.37M
Cash remaining n/a 2.5M -5.38M -6.72M n/a 5.11M
Runway (months of cash) n/a 1.7 -1.6 -1.8 n/a 6.1

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
1 Jul 21 Jennifer H Brown Common Stock Grant Aquire A No No 0 1,976 0 6,713
10 May 21 Maserang II D Deverl Common Stock Buy Aquire P Yes No 8.95 11,100 99.34K 11,100
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

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

60.6% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 74 73 +1.4%
Opened positions 15 8 +87.5%
Closed positions 14 7 +100.0%
Increased positions 19 27 -29.6%
Reduced positions 28 23 +21.7%
13F shares
Current Prev Q Change
Total value 195.03M 74.34M +162.3%
Total shares 10.81M 11.96M -9.6%
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners
Shares Value Change
22NW 1.19M $12.47M NEW
BLK Blackrock 1.11M $11.56M +5.4%
Vanguard 846.57K $8.84M +7.5%
Adage Capital Partners GP, L.L.C. 769.7K $8.04M -11.5%
Kennedy Capital Management 699.69K $7.31M +259.9%
Renaissance Technologies 687.6K $7.18M -16.2%
Dimensional Fund Advisors 657.94K $6.9M -6.9%
GBL Gamco Investors 497.79K $5.2M +1.5%
Russell Investments 311.18K $3.25M -84.2%
FMR 284.88K $2.97M -28.8%
Largest transactions
Shares Bought/sold Change
Russell Investments 311.18K -1.66M -84.2%
22NW 1.19M +1.19M NEW
Trigran Investments 0 -1.12M EXIT
Levin Easterly Partners 162.35K -637.75K -79.7%
Kennedy Capital Management 699.69K +505.3K +259.9%
JPM JPMorgan Chase & Co. 80.06K -247.47K -75.6%
North Run Capital L P 230.79K +230.79K NEW
Boothbay Fund Management 208.43K +208.43K NEW
Penn Capital Management 192.64K +192.64K NEW
Archon Capital Management 188.84K +188.84K NEW

Financial report summary

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Competition
SyscoStarbucksPrimo WaterMedifast
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.
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