Farmer Brothers Amends Credit Agreement and Provides Business Update
The full details relating to the amendment will be available in a Form 8-K that the Company will file with the
Business Update
As previously reported, the COVID-19 pandemic has had a significant impact on Farmer Brothers’ DSD sales network. The Company disclosed on its third quarter fiscal 2020 earnings call that, during the middle weeks of April, sales from the Company’s DSD customers declined between 66% to 69% from pre-COVID-19 pandemic average sales. Since that time, the Company saw consistent improvement through early July, with DSD sales currently holding in a range of decline to pre-COVID-19 pandemic average sales of 44% to 47%. Throughout the COVID-19 timeframe, the Company’s Direct Ship business has remained relatively stable overall with areas of growth generally offsetting areas of decline.
As of today’s date, the Company’s total debt was
The Company will provide a more detailed review of its financial results and business when it reports its fiscal year 2020 results in September.
About
Founded in 1912,
Headquartered in
Forward-Looking Statements
Certain statements contained in this press release are not based on historical fact and are forward-looking statements within the meaning of federal securities laws and regulations. These statements are based on management's current expectations, assumptions, estimates and observations of future events and include any statements that do not directly relate to any historical or current fact. These forward-looking statements can be identified by the use of words like “anticipates,” “estimates,” “projects,” “expects,” “plans,” “believes,” “intends,” “will,” “could,” “assumes” and other words of similar meaning. Owing to the uncertainties inherent in forward-looking statements, actual results could differ materially from those set forth in forward-looking statements. The Company intends these forward-looking statements to speak only at the time of this press release and does not undertake to update or revise these statements as more information becomes available except as required under federal securities laws and the rules and regulations of the Securities and Exchange Commission (“SEC”). Factors that could cause actual results to differ materially from those in forward-looking statements include, but are not limited to, the finalization of our financial statements as of and for the quarter and year ended
Contact:
212-355-4449
Source: Farmer Bros. Co.