Farmer Bros. Announces Preliminary Results of Annual Meeting of Stockholders
December 10 2019 - 04:30PM
Farmer Bros. Co. (NASDAQ:FARM) (the “Company” or “Farmer Brothers”)
today announced that, based on a preliminary vote count provided by
its proxy solicitor following the Company’s 2019 Annual Meeting of
Stockholders held today, stockholders have overwhelmingly voted to
elect all three of Farmer Brothers’ highly-qualified director
nominees –
Charles Marcy, Deverl Maserang and Christopher
Mottern – to the Company’s Board of Directors.
Commenting on the preliminary results of the Annual Meeting of
Stockholders, Farmer Bros. issued the following statement:
We are pleased with the outcome of today’s vote, which reaffirms
that we have the right team and the right plan in place to return
Farmer Brothers to consistent growth and profitability. The Farmer
Brothers Board and management team have taken decisive action to
put new leadership in place and laid the foundation for the
Company’s turnaround. Our Board remains committed to driving the
business forward, delivering sustainable long-term growth and value
creation for stockholders.We would like to thank our stockholders
for their consideration and support throughout this process. We
look forward to continued engagement with our stockholders in order
to advance our shared goal of creating value. |
The preliminary results indicate that stockholders have also
approved the declassification of the Board as well as all other
proposals considered.
The Company will file preliminary voting results with the
Securities and Exchange Commission on a Form 8-K within four days
of the Annual Meeting and will file final voting results on a Form
8-K/A once they are certified by the independent inspector of
elections.
About Farmer Bros. Co.Founded in 1912, Farmer
Bros. Co. is a national coffee roaster, wholesaler, and distributor
of coffee, tea, and culinary products. The Company's product lines
include organic, Direct Trade and sustainably-produced coffee. With
a robust line of coffee, hot and iced teas, cappuccino mixes,
spices, and baking/biscuit mixes, the Company delivers extensive
beverage planning services and culinary products to its U.S. based
customers. The Company serves a wide variety of customers, from
small independent restaurants and foodservice operators to large
institutional buyers like restaurant and convenience store chains,
hotels, casinos, healthcare facilities, and gourmet coffee houses,
as well as grocery chains with private brand coffee and
consumer-facing branded coffee and tea products, and foodservice
distributors.
Headquartered in Northlake, Texas. The Company's primary brands
include Farmer Brothers®, Artisan Collection by Farmer Brothers™,
Superior®, Metropolitan™, China Mist® and Boyds®.
Forward-Looking Statements
Certain statements in this communication constitute
“forward-looking statements.” When used in this communication, the
words “will,” “expects,” “anticipates,” “estimates” and “believes,”
and similar expressions and statements that are made in the future
tense or refer to future events or developments, are intended to
identify such forward-looking statements. Such forward-looking
statements are subject to risks, uncertainties and other factors
that could cause the actual results, performance or achievements to
be materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements. Factors that could cause actual results to differ
materially from those in forward looking statements include, but
are not limited to, the timing and success of our DSD restructuring
plan, the Company’s success in consummating acquisitions and
integrating acquired businesses, the impact of capital improvement
projects, the adequacy and availability of capital resources to
fund the Company’s existing and planned business operations and the
Company’s capital expenditure requirements, the relative
effectiveness of compensation-based employee incentives in causing
improvements in Company performance, the capacity to meet the
demands of our large national account customers, the extent of
execution of plans for the growth of Company business and
achievement of financial metrics related to those plans, the
ability of the Company to retain and/or attract qualified
employees, the success of the Company’s adaptation to technology
and new commerce channels, the effect of the capital markets as
well as other external factors on stockholder value, fluctuations
in availability and cost of green coffee, competition,
organizational changes, the effectiveness of our hedging strategies
in reducing price risk, changes in consumer preferences, our
ability to provide sustainability in ways that do not materially
impair profitability, changes in the strength of the economy,
business conditions in the coffee industry and food industry in
general, our continued success in attracting new customers,
variances from budgeted sales mix and growth rates, weather and
special or unusual events, as well as other risks described in this
presentation and other factors described from time to time in our
filings with the SEC.
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; actual results may differ materially
due in part to the risk factors set forth in our most recent
annual, periodic and current reports filed with the SEC. Undue
reliance should not be placed on the forward-looking statements in
this communication, which are based on information available to the
Company on the date hereof, and the Company assumes no obligation
to update such statements.
Contacts
Investor:Joele Frank, Wilkinson Brimmer
KatcherLeigh Parrish, 212-355-4449
Shareholders Contact:Morrow SodaliMike
Verrechia/Bill Dooley, (800) 662-5200
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