Farmer Brothers Co. Files 2024 10-K
Ticker: FARM · Form: 10-K · Filed: Sep 12, 2024 · CIK: 34563
Sentiment: neutral
Topics: 10-K, annual-report, financials
TL;DR
Farmer Brothers Co. 2024 10-K filed. Financials for FY ending June 30, 2024, are out.
AI Summary
Farmer Brothers Co. filed its 10-K for the fiscal year ending June 30, 2024, reporting on its financial performance and business operations. The company's fiscal year 2024 results are detailed, including comparative data from previous years. The filing provides information on the company's assets, liabilities, and equity, as well as its income statement and cash flow activities.
Why It Matters
This 10-K filing provides investors and stakeholders with a comprehensive overview of Farmer Brothers Co.'s financial health and strategic direction for the fiscal year 2024, crucial for investment decisions.
Risk Assessment
Risk Level: medium — The filing of a 10-K is a routine regulatory requirement for public companies, but the specific financial details within can reveal significant risks or opportunities.
Key Numbers
- FY 2024 — Fiscal Year (Reporting period for the 10-K)
- 2024-06-30 — Fiscal Year End (End date of the reporting period)
- 2023-06-30 — Prior Fiscal Year End (Comparison point for financial data)
Key Players & Entities
- FARMER BROTHERS CO (company) — Filer of the 10-K
- 20240630 (date) — Fiscal year end date
- 20240912 (date) — Filing date
- NORTHLAKE, TX (location) — Business address city and state
- FORT WORTH, TX (location) — Mailing address city and state
FAQ
What is the primary business of Farmer Brothers Co.?
Farmer Brothers Co. is primarily involved in the coffee industry, as indicated by its SIC code 2090 (MISCELLANEOUS FOOD PREPARATIONS & KINDRED PRODUCTS) and its business operations.
Where is Farmer Brothers Co. headquartered?
Farmer Brothers Co.'s business address is 1912 Farmer Brothers Drive, Northlake, TX 76262.
When did Farmer Brothers Co. file this 10-K report?
This 10-K report was filed on September 12, 2024.
What fiscal year does this 10-K cover?
This 10-K report covers the fiscal year ending on June 30, 2024.
What is the SEC file number for Farmer Brothers Co.?
The SEC file number for Farmer Brothers Co. is 001-34249.
Filing Stats: 4,410 words · 18 min read · ~15 pages · Grade level 13.8 · Accepted 2024-09-12 17:02:59
Key Financial Figures
- $1.00 — ich Registered Common Stock, par value $1.00 per share FARM Nasdaq Global Select Mar
- $0.90 — ice per pound ranged from approximately $0.90 to $2.60. The coffee "C" market near mo
- $2.60 — ound ranged from approximately $0.90 to $2.60. The coffee "C" market near month price
- $2.29 — price as of June 30, 2024 and 2023 was $2.29 and $1.65 per pound, respectively. Our
- $1.65 — of June 30, 2024 and 2023 was $2.29 and $1.65 per pound, respectively. Our principal
- $1.44 — arket prices in fiscal 2024 traded in a $1.44 to $2.54 per pound range during the fis
- $2.54 — ces in fiscal 2024 traded in a $1.44 to $2.54 per pound range during the fiscal year,
Filing Documents
- farm-20240630.htm (10-K) — 2346KB
- farm-63024x1056offerletter.htm (EX-10.56) — 19KB
- ex1057-retentionawardlette.htm (EX-10.57) — 19KB
- farm63024-ex1060xinducemen.htm (EX-10.60) — 60KB
- farm63024-ex1061xinducemen.htm (EX-10.61) — 63KB
- farm-63024x191insidertradi.htm (EX-19.1) — 133KB
- ex231gtconsent10k-fy24.htm (EX-23.1) — 3KB
- farm-6302024xex311.htm (EX-31.1) — 8KB
- farm-6302024xex312.htm (EX-31.2) — 8KB
- farm-6302024xex321.htm (EX-32.1) — 4KB
- farm-6302024xex322.htm (EX-32.2) — 4KB
- farm-63024x971recoupmentpo.htm (EX-97.1) — 39KB
- farm-20240630_g1.jpg (GRAPHIC) — 91KB
- logo1.jpg (GRAPHIC) — 6KB
- logo1a.jpg (GRAPHIC) — 6KB
- logo1b.jpg (GRAPHIC) — 6KB
- 0000034563-24-000070.txt ( ) — 14419KB
- farm-20240630.xsd (EX-101.SCH) — 81KB
- farm-20240630_cal.xml (EX-101.CAL) — 134KB
- farm-20240630_def.xml (EX-101.DEF) — 464KB
- farm-20240630_lab.xml (EX-101.LAB) — 1033KB
- farm-20240630_pre.xml (EX-101.PRE) — 798KB
- farm-20240630_htm.xml (XML) — 2510KB
Risk Factors 6
ITEM 1A. Risk Factors 6
Unresolved Staff Comments 18
ITEM 1B. Unresolved Staff Comments 18 ITEM 1C. Cybersecurity 19
Properties 20
ITEM 2. Properties 20
Legal Proceedings 20
ITEM 3. Legal Proceedings 20
Mine Safety Disclosures 20
ITEM 4. Mine Safety Disclosures 20 PART II
Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
ITEM 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 20
Management's Discussion and Analysis of Financial Condition and Results of Operations 22
ITEM 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 22
Quantitative and Qualitative Disclosures About Market Risk 30
ITEM 7A. Quantitative and Qualitative Disclosures About Market Risk 30
Financial Statements and Supplementary Data 31
ITEM 8. Financial Statements and Supplementary Data 31
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 31
ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 31
Controls and Procedures 31
ITEM 9A. Controls and Procedures 31
Other Information 31
ITEM 9B. Other Information 31
Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 31
ITEM 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 31 PART III
Directors, Executive Officers and Corporate Governance 31
ITEM 10. Directors, Executive Officers and Corporate Governance 31
Executive Compensation 32
ITEM 11. Executive Compensation 32
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 32
ITEM 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 32
Certain Relationships and Related Transactions, and Director Independence 32
ITEM 13. Certain Relationships and Related Transactions, and Director Independence 32
Principal Accountant Fees and Services 32
ITEM 14. Principal Accountant Fees and Services 32 PART IV
Exhibits, Financial Statement Schedules 33
ITEM 15. Exhibits, Financial Statement Schedules 33
Form 10-K Summary 37
ITEM 16. Form 10-K Summary 37 SIGNATURES 38 INDEX OF CONSOLIDATED FINANCIAL STATEMENTS F - 1 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K ("Form 10-K") and other documents we file with the Securities and Exchange Commission (the "SEC") contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), that are based on current expectations, estimates, forecasts and projections about us, our future performance, our financial condition, our products, our business strategy, our beliefs and our management's assumptions. In addition, we, or others on our behalf, may make forward-looking statements in press releases or written statements, or in our communications and discussions with investors and analysts in the normal course of business through meetings, webcasts, phone calls and conference calls. These forward-looking statements can be identified by the use of words like "anticipates," "estimates," "projects," "expects," "plans," "believes," "intends," "will," "could," "may," "assumes" and other words of similar meaning. These statements are based on management's beliefs, assumptions, estimates and observations of future events based on information available to our management at the time the statements are made and include any statements that do not relate to any historical or current fact. These statements are not guarantees of future performance and they involve certain risks, uncertainties and assumptions that are difficult to predict. Actual outcomes and results may differ materially from what is expressed, implied or forecast by our forward-looking statements due in part to the risks, uncertainties and assumptions set forth below in Part I, Item 1.A., Risk Factors as well as Part II, Item 7, Management's Discussion and Analysis of Financial Condition and Result
Business
Item 1. Business Overview Farmer Bros. Co., a Delaware corporation (including its consolidated subsidiaries unless the context otherwise requires, the "Company," "we," "us," "our" or "Farmer Bros."), is a leading coffee roaster, wholesaler, equipment servicer and distributor of coffee, tea and other allied products. We serve a wide variety of customers, from small independent restaurants and foodservice operators to large institutional buyers like restaurant, 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. With a robust product line, including organic, Direct Trade, Project D.I.R.E.C.T. and other sustainably-produced coffees, iced and hot teas, cappuccino, spices, and baking/biscuit mixes, among others, we offer not only a breadth of high-quality products to our customers but also a comprehensive approach by providing value added services such as market insight, beverage planning, and equipment placement and service. Our principal office and product development lab is located in Fort Worth, Texas ("Fort Worth facility"). We were founded in 1912, incorporated in California in 1923, and reincorporated in Delaware in 2004. Our principal office is located in Forth Worth, Texas. We operate in one business segment. Products and Services Our product and service categories consist of the following: a robust line of roast and ground coffee, including organic, Direct Trade, Project D.I.R.E.C.T. , Fair Trade Certified TM and other sustainably-produced offerings; frozen liquid coffee; ambient liquid coffee; flavored and unflavored iced and hot teas, including organic and Rainforest Alliance Certified; culinary products including premium spices, pancake and biscuit mixes, gravy and sauce mixes, soup bases, dressings, syrups and sauces, and coffee-related products such as coffee filters, cups