Northlake / TX. (fbc) Farmer Bros. Company reported financial results for its fourth quarter and fiscal year ended June 30, 2020. Deverl Maserang, President and CEO said, «I’m proud of the way Farmer Brothers has continued to make good progress in executing our turnaround strategy during the fourth quarter, despite the challenges associated with the Covid-19 environment. We continued to focus on three priorities including: protecting the health and safety of our employees and customers; preserving liquidity and supporting the long-term sustainability of our business; and pivoting our business to accelerate certain operating initiatives. We successfully exceeded our previously announced targeted expense savings of approximately USD 6.5 million per month during the quarter and we have continued to actively manage costs as areas of the business partially return to pre-pandemic sales levels. Further, our recently announced credit facility amendment provides us with increased flexibility to proactively manage our liquidity and working capital – supporting continued execution of key strategic initiatives through what remains an uncertain business environment – while maintaining compliance with our debt financial covenants. Moving forward, we continue to take steps to enhance our operational and financial strength and ensure our long-term sustainability, while focusing on executing on our key strategic initiatives.»
For further information please view the company’s statement (PDF | 84 KB):
20200912-FARMER-BROS-Q4-2020.