TORRANCE, Calif.--(BUSINESS WIRE)--June 18,
2004--Farmer Bros. Co. (Nasdaq:FARM) said its Board of Directors has
elected Roy E. Farmer, its Chief Executive Officer and President, to the
additional position as Chairman of the Board. The Board also declared a
quarterly dividend on common stock of $0.095 per share, payable on August
9, 2004 to shareholders of record at the close of business on July 23,
2004.
Roy E. Farmer is the Company's third Board
Chairman in 92 years. He succeeds his father, Roy F. Farmer, who passed
away March 16, 2004. Roy E. Farmer has been employed by Farmer Bros. Co.
for his entire adult life and, in addition to his executive duties, is the
Company's risk manager and coffee buyer and has been leading the effort to
consolidate the Company's computer systems onto a single
information-systems platform.
"Management is focused on initiatives to
sharpen our sales efforts and to upgrade our information systems so we can
cut costs and inventory, improve customer service and make each employee
more efficient and effective," said Mr. Farmer. "We are very focused on
creating shareholder value and a stable workplace for the long term."
The quarterly dividend is unchanged from
the prior quarter's dividend on a split-adjusted basis. The Company
completed its previously announced 10-for-one stock split on May 10.
Farmer Bros. Co. is an institutional coffee
roaster that sells a variety of coffee and allied products to the food
service industry. The Company's signature trucks and vans bearing the
"Consistently Good" logo are seen throughout Farmer Brothers' 28-state
service area. Farmer Brothers has paid a dividend for 51 consecutive
years, increased the dividend in each of the last seven consecutive years.
The Company's stock price has grown on a split-adjusted basis from $1.80 a
share in 1980.
Contact:
Abernathy MacGregor Group
Jim Lucas/Marissa Petri, 213-630-6550