Farmer Bros. Co. reported a 40% drop in quarterly earnings.
The Torrance-based company, which sells coffee, tea and spices to
restaurants and institutional food services, said profit for its first
fiscal quarter fell $1.5 million, or 11 cents a share, from $2.5 million, or
14 cents, a year earlier.
The company blamed higher coffee prices and a drop in investment income for
its smaller profit.
However, an improving economy helped it record a small gain in sales, to
$46.7 million in the first quarter versus $45.7 million for the same quarter
last year.
Before the earnings announcement, Farmer Bros. shares fell 44 cents to
$26.78 on Nasdaq.
Copyright 2004 Los Angeles Times
The
Forum is open to all Farmer Bros. shareholders, whether institutional or
individual, and to professionals concerned with their investment decisions.
Its purpose is to provide shareholders with access to information and a free
exchange of views on issues relating to their evaluations of alternatives.
As stated in the Forum's
Conditions of Participation, participants are expected to make independent use
of information obtained through the Forum, subject to the privacy rights of
other participants. It is a Forum rule that participants will not be
identified or quoted without their explicit permission.
There is no charge for
participation. Franklin Mutual Advisers, LLC, the manager of funds
owning approximately 12.6% of Farmer Bros. shares, provided initial
sponsorship for the Forum and arranged for it to be chaired by
Gary
Lutin. Continuing support and guidance of the Forum is provided by an
Advisory Panel of actively interested shareholders.
For additional information or to be included in an email
distribution list, send an inquiry to
farm@shareholderforum.com.
