TORRANCE, Calif.--(BUSINESS WIRE)--March 4,
2004--The Board of Directors of Farmer Bros. Co. (Nasdaq:FARM) today
declared a 10-for-one stock split in the form of a one-time stock
dividend. The Board acted after the company completed its Delaware
reincorporation, which authorized enough shares to enable the stock split.
The stock split will entitle each
stockholder of record to receive nine additional shares for every share of
Farmer Bros. stock held at the close of business on the record date of
April 23, 2004. The new shares will be registered on the books of the
Corporation maintained by Wells Fargo Shareowner Services at the opening
of business on May 10, 2004.
The stock split was designed to increase
trading liquidity for stockholders. After the stock split, Farmer Bros.
will have approximately 16.07 million shares outstanding.
In addition, the Board declared a quarterly
cash dividend, payable to shareholders of record on April 23, 2004 (prior
to the split) of $0.95 per share. This represents no change in the cash
dividend from the prior quarter.
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 50 consecutive
years, increased the dividend in each of the last seven consecutive years,
and its stock price has grown from $18 in 1980 to over $300 a share before
this 10-for-one stock split.
Certain statements contained in this news
release regarding the risks, circumstances and financial trends that may
affect our future operating results, financial position and cash flows may
be forward-looking statements within the meaning of federal securities
laws. These statements are based on management's current expectations,
assumptions, estimates and observations about our business and are subject
to risks and uncertainties. As a result, actual results could materially
differ from the forward-looking statements contained herein. These forward
looking statements can be identified by the use of words like "expects,"
"plans," "believes," "intends," "will," "assumes" and other words of
similar meanings. These and other similar words can be identified by the
fact that they do not relate solely to historical or current facts. While
we believe our assumptions are reasonable, we caution that it is
impossible to predict the impact of such factors which could cause actual
results to differ materially from predicted results. We intend these
forward-looking statements to speak only at the time of this report and do
not undertake to update or revise these projections as more information
becomes available. For these statements, we claim the protection of the
safe harbor for forward-looking statements provided by the Private
Securities Litigation Reform Act of 1995.
Contact:
The Abernathy MacGregor Group
James Lucas, 213-630-6550