TORRANCE, Calif.--(BUSINESS WIRE)--Aug. 17,
2004--Farmer Bros. Co. (Nasdaq:FARM) announced the appointment of
Kenneth R. Carson to the Board of Directors, filling a vacancy created
with the passing of Roy F. Farmer this spring. Mr. Carson recently
retired as Vice President - Sales after 39 years with the Company.
"Ken Carson will provide the Board with
his valued insight into our industry and our efforts to energize our
sales. His contributions to the Company are many and varied, and we will
prosper with his guidance in the board room," said Roy E. Farmer,
Chairman and Chief Executive Officer.
Mr. Carson joined the Company's sales
organization in 1965, and held positions in Los Angeles, Salt Lake City
and St. Louis prior to entering senior management ranks. He was promoted
to Sales Manager in 1987 and Vice President - Sales in 1990.
"We have worked hard to design a modern
sales infrastructure for our sales team," said Mr. Carson. "I look
forward to seeing this infrastructure begin to contribute to our sales
effort. We believe our customers and our shareholders will appreciate
the results of so much hard work."
The Board of Directors also declared a
dividend increase to $0.10 per share, payable on November 8, 2004.
"We are proud to be able to increase the
dividend during a difficult year," said Mr. Farmer. "This increase
rewards our long term shareholders, and it marks Farmer Brothers' 52nd
consecutive year of paying a dividend, and the eighth consecutive annual
dividend increase."
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. 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
Source: Farmer Bros. Co.