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Press Release Source: Farmer Bros. Co.

Farmer Bros. Reports Earnings Per Share of $0.11
Tuesday November 9, 5:13 pm ET

TORRANCE, Calif.--(BUSINESS WIRE)--Nov. 9, 2004--Farmer Bros. Co. (Nasdaq:FARM) today reported earnings for its first fiscal quarter ended September 30, 2004 of $1.49 million or $0.11 per share, compared with $2.51 million or $0.14 per share in the same quarter last year.

Revenues were $46.7 million in the first quarter of fiscal 2005, compared with $45.7 million for the same quarter last year.

The Company attributes the modest revenue improvement primarily to changes in the economic climate in its markets. The results, including earnings, also primarily reflect the higher average costs for green coffee, which were 3% lower than in the fourth quarter but 16% higher than a year ago, and a decrease in investment income, which includes the effects of interest rate and commodity price fluctuations during the quarter.

The Company said it has re-scheduled its annual meeting for shareholders for Dec. 14, 2004, to ensure that shareholders have adequate time to receive and review proxy materials, which the Company plans to file shortly.

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 Bros. has paid a dividend for 51 consecutive years, increased the dividend in each of the last seven consecutive years, and its stock price has grown on a split-adjusted basis from $1.80 in 1980 to over $30.00 a share today.

The accompanying condensed financial statements of the Company are subject to year-end audit by independent auditors, but in Management's opinion all adjustments necessary for a fair presentation of operating results have been made. Per share amounts have been adjusted to reflect a ten-for-one stock split in May 2004. 

         THREE MONTHS ENDED                September 30, September 30,
                                                2004         2003
                                                ----         ----

         Sales                              $46,708,000  $45,665,000
         Net income                          $1,497,000   $2,511,000

         Net income per share                     $0.11        $0.14
         Weighted average shares
          outstanding                        13,560,800   17,829,280

 

Contact: 

     Abernathy MacGregor Group
     Jim Lucas / Whitney Hays, 213-630-6550

Source: Farmer Bros. Co.

 

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.

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