Exhibit 99.1


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Farmer Bros. Co. Reports Third Quarter Fiscal 2019 Financial Results


NORTHLAKE, Texas, May 7, 2019 (GLOBE NEWSWIRE) - Farmer Bros. Co. (NASDAQ: FARM) (the "Company") today reported financial results for its third fiscal quarter ended March 31, 2019.

Third Quarter Fiscal 2019 Highlights:

Volume of green coffee processed and sold increased by 0.1 million to 27.9 million pounds, a 0.5% increase over the prior year period;
Green coffee pounds processed and sold through our DSD network were 9.2 million, or 33.2% of total green coffee pounds processed and sold
Direct ship customers represented 17.9 million, or 64.1%, of total green coffee pounds processed and sold
Distributor customers represented 0.8 million pounds, or 2.7%, of total green coffee pounds processed and sold
Net sales were $146.7 million, a decrease of $11.2 million, or 7.1%, from the prior year period;
Gross margin decreased to 27.2% from 33.1% in the prior year period, while operating expenses as percentage of sales improved to 31.4% from 34.9% in the prior year period;
Net loss was $51.7 million compared to net loss of $2.2 million in the prior year period; and
Adjusted EBITDA was $4.5 million compared to $10.6 million in the prior year period.*

(*Adjusted EBITDA, a non-GAAP financial measure, is reconciled to its corresponding GAAP measure at the end of this press release.)

“The Company’s third quarter results are not acceptable in terms of what we aim to deliver for our shareholders,” said Chris Mottern, Interim CEO. “There were a number of unexpected costs and execution issues in the period that negatively impacted the Company’s financial results. Given these issues and our year-to-date results, we are taking a cautious approach in our outlook and are updating our targeted Adjusted EBITDA range for fiscal 2019 to $34 million to $36 million.”

Mottern continued, “We have already begun taking corrective actions, putting new operational controls and processes in place, and will be working to determine what additional steps we need to take to put Farmer Brothers on the path to improved results and enhanced value for our shareholders. We continue to believe in the underlying long-term earnings power of Farmer Brothers’ business, and we are operating with a sense of urgency.”







The following information was filed by Farmer Brothers Co (FARM) on Tuesday, May 7, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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