Many analysts believed Farmer Brothers would post a bigger per-share loss than what was announced when the company made its fourth quarter financial report. The better-than-expected news appears to have been received well in the marketplace which responded favorably. That day shares saw more than a 25% increase in price.
Some adjustments were to be expected given the company’s recent restructuring and plans to move its headquarters from California to Texas.
Of that move, Michael H. Keown Farmer Brothers president and ceo said, “Our Corporate Relocation Plan is currently on track. In May we successfully moved the coffee roasting, grinding and packaging functions that were previously conducted in Torrance to our Houston production facility, and in August we celebrated the groundbreaking ceremony for the construction of our new state-of-the-art coffee production, distribution and headquarters facility in Northlake, Texas.”
Learn more: http://www.farmerbros.com/