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TORRANCE, Calif., Dec. 10, 2012 (GLOBE NEWSWIRE) -- Farmer Bros. Co. (Nasdaq:FARM) today announced that the Company's stockholders approved all proposals at the 2012 Annual Meeting of Stockholders held December 6, 2012.
At the "State of the Company" presentation to the stockholders, President and Chief Executive Officer, Michael H. Keown and Chief Financial Officer and Treasurer, Jeffrey Wahba discussed the Company's fiscal 2012 performance and outlook for fiscal 2013.
In discussing the Company's growth and leadership strategy, Mr. Keown said the Company plans to leverage its high quality coffees and teas, its industry-leading personnel, its expansive national route network and award-winning service to focus on growing the direct-store-delivery business in addition to addressing profitable major accounts. He added that restoring the high performance culture of Farmer Brothers and recognizing its responsibility as a corporate citizen to lead and be a part of the solution to global social, environmental and economic issues will be the Company's additional priorities.
Mr. Wahba echoed Mr. Keown's sentiment and said, the Company's fiscal 2012 accomplishments of increased product breadth, technical expertise and marketing and sales capabilities, and reduced operating expenses are expected to fuel fiscal 2013 growth.
The Company intends to file an edited version of that presentation on Form 8-K and present the report on the investor section of its website,
Mr. Randy E. Clark was elected and Ms. Jeanne Farmer Grossman was re-elected to the Board of Directors for three-year terms expiring in 2015. Stockholders ratified the selection of Ernst & Young LLP as the Company's independent registered public accounting firm for the fiscal year ending June 30, 2013. In addition, the stockholders voted in favor of the advisory vote on executive compensation and approved an amendment to the Company's 2007 Omnibus Plan to increase the number of shares available for issuance under the Omnibus Plan. The Company will include details of the voting results on the various proposals on Form 8-K.