Green Mountain Coffee results, and Wesley joins board

Shaun Weston2 Aug 2012

Green Mountain Coffee Roasters has announced its third quarter fiscal year 2012 results for the 13 and 39 weeks ended 23 June 2012.

Fiscal third-quarter income grew 30%, as the company posted stronger sales of its K-cup coffee and tea portion packs, but margins continued to contract over softer-than-anticipated demand.

The stock sank 11% after hours to $15.90 amid continued margin weakness and weaker-than-expected guidance.

As of Wednesday's close, the stock was down 60% so far this year.

GMCR has also announced that Norman H Wesley, former CEO and chairman of Fortune Brands, has joined its board of directors.

Effective immediately, Wesley will be a 'Class II Director' with a term that expires at the company's 2013 annual meeting, where he will stand for election by shareholders.

Source: GMCR and The Wall Street Journal

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