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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