Coffee Company Farmer Bros. Fiscal 4Q Loss Widens
TORRANCE, Calif. (AP) ¿ Coffee company Farmer Bros. Co. said Tuesday its fiscal fourth-quarter loss widened even as revenue grew nearly 70 percent.
The company reported a loss of $25.6 million, or $2 per share, for the period ended June 30, compared with a net loss of $4 million, or 28 cents per share, a year earlier.
Farmer Bros. said higher pretax losses from operations of $15.2 million in fiscal 2009 compared with $10.6 million in the prior year, as well as other nonrecurring expenses, hurt quarterly results.
Quarterly sales rose to $113.1 million from $66.9 million, a year earlier. That's largely due to the addition of Sara Lee DSD Coffee business, which added roughly $60 million to top line growth. On it's own, net sales increased 5 percent in fiscal 2009.For the full fiscal year, the company posted a loss of $33.3 million, or $2.29 per share, compared with a loss of $7.9 million, or 55 cents per share, in fiscal 2008. Revenue for the year rose to $341.7 million, up from $266.5 million, in the prior fiscal year. Shares of Farmer Bros. fell 46 cents to $20.67 in afternoon trading.
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