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Farmer Bros. Reports Fourth Quarter And Fiscal 2010 Results

Farmer Bros. Co. (NASDAQ: FARM) today reported a net loss of $21.0 million, or $1.40 per share, for its fiscal fourth quarter ended June 30, 2010, compared with a net loss of $25.6 million, or $1.76 per share, for its prior year fiscal fourth quarter. For the full fiscal year ended June 30, 2010, the Company reported a net loss of $24.0 million, or $1.61 per share, compared with a net loss of $33.3 million, or $2.29 per share in the prior fiscal year.

Net sales for fiscal 2010 increased $108.6 million, or 32%, to $450.3 million from $341.7 million in the prior fiscal year, primarily due to the addition of DSD Coffee Business net sales beginning on March 1, 2009.

Cost of goods sold in fiscal 2010 increased $71.2 million, or 39%, to $252.8 million, or 56% of sales, from $181.5 million, or 53% of sales, in fiscal 2009 primarily due to the addition of the DSD Coffee Business beginning on March 1, 2009. Additionally, the cost of coffee brewing equipment and related service included in cost of goods sold contributed to the increase in cost of goods sold. Cost of coffee brewing equipment and related service for the fiscal year ended June 30, 2010 was $21.5 million compared to $13.1 million for the fiscal year ended June 30, 2009.

Gross profit in fiscal 2010 increased $37.3 million, or 23%, to $197.5 million from $160.2 million in fiscal 2009. However, gross margin decreased to 44% in fiscal 2010 from 47% in the prior fiscal year. As with net sales, the increase in gross profit is directly attributable to the acquisition of the DSD Coffee Business. The decrease in gross margin is primarily due to the increase in cost of coffee brewing equipment and related service cost included in cost of goods sold in fiscal 2010 compared with the prior fiscal year, and the addition of a new class of DSD Coffee Business customers who require a different mix of products.

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