This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Farmer Bros. Co. Reports Second Quarter Results

TORRANCE, Calif., Feb. 9, 2011 (GLOBE NEWSWIRE) -- Farmer Bros. Co. (Nasdaq:FARM) today reported a net loss of $8.9 million, or $0.59 per share, for its fiscal second quarter ended December 31, 2010, compared with net income of $1.4 million, or $0.10 per share, for its prior year fiscal second quarter. For the six months ended December 31, 2010, the Company reported a net loss of $18.8 million, or $1.25 per share, compared with net income of $3.6 million, or $0.25 per share, for the six months ended December 31, 2009.

Net sales for the second quarter of fiscal 2011 decreased $1.0 million, or 1%, to $119.2 million from $120.2 million in the second quarter of the prior fiscal year. Net sales for the first six months of fiscal 2011 decreased $4.4 million, or 2%, to $228.0 million from $232.4 million during the first six months of the prior fiscal year. The decrease in net sales was primarily due to a modest reduction in the number of customers who purchased our products as compared to the same periods in the prior year.

Cost of goods sold in the second quarter of fiscal 2011 increased $5.1 million, or 7%, to $74.2 million, or 62% of sales, from $69.1 million, or 58% of sales, in the second quarter of the prior fiscal year. Cost of goods sold in the first six months of fiscal 2011 increased $12.1 million, or 10%, to $139.0 million, from $126.9 million in the first six months of fiscal 2010, primarily due to higher total coffee brewing equipment and service costs included in cost of goods sold compared to the same period in the prior year, substantially increased raw material costs which included an increase since the beginning of the current fiscal year of approximately 45% in the cost of green coffee beans purchased, and changes in the mix of our customers and the products we sell to them. 

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,598.20 -91.66 -0.52%
S&P 500 2,098.04 -5.80 -0.28%
NASDAQ 5,115.3820 -12.8990 -0.25%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs