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Farmer Bros. Co. Reports Second Quarter Results

Stocks in this article: FARM

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. 

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