This Day On The Street
Continue to site right-arrow
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
TheStreet Open House

Farmer Bros. Reports Fourth Quarter And Fiscal 2012 Results

Stocks in this article: FARM

TORRANCE, Calif., Sept. 10, 2012 (GLOBE NEWSWIRE) -- Farmer Bros. Co. (Nasdaq:FARM) today reported a net loss of $12.1 million, or $0.77 per share, for its fiscal fourth quarter ended June 30, 2012, compared with a net loss of $22.3 million, or $1.47 per share, for its prior year fiscal fourth quarter. For the full fiscal year ended June 30, 2012, the Company reported a net loss of $29.3 million, or $1.89 per share, compared with a net loss of $54.3 million, or $3.61 per share, in the prior fiscal year.

Net sales in fiscal 2012 increased $31.5 million, or 7%, to $495.4 million from $463.9 million in the prior fiscal year, primarily due to increases in list prices of the Company's coffee, cappuccino, cocoa and selected spice products implemented in the second half of the prior fiscal year, offset in part by the effect of a decrease in the number of customers who purchased the Company's products compared to the prior fiscal year.

Cost of goods sold in fiscal 2012 increased $15.8 million, or 5%, to $322.6 million, or 65% of sales, from $306.8 million, or 66% of sales, in fiscal 2011, primarily due to the increase in net sales. In fiscal 2012, the Company reduced its green coffee inventory and benefited from the effect of the liquidation of LIFO inventory quantities carried at lower costs prevailing in prior fiscal years in the amount of $14.2 million, which was offset by a 16% increase in the average cost of coffee purchased in fiscal 2012 compared to the prior year.

President and CEO, Michael Keown said, "While we are pleased with our overall progress in fiscal 2012 compared to fiscal 2011, we intend to continue our efforts into fiscal 2013 to improve operating results including through initiatives aimed at increasing sales of our owned brands through our DSD network, expanding our private brand national account business, and eliminating non-value added costs. As we enter fiscal 2013, we are fully committed to executing our plans and expect to see continued improvements in all facets of our operations."

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link 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

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, 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
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,164.95 -251.90 -1.45%
S&P 500 1,994.99 -26.26 -1.30%
NASDAQ 4,635.24 -48.1670 -1.03%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs