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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."

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