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Farmer Bros. Co. Reports Second Quarter Results

Stocks in this article: FARM

The Company defines EBITDAE as net income (loss) excluding the impact of income taxes, interest expense, depreciation and amortization expense, employee stock ownership plan ("ESOP") and share-based compensation expense, non-cash impairment losses and pension withdrawal expense, if any, and net gains and losses from derivatives and investments. EBITDAE as defined by the Company may not be comparable to similarly titled measures reported by other companies. The Company does not intend for non-GAAP financial measures to be considered in isolation or as a substitute for other measures prepared in accordance with GAAP. 

Set forth below is a reconciliation of reported net loss to EBITDAE:

  Three Months Ended December 31, Six Months Ended December 31,
(In thousands) 2012 2011 2012 2011
  (Unaudited) (Unaudited)  
Net loss, as reported(1)(2) $ (7,294) $ (4,110) $ (4,420) $ (11,694)
Income tax (benefit) expense (19) 60 403 406
Interest expense 463 506 920 1,081
Depreciation and amortization expense 8,300 7,898 16,640 15,821
ESOP and share-based compensation expense 1,083 686 1,906 1,476
Pension withdrawal expense 4,348 4,348
Net loss (gain) on derivatives and investments 7,840 (372) 7,038 2,250
EBITDAE(1)(2) $ 10,373 $ 9,016 $ 22,487 $ 13,688
(1) Six months ended December 31, 2012 and 2011, respectively, include $3.2 million and $0.7 million in net gains on sales of assets, primarily from sale of real estate.
(2) Three months ended December 31, 2012 and 2011, respectively, include the expected beneficial effect of LIFO inventory liquidation in the amount of $0.5 million and $3.8 million. Six months ended December 31, 2012 and 2011, respectively, include the expected beneficial effect of LIFO inventory liquidation in the amount of $0.5 million and $5.5 million.
CONTACT: Jeffrey Wahba (310) 787-5241

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