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Farmer Bros. Co. Reports Third Quarter Fiscal 2013 Results

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

  Three Months Ended March 31, Nine Months Ended March 31,
(In thousands) 2013 2012 2013 2012
  (Unaudited) (Unaudited)
Net loss, as reported(1)(2) $(1,415) $(5,501) $(5,835) $(17,195)
Income tax (benefit) expense (56) (577) 347 (171)
Interest expense 466 498 1,386 1,579
Depreciation and amortization expense 8,138 8,010 24,778 23,831
ESOP and share-based compensation expense 733 1,043 2,639 2,519
Pension withdrawal expense 4,348
Net losses on derivatives and investments 2,278 2,882 9,315 5,131
EBITDAE(1)(2) $10,144 $6,355 $32,630 $20,042

(1) Three months ended March 31, 2013 and 2012, respectively, include $1.2 million and $0.5 million in net gains on sales of assets. Nine months ended March 31, 2013 and 2012, respectively, include $4.4 million and $1.2 million in net gains on sales of assets, primarily real estate.

(2) Three months ended March 31, 2013 and 2012, respectively, include the expected beneficial effect of LIFO inventory liquidation in the amount of $0.2 million and $2.2 million. Nine months ended March 31, 2013 and 2012, respectively, include the expected beneficial effect of LIFO inventory liquidation in the amount of $0.7 million and $7.8 million.

CONTACT: Mark Nelson (310) 787-5241

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