This Day On The Street
Continue to site
ADVERTISEMENT
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

Farmer Bros. Reports Fourth Quarter And Fiscal 2013 Results

TORRANCE, Calif., Oct. 9, 2013 (GLOBE NEWSWIRE) -- Farmer Bros. Co. (Nasdaq:FARM) (the "Company"), a manufacturer, wholesaler and distributor of coffee, tea and culinary products, today reported financial results for the fourth quarter and fiscal year ended June 30, 2013. The Company also announced that it has filed its Annual Report on Form 10-K for the fiscal year ended June 30, 2013 (the "Form 10-K"). The Company had delayed the filing due to the restatement of certain prior period financial statements resulting from errors related to the Company's accounting for certain postretirement benefit obligations for its retiree medical plan, failure to timely adopt accounting guidance relating to a postretirement death benefit, when originally issued, and failure to record the appropriate amounts reflecting the cash surrender value of life insurance policies purchased to fund the postretirement death benefit.

Fourth Quarter and Fiscal Year 2013 Highlights:

  • Net sales increased 6.5% to $128.8 million for the fourth quarter and 2.9% to $510.0 million for the full fiscal year compared to the same periods in fiscal 2012;
  • Gross profit increased 4.3% to $47.5 million for the fourth quarter and 10.5% to $191.1 million for the full fiscal year compared to the same periods in fiscal 2012;
  • Loss from operations was $2.7 million for the fourth quarter and $4.1 million for the full fiscal year;
  • Net loss was $3.0 million, or $0.19 per common share, for the fourth quarter and $8.5 million, or $0.54 per common share, for the full fiscal year; and
  • EBITDAE was $6.5 million for the fourth quarter and $33.7 million for the full fiscal year. EBITDAE is a non-GAAP financial measure; a reconciliation table of reported net loss to EBITDAE is included at the end of this press release.

"Our product innovation efforts, combined with our increased emphasis on sales and marketing, enabled us to realize growth in our national account business and report improved fourth quarter and fiscal year financial results," said Mike Keown, Farmer Bros. President and CEO. "In addition, our team worked to maintain price across our DSD customer base which has contributed to our improved margins. Going forward, I believe we have made considerable progress in the year and I am confident that we have the right strategies and organization to continue."

1 of 7

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr 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

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
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!
SYM TRADE IT LAST %CHG

Markets

DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs