This Day On The Street
Continue to site
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. Co. Reports First Quarter Fiscal 2014 Financial Results

TORRANCE, Calif., Nov. 7, 2013 (GLOBE NEWSWIRE) -- Farmer Bros. Co. (Nasdaq:FARM) today reported financial results for the first quarter of fiscal 2014 ended September 30, 2013.

First Quarter Fiscal 2014 Highlights:
  • Net sales increased 7.9% to $128.6 million in the first quarter;
  • Gross profit increased 10.9% to $49.5 million in the first quarter;
  • Income from operations was $2.9 million in the first quarter compared to loss from operations of $(1.4) million; and
  • Net income was $1.8 million, or $0.11 per common share, compared to $3.0 million, or $0.19 per common share.

(All comparisons above are to the first quarter of fiscal 2013)

"We are pleased with our ability to report improved financial results for the first quarter of fiscal 2014, including operating income of $2.9 million, which is the highest first quarter operating income in more than ten years," stated Mike Keown, President and Chief Executive Officer of Farmer Bros. Co. "Our team continues to work very diligently to execute our core strategies and we believe Farmer Brothers has a strong foundation for future growth as we are still in the early stages of realizing the benefits of our efforts." 

Net sales for the first quarter of fiscal 2014 increased $9.4 million, or 7.9%, to $128.6 million from $119.2 million in the first quarter of the prior fiscal year primarily due to increases in sales of coffee and tea products. 

Gross profit in the first quarter of fiscal 2014 increased $4.9 million, or 10.9%, to $49.5 million, as compared to $44.6 million in the first quarter of fiscal 2013 primarily due the increase in net sales and lower average cost of green coffee purchased, partially offset by $2.2 million in coffee-related derivative losses reclassified into cost of goods sold during the period.   Gross margin increased 110 basis points to 38.5% in the fiscal quarter ended September 30, 2013 from 37.4% in the comparable period in the prior fiscal year, primarily due to a 17% lower average cost of green coffee purchased.

1 of 4

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
Dividend Stock Advisor

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
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.74 0.00%
FB $117.58 0.00%
GOOG $693.01 0.00%
TSLA $240.76 0.00%
YHOO $36.60 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs