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Farmer Bros. Co. Reports First Quarter Fiscal 2014 Financial Results

Stocks in this article: FARM

"We believe our improved financial results have been driven by many of the strategic initiatives that we continue to implement," commented Mark Nelson, Treasurer and Chief Financial Officer of Farmer Bros. Co.  "The improvement in our gross margin in this first quarter reflects our increased production volumes, lower input commodity costs and our ongoing focus on manufacturing efficiency improvements and cost control initiatives."

Operating expenses in the first quarter of fiscal 2014 increased $0.6 million, or 1.3%, to $46.6 million from $46.0 million in the first quarter of the prior fiscal year primarily due to higher payroll and related expenses, and other expenses incurred in the first quarter of fiscal 2014 in connection with the restatement of certain prior period financial statements included in our Annual Report on Form 10-K for the fiscal year ended June 30, 2013. Operating expenses in the first quarter of fiscal 2014 decreased to 36.2% of net sales from 38.6% of net sales in the first quarter of the prior fiscal year.

Income from operations in the first quarter of fiscal 2014 was $2.9 million compared to loss from operations of $(1.4) million in the first quarter of the prior fiscal year.

Total other expense in the first quarter of fiscal 2014 was $(0.8) million compared to total other income of $4.8 million in the first quarter of the prior fiscal year, primarily due to lower net gains on sales of assets of $0.1 million in the first quarter of fiscal 2014 compared to $3.2 million in the first quarter of the prior fiscal year, primarily from sales of real estate. Total other expense in the first quarter of fiscal 2014 included $(0.8) million in net losses on coffee-related derivatives and $(0.7) million in net losses from investments compared to $0.7 million in net gains on coffee-related derivatives and $0.1 million in net gains from investments in the first quarter of the prior fiscal year. Total other income in the first quarter of the prior fiscal year also included $0.8 million in recovery of a note receivable previously deemed uncollectible. 

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