"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.
Farmer Bros. Co. Reports First Quarter Fiscal 2014 Financial Results
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts