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

Income tax expense in the first quarter of fiscal 2014 was $0.3 million compared to $0.4 million in the first quarter of the prior fiscal year.

Net income for the first quarter of fiscal 2014 was $1.8 million, or $0.11 per common share, compared to $3.0 million, or $0.19 per common share, in the first quarter of the prior fiscal year.

EBITDAE in the first quarter of fiscal 2014 increased to $11.6 million from $8.1 million in the first quarter of the prior fiscal year. EBITDAE is a non-GAAP financial measure; a reconciliation table of reported net income to EBITDAE is included at the end of this press release.

About Farmer Bros. Co.

Founded in 1912, Farmer Bros. Co. is a manufacturer, wholesaler and distributor of coffee, tea and culinary products. The Company is a direct distributor of coffee to restaurants, hotels, casinos, offices, quick service restaurants ("QSR's"), convenience stores, healthcare facilities and other foodservice providers, as well as private brand retailers in the QSR, grocery, drugstore, restaurant, convenience store, and independent coffee house channels. The Company's product lines include roasted coffee, liquid coffee, coffee-related products such as coffee filters, sugar and creamers, assorted iced and hot teas, cappuccino, cocoa, spices, gelatins and puddings, soup bases, dressings, gravy and sauce mixes, pancake and biscuit mixes, and jellies and preserves. The Company's primary brands include Farmer Brothers ®, Artisan Collection by Farmer Brothers , Superior ®, Metropolitan™  by Farmer Brothers, Cain's ® and McGarvey ®. For more information, visit:

Forward-Looking Statements

Certain statements contained in this press release are not based on historical facts and are forward-looking statements within the meaning of federal securities laws and regulations. These statements are based on management's current expectations, assumptions, estimates and observations of future events and include any statements that do not directly relate to any historical or current fact. These forward-looking statements can be identified by the use of words like "anticipates," "estimates," "projects, " "expects, " "plans, " "believes, " "intends, " "will, " "assumes" and other words of similar meaning. Owing to the uncertainties inherent in forward-looking statements, actual results could differ materially from those set forth in forward-looking statements. The Company intends these forward-looking statements to speak only at the time of this press release and does not undertake to update or revise these statements as more information becomes available except as required under federal securities laws and the rules and regulations of the Securities and Exchange Commission ("SEC"). Factors that could cause actual results to differ materially from those in forward-looking statements include, but are not limited to, the relative effectiveness of compensation-based employee incentives in causing improvements in  Company performance, the capacity to meet the demands of the Company's large national account customers, the extent of execution of plans for the growth of Company business and achievement of financial metrics related to those plans, the effect of the capital markets as well as other external factors on stockholder value, fluctuations in availability and cost of green coffee, competition, organizational changes, the impact of a weaker economy, business conditions in the coffee industry and food industry in general, the Company's continued success in attracting new customers, variances from budgeted sales mix and growth rates, weather and special or unusual events, changes in the quality or dividend stream of the third parties' securities and other investment vehicles in which the Company has invested its assets, as well as other risks described in this press release and other factors described from time to time in the Company's filings with the SEC.
(In thousands, except share and per share data) 
  Three Months Ended September 30,
  2013 2012
Net sales  $ 128,561  $ 119,153
Cost of goods sold 79,089 74,532
Gross profit 49,472 44,621
Selling expenses 37,335 37,271
General and administrative expenses 9,246 8,769
Operating expenses 46,581 46,040
Income (loss) from operations 2,891  (1,419)
Other (expense) income:    
Dividend income 268 259
Interest income 108 92
Interest expense  (372)  (457)
Other, net  (783) 4,945
Total other (expense) income  (779) 4,839
Income before taxes 2,112 3,420
Income tax expense 306 441
Net income  $ 1,806  $ 2,979
Net income per common share—basic  $ 0.11  $ 0.19
Net income per common share—diluted  $ 0.11  $ 0.19
Weighted average common shares outstanding—basic 15,802,160 15,490,365
Weighted average common shares outstanding—diluted 15,860,365 15,490,365

Non-GAAP Financial Measures

In addition to net income (loss) determined in accordance with United States Generally Accepted Accounting Principles (GAAP), the Company uses certain non-GAAP financial measures, including "EBITDAE," in assessing its operating performance. The Company believes that this non-GAAP financial measure serves as an appropriate measure to be used in evaluating the performance of its business.

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