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

Stocks in this article: FARM

The Company defines "EBITDAE" as net income (loss) excluding the impact of income taxes, interest expense, depreciation and amortization expense, employee stock ownership plan ("ESOP") and share-based compensation expense, non-cash impairment losses, pension withdrawal expense and "Other, net," which includes net gains and losses from derivatives and investments, and net gains and losses on sales of assets. EBITDAE as defined by the Company may not be comparable to similarly titled measures reported by other companies. The Company does not intend for non-GAAP financial measures to be considered in isolation or as a substitute for other measures prepared in accordance with GAAP. 

Set forth below is a reconciliation of reported net income to EBITDAE: 

  Three Months Ended September 30,
(In thousands) 2013 2012
  (Unaudited)
Net income, as reported (1)  $ 1,806  $ 2,979
Income tax expense 306 441
Interest expense 372 457
Depreciation and amortization expense 7,424 8,340
ESOP and share-based compensation expense 904 823
Other, net (1) 783  (4,945)
EBITDAE  $ 11,595  $ 8,095
     
(1) Includes: (a) $0.1 million in net gains from sales of assets, primarily real estate, in the three months ended September 30, 2013; and (b) $3.2 million in net gains from sales of assets, primarily real estate, and $0.8 million in recovery of a note receivable previously deemed uncollectible in the three months ended September 30, 2012. Excludes $3.1 million in losses from coffee-related derivatives designated as cash flow hedges in the three months ended September 30, 2013.
CONTACT: Mark Nelson
         Treasurer and Chief Financial Officer
         (310) 787-5241

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