NORTHLAKE, Texas, Sept. 28, 2017 (GLOBE NEWSWIRE) -- Farmer Bros. Co. (NASDAQ:FARM) (the "Company") today reported financial results for its fourth quarter and fiscal year ended June 30, 2017.
Fourth Quarter Fiscal 2017 Highlights:
- Volume of green coffee pounds processed and sold increased 0.9%;
- Gross profit increased $1.2 million and gross margin increased 100 basis points to 40.1%, year-over-year;
- Income from operations declined by $1.4 million to $1.7 million due to higher one-time costs and fewer one-time benefits;
- Net income decreased to $1.1 million from $84.2 million primarily due to the non-cash income tax benefit of $80.3 million from the release of valuation allowance on deferred tax assets in the fourth quarter of the prior fiscal year; and
- Adjusted EBITDA increased 30.7% to $11.6 million, and Adjusted EBITDA Margin was 8.7%, an increase of 210 basis points.*
Fiscal 2017 Highlights:
- Volume of green coffee pounds processed and sold increased 5.3%;
- Gross profit increased $5.3 million and gross margin increased 120 basis points to 39.5%;
- Income from operations increased 415.5% to $42.2 million from $8.2 million, including $37.4 million in net gain from the sale of our Torrance facility in fiscal 2017;
- Net income was $24.4 million, or $1.45 per common share—diluted, compared to $89.9 million, or $5.41 per common share—diluted, last year, including non-cash income tax benefit of $80.3 million from the release of valuation allowance on deferred tax assets in fiscal 2016; and
- Adjusted EBITDA increased 11.1% to $46.0 million and Adjusted EBITDA Margin was 8.5%, an increase of 90 basis points.