Farmer Bros. Co. reported financial results for the three and nine months ended March 31, 2014. For third quarter 2014, net sales decreased 1.4 percent to $124.6 million, gross margin improved to 38.4 percent compared to 37.7 percent in the third quarter of fiscal 2013 and net income was $2.5 million, or $0.16 per diluted common share, compared to net loss of $1.3 million, or $0.08 per diluted common share.
"It was a challenging quarter," said CEO Mike Keown in a prepared statement. "Extreme weather in the Midwest and Eastern markets kept the route trucks off the roads and customer demand was sluggish." Keown went on to say, "We believe that customer issues in the aggregate limited our sales by about $4 to 5 million in the quarter, but we still expect the turnaround at Farmer Brothers to continue." Full report.
