Farmer Bros. Co. Reports Fiscal 2014 And Fourth Quarter Results

Sept. 10, 2014
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TORRANCE, Calif., Sept. 9, 2014 (GLOBE NEWSWIRE) -- Farmer Bros. Co. (Nasdaq:FARM) today reported financial results for the fourth quarter and fiscal year ended June 30, 2014.

Fiscal 2014 Highlights:

  • Net sales increased 2.8% to $528.4 million compared to fiscal 2013;
  • Gross profit increased 5.8% to $195.9 million compared to fiscal 2013;
  • Income from operations was $8.9 million compared to $0.4 million in fiscal 2013; and
  • Net income was $12.1 million, or $0.76 per diluted common share, compared to net loss of $8.5 million, or $0.54 per diluted common share, in fiscal 2013.

"There were several notable accomplishments in our fiscal 2014 and in our fourth quarter that reflect progress in our continued effort to turn around our Company," said Mike Keown, Farmer Bros. President and CEO. "Our fiscal 2014 was the most profitable year in a decade with net income improving by $20.6 million versus fiscal 2013." Mr. Keown continued, "In fiscal 2014 we processed and sold 11 million more pounds of coffee, up 14% versus fiscal 2013, and we saw our tea business return to growth." Keown added, "This growth has put pressure on our plants and machine refurbishment center primarily in the second half of the year indicating a need to improve our forecasting and inventory management. Additionally, in the fourth quarter, we completed the sale of a portion of our idled Los Angeles refurbishment facility which was closed in fiscal 2013, enabling us to record a $3.8 million gain." Full report


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Coffee Service

Farmer Brothers Co.

May 14, 2014
Farmer Brothers Co. serves a customer base in the foodservice, hospitality, healthcare, gaming and retail establishments with coffee needs. Farmer Brothers is a national manufacturer...