TORRANCE, Calif., Sept. 09, 2015 (GLOBE NEWSWIRE) -- Farmer Bros. Co. today reported financial results for the fourth quarter and fiscal year ended June 30, 2015.
Fourth Quarter Fiscal 2015 Highlights:
- Net sales increased 1.8% to $132.6 million in the fourth quarter of fiscal 2015, as compared to the prior year period;
- Gross profit increased 8.2% to $49.2 million in the fourth quarter of fiscal 2015, as compared to the prior year period;
- Net loss was $(2.2) million in the fourth quarter of fiscal 2015, including $5.9 million in restructuring and other transition expenses associated with the Company’s Corporate Relocation Plan, as compared to net income of $3.1 million in the prior year period;
- Non-GAAP net income, excluding restructuring and other transition expenses and net gains and losses on sales of assets, was $3.7 million, and Non-GAAP net income per diluted common share was $0.23 in the fourth quarter of fiscal 2015, as compared to Non-GAAP net loss of ($0.7) million, and Non-GAAP net loss per common share of $(0.04) in the prior year period; and
- Adjusted EBITDA, excluding net gains and losses on sales of assets, was $11.1 million, and Adjusted EBITDA Margin was 8.3% in the fourth quarter of fiscal 2015, as compared to Adjusted EBITDA of $6.6 million, and Adjusted EBITDA Margin of 5.1% in the prior year period.
Net sales in the fourth quarter of fiscal 2015 increased $2.4 million, or 1.8%, to $132.6 million, from $130.2 million in the fourth quarter of fiscal 2014. The increase in net sales was primarily due to an increase in the average unit price of our roast and ground coffee products, primarily driven by the pass-through of higher green coffee commodity purchase costs to customers under commodity-based pricing arrangements as compared to the prior year period.
Fiscal 2015 Highlights:
- Net sales increased 3.3% to $545.9 million in fiscal 2015, as compared to the prior year period;
- Gross profit increased 0.6% to $197.0 million in fiscal 2015, as compared to the prior year period;
- Net income was $0.7 million, or $0.04 per diluted common share, including $10.4 million in restructuring and other transition expenses associated with the Company’s Corporate Relocation Plan in fiscal 2015, as compared to $12.1 million, or $0.76 per diluted common share, in fiscal 2014;
- Non-GAAP net income was $11.5 million in fiscal 2015, as compared to $8.3 million in fiscal 2014;
- Non-GAAP net income per diluted common share was $0.71 in fiscal 2015, as compared to $0.52 in fiscal 2014; and
- Borrowings on the Company’s credit facility remained at $78,000 at the end of fiscal 2015, unchanged versus the end of fiscal 2014, with available borrowing capacity of $43.5 million at June 30, 2015. Full report.
