Business
Farmer Bros. Co. Reports Fiscal First Quarter 2022 Financial Results
NORTHLAKE, Texas, Nov. 04, 2021 (GLOBE NEWSWIRE) -- Farmer Bros. Co. (NASDAQ: FARM) (the “Company”) today reported financial results for its first fiscal
About this update from Farmer Brothers Company
[{"type":"text","content":"NORTHLAKE, Texas, Nov. 04, 2021 (GLOBE NEWSWIRE) -- Farmer Bros. Co. (NASDAQ: FARM) (the “Company”) today reported financial results for its first fiscal quarter ended September 30, 2021. First Quarter Fiscal 2022 Highlights: Net sales were $108.4 million, an increase of $11.1 million, or 11.4%, from the prior year period due to continued improvement in the direct-store-delivery (\"DSD\") channel compared to the prior year periodGross margin increased to 29.0% from 23.0% in the prior year periodNet loss was $2.4 million compared to a net loss of $6.3 million in the prior year periodAdjusted EBITDA was $3.5 million compared to $5.7 million in the prior year period*As of September 30, 2021, total debt outstanding was $89.0 million and cash and cash equivalents was $6.0 million (*Adjusted EBITDA, a non-GAAP financial measure, is reconciled to its corresponding GAAP measure at the end of this press release.) Deverl Maserang, Chief Executive Officer, commented, “We’re pleased to see the efficiencies that we’ve built into the business over the past twelve months continue to materialize, and we’re encouraged by the continued sequential improvement in sales trends. These factors are resulting in continued gross margin expansion and these benefits are beginning to flow through our improved operating cost structure. We experienced our highest DSD volume during the quarter since the onset of COVID, and our DSD sales volumes have continued to trend favorably in recent weeks. As sales continue to rebound, we’ve been ramping up our inventory, adding roasting capacity, and continuing our optimization efforts across our distribution and production network. While there continue to be lingering challenges associated with the pandemic, we’re excited to see how the business responds as we enter our busy season and look to the balance of the year.” First Quarter Fiscal 2022 Results: Selected Financial Data The selected financial data presented below under the captions “Income statement data,” “Operating data” and “Other data” summarizes certain performance measures for the three months ended September 30, 2021 and 2020 (unaudited). Three Months Ended September 30, 2021 2020(In thousands, except per share data) Income statement data: Net sales$108,362 $97,270 Gross margin29.0% 23.0%Loss from operations$(1,780) $(11,443)Net loss$(2,424) $(6,270)Net lo...