Business
Farmer Bros. Co. Reports Fiscal Third Quarter 2022 Financial Results
Posts 28% sales growth & 7th consecutive quarter of gross margin expansion NORTHLAKE, Texas, May 05, 2022 (GLOBE NEWSWIRE) -- Farmer Bros. Co. (NASDAQ: FARM)
About this update from Farmer Brothers Company
[{"type":"text","content":"Posts 28% sales growth & 7th consecutive quarter of gross margin expansion\nNORTHLAKE, Texas, May 05, 2022 (GLOBE NEWSWIRE) -- Farmer Bros. Co. (NASDAQ: FARM) (the “Company”) today reported financial results for its third fiscal quarter ended March 31, 2022. Third Quarter Fiscal 2022 Highlights: Net sales were $119.4 million, an increase of $26.2 million, or 28.2%, from the prior year period due to continued improvement in direct-store-delivery (\"DSD\") and Direct ship channelsGross margin expanded for the seventh consecutive quarter to 29.8%, compared to 25.6% in the prior year periodNet loss improved to $4.0 million compared to a net loss of $13.7 million in the prior year periodAdjusted EBITDA of $5.0 million was the highest since the onset of COVID, and compares to a negative EBITDA of $0.8 million in the prior year periodAs of March 31, 2022, total debt outstanding was $101.1 million, and cash and equivalents were $10.4 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, “Our 2022 fiscal third quarter performance demonstrated a continuation of strong sequential improvements driven by economic recovery and our business optimization efforts. We delivered our seventh consecutive quarter of gross margin expansion and achieved our highest adjusted EBITDA since the onset of the COVID-19 pandemic, which speaks to the execution against our strategy that we laid out two years ago. These efforts continue to improve the efficiency of our businesses, and despite the significant constraints posed by the pandemic, have put us in position to drive attractive performance gains as business conditions further recover throughout the 2022 calendar year.” Third 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 and nine months ended March 31, 2022 and 2021 (unaudited). Three Months Ended March 31, Nine Months Ended March 31,(In thousands, except per share data) 2022 2021 2022 2021 Income statement data: Net sales $119,398 $93,152 $346,205 $294,993 Gross margin 29.8% 25.6% 29.5% 24.6%Loss from operations $(3,938) $(10,395) $(10,290...