Farmer Bros. Co. Reports Fourth Quarter and Fiscal 2021 Financial Results

About this update from Farmer Brothers Company

[{"type":"text","content":"NORTHLAKE, Texas, Sept. 09, 2021 (GLOBE NEWSWIRE) -- Farmer Bros. Co. (NASDAQ: FARM) (the “Company”) today reported financial results for its fourth quarter and fiscal year ended June 30, 2021. Fourth Quarter Fiscal 2021 Highlights: Net sales were $102.9 million, an increase of $21.8 million, or 26.9%, from the prior year period due to notable improvement in the DSD channel compared to the prior yearGross margin increased to 27.6% from 19.2% in the prior year period, and was the highest gross margin quarter during fiscal 2021Net loss was $4.0 million compared to a net loss of $9.7 million in the prior year periodAdjusted EBITDA was $3.4 million compared to $0.7 million in the prior year period*As of June 30, 2021, total debt outstanding was $91.0 million and cash and cash equivalents was $10.3 millionNegotiated new credit facilities, effectively increasing borrowing capacity and flexibility while lowering overall borrowing cost Fiscal 2021 Highlights: Net sales were $397.8 million, a decrease of $103.5 million, or 20.6%, from the prior year due primarily to the impact of the COVID-19 pandemicAchieved notable improvement in DSD channel sales compared to pre-COVID levels during fiscal year 2021, with sequential improvement in every quarter, from down 45% at June 30, 2020 to down 27% for the fourth quarter of 2021Gross margin decreased to 25.4% from 27.6% in the prior year, but improved sequentially in every quarter of the year.Net loss was $41.7 million compared to a net loss of $37.1 million in the prior year periodAdjusted EBITDA was $16.6 million compared to $18.7 million in the prior year periodSuccessfully completed key initiatives within the company's optimization strategy, including: Doubling production and packaging capacity at the Northlake, Texas facilityEnding production and fully exiting the aged Houston, Texas facilityOpening a new West Coast distribution facility in Rialto, California, andCompleting full deployment of new handheld technology on our DSD routes (*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 very pleased with the continued progress we made during our fourth fiscal quarter, which builds on the work we achieved throughout the year and positions us well heading in...

More updates from Farmer Brothers Company