Business
Farmer Bros. Co. Reports Fourth Quarter and Fiscal 2022 Financial Results
NORTHLAKE, Texas, Sept. 01, 2022 (GLOBE NEWSWIRE) -- Farmer Bros. Co. (NASDAQ: FARM) (the “Company”) today reported financial results for its fourth quarter
About this update from Farmer Brothers Company
[{"type":"text","content":"NORTHLAKE, Texas, Sept. 01, 2022 (GLOBE NEWSWIRE) -- Farmer Bros. Co. (NASDAQ: FARM) (the “Company”) today reported financial results for its fourth quarter and fiscal year ended June 30, 2022 (\"fiscal 2022\"). Fourth Quarter Highlights: Net sales were $123.0 million, an increase of $20.1 million, or 20%, from the prior year period due to notable improvement in the direct-store-delivery (\"DSD\") and Direct Ship channelsGross margin increased to 28.4% from 27.6% in the prior year periodNet loss was $3.8 million compared to $4.0 million in the prior year periodAdjusted EBITDA was $6.1 million compared to $3.4 million in the prior year period*As of June 30, 2022, total debt outstanding was $108.6 million and cash and cash equivalents was $9.8 million Fiscal 2022 Highlights: Net sales were $469.2 million, an increase of $71.3 million, or 18%, from the prior year due to continued improvement in DSD and Direct Ship channelsGross margin expanded to 29.2% showing marked improvement from 25.4% in the prior yearNet loss was $15.7 million compared to a net loss of $41.7 million in the prior yearAdjusted EBITDA was $19.1 million compared to $16.6 million in the prior year*Successfully completed key initiatives within the Company's optimization strategy, including: Increased production and packaging capacity at the Northlake, Texas facility;Efficiently served our West Coast network from the newly opened Rialto, California distribution center;Optimized DSD network for revenue growth and distribution optimization; andLaunched Revive Service and Restoration for service excellence in commercial brewing equipment (\"CBE\") (*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 fourth quarter and fiscal year-end marks the beginning of our inflection from business recovery to renewed growth. Q4 sales grew 20%, gross margin expanded by 80 basis points, and Adjusted EBITDA increased 79% over the prior year Q4, as our optimized platform began demonstrating the operating leverage we’ve built into the business. Though economic uncertainty remains a modest near-term restraint on our progress, we believe we’re now turning the corner and moving into a more normalized business environment. Sales are gaining momentum, and w...