Business
Farmer Bros. Co. Reports Second Quarter Fiscal 2020 Financial Results
NORTHLAKE, Texas, Feb. 06, 2020 (GLOBE NEWSWIRE) -- Farmer Bros. Co. (NASDAQ: FARM) (the "Company") today reported financial results for its second fiscal
About this update from Farmer Brothers Company
[{"type":"text","content":"NORTHLAKE, Texas, Feb. 06, 2020 (GLOBE NEWSWIRE) -- Farmer Bros. Co. (NASDAQ: FARM) (the \"Company\") today reported financial results for its second fiscal quarter ended December 31, 2019.\n Second Quarter Fiscal 2020 Highlights: Volume of green coffee processed and sold increased by 2.0 million to 29.4 million pounds, a 7.2% increase over the prior year period; Green coffee pounds processed and sold through our DSD network were 9.0 million, or 30.6% of total green coffee pounds processed and soldDirect ship customers represented 19.9 million, or 67.7%, of total green coffee pounds processed and soldDistributor customers represented 0.5 million pounds, or 1.7%, of total green coffee pounds processed and sold Net sales were $152.5 million, a decrease of $7.3 million, or 4.6%, from the prior year period;Gross margin decreased to 28.8% from 33.3% in the prior year period, while operating expenses as percentage of sales improved to 23.0% from 33.0% in the prior year period;Net income was $7.8 million compared to net loss of $10.1 million in the prior year period; andAdjusted EBITDA was $7.4 million compared to $12.4 million in the prior year period.* (*Adjusted EBITDA, a non-GAAP financial measure, is reconciled to its corresponding GAAP measure at the end of this press release.) “I am proud of the progress we have made against our turnaround strategy and five key initiatives during my first few months as Farmer Brothers’ CEO,” said Deverl Maserang, President and CEO. “While the Company faces challenges that require time and capital to address, I am confident that we are headed in the right direction and are focused on the right initiatives. We have a clearly defined plan and have laid the groundwork for a successful turnaround, and I am optimistic that the initiatives we are executing with urgency will put Farmer Brothers in a position of strength for the long term. I look forward to continuing to work closely with all our team members to drive growth and deliver enhanced value for our stakeholders.” Second Quarter Fiscal 2020 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 six months ended December 31, 2019 and 2018 (unaudited). Three Months Ended December 31, Six Mon...