Farmer Bros. Co. Reports Third Quarter Fiscal 2020 Financial Results and Provides COVID-19 Update

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[{"type":"text","content":"NORTHLAKE, Texas, May 07, 2020 (GLOBE NEWSWIRE) -- Farmer Bros. Co. (NASDAQ: FARM) (the \"Company\") today reported financial results for its third fiscal quarter ended March 31, 2020. The Company also provided an update on its response to the COVID-19 pandemic.\n Third Quarter Fiscal 2020 Highlights: Volume of green coffee processed and sold decreased by 2.2 million to 25.7 million pounds, a 7.9% decrease over the prior year period partially due to the impact of COVID-19 pandemic discussed below; Green coffee pounds processed and sold through our DSD network were 8.4 million, or 32.5% of total green coffee pounds processed and soldDirect ship customers represented 17.1 million, or 66.4%, of total green coffee pounds processed and soldDistributor customers represented 0.3 million pounds, or 1.0%, of total green coffee pounds processed and sold Net sales were $129.1 million, a decrease of $17.5 million, or 12.0%, from the prior year period;Gross margin increased to 29.4% from 27.2% in the prior year period;Operating expenses as percentage of sales, inclusive of a $42.0 million intangible asset impairment chargeincreased to 64.4% from 31.4% in the prior year period;Net loss was $39.8 million compared to net loss of $51.7 million in the prior year period; andAdjusted EBITDA was $6.6 million compared to $4.5 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.) “Farmer Brothers has moved rapidly to address unprecedented challenges associated with the COVID-19 pandemic and I am proud of the way we have adapted our operations to new ways of working,” said Deverl Maserang, President and CEO. “Our response to the COVID-19 crisis has been focused on three priorities including: protecting the health and safety of our employees and customers; preserving liquidity and supporting the long-term sustainability of our business; and pivoting our business to accelerate many of our strategies including our e-commerce initiatives, expanding our roastery direct services, and enhancing pop-up and additional retail sales opportunities. I am encouraged by the significant progress we saw through January, February and early March across both DSD and Direct Ship. Prior to the COVID-19 pandemic, we were on track to exceed our expectations and de...

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