Farmer Bros. Co. Reports Fourth Quarter And Fiscal 2017 Financial Results

NORTHLAKE, Texas, Sept. 28, 2017 (GLOBE NEWSWIRE) -- Farmer Bros. Co. (NASDAQ:FARM) (the "Company") today reported financial results for its fourth quarter and fiscal year ended June 30, 2017. 

Fourth Quarter Fiscal 2017 Highlights: 

• Volume of green coffee pounds processed and sold increased 0.9%; 
   
• Gross profit increased $1.2 million and gross margin increased 100 basis points to 40.1%, year-over-year; 
   
• Income from operations declined by $1.4 million to $1.7 million due to higher one-time costs and fewer one-time benefits; 
   
• Net income decreased to $1.1 million from $84.2 million primarily due to the non-cash income tax benefit of $80.3 million from the release of valuation allowance on deferred tax assets in the fourth quarter of the prior fiscal year; and 
   
• Adjusted EBITDA increased 30.7% to $11.6 million, and Adjusted EBITDA Margin was 8.7%, an increase of     210 basis points.* 

Fiscal 2017 Highlights: 

• Volume of green coffee pounds processed and sold increased 5.3%; 
   
• Gross profit increased $5.3 million and gross margin increased 120 basis points to 39.5%; 
   
• Income from operations increased 415.5% to $42.2 million from $8.2 million, including $37.4 million in net gain from the sale of our Torrance facility in fiscal 2017; 
   
• Net income was $24.4 million, or $1.45 per common share—diluted, compared to $89.9 million, or $5.41 per common share—diluted, last year, including non-cash income tax benefit of $80.3 million from the release of valuation allowance on deferred tax assets in fiscal 2016; and 
   
• Adjusted EBITDA increased 11.1% to $46.0 million and Adjusted EBITDA Margin was 8.5%, an increase of 90 basis points.

Read the full report.