Farmer Bros. Co. Reports Second Quarter Fiscal 2018 Financial Results
Source Farmer Bros. Co.
NORTHLAKE, Texas, Feb. 06, 2018 (GLOBE NEWSWIRE) -- Farmer Bros. Co. (NASDAQ:FARM) (the "Company") today reported financial results for its second fiscal quarter ended December 31, 2017.
Second Quarter Fiscal 2018 Highlights:
- Volume of green coffee processed and sold increased by 4.6 million pounds, reaching 29.1 million pounds, an 18.7% increase over the prior year period;
- Gross profit increased $10.4 million to $65.5 million and gross margin decreased 50 basis points to 39.1% over the prior year period;
- Net loss was $18.8 million compared to net income of $20.1 million in the prior year period;
- Adjusted EBITDA was $12.9 million compared to $11.2 million in the prior year period;*
- SQF certification of new Northlake, Texas facility remains on track to be completed in the third quarter of fiscal 2018, with annual run-rate production levels of six million pounds expected by end of the fiscal year;
- Completed acquisition of substantially all of the assets of Boyd Coffee Company (“Boyd”) and began executing integration plan; and
- Deployed Smart Touch selling platform to over half of our routes, with complete deployment expected by the end of fiscal 2018.
(*Adjusted EBITDA, a non-GAAP financial measure, is reconciled to its corresponding GAAP measure at the end of this press release.)
Mike Keown, President and CEO stated, “We are pleased to have completed our acquisition of the Boyd business in October, which helped drive our volume and net sales in the second quarter. In addition to continuing to win new national accounts and modernizing our DSD channel-based sales strategy, we have significantly strengthened our platform for growth through our acquisitions of Boyd, West Coast Coffee and China Mist. We are expanding our distribution network, adding to our customer base and exploring new product categories, all of which help to position us for increasing production volumes through our existing roasting facilities. Looking forward, we remain confident in the Company’s growth potential and competitive position in the marketplace.”
