Delaware | 001-34249 | 95-0725980 | ||
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||
20333 South Normandie Avenue, Torrance, California | ||||
(Address of Principal Executive Offices) | ||||
90502 | ||||
(Zip Code) | ||||
(310) 787-5200 | ||||
(Registrant’s telephone number, including area code) | ||||
Not Applicable | ||||
(Former Name or Former Address, if Changed Since Last Report) |
Exhibit No. | Description |
99.1 | Earnings Release of Farmer Bros. Co. dated February 10, 2014. |
FARMER BROS. CO. | |||
By: | /s/ Mark J. Nelson | ||
Mark J. Nelson | |||
Treasurer and Chief Financial Officer | |||
Exhibit No. | Description |
99.1 | Earnings Release of Farmer Bros. Co. dated February 10, 2014 |
• | Net sales increased 4.8% to $142.1 million in the second quarter; |
• | Gross profit increased 10.1% to $55.4 million in the second quarter; |
• | Income from operations was $5.7 million in the second quarter compared to $0.5 million; and |
• | Net income was $4.7 million, or $0.29 per diluted common share, compared to net loss of $(7.2) million, or $(0.46) per diluted common share. |
Three Months Ended December 31, | Six Months Ended December 31, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Net sales | $ | 142,151 | $ | 135,705 | $ | 270,712 | $ | 254,858 | |||||||
Cost of goods sold | 86,713 | 85,352 | 165,802 | 159,884 | |||||||||||
Gross profit | 55,438 | 50,353 | 104,910 | 94,974 | |||||||||||
Selling expenses | 38,991 | 40,765 | 76,326 | 78,036 | |||||||||||
General and administrative expenses | 10,724 | 9,041 | 19,970 | 17,810 | |||||||||||
Operating expenses | 49,715 | 49,806 | 96,296 | 95,846 | |||||||||||
Income (loss) from operations | 5,723 | 547 | 8,614 | (872 | ) | ||||||||||
Other (expense) income: | |||||||||||||||
Dividend income | 258 | 284 | 526 | 543 | |||||||||||
Interest income | 110 | 99 | 218 | 191 | |||||||||||
Interest expense | (393 | ) | (463 | ) | (765 | ) | (920 | ) | |||||||
Other, net | (587 | ) | (7,656 | ) | (1,370 | ) | (2,711 | ) | |||||||
Total other expense | (612 | ) | (7,736 | ) | (1,391 | ) | (2,897 | ) | |||||||
Income (loss) before taxes | 5,111 | (7,189 | ) | 7,223 | (3,769 | ) | |||||||||
Income tax expense (benefit) | 402 | (32 | ) | 709 | 409 | ||||||||||
Net income (loss) | $ | 4,709 | $ | (7,157 | ) | $ | 6,514 | $ | (4,178 | ) | |||||
Net income (loss) per common share—basic | $ | 0.30 | $ | (0.46 | ) | $ | 0.41 | $ | (0.27 | ) | |||||
Net income (loss) per common share—diluted | $ | 0.29 | $ | (0.46 | ) | $ | 0.41 | $ | (0.27 | ) | |||||
Weighted average common shares outstanding—basic | 15,847,958 | 15,548,094 | 15,825,100 | 15,519,980 | |||||||||||
Weighted average common shares outstanding—diluted | 15,964,682 | 15,548,094 | 15,904,456 | 15,519,980 |
Three Months Ended December 31, | Six Months Ended December 31, | |||||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Net income (loss), as reported(1)(2) | $ | 4,709 | $ | (7,157 | ) | $ | 6,514 | $ | (4,178 | ) | ||||||
Income tax expense (benefit) | 402 | (32 | ) | 709 | 409 | |||||||||||
Interest expense (benefit) | 393 | 463 | 765 | 920 | ||||||||||||
Depreciation and amortization expense | 7,054 | 8,300 | 14,478 | 16,640 | ||||||||||||
ESOP and share-based compensation expense | 1,230 | 1,083 | 2,134 | 1,906 | ||||||||||||
Other, net(2) | 587 | 7,656 | 1,370 | 2,711 | ||||||||||||
EBITDAE | $ | 14,375 | $ | 10,313 | $ | 25,970 | $ | 18,408 | ||||||||
EBITDAE Margin | 10.1 | % | 7.6 | % | 9.6 | % | 7.2 | % |
(1) | Includes $0.5 million in beneficial effect of LIFO inventory liquidation in the three and six months ended December 31, 2012. |
(2) | Includes: (a) $0.1 million in net gains from sales of assets in the three and six months ended December 31, 2013; and (b) $3.2 million in net gains from sales of assets, primarily real estate, and $0.8 million in recovery of a note receivable previously deemed uncollectible in the six months ended December 31, 2012. Excludes $2.3 million and $5.4 million in losses from coffee-related derivatives which have been recorded in OCI in the three and six months ended December 31, 2013. |
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