Exhibit 99.1
farmearningsreleaseq4_image1.jpg
Farmer Bros. Co. Reports Fourth Quarter and Fiscal 2016 Financial Results

Fort Worth, Texas.--(GLOBE NEWSWIRE)—September 12, 2016—
Farmer Bros. Co. (NASDAQ: FARM) (the "Company") today reported financial results for its fourth quarter and fiscal year ended June 30, 2016.
Fourth Quarter Fiscal 2016 Highlights:
Net sales increased $1.6 million to $134.2 million in the fourth quarter of fiscal 2016, as compared to the prior year period;
Gross profit increased 6.6% to $52.4 million in the fourth quarter of fiscal 2016, as compared to the prior year period;
Net income was $84.2 million in the fourth quarter of fiscal 2016, primarily due to non-cash income tax benefit of $80.3 million from the release of valuation allowance on deferred tax assets, $2.7 million in restructuring and other transition expenses associated with the Company’s corporate relocation plan and $2.8 million in net gains from sales of assets including spice assets, as compared to net losses of $2.2 million, including $5.9 million in restructuring and other transition expenses associated with the Company's corporate relocation plan in the prior year period. Net income per diluted common share was $5.05 in the fourth quarter of fiscal 2016, as compared to a net loss of $0.13 per common share in the prior year period;
Non-GAAP net income, excluding $80.3 million in reversal of deferred tax asset valuation allowance, $2.7 million in restructuring and other transition expenses and $2.8 million in net gains from sales of assets including spice assets, was $3.8 million, and Non-GAAP net income per diluted common share was $0.23 in the fourth quarter of fiscal 2016, as compared to Non-GAAP net income of $3.7 million and Non-GAAP net income per diluted common share of $0.23 in the prior year period; and
Adjusted EBITDA was $9.8 million, and Adjusted EBITDA Margin was 7.3% in the fourth quarter of fiscal 2016, as compared to Adjusted EBITDA of $11.1 million, and Adjusted EBITDA Margin of 8.3% in the prior year period.
(The foregoing non-GAAP financial measures are reconciled to their corresponding GAAP measures at the end of this press release).
President and CEO, Michael Keown said, "We have made substantial progress in the Company's turnaround over the last 12 months, which is reflected in our volume growth, gross margin expansion and improved earnings for the full fiscal year. Our team continues to focus on our key initiatives including expanding our national account base, improving our DSD model and driving more efficient production to strengthen the Company's market position. We have been successful in winning significant new customers and establishing new corporate partnerships in the past year. At the same time, we have already achieved more than half of the expected $18 million to $20 million in annualized cost savings from our corporate relocation. We believe that continued execution of our strategy will create additional value for all of our stockholders.”
Mr. Keown continued, “As we separately announced today, we have signed an agreement to acquire the premium tea business, China Mist Brands, Inc. from the founders Dan Schweiker and John Martinson. Adding the China Mist brand to our business will



The following information was filed by Farmer Brothers Co (FARM) on Monday, September 12, 2016 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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