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Farmer Bros. Reports Net Loss Per Share of $(0.44) For Third Fiscal Quarter 2010
TORRANCE, Calif., MAY 10, 2010 (BUSINESS WIRE) Farmer Bros. Co. (NASDAQ: FARM) today reported unaudited results for its third fiscal quarter and nine months ended Mar. 31, 2010.
|(millions, except per share data)||Third Quarter||First Nine Months|
|Fiscal 2010||Fiscal 2009||Fiscal 2010||Fiscal 2009|
Basic and diluted net loss per share
Net sales increased 29.7%, or $25.4 million, to $111.0 million in the third fiscal quarter compared with last years third fiscal quarter. For the first nine months of fiscal 2010, net sales increased 50.2%, or $114.7 million, to $343.4 million. These increases were primarily driven by the addition of net sales from the Direct Store Delivery (DSD) Coffee Business acquired from Sara Lee Corporation as of Feb. 28, 2009, during last years third fiscal quarter.
We continue to focus intensely on the integration of our businesses and on maximizing the efficiency and effectiveness of our nationwide organization. We have substantially completed this process and, as we take the final steps in the fourth quarter, we expect to begin to see the financial benefits of the combination, said Rocky Laverty, President and CEO. Although our operating expenses for the first nine months of fiscal 2010 remained essentially on track with our plan for the year, our net sales for the year have not met our expectations, reflecting decreased customer volume, particularly in the hard-hit Midwestern markets that we entered through the acquisition. We are, however, pleased with our progress at maintaining our customer base during the integration process, and we believe this will help position us strongly in all of our markets.
Gross profit for the third fiscal quarter increased by 15.5% to $49.3 million from $42.7 million in last years third fiscal quarter. For the first nine months, gross profit increased 39.4%, or $43.7 million, to $154.7 million. Gross profit as a percentage of sales, however, decreased in the third fiscal quarter to 44.4% from last years 49.8%, and to 45.0% from 48.5% for the first nine months of fiscal 2010. This primarily was due to increases in the costs for coffee brewing equipment and service that are included in cost of goods sold, and the shift to a lower-margin product mix to reflect the requirements of new DSD customers.
Operating expenses increased by 32.3%, or $14.3 million, to $58.5 million in the third fiscal quarter of 2010 from $44.3 million last year. Operating expenses during the third fiscal quarter include three months of expenses related to the DSD Coffee Business operations, whereas last fiscal years third quarter included just one month of expenses related to the DSD Coffee Business operations. For the first nine months of fiscal 2010,
The following information was filed by Farmer Brothers Co (FARM) on Tuesday, May 11, 2010 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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