Farmer Bros.: Reports Q2 Fiscal 2021 Financial Results

Northlake / TX. (fbc) Farmer Bros. Company reported financial results for its second fiscal quarter ended December 31, 2020. Second Quarter Fiscal 2021 Highlights:

  • Volume of green coffee processed and sold decreased by 8.0 million to 21.4 million pounds, a 27.1 percent decrease compared to the prior year period primarily due to the impact of the Covid-19 pandemic;
    • Green coffee pounds processed and sold through our DSD network were 5.4 million, or 25.3 percent of total green coffee pounds processed and sold; and
    • Direct ship customers represented 16.0 million, or 74.7 percent, of total green coffee pounds processed and sold
  • Net sales were USD 104.6 million, a decrease of USD 47.9 million, or 31.4 percent, from the prior year period;
  • Gross margin decreased to 25.1 percent from 28.8 percent in the prior year period;
  • Net loss was USD 17.7 million compared to net income of USD 7.8 million in the prior year period; and
  • Adjusted Ebitda was USD 8.3 million compared to USD 7.4 million in the prior year period.
  • As of December 31, 2020, total debt outstanding was USD 82.0 million and cash and cash equivalents was USD 5.9 million compared to USD 122.0 million and USD 60.0 million, respectively, as of June 30, 2020.

Deverl Maserang, President and CEO said, «As I previously communicated last quarter, despite Covid-19, we are cautiously optimistic as we see measurable progress and completion of key initiatives. As announced earlier this week, our West Coast distribution center is now operational and we are excited to return to California, where we expect to see improved service for our customers and distribution efficiencies on the West Coast. Further, our handheld technology has been fully implemented across our DSD network and we will complete the transition out of our Houston, Texas facility in the coming quarter. I want to personally thank all the team members across the organization that have worked so hard to bring these projects to completion. All of these efforts will allow us to better serve our customers and position Farmer Brothers for success as we recover from the pandemic.»