Farmer Bros.: Reports Q2 Fiscal 2022 Financial Results

Northlake / TX. (fbc) Farmer Bros. Company reported financial results for its second fiscal quarter ended December 31, 2021. Second Quarter Fiscal 2022 Highlights:

  • Net sales were USD 118.4 million, an increase of USD 13.9 million, or 13.3 percent, from the prior year period due to continued improvement in the direct-store-delivery (“DSD”) channel compared to the prior year period
  • Gross margin increased to 29.5 percent compared to 25.1 percent in the prior year period
  • Net loss was USD 5.4 million compared to a net loss of USD 17.7 million in the prior year period
  • Adjusted Ebitda was USD 4.5 million compared to USD 8.3 million in the prior year period; the prior period included approximately USD 7.2 million in Adjusted Ebitda benefiting from higher amortized gains resulting from the curtailment of the post-retirement medical plan.*
  • As of December 31, 2021, total debt outstanding was USD 91.0 million and cash and cash equivalents were USD 3.6 million

Chief Executive Officer Deverl Maserang: «We saw further improvement across our business during the second fiscal quarter, highlighted by continued sequential growth in our sales trends. Our second fiscal quarter marked the sixth quarter of sequential improvement in our DSD sales, and we ended the quarter with average weekly DSD sales down 17 percent compared to pre-Covid levels, representing improvement from down 25 percent in the prior period and down 40 percent from one year ago. Our gross margin expanded sequentially and was up 4.4 percent over last year’s fiscal second quarter. Amid ongoing uncertainty related to the pandemic including inflationary headwinds, labor challenges and higher coffee prices, we are continuing to drive improvements across the business while managing costs closely. Overall, we are encouraged by what we believe is a strong opportunity to unlock underlying operating leverage as sales volumes continue to normalize.»

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