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Farmer Bros. net sales decreased 1.7% to $142.3 million

Staff writer |
Farmer Bros. Co. reported financial results for the second quarter ended December 31, 2015. Net sales decreased 1.7% to $142.3 million, as compared to the prior year period.

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Net income was $5.6 million, or $0.34 per diluted common share, in the second quarter of fiscal 2016, as compared to $2.9 million, or $0.18 per diluted common share in the prior year period.

Non-GAAP net income and Non-GAAP net income per diluted common share in the second quarter of fiscal 2016 were $5.7 million and $0.35, respectively, as compared to $3.9 million and $0.24, respectively, in the prior year period.

Adjusted EBITDA and Adjusted EBITDA Margin in the second quarter of fiscal 2016 were $12.8 million and 9.0%, respectively, as compared to $12.1 million and 8.4%, respectively, in the prior year period.

Michael H. Keown, president and CEO said, “Overall, I am pleased with the continued progress we are making across the business, and the transition to Northlake, Texas.

“Increases in supply chain efficiencies are paying off in enhanced profitability. We executed well during a period of high throughput allowing us to maintain our high quality and customer service standards while ramping up several new customers during the quarter.”


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