NORTHLAKE, Texas, USA – Farmer Bros. Co. reported financial results for its third fiscal quarter ended March 31, 2022. Net sales were $119.4 million, an increase of $26.2 million, or 28.2%, from the prior year period due to continued improvement in direct-store-delivery (“DSD”) and Direct ship channels.
Gross margin expanded for the seventh consecutive quarter to 29.8%, compared to 25.6% in the prior year period.
Net loss improved to $4.0 million compared to a net loss of $13.7 million in the prior year period.
Adjusted EBITDA of $5.0 million was the highest since the onset of COVID, and compares to a negative EBITDA of $0.8 million in the prior year period.
As of March 31, 2022, total debt outstanding was $101.1 million, and cash and equivalents were $10.4 million.
(*Adjusted EBITDA, a non-GAAP financial measure, is reconciled to its corresponding GAAP measure at the end of this press release.)
Deverl Maserang, Chief Executive Officer of Farmer Bros. Co., commented, “Our 2022 fiscal third quarter performance demonstrated a continuation of strong sequential improvements driven by economic recovery and our business optimization efforts.
We delivered our seventh consecutive quarter of gross margin expansion and achieved our highest adjusted EBITDA since the onset of the COVID-19 pandemic, which speaks to the execution against our strategy that we laid out two years ago.
These efforts continue to improve the efficiency of our businesses, and despite the significant constraints posed by the pandemic, have put us in position to drive attractive performance gains as business conditions further recover throughout the 2022 calendar year.”
