Farmer Brothers Company (FARM, Financial) filed Quarterly Report for the period ended 2010-09-30.
Farmer Brothers Company has a market cap of $274 million; its shares were traded at around $16.95 with and P/S ratio of 0.6. The dividend yield of Farmer Brothers Company stocks is 2.7%.FARM is in the portfolios of Michael Price of MFP Investors LLC, Chuck Royce of Royce& Associates, Chuck Royce of Royce& Associates, Mario Gabelli of GAMCO Investors, Jim Simons of Renaissance Technologies LLC.
During the three months ended September 30, 2010, we capitalized $5.6 million in property and equipment purchases which included $2.9 million in expenditures to replace normal wear and tear of coffee brewing equipment, $1.3 million in expenditures for vehicles, and machinery and equipment.
Gross profit in the three months ended September 30, 2010 decreased $10.4 million, or 19%, to $43.9 million, as compared to $54.3 million during the three months ended September 30, 2009. Gross margin decreased to 40% in the three months ended September 30, 2010 from 48% in the comparable period in the prior fiscal year. This decrease in gross margin is primarily due to higher total coffee brewing equipment and service costs included in cost of goods sold compared to the same period in the prior year, increased raw material costs, and changes in the mix of our customers and the products we sell to them.
Operating expenses in the three months ended September 30, 2010 decreased $0.8 million, or 1%, to $56.0 million, or 51% of sales, from $56.8 million, or 51% of sales, in the comparable period of fiscal 2010.
Total other income, net in the three months ended September 30, 2010 decreased to $2.5 million as compared to $5.1 million in the three months ended September 30, 2009, primarily due to lower net unrealized gains in our preferred stock portfolio during the three months ended September 30, 2010 as compared to the three months ended September 30, 2009. Interest expense of $0.4 million in the three months ended September 30, 2010 as compared to $0.1 million in the three months ended September 30, 2009 also contributed to this decrease. Lower net unrealized gains in our preferred stock portfolio resulted in part from a reduced portfolio balance due to the sale of a portion of our preferred stock portfolio during the three months ended September 30, 2010.
As a result of the forgoing factors, net loss in the three months ended September 30, 2010 was ($9.9) million, or ($0.66) per common share, as compared to net income of $2.2 million, or $0.15 per common share, during the same period in the prior fiscal year.
Read the The complete Report
Farmer Brothers Company has a market cap of $274 million; its shares were traded at around $16.95 with and P/S ratio of 0.6. The dividend yield of Farmer Brothers Company stocks is 2.7%.FARM is in the portfolios of Michael Price of MFP Investors LLC, Chuck Royce of Royce& Associates, Chuck Royce of Royce& Associates, Mario Gabelli of GAMCO Investors, Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
On September 30, 2010, we were eligible to borrow up to a total of $50.0 million under the credit facility. As of September 30, 2010, we had borrowed $31.5 million, utilized $3.2 million of our letters of credit sub-limit, and had excess availability under the credit facility of $15.3 million.During the three months ended September 30, 2010, we capitalized $5.6 million in property and equipment purchases which included $2.9 million in expenditures to replace normal wear and tear of coffee brewing equipment, $1.3 million in expenditures for vehicles, and machinery and equipment.
Gross profit in the three months ended September 30, 2010 decreased $10.4 million, or 19%, to $43.9 million, as compared to $54.3 million during the three months ended September 30, 2009. Gross margin decreased to 40% in the three months ended September 30, 2010 from 48% in the comparable period in the prior fiscal year. This decrease in gross margin is primarily due to higher total coffee brewing equipment and service costs included in cost of goods sold compared to the same period in the prior year, increased raw material costs, and changes in the mix of our customers and the products we sell to them.
Operating expenses in the three months ended September 30, 2010 decreased $0.8 million, or 1%, to $56.0 million, or 51% of sales, from $56.8 million, or 51% of sales, in the comparable period of fiscal 2010.
Total other income, net in the three months ended September 30, 2010 decreased to $2.5 million as compared to $5.1 million in the three months ended September 30, 2009, primarily due to lower net unrealized gains in our preferred stock portfolio during the three months ended September 30, 2010 as compared to the three months ended September 30, 2009. Interest expense of $0.4 million in the three months ended September 30, 2010 as compared to $0.1 million in the three months ended September 30, 2009 also contributed to this decrease. Lower net unrealized gains in our preferred stock portfolio resulted in part from a reduced portfolio balance due to the sale of a portion of our preferred stock portfolio during the three months ended September 30, 2010.
As a result of the forgoing factors, net loss in the three months ended September 30, 2010 was ($9.9) million, or ($0.66) per common share, as compared to net income of $2.2 million, or $0.15 per common share, during the same period in the prior fiscal year.
Read the The complete Report
