Farmer Bros. Q3 net loss $11.4M, net sales up 4% to $124.2M; debt covenant risk flagged

FARMER BROTHERS CO

2023-Q3 EPS reported -$1.66 revenue$378,306,000

Net sales $124.2M (+4% YoY); DSD revenue grew double digits; DS down mid-single digits.
Net loss $11.4M vs. $13.6M loss in Q2; gross margin 23.1% improved 20 bps sequentially.
Adjusted EBITDA loss $800K (improved from -$3.1M in Q2); adj. EBITDA margin -0.6%.
Outstanding debt $112.4M; company may not meet debt covenant by June 30, 2023; plans to cure or refinance.
Launched SHOTT syrup concentrate line; REVIVE equipment service securing national accounts.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

FARMER BROTHERS CO reported third fiscal quarter ended March 31, 2023 results: revenue $124.2 million, net income $11.4 million.

Period: third fiscal quarter ended March 31, 2023
Revenue: $124.2 million
Net income: $11.4 million
Result: reported results

Exact text from the filing

--- Farmer Brothers reports fiscal third quarter 2023 financial results and publishes quarterly shareholder letter Fiscal Q3 2023 net sales increased year-over-year to $124.2 million Sequential gross margin improved in fiscal Q3 2023 Significant progress in optimizing customer pricing structure and production operations NORTHLAKE, Texas, May 10, 2023 (GLOBE

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Source: SEC EDGAR

accession 0000034563-23-000051

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