$FARM
FARMER BROTHERS CO

2014 Q3 Form 10-Q Financial Statement

#000003456314000051 Filed on November 10, 2014

View on sec.gov

Income Statement

Concept 2014 Q3 2013 Q3
Revenue $136.0M $129.5M
YoY Change 4.98% 7.81%
Cost Of Revenue $87.86M $81.52M
YoY Change 7.78% 5.87%
Gross Profit $48.12M $48.01M
YoY Change 0.24% 11.27%
Gross Profit Margin 35.39% 37.06%
Selling, General & Admin $45.46M $45.11M
YoY Change 0.76% 1.24%
% of Gross Profit 94.47% 93.98%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $6.260M $7.420M
YoY Change -15.63% -11.03%
% of Gross Profit 13.01% 15.46%
Operating Expenses $45.52M $44.99M
YoY Change 1.18% 8.81%
Operating Profit $2.601M $3.014M
YoY Change -13.7% 68.0%
Interest Expense $207.0K $372.0K
YoY Change -44.35% -18.6%
% of Operating Profit 7.96% 12.34%
Other Income/Expense, Net $112.0K -$902.0K
YoY Change -112.42% -155.47%
Pretax Income $2.713M $2.112M
YoY Change 28.46% -38.25%
Income Tax $198.0K $306.0K
% Of Pretax Income 7.3% 14.49%
Net Earnings $2.515M $1.806M
YoY Change 39.26% -39.38%
Net Earnings / Revenue 1.85% 1.39%
Basic Earnings Per Share $0.16 $0.11
Diluted Earnings Per Share $0.16 $0.11
COMMON SHARES
Basic Shares Outstanding 16.00M shares 15.72M shares
Diluted Shares Outstanding 16.13M shares 15.77M shares

Balance Sheet

Concept 2014 Q3 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $26.80M $25.40M
YoY Change 5.51% 10.43%
Cash & Equivalents $4.782M $4.930M
Short-Term Investments $22.10M $20.40M
Other Short-Term Assets $7.100M $9.000M
YoY Change -21.11% 181.25%
Inventory $71.93M $68.68M
Prepaid Expenses $3.561M $2.748M
Receivables $45.00M $42.00M
Other Receivables $1.400M $1.100M
Total Short-Term Assets $152.2M $146.1M
YoY Change 4.19% 4.6%
LONG-TERM ASSETS
Property, Plant & Equipment $93.99M $90.23M
YoY Change 4.17% -12.67%
Goodwill
YoY Change
Intangibles $5.628M $6.061M
YoY Change -7.14% -16.65%
Long-Term Investments
YoY Change
Other Assets $6.556M $5.402M
YoY Change 21.36% 0.82%
Total Long-Term Assets $106.6M $102.2M
YoY Change 4.34% -12.54%
TOTAL ASSETS
Total Short-Term Assets $152.2M $146.1M
Total Long-Term Assets $106.6M $102.2M
Total Assets $258.8M $248.3M
YoY Change 4.25% -3.21%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $40.10M $29.37M
YoY Change 36.5% 0.61%
Accrued Expenses $15.60M $19.90M
YoY Change -21.61% 8.74%
Deferred Revenue
YoY Change
Short-Term Debt $2.000M $10.10M
YoY Change -80.2% -59.6%
Long-Term Debt Due $3.700M $3.400M
YoY Change 8.82% -8.11%
Total Short-Term Liabilities $68.08M $79.40M
YoY Change -14.26% -4.29%
LONG-TERM LIABILITIES
Long-Term Debt $5.000M $18.50M
YoY Change -72.97% 62.28%
Other Long-Term Liabilities $67.10M $65.80M
YoY Change 1.98% -11.32%
Total Long-Term Liabilities $72.10M $84.30M
YoY Change -14.47% -1.52%
TOTAL LIABILITIES
Total Short-Term Liabilities $68.08M $79.40M
Total Long-Term Liabilities $72.10M $84.30M
Total Liabilities $141.0M $164.6M
YoY Change -14.36% -2.67%
SHAREHOLDERS EQUITY
Retained Earnings $108.7M $95.89M
YoY Change 13.39% -9.13%
Common Stock $16.59M $16.45M
YoY Change 0.85% 0.86%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $117.8M $83.65M
YoY Change
Total Liabilities & Shareholders Equity $258.8M $248.3M
YoY Change 4.25% -3.21%

Cashflow Statement

Concept 2014 Q3 2013 Q3
OPERATING ACTIVITIES
Net Income $2.515M $1.806M
YoY Change 39.26% -39.38%
Depreciation, Depletion And Amortization $6.260M $7.420M
YoY Change -15.63% -11.03%
Cash From Operating Activities -$3.823M $7.273M
YoY Change -152.56% 99.15%
INVESTING ACTIVITIES
Capital Expenditures $4.930M $4.757M
YoY Change 3.64% 33.17%
Acquisitions
YoY Change
Other Investing Activities $100.0K $290.0K
YoY Change -65.52% -92.35%
Cash From Investing Activities -$4.832M -$4.465M
YoY Change 8.22% -2186.45%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $1.444M -$556.0K
YoY Change -359.71% -89.36%
NET CHANGE
Cash From Operating Activities -$3.823M $7.273M
Cash From Investing Activities -$4.832M -$4.465M
Cash From Financing Activities $1.444M -$556.0K
Net Change In Cash -$7.211M $2.252M
YoY Change -420.2% -265.47%
FREE CASH FLOW
Cash From Operating Activities -$3.823M $7.273M
Capital Expenditures $4.930M $4.757M
Free Cash Flow -$8.753M $2.516M
YoY Change -447.89% 3045.0%

Facts In Submission

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19740000 USD
CY2014Q2 us-gaap Other Postretirement Defined Benefit Plan Liabilities Noncurrent
OtherPostretirementDefinedBenefitPlanLiabilitiesNoncurrent
19970000 USD
CY2014Q2 us-gaap Other Receivables Gross Current
OtherReceivablesGrossCurrent
1763000 USD
CY2014Q3 us-gaap Other Receivables Gross Current
OtherReceivablesGrossCurrent
1207000 USD
CY2013Q3 us-gaap Payments For Proceeds From Short Term Investments
PaymentsForProceedsFromShortTermInvestments
0 USD
CY2013Q3 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
4757000 USD
CY2014Q3 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
4930000 USD
CY2013Q3 us-gaap Payments To Acquire Trading Securities Heldforinvestment
PaymentsToAcquireTradingSecuritiesHeldforinvestment
1739000 USD
CY2014Q3 us-gaap Payments To Acquire Trading Securities Heldforinvestment
PaymentsToAcquireTradingSecuritiesHeldforinvestment
936000 USD
CY2014Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
1
CY2014Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
1
CY2014Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
500000 shares
CY2014Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
500000 shares
CY2014Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2014Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2014Q2 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2014Q3 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2014Q2 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
4180000 USD
CY2014Q3 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
3561000 USD
CY2014Q3 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
13860000 USD
CY2013Q3 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
9810000 USD
CY2014Q3 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Corrections to Previously Issued Financial Statements</font></div><div style="line-height:120%;padding-top:12px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Subsequent to the issuance of the Company&#8217;s consolidated financial statements for the period ended September 30, 2013, the Company identified certain errors in the consolidated statement of cash flows. Accordingly, the Company has corrected the accompanying consolidated statement of cash flows for the three months ended September 30, 2013 in order to comply with GAAP. </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The corrections to the consolidated statement of cash flows include: </font></div><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:36px;"><font style="font-family:inherit;font-size:10pt;">(1)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">presentation of purchases of and proceeds from sales of trading securities held for investment on a gross basis instead of on a net basis as previously presented within the presentation of cash flows from operating activities; and </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:36px;"><font style="font-family:inherit;font-size:10pt;">(2)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">reclassification of an increase in the Company's derivative liabilities previously presented as a reduction in the net activity in &#8220;Short-term investments&#8221; to a change in &#8220;Accrued payroll expenses and other current liabilities&#8221; within the presentation of cash flows from operating activities. </font></div></td></tr></table><div style="line-height:120%;padding-top:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">These errors had no impact on the amounts previously reported in the Company&#8217;s consolidated balance sheets. Management has evaluated the materiality of these errors quantitatively and qualitatively, including the impact of the errors on cash flows from operating activities and has concluded that the corrections of these errors are immaterial to the consolidated financial statements as a whole.</font></div></div>
CY2013Q3 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
292000 USD
CY2014Q3 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
98000 USD
CY2014Q3 us-gaap Proceeds From Sale Of Trading Securities Heldforinvestment
ProceedsFromSaleOfTradingSecuritiesHeldforinvestment
1315000 USD
CY2013Q3 us-gaap Proceeds From Sale Of Trading Securities Heldforinvestment
ProceedsFromSaleOfTradingSecuritiesHeldforinvestment
1204000 USD
CY2014Q3 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
581000 USD
CY2013Q3 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
2000 USD
CY2014Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
95641000 USD
CY2014Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
93989000 USD
CY2014Q3 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
7000 USD
CY2013Q3 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
73000 USD
CY2014Q3 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
12040000 USD
CY2013Q3 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
9600000 USD
CY2014Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
106212000 USD
CY2014Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
108727000 USD
CY2013Q3 us-gaap Sales Revenue Net
SalesRevenueNet
129529000 USD
CY2014Q3 us-gaap Sales Revenue Net
SalesRevenueNet
135984000 USD
CY2013Q3 us-gaap Selling Expense
SellingExpense
36614000 USD
CY2014Q3 us-gaap Selling Expense
SellingExpense
38450000 USD
CY2013Q3 us-gaap Share Based Compensation
ShareBasedCompensation
904000 USD
CY2014Q3 us-gaap Share Based Compensation
ShareBasedCompensation
1258000 USD
CY2014Q3 us-gaap Share Price
SharePrice
28.95
CY2014Q2 us-gaap Share Price
SharePrice
21.61
CY2014Q3 us-gaap Stockholders Equity
StockholdersEquity
117841000 USD
CY2014Q2 us-gaap Stockholders Equity
StockholdersEquity
114864000 USD
CY2014Q3 us-gaap Trading Securities Realized Gain Loss
TradingSecuritiesRealizedGainLoss
15000 USD
CY2013Q3 us-gaap Trading Securities Realized Gain Loss
TradingSecuritiesRealizedGainLoss
-42000 USD
CY2014Q3 us-gaap Trading Securities Unrealized Holding Gain Loss
TradingSecuritiesUnrealizedHoldingGainLoss
-205000 USD
CY2013Q3 us-gaap Trading Securities Unrealized Holding Gain Loss
TradingSecuritiesUnrealizedHoldingGainLoss
-652000 USD
CY2014Q3 us-gaap Undistributed Earnings Allocated To Participating Securities
UndistributedEarningsAllocatedToParticipatingSecurities
-14000 USD
CY2013Q3 us-gaap Undistributed Earnings Allocated To Participating Securities
UndistributedEarningsAllocatedToParticipatingSecurities
-16000 USD
CY2014Q2 us-gaap Unearned Esop Shares
UnearnedESOPShares
16035000 USD
CY2014Q3 us-gaap Unearned Esop Shares
UnearnedESOPShares
16035000 USD
CY2014Q3 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-top:12px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The Company reviews its estimates on an ongoing basis using currently available information. Changes in facts and circumstances may result in revised estimates and actual results may differ from those estimates.</font></div></div>
CY2014Q3 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
1000000 USD
CY2014Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
16130745 shares
CY2013Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15773743 shares
CY2014Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
16003802 shares
CY2013Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
15715538 shares
CY2014Q2 us-gaap Workers Compensation Liability Current And Noncurrent
WorkersCompensationLiabilityCurrentAndNoncurrent
9600000 USD
CY2014Q3 us-gaap Workers Compensation Liability Current And Noncurrent
WorkersCompensationLiabilityCurrentAndNoncurrent
9800000 USD
CY2014Q3 us-gaap Workers Compensation Liability Noncurrent
WorkersCompensationLiabilityNoncurrent
7604000 USD
CY2014Q2 us-gaap Workers Compensation Liability Noncurrent
WorkersCompensationLiabilityNoncurrent
7604000 USD
CY2014Q3 farm Defined Contribution Plan Automatic Vesting Age
DefinedContributionPlanAutomaticVestingAge
P65Y
CY2014Q3 farm Defined Contribution Plan Employee Contribution Percentage Vested Percent
DefinedContributionPlanEmployeeContributionPercentageVestedPercent
1
CY2014Q3 farm Defined Contribution Plan Employer Matching Contribution Amount
DefinedContributionPlanEmployerMatchingContributionAmount
400000 USD
CY2013Q3 farm Defined Contribution Plan Employer Matching Contribution Amount
DefinedContributionPlanEmployerMatchingContributionAmount
400000 USD
CY2014Q3 farm Defined Contribution Plan Employer Matching Contribution Percentage Of Employee Contribution
DefinedContributionPlanEmployerMatchingContributionPercentageOfEmployeeContribution
0.5
CY2014Q3 farm Defined Contribution Plan Vesting Period
DefinedContributionPlanVestingPeriod
P5Y
CY2013Q3 farm Derivative Instruments Percentage Designated As Cash Flow Hedges
DerivativeInstrumentsPercentageDesignatedAsCashFlowHedges
0.90
CY2014Q3 farm Derivative Instruments Percentage Designated As Cash Flow Hedges
DerivativeInstrumentsPercentageDesignatedAsCashFlowHedges
0.96
CY2014Q3 farm Loss Contingency Estimated Recoveryfrom Third Party Amount
LossContingencyEstimatedRecoveryfromThirdPartyAmount
1200000 USD
CY2014Q2 farm Loss Contingency Estimated Recoveryfrom Third Party Amount
LossContingencyEstimatedRecoveryfromThirdPartyAmount
1200000 USD
CY2014Q3 farm Realized And Unrealized Gains Losses On Derivatives And Investments Net
RealizedAndUnrealizedGainsLossesOnDerivativesAndInvestmentsNet
4569000 USD
CY2013Q3 farm Realized And Unrealized Gains Losses On Derivatives And Investments Net
RealizedAndUnrealizedGainsLossesOnDerivativesAndInvestmentsNet
-3768000 USD
CY2014Q3 farm Repayments Of Capital Lease Obligations
RepaymentsOfCapitalLeaseObligations
957000 USD
CY2013Q3 farm Repayments Of Capital Lease Obligations
RepaymentsOfCapitalLeaseObligations
768000 USD
CY2014Q2 farm Self Insurance Reserve Medical Insurance
SelfInsuranceReserveMedicalInsurance
800000 USD
CY2014Q3 farm Self Insurance Reserve Medical Insurance
SelfInsuranceReserveMedicalInsurance
900000 USD
CY2014Q3 farm Short Term Investments Including Derivatives Current
ShortTermInvestmentsIncludingDerivativesCurrent
22063000 USD
CY2014Q2 farm Short Term Investments Including Derivatives Current
ShortTermInvestmentsIncludingDerivativesCurrent
22632000 USD
CY2014Q3 dei Amendment Flag
AmendmentFlag
false
CY2014Q3 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--06-30
CY2014Q3 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2014Q3 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2015
CY2014Q3 dei Document Period End Date
DocumentPeriodEndDate
2014-09-30
CY2014Q3 dei Document Type
DocumentType
10-Q
CY2014Q3 dei Entity Central Index Key
EntityCentralIndexKey
0000034563
CY2014Q4 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
16593539 shares
CY2014Q3 dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
CY2014Q3 dei Entity Registrant Name
EntityRegistrantName
FARMER BROTHERS CO
CY2014Q3 dei Trading Symbol
TradingSymbol
FARM
CY2014Q3 invest Derivative Nonmonetary Notional Amount
DerivativeNonmonetaryNotionalAmount
21682000 lb

Files In Submission

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0000034563-14-000051-index-headers.html Edgar Link pending
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0000034563-14-000051.txt Edgar Link pending
0000034563-14-000051-xbrl.zip Edgar Link pending
farm-20140930.xml Edgar Link completed
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farm-20140930_cal.xml Edgar Link unprocessable
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