NORTHLAKE, Texas (AP) _ Farmer Brothers Co. (FARM) on Thursday reported a fiscal first-quarter loss of $6.3 million, after reporting a profit in the same period a year earlier.
On a per-share basis, the Northlake, Texas-based company said it had a loss of 37 cents. Losses, adjusted for non-recurring costs, were 4 cents per share.
The coffee and tea company posted revenue of $97.3 million in the period.
Deverl Maserang, President and CEO said, “I’m proud of our team and the focus we have had on execution this quarter. We are seeing measurable progress on the rollout of the new handheld technology that allows for greater efficiencies in order and inventory management in real time and our team members are excited about this tool. Also, during this quarter, we selected Rialto, California as the location for our new West Coast distribution center, which we expect to begin operating in the third quarter. While we continue to face challenges from the impact of COVID-19, we remain focused on maintaining cost savings and we’re seeing promising trends as our customers’ businesses are showing signs of recovery. As a result, we have been able to bring back some of our team members to support these customers. Due to COVID-19, many challenges remain, but we are cautiously optimistic given these promising developments.”
In the final minutes of trading on Thursday, the company’s shares hit $4.13. A year ago, they were trading at $13.73.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on FARM at https://www.zacks.com/ap/FARM