Farmer Bros. Coffee Reports a Loss
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Commercial coffee roaster Farmer Bros. Co. said that it lost $4 million, or 30 cents a share, in its fiscal second quarter ended Dec. 31, contrasted with a profit of $2.57 million, or 15 cents, in the same quarter a year earlier.
The Torrance-based company blamed the loss on increases in unroasted coffee bean prices, which caused a drop in the value of futures and options used by the company to shield itself from volatile commodity prices.
Farmer Bros. said its revenue of $51 million for the quarter was essentially unchanged from the prior year. Shares in the company fell 63 cents to close at $24.58 on Nasdaq after news of the loss.
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