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Press Release: Farmer Bros. Co. Reports Second -3-

· 02/04/2021 16:00
taxes (4,022) 7,673 (10,152) 12,220 Income tax expense (benefit) 13,703 (81) 13,845 (188) ------------ ------------ ------------ ------------ Net (loss) income $ (17,725) $ 7,754 $ (23,997) $ 12,408 Less: Cumulative preferred dividends, undeclared and unpaid 143 138 284 275 ------------ ------------ ------------ ------------ Net (loss) income available to common stockholders $ (17,868) $ 7,616 $ (24,281) $ 12,133 ======== ======== ======== ======== Net (loss) income available to common stockholders per common share--basic $ (1.02) $ 0.44 $ (1.39) $ 0.71 ======== ======== ======== ======== Net (loss) income available to common stockholders per common share--diluted $ (1.02) $ 0.43 $ (1.39) $ 0.69 ======== ======== ======== ======== Weighted average common shares outstanding--basic 17,531,521 17,159,108 17,477,268 17,127,153 Weighted average common shares outstanding--diluted 17,531,521 17,583,335 17,477,268 17,550,144 FARMER BROS. CO. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (In thousands, except share and per share data) December 31, 2020 June 30, 2020 ASSETS Current assets: Cash and cash equivalents $ 5,857 $ 60,013 Accounts receivable, net 41,864 40,882 Inventories 80,617 67,408 Income tax receivable -- 831 Short-term derivative assets 3,772 165 Prepaid expenses 8,303 7,414 Total current assets 140,413 176,713 ------------------ -------------- Property, plant and equipment, net 159,855 165,633 Intangible assets, net 19,457 20,662 Other assets 8,700 8,564 Long-term derivatives assets -- 10 Right-of-use operating lease assets 27,658 21,117 ------------------ -------------- Total assets $ 356,083 $ 392,699 ============== ========== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable 49,797 36,987 Accrued payroll expenses 15,769 9,394 Operating leases liabilities - current 7,029 5,854 Short-term derivative liabilities 1,428 5,255 Other current liabilities 7,489 6,802 ------------------ -------------- Total current liabilities 81,512 64,292 ------------------ -------------- Long-term borrowings under revolving credit facility 82,000 122,000 Accrued pension liabilities 56,358 58,772 Accrued postretirement benefits 10,309 9,993 Accrued workers' compensation liabilities 3,687 4,569 Operating lease liabilities - noncurrent 20,770 15,628 Other long-term liabilities 5,254 5,532 ------------------ -------------- Total liabilities $ 259,890 $ 280,786 Commitments and contingencies Stockholders' equity: Preferred stock, $1.00 par value, 500,000 shares authorized; Series A Convertible Participating Cumulative Perpetual Preferred Stock, 21,000 shares authorized; 14,700 shares issued and outstanding as of December 31, 2020 and June 30, 2020; liquidation preference of $16,463 and $16,178 as of December 31, 2020 and June 30, 2020, respectively 15 15 Common stock, $1.00 par value, 25,000,000 shares authorized; 17,591,084 and 17,347,774 shares issued and outstanding as of December 31, 2020 and June 30, 2020, respectively 17,591 17,348 Additional paid-in capital 63,739 62,043 Retained earnings 84,256 108,536 Accumulated other comprehensive loss (69,408) (76,029) ------------------ -------------- Total stockholders' equity $ 96,193 $ 111,913 -------------- ---------- Total liabilities and stockholders' equity $ 356,083 $ 392,699 ============== ========== FARMER BROS. CO. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (In thousands) Six Months Ended December 31, ------------------------------------- 2020 2019 -------------------- --------------- Cash flows from operating activities: Net (loss) income $ (23,997) $ 12,408 Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 14,349 15,211 Postretirement and Pension benefits gains (14,577) -- Deferred income taxes 13,472 -- Impairment of fixed assets 1,243 -- Net gains from sales of assets (549) (23,662) Net (gains) losses on derivative instruments (2,093) 4,075 Other adjustments 1,776 1,794 Change in operating assets and liabilities: Accounts receivable (818) (5,285) Inventories (13,209) 1,804 Derivative assets/liabilities, net 1,761 1,965 Other assets 2,418 361 Accounts payable 12,430 (10,608) Accrued expenses and other 3,971 (258) Net cash used by operating activities $ (3,823) $ (2,195) ------------ ----------- Cash flows from investing activities: Purchases of property, plant and equipment (9,636) (9,007) Proceeds from sales of property, plant and equipment 1,926 35,247 ---------------- ------------ Net cash (used) provided in investing activities $ (7,710) $ 26,240 ------------ ----------- Cash flows from financing activities: Proceeds from revolving credit facility $ 21,150 $ 38,000 Repayments on revolving credit facility (61,150) (60,000) Payments of finance lease obligations (9) (27) Payment of financing costs (2,614) -- Proceeds from stock option exercises -- 129 Net cash used by financing activities $ (42,623) $ (21,898) ------------ ----------- Net (decrease) increase in cash and cash equivalents $ (54,156) $ 2,147 Cash and cash equivalents at beginning of period 60,013 6,983 ---------------- ------------ Cash and cash equivalents at end of period $ 5,857 $ 9,130 ============ =========== FARMER BROS. CO. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (continued) (In thousands) Six Months Ended December 31, ------------------------------------- 2020 2019 ----------------- ------------------ Supplemental disclosure of non-cash investing and financing activities: Non-cash additions to property, plant and equipment $ 380 $ 284 Non-cash issuance of 401-K

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February 04, 2021 16:00 ET (21:00 GMT)