Re: FARM
Ok, so looks like they bought assets from sara lee and their agreement hasn't worked out so well, but that's not really it.
In the most recent year, the effect of LIFO inventory accounting is significant. The chart showing the non-GAAP income is also interesting. This might be worth doing some sorting through.
From the most recent 10-K:
Set forth below is a reconciliation of reported net loss and reported basic and diluted loss per share to net loss excluding LIFO impact and basic and diluted loss per common share excluding LIFO impact, respectively:
| | | | | | | | | | | | | | | Year Ended June 30, | | | | 2011 | | | 2010 | | | 2009 | | | | (In thousands) | | Net loss, as reported
| | $ | (54,317 | ) | | $ | (23,953 | ) | | $ | (33,270 | ) | LIFO charge (credit)
| | $ | 40,317 | | | $ | 1,033 | | | $ | (13 | ) | | |
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| | Net loss, excluding LIFO
| | $ | (14,000 | ) | | $ | (22,920 | ) | | $ | (33,283 | ) | Weighted average common shares outstanding, basic and diluted
| | | 15,066,663 | | | | 14,866,306 | | | | 14,508,320 | | Net loss per common share, as reported
| | $ | (3.61 | ) | | $ | (1.61 | ) | | $ | (2.29 | ) | Net loss per common share excluding LIFO, basic and diluted
| | $ | (0.93 | ) | | $ | (1.54 | ) | | $ | (2.29 | ) | Set forth below is a reconciliation of reported net loss to EBITDAE and Adjusted EBITDAE:
| | | | | | | | | | | | | | | Year Ended June 30, | | | | 2011 | | | 2010 | | | 2009 | | | | (In thousands) | | Net loss, as reported
| | $ | (54,317 | ) | | $ | (23,953 | ) | | $ | (33,270 | ) | Income tax (benefit) expense
| | | (9,167 | ) | | | (2,529 | ) | | | 14,283 | | Interest expense
| | | 1,965 | | | | 986 | | | | 335 | | Depreciation and amortization expense
| | | 31,758 | | | | 26,778 | | | | 18,292 | | ESOP and stock-based compensation expense
| | | 3,825 | | | | 4,784 | | | | 5,452 | | Intangible assets impairment losses
| | | 7,805 | | | | — | | | | — | | Investment portfolio (gains) losses
| | | (4,191 | ) | | | (10,169 | ) | | | 8,248 | | | |
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| | EBITDAE
| | $ | (22,322 | ) | | $ | (4,103 | ) | | $ | 13,340 | | LIFO charge (credit) net of taxes of zero*
| | | 40,317 | | | | 1,033 | | | | (13 | ) | | |
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| | Adjusted EBITDAE
| | $ | 17,995 | | | $ | (3,070 | ) | | $ | 13,327 | | |
