Irvine, Calif. Diedrich Coffee reported late Monday fourth-quarter net income of $3.0 million, compared with a loss of $10.2 million in the year-ago period.
Net revenue for the quarter rose 57% to $20.1 million. For the year, the coffee company reported a revenue increase of 56% to $62.3 million, and a profit swing from a loss of $13.8 million in fiscal 2008 to a net gain of $1.6 million for fiscal 2009.
During 2009, the company divested itself of its Gloria Jean’s retail business.
"Our long-term plan to exit the retail coffee business and concentrate on roasting and K-Cup wholesale distribution ignited a company transformation that culminated in the fourth quarter of 2009," said J. Russell Phillips, president and CEO of Diedrich Coffee. "The success of this new direction is evident in our financial performance, producing a third sequential year of revenue growth.”