Coffee Holding sales jump 120% in quarter
March 12, 2012
by Keith Nunes
STATEN ISLAND, N.Y. – First-quarter sales for Coffee Holding Co., Inc. soared 120% to $56.6 million for the quarter ended Jan. 31, which compared with $25.6 million in the quarter ended Jan. 31, 2011. The increase in net sales primarily reflected higher sales prices compared to the first quarter of fiscal 2011and an increase in sales of green coffee, as well as an increase in private label and branded sales, the company said while giving financial results March 9.
The company had a net income of $1.6 million, or 24c per diluted share, for the quarter ended Jan. 31 compared with $1 million, or 19c per diluted share, in the previous year’s first quarter. Total operating expenses in the first quarter increased to $1.8 million from $1.7 million due to increases in selling and administrative expenses, which were offset partially by a decrease in officers’ salaries.
Based in Staten Island, Coffee Holding is a wholesale coffee roaster and dealer in the United States.
“We continue to see growth in all areas of our business as continued historically high coffee prices have not affected demand,” said Andrew Gordon, president and chief executive officer. “Increased sales on our flagship brand, Café Caribe, have come through new outlets of distribution as four new major supermarket chains have taken on the product since the start of the year.
“Private label sales continue to grow as well, with consumers looking to save as the economy is still on the mend. In addition, green coffee sales increased as the demand for our high quality arabicas and organic coffees remains brisk.”