Coffee Holding Q1 Net Sales Up 13.3%
Coffee Holding has reported net sales of $21.36m for the first quarter of fiscal 2010, an increase of 13.3% compared to $18.86m for the same quarter last year. The increase in net sales reflects increased sales of both green coffee and private label coffee.
Net income for the first quarter was $557,978 or $0.10 per share compared to $391,801 or $0.07 per diluted share in the previous year quarter. The increase in net income primarily reflects increased net sales, which resulted in an increase in gross profit.
Andrew Gordon, president and chief executive officer of Coffee Holding, said: We are pleased to begin the New Year where we left off at the end of 2009, with better earnings and a reduced cost basis. We also reversed the decline in revenues experienced in the fourth quarter of 2009, as this quarter's sales increased by $2.5m or 13.3% year over year. We have completed the transition from our Brooklyn facility to our Colorado plant with our Ohio specialty roasting facility taking on a greater importance in our everyday business.
“Our new lower cost platform will allow us to enhance our margins on previously existing business as well as give us the ability to seek new business opportunities utilizing our spare capacity for customers who fit our improved business model which focuses on expanded margin and increased penetration at the individual account level.”
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