Boston, MA 09/11/2014 (wallstreetpr) – Coffee Holding Co., Inc. (NASDAQ:JVA) reported a 17.7% drop in total sales for the three months ended July 31, 2013 a drop it attributes to a 20% drop in pounds of green coffee sold for the quarter, compared to last year according to Marketwired
New Tea Brand for Coffee Holding
Despite a drop in sales for the three months, Coffee Holding Co., Inc. (NASDAQ:JVA) posted a stronger than expected quarter in terms of improved earnings as well as expansion when compared to the same quarter last year. The company’s CEO and President, Andrew Gordon, has also announced that Coffee Holding is in the process of initiating two initiatives that are expected to bolster earnings as well as margins going forward.
The company is in the process of launching its own brand of tea to be’ named Teton tea. The company claims that the brand will be made of high quality tea products with innovative packaging. Coffee Holding in its licensing partnership agreement with DTS8 Coffee plans to open its first ever Café de La Don Manuel, a coffee shop in China. During the last quarter, Coffee Holding Co., Inc. (NASDAQ:JVA) initiated a stock buyback in which it acquired 99,815 shares at a share price target of $6.59 bringing incurring approximately $657,536.
Expenses Down 3.6%
Coffee Holding Co., Inc. (NASDAQ:JVA) posted a net income of $758, 947 for the quarter, up from a net loss of $2, 108,911 that was reported a year ago same period. Total net income for the nine months ending July 31, 2014 came in at $3,391, 907 up from a net loss of $1,566,866 reported for the nine months ended Jul 31, 2013. Operating expenses for the quarter were also down by 3.6% coming in at $1,815,889 compared to $1,883,005 reported a year earlier.
