Staten Island, NY-based Coffee Holding Co. Inc. (Nasdaq: JVA) announced this week its operating results for the fiscal year ended Oct. 31, 2020.
The company had a net loss of $94,301, or $0.02 per share, for the latest fiscal year, compared with a net loss of $94,598, or $0.02 per share, for the year prior. The decrease in net income was due to numerous factors which had to be dealt with during the company’s fiscal fourth quarter. For example, for the 2020 fiscal year the company had a loss before its noncontrolling interest in its subsidiary of $336,044, versus net income of $264,006 for the fiscal year ended Oct. 31, 2019.
Additionally, company’s consolidated subsidiary, in which it has a 60% interest, had write-downs on both inventories and accounts receivable due to COVID-19, including an approximately $85,000 write down of receivables and an approximately $217,000 write down of inventories.
Coffee Holdings’ net sales totaled $74,335,815 for the 2020 fiscal year, a decrease of $12,131,617, or 14%, from $86,467,432 for the previous fiscal year. The decrease in net sales was due to the COVID-19 pandemic which caused many of the company’s green coffee customers, who service the restaurant and food service industries, as well as the company’s customers in the foodservice space, to either close or suspend their business operations during the period resulting in lost revenues.
“In a year which most people would choose to forget, we too were not immune to the effects of extended lockdowns and consumer belt tightening due to the pandemic caused by COVID-19,” said Coffee Holding chief executive Andrew Gordon. “
Click here to see Coffee Holdings full report and consolidated balance sheets and statements.
