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Coffee Holding swings to loss in fiscal Q2

Coffee Holding Co. Inc. said its normalized net income for the fiscal second quarter ended April 30 was a loss of 32 cents per share, compared with 20 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $2.0 million, compared with income of $1.3 million in the prior-year period.

The normalized profit margin declined to negative 6.6% from 5.2% in the year-earlier period.

Total revenue rose 19.2% on an annual basis to $30.3 million from $25.4 million, and total operating expenses grew 43.4% year over year to $33.4 million from $23.3 million.

Reported net income came to a loss of $2.1 million, or a loss of 33 cents per share, compared to income of $1.3 million, or 19 cents per share, in the prior-year period.