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Coffee Holding swings to profit in fiscal Q2

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Coffee Holding swings to profit in fiscal Q2

Coffee Holding Co. Inc. said its normalized net income for the fiscal second quarter ended April 30 amounted to 13 cents per share, compared with a loss of 32 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $816,040, compared with a loss of $2.0 million in the prior-year period.

The normalized profit margin climbed to 3.8% from negative 6.6% in the year-earlier period.

Total revenue declined 29.3% year over year to $21.4 million from $30.3 million, and total operating expenses declined 40.0% year over year to $20.1 million from $33.4 million.

Reported net income came to $830,800, or 14 cents per share, compared to a loss of $2.1 million, or a loss of 33 cents per share, in the year-earlier period.