COFFEE HOLDING CO INC [JVA], a leading coffee and tea supplier, announced a net loss of $111.9 million for the quarter ended July 31, 2023. The company generated quarterly revenue of $15.8 million during the same period.
Despite facing significant challenges in the market, Coffee Holding Co Inc's financial performance remained stable. The company's gross profit for the quarter was $2.4 million, which represents a decrease compared to the previous period. However, the company's operating expenses also decreased, resulting in a loss from operations of $403,247.
Coffee Holding Co Inc experienced a slight decline in revenue compared to the same period last year. The company's net sales for the nine months ended July 31, 2023, amounted to $49.4 million, a decrease of approximately 1% compared to the previous year. This decline can be attributed to various factors, including market competition and supply chain disruptions.
Coffee Holding Co Inc maintains a strong financial position. The company's total assets as of July 31, 2023, amounted to $39.3 million, while its total liabilities were $15.8 million. This indicates a stable financial position and the ability to meet its short-term obligations. Additionally, the company's stockholders' equity stood at $23.5 million, demonstrating a solid foundation for future growth and investment.
During the quarter, Coffee Holding Co Inc reported a loss per share of $0.02 on both a basic and diluted basis. This is a decrease compared to the previous period. The company's weighted average common shares outstanding remained constant at 5,708,599 shares.
Looking ahead, Coffee Holding Co Inc remains optimistic about its future prospects. The company is focused on implementing cost-saving measures and exploring new growth opportunities. Additionally, management is actively monitoring market conditions and adjusting strategies to adapt to changing consumer preferences and market dynamics.
In conclusion, Coffee Holding Co Inc reported a net loss of $111.9 million for the quarter ended July 31, 2023. While the company faced certain challenges, its financial stability and proactive measures position it for future success.