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Coffee Holding Co. Inc. (JVA+0.90%) has submitted its 10-K filing for the fiscal year ended October 31, 2024.
The filing reports net sales of $78,562,298, an increase of 15% from $68,173,404 in the previous fiscal year. The increase is attributed to higher sales to legacy customers and new significant customers.
Cost of sales for the fiscal year was $62,520,529, representing 80% of net sales, compared to 84% in the previous year. The decrease in cost ratio is due to gains from hedging activities.
Gross profit was reported at $16,041,769, an increase from $10,959,022 in the previous year, with the improvement attributed to higher sales volume.
Operating expenses increased to $13,078,211 from $12,290,717, primarily due to increased freight charges.
Net income for the fiscal year was $2,218,014, compared to a net loss of $835,576 in the previous year. The improvement is due to higher gross profit and gains from hedging activities.
Cash provided by operating activities was $5,431,211, while cash used in investing and financing activities was $2,843,069 and $9,627,234, respectively.
As of October 31, 2024, Coffee Holding had a working capital of $21,526,983, an increase from $18,600,262 in the previous year.
The company reported compliance with its financial covenants as of the end of the fiscal year and paid down the full balance of its line of credit.
Recent developments include the acquisition of assets from Empire Coffee Company for $825,000, which will operate as a wholly owned subsidiary named Second Empire, LLC.
Coffee Holding's management identified material weaknesses in internal controls over financial reporting and is implementing a remediation plan to address these issues.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Coffee Holding Co. Inc. annual 10-K report dated January 31, 2025. To report an error, please email earnings@qz.com.