Benzinga | Jun 14, 2021 04:34PM EDT

Pandemic Hampered Coffee Holding's Q2 Revenue

* Coffee Holding Co Inc (NASDAQ:JVA) reported second-quarter FY21 sales of $14.47 million, down 28% year-on-year.

* A decline in the sales of packed coffee beans to customers who are yet to reopen from COVID-19 restrictions led to a fall in sales.

* Adjusted EBITDA was $861.9 thousand, while the EPS decreased 33.3% Y/Y to $0.06.

* The operating margin stood at 3.1%, with an operating income of $454.1 thousand.

* The company used $5 million in operating cash flow at the end of Half Year and held $3.5 million in cash and equivalents at the end of Q2.

* "Freight rates have increased by as much as 58% to several of our largest accounts and cannot yet be offset by price increases having the net effect of negatively impacting operating results," said Andrew Gordon, Chief Executive Officer.

* Price action: JVA shares closed lower by 2.42% at $6.04 on Monday.