Benzinga | Sep 14, 2021 06:06AM EDT

Coffee Holding Clocks 21.3% Decline In Q3 Revenue

* Coffee Holding Co Inc (NASDAQ:JVA) reported a third-quarter FY21 sales decline of 21.3% year-on-year, to $13.6 million.

* The decrease in net sales was due to a 35% decline in cases shipped from the company's production facility in Colorado.

* Gross profit for the quarter decreased 23.5% Y/Y to $2.9 million, and the profit margin fell 60 basis points to 21.5%.

* Operating expenses fell by 0.39% Y/Y to $3.23 million. The company reported an operating loss of $0.31 million.

* EPS of $(0.02) fell from $0.07 in Q3 FY20.

* Coffee Holding held $4.5 million in cash and equivalents as of July 31, 2021. Net cash provided by operating activities for the nine months totaled $4.4 million.

* "Coffee prices are currently trading at six-year highs and could potentially face additional upside risk, especially if the upcoming rainy season in Brazil does not materialize in a normal fashion," said CEO Andrew Gordon.

* Price Action: JVA shares closed lower by 0.21% at $4.77 on Monday.