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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Coffee Holdings Co | NASDAQ:JVA | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.02 | -1.47% | 1.34 | 1.25 | 1.47 | 1.37 | 1.30 | 1.33 | 38,076 | 05:00:14 |
COFFEE HOLDING CO., INC.
|
(Exact name of registrant as specified in its charter)
|
Nevada
|
001-32491
|
11-2238111
|
(State or other jurisdiction
|
(Commission
|
(IRS Employer
|
of incorporation)
|
File Number)
|
Identification No.)
|
3475 Victory Boulevard, Staten Island, New York
|
10314
|
(Address of principal executive offices)
|
(Zip Code)
|
Not Applicable
|
(Former name or former address, if changed since last report.)
|
Exhibit No.
|
Description
|
Press Release, dated March 11, 2016, issued by Coffee Holding entitled “Coffee Holding Co., Inc. Reports Results for Three Months Ended January 31, 2016.”
|
COFFEE HOLDING CO., INC.
|
|||
Dated: March 11, 2016
|
By:
|
/s/ Andrew Gordon
|
|
Name: Andrew Gordon
|
|||
Title: President and Chief Executive Officer
|
|||
Exhibit No.
|
Description
|
Press Release, dated March 11, 2016, issued by Coffee Holding entitled “Coffee Holding Co., Inc. Reports Results for Three Months Ended January 31, 2016.”
|
January 31, 2016
|
October 31, 2015
|
|||||||
(Unaudited)
|
||||||||
- ASSETS -
|
||||||||
CURRENT ASSETS:
|
||||||||
Cash
|
$
|
5,927,324
|
$
|
3,853,816
|
||||
Accounts receivable, net of allowances of $144,000 for 2016 and 2015
|
11,271,047
|
10,968,237
|
||||||
Inventories
|
11,880,135
|
13,862,818
|
||||||
Prepaid green coffee
|
573,580
|
620,452
|
||||||
Prepaid expenses and other current assets
|
245,262
|
256,202
|
||||||
Prepaid income taxes
|
1,176,727
|
1,434,577
|
||||||
Refund receivable
|
613,438
|
-
|
||||||
Deferred income tax asset
|
376,973
|
997,720
|
||||||
TOTAL CURRENT ASSETS
|
32,064,486
|
31,993,822
|
||||||
Machinery and equipment, at cost, net of accumulated depreciation of $4,374,784 and $4,241,256 for 2016 and 2015, respectively
|
1,926,403
|
1,845,000
|
||||||
Customer list and relationships, net of accumulated amortization of $43,125 and $41,250 for the periods ended January 31, 2016 and 2015, respectively
|
106,875
|
108,750
|
||||||
Trademarks
|
180,000
|
180,000
|
||||||
Goodwill
|
440,000
|
440,000
|
||||||
Equity method investments
|
96,114
|
96,571
|
||||||
Deposits and other assets
|
580,248
|
610,499
|
||||||
TOTAL ASSETS
|
$
|
35,394,126
|
$
|
35,274,642
|
||||
- LIABILITIES AND STOCKHOLDERS’ EQUITY -
|
||||||||
CURRENT LIABILITIES:
|
||||||||
Accounts payable and accrued expenses
|
$
|
5,178,604
|
$
|
4,021,389
|
||||
Line of credit
|
4,154,121
|
5,554,121
|
||||||
Due to broker
|
482,284
|
483,835
|
||||||
Income taxes payable
|
250
|
-
|
||||||
TOTAL CURRENT LIABILITIES
|
9,815,259
|
10,059,345
|
||||||
Deferred income tax liabilities
|
106,473
|
92,370
|
||||||
Deferred rent payable
|
224,345
|
222,055
|
||||||
Deferred compensation payable
|
452,248
|
482,499
|
||||||
TOTAL LIABILITIES
|
10,598,325
|
10,856,269
|
||||||
STOCKHOLDERS’ EQUITY:
|
||||||||
Coffee Holding Co., Inc. stockholders’ equity:
|
||||||||
Preferred stock, par value $.001 per share; 10,000,000 shares authorized; no shares issued and outstanding
|
-
|
-
|
||||||
Common stock, par value $.001 per share; 30,000,000 shares authorized, 6,456,316 shares issued; 6,162,207 shares outstanding for the periods ended January 31 2016 and 2015, respectively
|
6,456
|
6,456
|
||||||
Additional paid-in capital
|
15,904,109
|
15,904,109
|
||||||
Retained earnings
|
10,105,509
|
9,665,940
|
||||||
Less: Treasury stock, 294,109 common shares, at cost for 2016 and 2015
|
(1,494,712
|
)
|
(1,494,712
|
)
|
||||
Total Coffee Holding Co., Inc. Stockholders’ Equity
|
24,521,362
|
24,081,793
|
||||||
Noncontrolling interest
|
274,439
|
336,580
|
||||||
TOTAL EQUITY
|
24,795,801
|
24,418,373
|
||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
$
|
35,394,126
|
$
|
35,274,642
|
January 31, 2016
|
January 31, 2015
|
|||||||
NET SALES
|
$
|
22,805,397
|
$
|
38,405,979
|
||||
COST OF SALES (which include purchases of approximately $3.5 million and $9.8 million for the three months ended January 31, 2016 and 2015, respectively, from a related party)
|
20,154,348
|
36,484,535
|
||||||
GROSS PROFIT
|
2,651,049
|
1,921,444
|
||||||
OPERATING EXPENSES:
|
||||||||
Selling and administrative
|
1,676,960
|
1,666,357
|
||||||
Officers’ salaries
|
163,850
|
152,735
|
||||||
TOTAL
|
1,840,810
|
1,819,092
|
||||||
INCOME FROM OPERATIONS
|
810,239
|
102,352
|
||||||
OTHER INCOME (EXPENSE):
|
||||||||
Interest income
|
10,012
|
8,297
|
||||||
(Loss) Gain from equity method investments
|
(456)
|
715
|
||||||
Interest expense
|
(39,803
|
)
|
(53,979
|
)
|
||||
TOTAL
|
(30,247
|
)
|
(44,967
|
)
|
||||
INCOME BEFORE PROVISION FOR INCOME TAXES AND
|
||||||||
NON-CONTROLLING INTEREST IN SUBSIDIARY
|
779,992
|
57,385
|
||||||
Provision (Benefit) for income taxes
|
302,564
|
(31,104)
|
||||||
NET INCOME BEFORE NON-CONTROLLING INTEREST IN SUBSIDIARY
|
477,428
|
88,489
|
||||||
Less: net income attributable to the non-controlling interest in subsidiary
|
(37,859
|
)
|
(16,688
|
)
|
||||
NET INCOME ATTRIBUTABLE TO COFFEE HOLDING CO., INC.
|
$
|
439,569
|
$
|
71,801
|
||||
Basic and diluted earnings per share
|
$
|
0.07
|
$
|
0.01
|
||||
Weighted average common shares outstanding:
|
||||||||
Basic and diluted
|
6,162,207
|
6,215,894
|
January 31, 2016
|
January 31,
2015
|
|||||||
OPERATING ACTIVITIES:
|
||||||||
Net income
|
$
|
477,428
|
$
|
88,489
|
||||
Adjustments to reconcile net income to net cash provided (used in) by operating activities:
|
||||||||
Depreciation and amortization
|
135,402
|
145,673
|
||||||
Unrealized (gain) loss on commodities
|
(1,551)
|
1,361,809
|
||||||
Loss (Gain) on equity method investments
|
457
|
(715)
|
||||||
Deferred rent
|
2,290
|
3,104
|
||||||
Deferred income taxes
|
634,850
|
(490,500)
|
||||||
Changes in operating assets and liabilities:
|
||||||||
Accounts receivable
|
(302,810)
|
(5,875,323)
|
||||||
Inventories
|
1,982,683
|
1,647,264
|
||||||
Prepaid expenses and other current assets
|
10,940
|
(8,558)
|
||||||
Prepaid green coffee
|
46,872
|
248,704
|
||||||
Prepaid and refundable income taxes
|
257,850
|
(135,187)
|
||||||
Refund receivable
|
(613,438)
|
-
|
||||||
Accounts payable and accrued expenses
|
1,157,215
|
(272,203
|
)
|
|||||
Income taxes payable
|
250
|
143,258
|
||||||
Net cash provided by (used in) operating activities
|
3,788,438
|
(3,144,185)
|
||||||
INVESTING ACTIVITIES:
|
||||||||
Purchases of machinery and equipment
|
(214,930
|
)
|
(38,473
|
)
|
||||
Net cash used in investing activities
|
(214,930
|
)
|
(38,473
|
)
|
||||
FINANCING ACTIVITIES:
|
||||||||
Advances under bank line of credit
|
600,000
|
5,000,000
|
||||||
Principal payments under bank line of credit
|
(2,000,000
|
)
|
(2,000,000
|
)
|
||||
Payment of dividend
|
(100,000)
|
(80,000)
|
||||||
Net cash (used in) provided by financing activities
|
(1,500,000)
|
2,920,000
|
||||||
NET INCREASE (DECREASE) IN CASH
|
2,073,508
|
(262,658)
|
||||||
CASH, BEGINNING OF PERIOD
|
3,853,816
|
3,782,639
|
||||||
CASH, END OF PERIOD
|
$
|
5,927,324
|
$
|
3,519,981
|
January 31, 2016
|
January 31,
2015
|
|||||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW DATA:
|
||||||||
Interest paid
|
$
|
72,463
|
$
|
46,479
|
||||
Income taxes paid
|
$
|
23,052
|
$
|
453,205
|
1 Year Coffee Chart |
1 Month Coffee Chart |
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