Pandemic Hampered Coffee Holding's Q2 Revenue

Coffee Holding Co Inc 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.

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