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Coffee Holding Co., a coffee wholesaler and roaster, reported a bigger loss for Q1 2022 despite improved sales on account of its Generations/Steep N Brew subsidiary, according to an earnings report.
Net sales rose 14% from $14.47 million in Q1 2021 to $16.5 million for the three months ended April 30, 2022, due to an increase of sales to the legacy customers partially offset by a decrease in sales from the Generations/Steep N Brew subsidiary.
The company’s net loss increased from $357,044, 6 cents per share, to $368,096, also 6 cents per share on both a basic and diluted basis in the comparative quarters. The decrease in net income was due primarily to the continued losses from the company’s Generations/Steep N Brew subsidiary.
Shares traded at $2.88 Tuesday against a 52-week range of $2.78-$6.05.
“After several periods of losses at Generations/Steep N Brew, stemming from increasing costs, impacts of the COVID pandemic and poor performance, we are now looking to restructure the operational activities at Generations/Steep N Brew,” Andrew Gordon, president and CEO, said in the press release.
