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Coffee Holding Co., Inc. Announces Stock Repurchase Program
Coffee Holding Co., Inc. announced that its board of directors has authorized a stock repurchase plan pursuant to which the company may repurchase of up to 5 perent, or 276,491 shares, of its common stock outstanding as of April 12, 2007, as a means to enhance long-term shareholder value. The repurchases will be made in the open market at prevailing market prices or in privately negotiated transactions in accordance with all applicable securities laws and regulations. Such repurchases will be made from time to time, subject to market conditions, at the discretion of company management.
"We believe strongly in the fundamental strength of Coffee Holding," said President and Chief Executive Officer Andrew Gordon, in a prepared statement. "Buying back our shares is a vote of confidence in our business, our employees and our shareholders. We consider our stock to be undervalued at current market prices. We view a stock repurchase program as a good investment in our future as it will increase earnings per share and allow us to acquire our own stock, which could be used to finance potential acquisitions."
Coffee Holding is a leading integrated wholesale coffee roaster and dealer in the United States and one of the few coffee companies that offers a broad array of coffee products across the entire spectrum of consumer tastes, preferences and price points. Coffee Holding has been a family operated business for three generations and has remained profitable through varying cycles in the coffee industry and the economy. The company's private label and branded coffee products are sold through the U.S., Canada and abroad to supermarkets, wholesalers, and individually owned and multi unit retail customers.
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