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<SEC-DOCUMENT>0001354488-09-001683.txt : 20090910
<SEC-HEADER>0001354488-09-001683.hdr.sgml : 20090910
<ACCEPTANCE-DATETIME>20090910165717
ACCESSION NUMBER:		0001354488-09-001683
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20090910
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20090910
DATE AS OF CHANGE:		20090910

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			COFFEE HOLDING CO INC
		CENTRAL INDEX KEY:			0001007019
		STANDARD INDUSTRIAL CLASSIFICATION:	BEVERAGES [2080]
		IRS NUMBER:				113860760
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32491
		FILM NUMBER:		091063285

	BUSINESS ADDRESS:	
		STREET 1:		4401 FIRST AVENUE
		STREET 2:		STE 1507
		CITY:			BROOKLYN
		STATE:			NY
		ZIP:			11232
		BUSINESS PHONE:		7188320800

	MAIL ADDRESS:	
		STREET 1:		4401 FIRST AVENUE
		STREET 2:		STE 1507
		CITY:			BROOKLYN
		STATE:			NY
		ZIP:			11232

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TRANSPACIFIC INTERNATIONAL GROUP CORP
		DATE OF NAME CHANGE:	19960201
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>coffee8k.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
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<HEAD>
<TITLE>COFFEE HOLDING CO., INC.</TITLE>
<META NAME="date" CONTENT="09/09/2009">
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<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<P style="margin:0px" align=center><BR></P>
<P style="margin-top:0px; margin-bottom:2.2px; padding-bottom:4px; border-bottom:4px solid #000000" align=right>&nbsp;</P>
<P style="margin:0px; padding-top:4px; border-top:1.333px solid #000000" align=right>&nbsp;</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>Washington, D.C. 20549</B></P>
<P style="line-height:12.5pt; margin-top:3.533px; margin-bottom:3.533px; font-size:10.5pt" align=center><B><SUP>_____________</SUP></B></P>
<P style="line-height:16pt; margin-top:18.667px; margin-bottom:0px; font-size:14pt" align=center><B>FORM 8-K</B></P>
<P style="line-height:12.5pt; margin-top:3.533px; margin-bottom:3.533px; font-size:10.5pt" align=center><B><SUP>_____________</SUP></B></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:6.667px" align=center><B>CURRENT REPORT</B></P>
<P style="margin:0px" align=center><B>Pursuant to Section 13 or 15(d) of </B></P>
<P style="margin-top:0px; margin-bottom:13.333px" align=center><B>The Securities Exchange Act of 1934</B></P>
<P style="margin-top:0px; margin-bottom:13.333px" align=center>Date of Report (Date of earliest event reported): &nbsp;<B>September 10, 2009</B></P>
<P style="line-height:12.5pt; margin-top:3.533px; margin-bottom:3.533px; font-size:10.5pt" align=center><B><SUP>_____________</SUP></B></P>
<P style="line-height:20pt; margin-top:24px; margin-bottom:0px; font-size:18pt" align=center><B>COFFEE HOLDING CO., INC.</B></P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:5.333px; font-size:8pt" align=center><I>(Exact name of registrant as specified in its charter)</I></P>
<P style="line-height:12.5pt; margin-top:0px; margin-bottom:3.533px; font-size:10.5pt" align=center><B><SUP>_____________</SUP></B></P>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=208></TD><TD width=208.067></TD><TD width=207.933></TD></TR>
<TR><TD valign=bottom width=208><P style="margin:0px" align=center><B>Nevada</B></P>
</TD><TD valign=bottom width=208.067><P style="margin:0px" align=center><B>001-32491</B></P>
</TD><TD valign=bottom width=207.933><P style="margin:0px" align=center><B>11-2238111</B></P>
</TD></TR>
<TR><TD valign=bottom width=208><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><I>(State or other jurisdiction</I></P>
</TD><TD valign=bottom width=208.067><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><I>(Commission</I></P>
</TD><TD valign=bottom width=207.933><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><I>(IRS Employer</I></P>
</TD></TR>
<TR><TD valign=bottom width=208><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><I>of incorporation)</I></P>
</TD><TD valign=bottom width=208.067><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><I>File Number)</I></P>
</TD><TD valign=bottom width=207.933><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><I>Identification No.)</I></P>
</TD></TR>
</TABLE>
<P style="margin-top:13.333px; margin-bottom:0px" align=center><B>3475 Victory Boulevard, Staten Island, New York 10314</B></P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:10.667px; font-size:8pt" align=center><I>(Address of principal executive offices)(Zip Code)</I></P>
<P style="margin:0px" align=center><B>(718) 832-0800</B></P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:10.667px; font-size:8pt" align=center><I>Registrant&#146;s telephone number, including area code</I></P>
<P style="margin-top:6.667px; margin-bottom:0px" align=center><B>Not Applicable</B></P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:16px; font-size:8pt" align=center><I>(Former name or former address, if changed since last report.)</I></P>
<P style="margin-top:0px; margin-bottom:20px">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):</P>
<P style="margin-top:0px; margin-bottom:7.867px; font-family:Wingdings">&#168;<FONT style="font-family:Times New Roman"> Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></P>
<P style="margin-top:0px; margin-bottom:7.733px; font-family:Wingdings">&#168;<FONT style="font-family:Times New Roman"> Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></P>
<P style="margin-top:0px; margin-bottom:7.733px; font-family:Wingdings">&#168;<FONT style="font-family:Times New Roman"> Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></P>
<P style="margin-top:0px; margin-bottom:2.267px; font-family:Wingdings">&#168;<FONT style="font-family:Times New Roman"> Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></P>
<P style="margin-top:0px; margin-bottom:2.2px; padding-bottom:4px; border-bottom:1.333px solid #000000">&nbsp;</P>
<P style="margin:0px; padding-top:4px; border-top:4px solid #000000">&nbsp;</P>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:72px; text-indent:-72px; page-break-before:always"><B>Item 2.02.</B></P>
<P style="margin:0px; padding-left:72px"><B>Results of Operations and Financial Condition.</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:48px" align=justify>On September 10, 2009, Coffee Holding Co., Inc. (the &#147;Company&#148;) issued a press release disclosing certain information regarding its results of operations for the three and nine months ended July 31, 2009. &nbsp;A copy of the press release is furnished under Item 2.02 as Exhibit 99.1.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; text-indent:48px" align=justify>The information included in this Item 2.02, and Exhibit 99.1 to this Current Report on Form 8-K, shall not be deemed &#147;filed&#148; for the purposes of or otherwise subject to the liabilities under Section 18 of the Securities Exchange Act of 1934 as amended (the &#147;Exchange Act&#148;). Unless expressly incorporated into a filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act made after the date hereof, the information contained in this Item 2.02 and Exhibit 99.1 hereto shall not be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:72px; text-indent:-72px"><B>Item 9.01.</B></P>
<P style="margin:0px; padding-left:72px"><B>Financial Statements and Exhibits.</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:80px; text-indent:-32px" align=justify>(d)</P>
<P style="margin-top:0px; margin-bottom:8.867px; padding-left:80px" align=justify>The following exhibit is furnished with this report:</P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=66.667></TD><TD width=16.667></TD><TD width=540.667></TD></TR>
<TR><TD style="border-bottom:1px solid #000000" valign=top width=66.667><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>Exhibit No.</B></P>
</TD><TD valign=top width=16.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=540.667><P style="line-height:10pt; margin:0px; font-size:8pt"><B>Description</B></P>
</TD></TR>
<TR><TD valign=top width=66.667><P style="margin:0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
</TD><TD valign=top width=16.667><P>&nbsp;</P></TD><TD valign=top width=540.667><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=66.667><P style="margin:0px; color:#0000FF" align=center><A HREF="coffee_ex991.htm"><U>99.1</U></A><FONT style="color:#000000"></FONT></P>
</TD><TD valign=top width=16.667><P style="margin:0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
</TD><TD valign=top width=540.667><P style="margin:0px">Press release, dated September 10, 2009, issued by Coffee Holding entitled &#147;Coffee Holding Co., Inc. Reports Results for Three and Nine Months Ended July 31, 2009&#148;</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:7.733px" align=justify><BR>
<BR></P>
<P style="margin:0px" align=center>2</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="margin-top:0px; margin-bottom:7.733px; page-break-before:always" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:8.667px" align=center><B>SIGNATURES</B></P>
<P style="margin-top:0px; margin-bottom:20px; text-indent:48px">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>
<P style="margin:0px">Dated:&nbsp;&nbsp;September 10, 2009</P>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=341.933></TD><TD width=41.933></TD><TD width=240.133></TD></TR>
<TR><TD valign=bottom width=341.933><P>&nbsp;</P></TD><TD valign=bottom width=282.067 colspan=2><P style="margin:0px"><B>COFFEE HOLDING CO., INC.</B></P>
</TD></TR>
<TR><TD valign=bottom width=341.933><P>&nbsp;</P></TD><TD valign=bottom width=41.933><P>&nbsp;</P></TD><TD valign=bottom width=240.133><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=341.933><P>&nbsp;</P></TD><TD valign=bottom width=41.933><P>&nbsp;</P></TD><TD valign=bottom width=240.133><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=341.933><P style="margin:0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
</TD><TD valign=bottom width=41.933><P style="margin:0px">By:</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=240.133><P style="line-height:normal; margin:0px">/s/ A<FONT style="font-size:6pt">NDREW</FONT> G<FONT style="font-size:6pt">ORDON</FONT></P>
</TD></TR>
<TR><TD valign=bottom width=341.933><P>&nbsp;</P></TD><TD valign=bottom width=41.933><P style="margin:0px">Name: </P>
</TD><TD valign=bottom width=240.133><P style="margin:0px">Andrew Gordon </P>
</TD></TR>
<TR><TD valign=bottom width=341.933><P>&nbsp;</P></TD><TD valign=bottom width=41.933><P style="margin:0px">Title:</P>
</TD><TD valign=bottom width=240.133><P style="margin:0px">President and Chief Executive Officer</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px" align=center>3</P>
<P style="margin:0px"><BR></P>
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<P style="margin-top:0px; margin-bottom:20px; page-break-before:always" align=center><B>EXHIBIT INDEX</B></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=66.667></TD><TD width=16.667></TD><TD width=540.667></TD></TR>
<TR><TD style="border-bottom:1px solid #000000" valign=top width=66.667><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>Exhibit No.</B></P>
</TD><TD valign=top width=16.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=540.667><P style="line-height:10pt; margin:0px; font-size:8pt"><B>Description</B></P>
</TD></TR>
<TR><TD valign=top width=66.667><P style="margin:0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
</TD><TD valign=top width=16.667><P>&nbsp;</P></TD><TD valign=top width=540.667><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=66.667><P style="margin:0px; color:#0000FF" align=center><A HREF="coffee_ex991.htm"><U>99.1</U></A><FONT style="color:#000000"></FONT></P>
</TD><TD valign=top width=16.667><P style="margin:0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
</TD><TD valign=top width=540.667><P style="margin:0px">Press release, dated September 10, 2009, issued by Coffee Holding entitled &#147;Coffee Holding Co., Inc. Reports Results for Three and Nine Months Ended July 31, 2009&#148;</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px" align=center><BR></P>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>coffee_ex991.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
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<HEAD>
<TITLE>Coffee Holding Co.</TITLE>
<META NAME="keywords" CONTENT="25299829\V-3">
<META NAME="date" CONTENT="09/10/2009">
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<A NAME="_Ref3977756"></A><P style="line-height:13pt; margin-top:0px; margin-bottom:12.2px; font-size:11pt" align=right><B>EXHIBIT 99.1</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><B>FOR IMMEDIATE RELEASE</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:12.2px; font-size:11pt" align=justify>Contact: Andrew Gordon, President &amp; CEO</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:12.2px; font-size:11pt" align=justify>Telephone: (718) 832-0800</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:12.2px; font-size:11pt" align=center><B>Coffee Holding Co., Inc. Reports Results for Three and Nine Months Ended July&nbsp;31, 2009</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:12.2px; font-size:11pt" align=justify>BROOKLYN, New York &#150; September&nbsp;10, 2009. Coffee Holding Co., Inc. (&#147;Coffee Holding&#148;) (AMEX: JVA) today announced its operating results for the three and nine months ended July&nbsp;31, 2009. In this release, the Company:</P>
<A NAME="OLE_LINK1"></A><P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:72px; text-indent:-24px; font-family:Symbol; font-size:11pt" align=justify>&#183;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:12.2px; padding-left:72px; font-size:11pt" align=justify>Reports that net income increased $248,501, or 45.1%, to $799,760, or $0.15 per share (basic and diluted), for the three months ended July&nbsp;31, 2009 compared to net income of $551,259, or $0.10 per share (basic and diluted), for the three months ended July&nbsp;31, 2008;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:72px; text-indent:-24px; font-family:Symbol; font-size:11pt" align=justify>&#183;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:12.2px; padding-left:72px; font-size:11pt" align=justify>Reports net sales of $54,020,045 for the nine months ended July&nbsp;31, 2009 and $17,289,305 for the three months ended July&nbsp;31, 2009; and</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:72px; text-indent:-24px; font-family:Symbol; font-size:11pt" align=justify>&#183;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:12.2px; padding-left:72px; font-size:11pt" align=justify>Reports sales growth of 6.5% for the nine months ended July&nbsp;31, 2009 compared to the nine months ended July&nbsp;31, 2008.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:12.2px; font-size:11pt" align=justify>Net income increased $248,501, or 45.1%, to $799,760, or $0.15 per share (basic and diluted), for the three months ended July&nbsp;31, 2009 compared to net income of $551,259, or $0.10 per share (basic and diluted), for the three months ended July&nbsp;31, 2008. We had net income of $1,592,211, or $0.29 per share (basic and diluted), for the nine months ended July&nbsp;31, 2009 compared to a net loss of $1,310,654, or $0.24 per share (basic and diluted), for the nine months ended July&nbsp;31, 2008. The increase in net income for the quarter primarily reflects decreased cost of sales. The increase in net income for the nine month period reflects increased net sales, decreased cost of sales, decreased operating expenses and elimination of hedging loss.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:12.2px; font-size:11pt" align=justify>Net sales totaled $17,289,305 for the three months ended July&nbsp;31, 2009, a decrease of $309,267, or 1.8%, from $17,598,572 for the three months ended July&nbsp;31, 2008. Net sales totaled $54,020,045 for the nine months ended July&nbsp;31, 2009, an increase of $3,289,491, or 6.5%, from $50,730,554 for the nine months ended July&nbsp;31, 2008. The increase in net sales for the nine month period reflects increased amounts of green coffee, branded coffee and private label coffee sold, partially offset by lower sales prices compared to the first nine months of 2008. &nbsp;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:12.2px; font-size:11pt" align=justify>Cost of sales for the three months ended July&nbsp;31, 2009 was $14,375,619, or 83.1% of net sales, as compared to $15,002,037, or 85.2% of net sales, for the three months ended July&nbsp;31, 2008. Cost of sales for the nine months ended July&nbsp;31, 2009 was $46,786,962, or 86.6% of net sales, as compared to $47,927,963, or 94.5% of net sales, for the nine months ended July&nbsp;31, 2008. The decrease in cost of sales primarily reflects the lower robusta green coffee purchase prices in the three month period and an increase in gains on options and futures contracts over the nine month period. </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:12.2px; font-size:11pt" align=justify>Total operating expenses decreased by $$17,307, or 1.1%, to $1,507,676 for the three months ended July&nbsp;31, 2009 from $1,524,983 for the three months ended July&nbsp;31, 2008. Total operating expenses decreased by $343,826, or 7.2%, to $4,400,211 for the nine months ended July&nbsp;31, 2009 from $4,744,037 for the nine months ended July&nbsp;31, 2008. The decrease in operating expenses was due to decreases in selling and administrative expense and expense for officers&#146; salaries. </P>
<P style="margin-top:0px; margin-bottom:12.2px" align=justify><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="line-height:13pt; margin-top:0px; margin-bottom:12.2px; font-size:11pt; page-break-before:always" align=justify>We closed our manufacturing operations at our Brooklyn, New York location in May&nbsp;2009. The majority of our processing has been moved to our Colorado facility with our Generations Coffee Company, LLC facility in Brecksville, Ohio becoming more involved with our everyday coffee processing. We have leased office and warehouse space located in Staten Island, New York to house the corporate offices and serve as temporary storage of our branded product. We plan to sell the property located in Brooklyn and expect to complete the sale in September&nbsp;2009. We anticipate that the sale of our Brooklyn property will enhance our already strong cash position and liquidity. Although we incurred a related severance cost of $78,500 in the third quarter of fiscal 2009, we believe that these measures will reduce long-term operating expenses, increase efficiencies and ultimately increase the profitab
ility of Coffee Holding. </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:12.2px; font-size:11pt" align=justify>&#147;Our strong quarter reflects the internal changes made within our company over the past nine months. We continue to focus on higher margin business as well as customer relations as our philosophy is that strength in those two key areas will ultimately give us the foundation for an improved stock price and greater shareholder value,&#148; said Andrew Gordon, President and Chief Executive Officer.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:12.2px; font-size:11pt" align=justify>&#147;We still have not completed the streamlining of our operations and we expect further savings in the immediate future. In addition, we believe that these savings and the proceeds we expect to generate from the sale of our property in Brooklyn will improve our cash flow and provide us with great flexibility as a company to promote our brands and explore strategic alliances in order to bolster both our long term top and bottom lines.&#148;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:12.2px; font-size:11pt" align=justify><I>About Coffee Holding</I></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:12.2px; text-indent:48px; font-size:11pt" align=justify>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&#146;s private label and branded coffee products are sold throughout the United States, Canada and abroad to supermarkets, wholesalers, and individually owned and multi-unit retail customers.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:12.2px; text-indent:48px; font-size:11pt" align=justify><I>Any statements that are not historical facts contained in this release are &#147;forward-looking statements&#148; within the meaning of the Private Securities Litigation Reform Act of 1995. We have based these forward-looking statements upon information available to management as of the date of this release and management&#146;s expectations and projections about certain future events. It is possible that the assumptions made by management for purposes of such statements may not materialize. Actual results may differ materially from those projected or implied in any forward-looking statements. Such statements may involve risks and uncertainties, including but not limited to those relating to product demand, pricing, market acceptance, the effect of economic conditions, intellectual property rights, the outcome of competitive products, risks in product development, the results of financing effo
rts, the ability to complete transactions, and other factors discussed from time to time in the Company&#146;s Securities and Exchange Commission filings. The Company undertakes no obligation to update or revise any forward-looking statement for events or circumstances after the date on which such statement is made.</I></P>
<P style="margin-top:0px; margin-bottom:12.2px" align=justify><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=center>2</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
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<P style="margin:0px; page-break-before:always" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=center><B>COFFEE HOLDING CO., INC.</B></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=center><B>CONDENSED CONSOLIDATED BALANCE SHEETS</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:9.8px; font-size:11pt" align=center><B>JULY 31, 2009 AND OCTOBER 31, 2008</B></P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=521.933></TD><TD width=16.667></TD><TD width=6.667></TD><TD width=73.4></TD><TD width=16.733></TD><TD width=6.667></TD><TD width=73.467></TD><TD width=4.467></TD></TR>
<TR><TD valign=bottom width=521.933><P>&nbsp;</P></TD><TD valign=top width=16.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=80.067 colspan=2><P style="line-height:11pt; margin:0px; font-size:9pt" align=center><B>July&nbsp;31, <BR>
2009</B></P>
</TD><TD valign=top width=16.733><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=80.133 colspan=2><P style="line-height:11pt; margin:0px; font-size:9pt" align=center>October&nbsp;31, <BR>
2008</P>
</TD><TD valign=top width=4.467><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=521.933><P>&nbsp;</P></TD><TD valign=top width=16.667><P>&nbsp;</P></TD><TD valign=top width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=73.4><P style="line-height:11pt; margin:0px; font-size:9pt" align=center><B>(unaudited)</B></P>
</TD><TD valign=top width=16.733><P>&nbsp;</P></TD><TD valign=top width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=73.467><P style="line-height:11pt; margin:0px; font-size:9pt" align=center>(audited)</P>
</TD><TD valign=top width=4.467><P>&nbsp;</P></TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=top width=521.933><P style="margin:0px; padding-left:8px; text-indent:-8px" align=center><B>- ASSETS -</B></P>
</TD><TD style="background-color:#CCFFCC" valign=top width=16.667><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=top width=6.667><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=top width=73.4><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=top width=16.733><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=top width=6.667><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=top width=73.467><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=top width=4.467><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=521.933><P style="margin:0px; padding-left:8px; text-indent:-8px"><B>CURRENT ASSETS:</B></P>
</TD><TD valign=top width=16.667><P>&nbsp;</P></TD><TD valign=top width=6.667><P>&nbsp;</P></TD><TD valign=top width=73.4><P>&nbsp;</P></TD><TD valign=top width=16.733><P>&nbsp;</P></TD><TD valign=top width=6.667><P>&nbsp;</P></TD><TD valign=top width=73.467><P>&nbsp;</P></TD><TD valign=top width=4.467><P>&nbsp;</P></TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=top width=521.933><P style="margin:0px; padding-left:24px; text-indent:-8px">Cash and cash equivalents</P>
</TD><TD style="background-color:#CCFFCC" valign=top width=16.667><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=top width=6.667><P style="margin:0px"><B>$</B></P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=73.4><P style="margin:0px" align=right><B>2,015,616</B></P>
</TD><TD style="background-color:#CCFFCC" valign=top width=16.733><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=top width=6.667><P style="margin:0px">$</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=73.467><P style="margin:0px" align=right>963,298</P>
</TD><TD style="background-color:#CCFFCC" valign=top width=4.467><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=521.933><P style="margin:0px; padding-left:24px; text-indent:-8px">Commodities held at broker</P>
</TD><TD valign=top width=16.667><P>&nbsp;</P></TD><TD valign=top width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=73.4><P style="margin:0px" align=right><B>1,298,974</B></P>
</TD><TD valign=top width=16.733><P>&nbsp;</P></TD><TD valign=top width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=73.467><P style="margin:0px" align=right>342,269</P>
</TD><TD valign=top width=4.467><P>&nbsp;</P></TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=top width=521.933><P style="margin:0px; padding-left:24px; text-indent:-8px">Accounts receivable, net of allowance for doubtful accounts of $142,000 for 2009 and 2008</P>
</TD><TD style="background-color:#CCFFCC" valign=top width=16.667><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=top width=6.667><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=73.4><P style="margin:0px" align=right><B>7,986,240</B></P>
</TD><TD style="background-color:#CCFFCC" valign=top width=16.733><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=top width=6.667><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=73.467><P style="margin:0px" align=right>9,067,797</P>
</TD><TD style="background-color:#CCFFCC" valign=top width=4.467><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=521.933><P style="margin:0px; padding-left:24px; text-indent:-8px">Inventories</P>
</TD><TD valign=top width=16.667><P>&nbsp;</P></TD><TD valign=top width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=73.4><P style="margin:0px" align=right><B>4,503,645</B></P>
</TD><TD valign=top width=16.733><P>&nbsp;</P></TD><TD valign=top width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=73.467><P style="margin:0px" align=right>5,046,554</P>
</TD><TD valign=top width=4.467><P>&nbsp;</P></TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=top width=521.933><P style="margin:0px; padding-left:24px; text-indent:-8px">Prepaid expenses and other current assets</P>
</TD><TD style="background-color:#CCFFCC" valign=top width=16.667><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=top width=6.667><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=73.4><P style="margin:0px" align=right><B>386,733</B></P>
</TD><TD style="background-color:#CCFFCC" valign=top width=16.733><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=top width=6.667><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=73.467><P style="margin:0px" align=right>284,900</P>
</TD><TD style="background-color:#CCFFCC" valign=top width=4.467><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=521.933><P style="margin:0px; padding-left:24px; text-indent:-8px">Prepaid and refundable income taxes</P>
</TD><TD valign=top width=16.667><P>&nbsp;</P></TD><TD valign=top width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=73.4><P style="margin:0px" align=right><B>335,406</B></P>
</TD><TD valign=top width=16.733><P>&nbsp;</P></TD><TD valign=top width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=73.467><P style="margin:0px" align=right>1,025,935</P>
</TD><TD valign=top width=4.467><P>&nbsp;</P></TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=top width=521.933><P style="margin:0px; padding-left:24px; text-indent:-8px">Assets held for sale</P>
</TD><TD style="background-color:#CCFFCC" valign=top width=16.667><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=top width=6.667><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=73.4><P style="margin:0px" align=right><B>785,837</B></P>
</TD><TD style="background-color:#CCFFCC" valign=top width=16.733><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=top width=6.667><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=73.467><P style="margin:0px" align=right>&#151;</P>
</TD><TD style="background-color:#CCFFCC" valign=top width=4.467><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=521.933><P style="margin:0px; padding-left:24px; text-indent:-8px">Deferred income tax asset</P>
</TD><TD valign=top width=16.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=6.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=73.4><P style="margin:0px" align=right><B>259,000</B></P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=top width=16.733><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=6.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=73.467><P style="margin:0px" align=right>923,877</P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=top width=4.467><P>&nbsp;</P></TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=top width=521.933><P style="margin:0px; padding-left:40px; text-indent:-8px"><B>TOTAL CURRENT ASSETS</B></P>
</TD><TD style="background-color:#CCFFCC" valign=top width=16.667><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=top width=6.667><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=73.4><P style="margin:0px" align=right><B>17,571,451</B></P>
</TD><TD style="background-color:#CCFFCC" valign=top width=16.733><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=top width=6.667><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=73.467><P style="margin:0px" align=right>17,654,630</P>
</TD><TD style="background-color:#CCFFCC" valign=top width=4.467><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=521.933><P>&nbsp;</P></TD><TD valign=top width=16.667><P>&nbsp;</P></TD><TD valign=top width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=73.4><P>&nbsp;</P></TD><TD valign=top width=16.733><P>&nbsp;</P></TD><TD valign=top width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=73.467><P>&nbsp;</P></TD><TD valign=top width=4.467><P>&nbsp;</P></TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=top width=521.933><P style="margin:0px; padding-left:8px; text-indent:-8px">Property and equipment, at cost, net of accumulated depreciation of $4,670,075 and $5,020,573 for 2009 and 2008, respectively</P>
</TD><TD style="background-color:#CCFFCC" valign=top width=16.667><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=top width=6.667><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=73.4><P style="margin:0px" align=right><B>1,772,162</B></P>
</TD><TD style="background-color:#CCFFCC" valign=top width=16.733><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=top width=6.667><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=73.467><P style="margin:0px" align=right>2,804,053</P>
</TD><TD style="background-color:#CCFFCC" valign=top width=4.467><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=521.933><P style="margin:0px; padding-left:8px; text-indent:-8px">Deposits and other assets</P>
</TD><TD valign=top width=16.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=6.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=73.4><P style="margin:0px" align=right><B>564,018</B></P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=top width=16.733><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=6.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=73.467><P style="margin:0px" align=right>542,893</P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=top width=4.467><P>&nbsp;</P></TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=top width=521.933><P style="margin:0px; padding-left:40px; text-indent:-8px"><B>TOTAL ASSETS</B></P>
</TD><TD style="background-color:#CCFFCC" valign=top width=16.667><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC; border-bottom:3px double #000000" valign=top width=6.667><P style="margin:0px"><B>$</B></P>
</TD><TD style="background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=73.4><P style="margin:0px" align=right><B>19,907,631</B></P>
</TD><TD style="background-color:#CCFFCC; border-bottom:3px double #FFFFFF" valign=top width=16.733><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC; border-bottom:3px double #000000" valign=top width=6.667><P style="margin:0px">$</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=73.467><P style="margin:0px" align=right>21,001,576</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:3px double #FFFFFF" valign=top width=4.467><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=521.933><P>&nbsp;</P></TD><TD valign=top width=16.667><P>&nbsp;</P></TD><TD valign=top width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=73.4><P>&nbsp;</P></TD><TD valign=top width=16.733><P>&nbsp;</P></TD><TD valign=top width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=73.467><P>&nbsp;</P></TD><TD valign=top width=4.467><P>&nbsp;</P></TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=top width=521.933><P style="margin:0px; padding-left:8px; text-indent:-8px" align=center><B>- LIABILITIES AND STOCKHOLDERS&#146; EQUITY -</B></P>
</TD><TD style="background-color:#CCFFCC" valign=top width=16.667><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=top width=6.667><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=top width=73.4><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=top width=16.733><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=top width=6.667><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=top width=73.467><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=top width=4.467><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=521.933><P style="margin:0px; padding-left:8px; text-indent:-8px"><B>CURRENT LIABILITIES:</B></P>
</TD><TD valign=top width=16.667><P>&nbsp;</P></TD><TD valign=top width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=73.4><P>&nbsp;</P></TD><TD valign=top width=16.733><P>&nbsp;</P></TD><TD valign=top width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=73.467><P>&nbsp;</P></TD><TD valign=top width=4.467><P>&nbsp;</P></TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=top width=521.933><P style="margin:0px; padding-left:24px; text-indent:-8px">Accounts payable and accrued expenses</P>
</TD><TD style="background-color:#CCFFCC" valign=top width=16.667><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=top width=6.667><P style="margin:0px"><B>$</B></P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=73.4><P style="margin:0px" align=right><B>4,904,136</B></P>
</TD><TD style="background-color:#CCFFCC" valign=top width=16.733><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=top width=6.667><P style="margin:0px">$</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=73.467><P style="margin:0px" align=right>9,120,124</P>
</TD><TD style="background-color:#CCFFCC" valign=top width=4.467><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=521.933><P style="margin:0px; padding-left:24px; text-indent:-8px">Line of credit borrowings</P>
</TD><TD valign=top width=16.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=6.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=73.4><P style="margin:0px" align=right><B>4,872,382</B></P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=top width=16.733><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=6.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=73.467><P style="margin:0px" align=right>3,522,207</P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=top width=4.467><P>&nbsp;</P></TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=top width=521.933><P style="margin:0px; padding-left:40px; text-indent:-8px"><B>TOTAL CURRENT LIABILITIES</B></P>
</TD><TD style="background-color:#CCFFCC" valign=top width=16.667><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=top width=6.667><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=73.4><P style="margin:0px" align=right><B>9,776,518</B></P>
</TD><TD style="background-color:#CCFFCC" valign=top width=16.733><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=top width=6.667><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=73.467><P style="margin:0px" align=right>12,642,331</P>
</TD><TD style="background-color:#CCFFCC" valign=top width=4.467><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=521.933><P>&nbsp;</P></TD><TD valign=top width=16.667><P>&nbsp;</P></TD><TD valign=top width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=73.4><P>&nbsp;</P></TD><TD valign=top width=16.733><P>&nbsp;</P></TD><TD valign=top width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=73.467><P>&nbsp;</P></TD><TD valign=top width=4.467><P>&nbsp;</P></TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=top width=521.933><P style="margin:0px; padding-left:8px; text-indent:-8px">Deferred income tax liabilities</P>
</TD><TD style="background-color:#CCFFCC" valign=top width=16.667><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=top width=6.667><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=73.4><P style="margin:0px" align=right><B>137,500</B></P>
</TD><TD style="background-color:#CCFFCC" valign=top width=16.733><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=top width=6.667><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=73.467><P style="margin:0px" align=right>86,000</P>
</TD><TD style="background-color:#CCFFCC" valign=top width=4.467><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=521.933><P style="margin:0px; padding-left:8px; text-indent:-8px">Deferred rent payable</P>
</TD><TD valign=top width=16.667><P>&nbsp;</P></TD><TD valign=top width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=73.4><P style="margin:0px" align=right><B>91,790</B></P>
</TD><TD valign=top width=16.733><P>&nbsp;</P></TD><TD valign=top width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=73.467><P style="margin:0px" align=right>69,959</P>
</TD><TD valign=top width=4.467><P>&nbsp;</P></TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=top width=521.933><P style="margin:0px; padding-left:8px; text-indent:-8px">Deferred compensation payable</P>
</TD><TD style="background-color:#CCFFCC" valign=top width=16.667><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=top width=6.667><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=73.4><P style="margin:0px" align=right><B>461,064</B></P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=top width=16.733><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=top width=6.667><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=73.467><P style="margin:0px" align=right>352,637</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=top width=4.467><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=521.933><P style="margin:0px; padding-left:40px; text-indent:-8px"><B>TOTAL LIABILITIES</B></P>
</TD><TD valign=top width=16.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=6.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=73.4><P style="margin:0px" align=right><B>10,466,872</B></P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=top width=16.733><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=6.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=73.467><P style="margin:0px" align=right>13,150,927</P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=top width=4.467><P>&nbsp;</P></TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=top width=521.933><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=top width=16.667><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=top width=6.667><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=73.4><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=top width=16.733><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=top width=6.667><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=73.467><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=top width=4.467><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=521.933><P style="margin:0px; padding-left:8px; text-indent:-8px"><B>MINORITY INTEREST</B></P>
</TD><TD valign=top width=16.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=6.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=73.4><P style="margin:0px" align=right><B>6,651</B></P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=top width=16.733><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=6.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=73.467><P style="margin:0px" align=right>3,226</P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=top width=4.467><P>&nbsp;</P></TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=top width=521.933><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=top width=16.667><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=top width=6.667><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=73.4><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=top width=16.733><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=top width=6.667><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=73.467><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=top width=4.467><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=521.933><P style="margin:0px; padding-left:8px; text-indent:-8px"><B>COMMITMENTS AND CONTINGENCIES</B></P>
</TD><TD valign=top width=16.667><P>&nbsp;</P></TD><TD valign=top width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=73.4><P>&nbsp;</P></TD><TD valign=top width=16.733><P>&nbsp;</P></TD><TD valign=top width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=73.467><P>&nbsp;</P></TD><TD valign=top width=4.467><P>&nbsp;</P></TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=top width=521.933><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=top width=16.667><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=top width=6.667><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=73.4><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=top width=16.733><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=top width=6.667><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=73.467><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=top width=4.467><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=521.933><P style="margin:0px; padding-left:8px; text-indent:-8px"><B>STOCKHOLDERS&#146; EQUITY:</B></P>
</TD><TD valign=top width=16.667><P>&nbsp;</P></TD><TD valign=top width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=73.4><P>&nbsp;</P></TD><TD valign=top width=16.733><P>&nbsp;</P></TD><TD valign=top width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=73.467><P>&nbsp;</P></TD><TD valign=top width=4.467><P>&nbsp;</P></TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=top width=521.933><P style="margin:0px; padding-left:8px; text-indent:-8px">Preferred stock, par value $.001 per share; 10,000,000 shares authorized; none issued</P>
</TD><TD style="background-color:#CCFFCC" valign=top width=16.667><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=top width=6.667><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=73.4><P style="margin:0px" align=right><B>&#151;</B></P>
</TD><TD style="background-color:#CCFFCC" valign=top width=16.733><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=top width=6.667><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=73.467><P style="margin:0px" align=right>&#151;</P>
</TD><TD style="background-color:#CCFFCC" valign=top width=4.467><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=521.933><P style="margin:0px; padding-left:8px; text-indent:-8px">Common stock, par value $.001 per share; 30,000,000 shares authorized, 5,529,830 shares issued for 2009 and 2008</P>
</TD><TD valign=top width=16.667><P>&nbsp;</P></TD><TD valign=top width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=73.4><P style="margin:0px" align=right><B>5,530</B></P>
</TD><TD valign=top width=16.733><P>&nbsp;</P></TD><TD valign=top width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=73.467><P style="margin:0px" align=right>5,530</P>
</TD><TD valign=top width=4.467><P>&nbsp;</P></TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=top width=521.933><P style="margin:0px; padding-left:8px; text-indent:-8px">Additional paid-in capital</P>
</TD><TD style="background-color:#CCFFCC" valign=top width=16.667><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=top width=6.667><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=73.4><P style="margin:0px" align=right><B>7,327,023</B></P>
</TD><TD style="background-color:#CCFFCC" valign=top width=16.733><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=top width=6.667><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=73.467><P style="margin:0px" align=right>7,327,023</P>
</TD><TD style="background-color:#CCFFCC" valign=top width=4.467><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=521.933><P style="margin:0px; padding-left:8px; text-indent:-8px">Retained earnings</P>
</TD><TD valign=top width=16.667><P>&nbsp;</P></TD><TD valign=top width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=73.4><P style="margin:0px" align=right><B>2,396,816</B></P>
</TD><TD valign=top width=16.733><P>&nbsp;</P></TD><TD valign=top width=6.667><P>&nbsp;</P></TD><TD valign=bottom width=73.467><P style="margin:0px" align=right>804,605</P>
</TD><TD valign=top width=4.467><P>&nbsp;</P></TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=top width=521.933><P style="margin:0px; padding-left:8px; text-indent:-8px">Less: Treasury stock, 89,007 and 84,314 common shares, at cost for 2009 and 2008, respectively</P>
</TD><TD style="background-color:#CCFFCC" valign=top width=16.667><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=top width=6.667><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=73.4><P style="margin:0px" align=right><B>(295,261</B></P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=top width=16.733><P style="margin:0px"><B>)</B></P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=top width=6.667><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=73.467><P style="margin:0px" align=right>(289,735</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=top width=4.467><P style="margin:0px">)</P>
</TD></TR>
<TR><TD valign=top width=521.933><P style="margin:0px; padding-left:40px; text-indent:-8px"><B>TOTAL STOCKHOLDERS&#146; EQUITY</B></P>
</TD><TD valign=top width=16.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=6.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=73.4><P style="margin:0px" align=right><B>9,434,108</B></P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=top width=16.733><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=6.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=73.467><P style="margin:0px" align=right>7,847,423</P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=top width=4.467><P>&nbsp;</P></TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=top width=521.933><P style="margin:0px; padding-left:40px; text-indent:-8px"><B>TOTAL LIABILITIES AND STOCKHOLDERS&#146; EQUITY</B></P>
</TD><TD style="background-color:#CCFFCC" valign=top width=16.667><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC; border-bottom:3px double #000000" valign=top width=6.667><P style="margin:0px"><B>$</B></P>
</TD><TD style="background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=73.4><P style="margin:0px" align=right><B>19,907,631</B></P>
</TD><TD style="background-color:#CCFFCC; border-bottom:3px double #FFFFFF" valign=top width=16.733><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC; border-bottom:3px double #000000" valign=top width=6.667><P style="margin:0px">$</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=73.467><P style="margin:0px" align=right>21,001,576</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:3px double #FFFFFF" valign=top width=4.467><P>&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=center>3</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="line-height:13pt; margin:0px; font-size:11pt; page-break-before:always" align=center><B>COFFEE HOLDING CO., INC.</B></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=center><B>CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS</B></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=center><B>(Unaudited)</B></P>
<P style="margin:0px" align=center><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=289.933></TD><TD width=18.333></TD><TD width=7.333></TD><TD width=80.667></TD><TD width=18.267></TD><TD width=7.333></TD><TD width=80.667></TD><TD width=18.267></TD><TD width=7.333></TD><TD width=80.667></TD><TD width=18.267></TD><TD width=7.333></TD><TD width=80.667></TD><TD width=4.933></TD></TR>
<TR><TD valign=bottom width=289.933><P>&nbsp;</P></TD><TD valign=bottom width=18.333><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=194.267 colspan=5><P style="line-height:11pt; margin:0px; font-size:9pt" align=center><B>Nine Months Ended</B></P>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center><B>July&nbsp;31</B>,</P>
</TD><TD valign=bottom width=18.267><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=194.267 colspan=5><P style="line-height:11pt; margin:0px; font-size:9pt" align=center><B>Three Months Ended</B></P>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center><B>July&nbsp;31,</B></P>
</TD><TD valign=bottom width=4.933><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=289.933><P>&nbsp;</P></TD><TD valign=bottom width=18.333><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=88 colspan=2><P style="line-height:11pt; margin:0px; font-size:9pt" align=center><B>2009</B></P>
</TD><TD valign=bottom width=18.267><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=88 colspan=2><P style="line-height:11pt; margin:0px; font-size:9pt" align=center>2008</P>
</TD><TD valign=bottom width=18.267><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=88 colspan=2><P style="line-height:11pt; margin:0px; font-size:9pt" align=center><B>2009</B></P>
</TD><TD valign=bottom width=18.267><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=88 colspan=2><P style="line-height:11pt; margin:0px; font-size:9pt" align=center>2008</P>
</TD><TD valign=bottom width=4.933><P>&nbsp;</P></TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=bottom width=289.933><P style="line-height:13pt; margin:0px; padding-left:8px; text-indent:-8px; font-size:11pt"><B>NET SALES</B></P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=18.333><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=7.333><P style="line-height:13pt; margin:0px; font-size:11pt"><B>$</B></P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=80.667><P style="line-height:13pt; margin:0px; font-size:11pt" align=right><B>54,020,045</B></P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=18.267><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=7.333><P style="line-height:13pt; margin:0px; font-size:11pt">$</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=80.667><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>50,730,554</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=18.267><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=7.333><P style="line-height:13pt; margin:0px; font-size:11pt"><B>$</B></P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=80.667><P style="line-height:13pt; margin:0px; font-size:11pt" align=right><B>17,289,305</B></P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=18.267><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=7.333><P style="line-height:13pt; margin:0px; font-size:11pt">$</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=80.667><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>17,598,572</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=4.933><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=289.933><P>&nbsp;</P></TD><TD valign=bottom width=18.333><P>&nbsp;</P></TD><TD valign=bottom width=7.333><P>&nbsp;</P></TD><TD valign=bottom width=80.667><P>&nbsp;</P></TD><TD valign=bottom width=18.267><P>&nbsp;</P></TD><TD valign=bottom width=7.333><P>&nbsp;</P></TD><TD valign=bottom width=80.667><P>&nbsp;</P></TD><TD valign=bottom width=18.267><P>&nbsp;</P></TD><TD valign=bottom width=7.333><P>&nbsp;</P></TD><TD valign=bottom width=80.667><P>&nbsp;</P></TD><TD valign=bottom width=18.267><P>&nbsp;</P></TD><TD valign=bottom width=7.333><P>&nbsp;</P></TD><TD valign=bottom width=80.667><P>&nbsp;</P></TD><TD valign=bottom width=4.933><P>&nbsp;</P></TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=bottom width=289.933><P style="line-height:13pt; margin:0px; padding-left:8px; text-indent:-8px; font-size:11pt"><B>COST OF SALES</B></P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=18.333><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=7.333><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=80.667><P style="line-height:13pt; margin:0px; font-size:11pt" align=right><B>46,786,962</B></P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=18.267><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=7.333><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=80.667><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>47,927,963</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=18.267><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=7.333><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=80.667><P style="line-height:13pt; margin:0px; font-size:11pt" align=right><B>14,375,619</B></P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=18.267><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=7.333><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=80.667><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>15,002,037</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=4.933><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=289.933><P>&nbsp;</P></TD><TD valign=bottom width=18.333><P>&nbsp;</P></TD><TD valign=bottom width=7.333><P>&nbsp;</P></TD><TD valign=bottom width=80.667><P>&nbsp;</P></TD><TD valign=bottom width=18.267><P>&nbsp;</P></TD><TD valign=bottom width=7.333><P>&nbsp;</P></TD><TD valign=bottom width=80.667><P>&nbsp;</P></TD><TD valign=bottom width=18.267><P>&nbsp;</P></TD><TD valign=bottom width=7.333><P>&nbsp;</P></TD><TD valign=bottom width=80.667><P>&nbsp;</P></TD><TD valign=bottom width=18.267><P>&nbsp;</P></TD><TD valign=bottom width=7.333><P>&nbsp;</P></TD><TD valign=bottom width=80.667><P>&nbsp;</P></TD><TD valign=bottom width=4.933><P>&nbsp;</P></TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=bottom width=289.933><P style="line-height:13pt; margin:0px; padding-left:8px; text-indent:-8px; font-size:11pt"><B>GROSS PROFIT</B></P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=18.333><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=7.333><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=80.667><P style="line-height:13pt; margin:0px; font-size:11pt" align=right><B>7,233,083</B></P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=18.267><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=7.333><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=80.667><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>2,802,591</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=18.267><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=7.333><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=80.667><P style="line-height:13pt; margin:0px; font-size:11pt" align=right><B>2,913,686</B></P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=18.267><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=7.333><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=80.667><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>2,596,535</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=4.933><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=289.933><P>&nbsp;</P></TD><TD valign=bottom width=18.333><P>&nbsp;</P></TD><TD valign=bottom width=7.333><P>&nbsp;</P></TD><TD valign=bottom width=80.667><P>&nbsp;</P></TD><TD valign=bottom width=18.267><P>&nbsp;</P></TD><TD valign=bottom width=7.333><P>&nbsp;</P></TD><TD valign=bottom width=80.667><P>&nbsp;</P></TD><TD valign=bottom width=18.267><P>&nbsp;</P></TD><TD valign=bottom width=7.333><P>&nbsp;</P></TD><TD valign=bottom width=80.667><P>&nbsp;</P></TD><TD valign=bottom width=18.267><P>&nbsp;</P></TD><TD valign=bottom width=7.333><P>&nbsp;</P></TD><TD valign=bottom width=80.667><P>&nbsp;</P></TD><TD valign=bottom width=4.933><P>&nbsp;</P></TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=bottom width=289.933><P style="line-height:13pt; margin:0px; padding-left:8px; text-indent:-8px; font-size:11pt"><B>OPERATING EXPENSES:</B></P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=18.333><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=7.333><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=80.667><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=18.267><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=7.333><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=80.667><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=18.267><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=7.333><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=80.667><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=18.267><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=7.333><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=80.667><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" v
align=bottom width=4.933><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=289.933><P style="line-height:13pt; margin:0px; padding-left:24px; text-indent:-8px; font-size:11pt">Selling and administrative</P>
</TD><TD valign=bottom width=18.333><P>&nbsp;</P></TD><TD valign=bottom width=7.333><P>&nbsp;</P></TD><TD valign=bottom width=80.667><P style="line-height:13pt; margin:0px; font-size:11pt" align=right><B>3,950,661</B></P>
</TD><TD valign=bottom width=18.267><P>&nbsp;</P></TD><TD valign=bottom width=7.333><P>&nbsp;</P></TD><TD valign=bottom width=80.667><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>4,282,961</P>
</TD><TD valign=bottom width=18.267><P>&nbsp;</P></TD><TD valign=bottom width=7.333><P>&nbsp;</P></TD><TD valign=bottom width=80.667><P style="line-height:13pt; margin:0px; font-size:11pt" align=right><B>1,357,826</B></P>
</TD><TD valign=bottom width=18.267><P>&nbsp;</P></TD><TD valign=bottom width=7.333><P>&nbsp;</P></TD><TD valign=bottom width=80.667><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>1,363,607</P>
</TD><TD valign=bottom width=4.933><P>&nbsp;</P></TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=bottom width=289.933><P style="line-height:13pt; margin:0px; padding-left:24px; text-indent:-8px; font-size:11pt">Officers&#146; salaries</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=18.333><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=7.333><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=80.667><P style="line-height:13pt; margin:0px; font-size:11pt" align=right><B>449,550</B></P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=18.267><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=7.333><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=80.667><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>461,076</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=18.267><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=7.333><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=80.667><P style="line-height:13pt; margin:0px; font-size:11pt" align=right><B>149,850</B></P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=18.267><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=7.333><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=80.667><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>161,376</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=4.933><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=289.933><P style="line-height:13pt; margin:0px; padding-left:40px; text-indent:-8px; font-size:11pt"><B>TOTAL</B></P>
</TD><TD valign=bottom width=18.333><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=7.333><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=80.667><P style="line-height:13pt; margin:0px; font-size:11pt" align=right><B>4,400,211</B></P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=18.267><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=7.333><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=80.667><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>4,744,037</P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=18.267><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=7.333><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=80.667><P style="line-height:13pt; margin:0px; font-size:11pt" align=right><B>1,507,676</B></P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=18.267><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=7.333><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=80.667><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>1,524,983</P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=4.933><P>&nbsp;</P></TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=bottom width=289.933><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=18.333><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=7.333><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=80.667><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=18.267><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=7.333><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=80.667><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=18.267><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=7.333><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=80.667><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=18.267><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=7.333><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" v
align=bottom width=80.667><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=4.933><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=289.933><P style="line-height:13pt; margin:0px; padding-left:8px; text-indent:-8px; font-size:11pt"><B>INCOME (LOSS) FROM OPERATIONS</B></P>
</TD><TD valign=bottom width=18.333><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=7.333><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=80.667><P style="line-height:13pt; margin:0px; font-size:11pt" align=right><B>2,832,872</B></P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=18.267><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=7.333><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=80.667><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>(1,941,446</P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=18.267><P style="line-height:13pt; margin:0px; font-size:11pt">)</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=7.333><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=80.667><P style="line-height:13pt; margin:0px; font-size:11pt" align=right><B>1,406,010</B></P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=18.267><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=7.333><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=80.667><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>1,071,552</P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=4.933><P>&nbsp;</P></TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=bottom width=289.933><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=18.333><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=7.333><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=80.667><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=18.267><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=7.333><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=80.667><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=18.267><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=7.333><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=80.667><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=18.267><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=7.333><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" v
align=bottom width=80.667><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=4.933><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=289.933><P style="line-height:13pt; margin:0px; padding-left:8px; text-indent:-8px; font-size:11pt"><B>OTHER INCOME (EXPENSE):</B></P>
</TD><TD valign=bottom width=18.333><P>&nbsp;</P></TD><TD valign=bottom width=7.333><P>&nbsp;</P></TD><TD valign=bottom width=80.667><P>&nbsp;</P></TD><TD valign=bottom width=18.267><P>&nbsp;</P></TD><TD valign=bottom width=7.333><P>&nbsp;</P></TD><TD valign=bottom width=80.667><P>&nbsp;</P></TD><TD valign=bottom width=18.267><P>&nbsp;</P></TD><TD valign=bottom width=7.333><P>&nbsp;</P></TD><TD valign=bottom width=80.667><P>&nbsp;</P></TD><TD valign=bottom width=18.267><P>&nbsp;</P></TD><TD valign=bottom width=7.333><P>&nbsp;</P></TD><TD valign=bottom width=80.667><P>&nbsp;</P></TD><TD valign=bottom width=4.933><P>&nbsp;</P></TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=bottom width=289.933><P style="line-height:13pt; margin:0px; padding-left:24px; text-indent:-8px; font-size:11pt">Interest income</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=18.333><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=7.333><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=80.667><P style="line-height:13pt; margin:0px; font-size:11pt" align=right><B>7,434</B></P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=18.267><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=7.333><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=80.667><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>49,253</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=18.267><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=7.333><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=80.667><P style="line-height:13pt; margin:0px; font-size:11pt" align=right><B>1,319</B></P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=18.267><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=7.333><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=80.667><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>5,594</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=4.933><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=289.933><P style="line-height:13pt; margin:0px; padding-left:24px; text-indent:-8px; font-size:11pt">Interest expense</P>
</TD><TD valign=bottom width=18.333><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=7.333><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=80.667><P style="line-height:13pt; margin:0px; font-size:11pt" align=right><B>(176,499</B></P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=18.267><P style="line-height:13pt; margin:0px; font-size:11pt"><B>)</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=7.333><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=80.667><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>(95,740</P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=18.267><P style="line-height:13pt; margin:0px; font-size:11pt">)</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=7.333><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=80.667><P style="line-height:13pt; margin:0px; font-size:11pt" align=right><B>(75,134</B></P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=18.267><P style="line-height:13pt; margin:0px; font-size:11pt"><B>)</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=7.333><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=80.667><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>(34,307</P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=4.933><P style="line-height:13pt; margin:0px; font-size:11pt">)</P>
</TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=bottom width=289.933><P style="line-height:13pt; margin:0px; padding-left:40px; text-indent:-8px; font-size:11pt"><B>TOTAL</B></P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=18.333><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=7.333><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=80.667><P style="line-height:13pt; margin:0px; font-size:11pt" align=right><B>(169,065</B></P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=18.267><P style="line-height:13pt; margin:0px; font-size:11pt"><B>)</B></P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=7.333><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=80.667><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>(46,487</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=18.267><P style="line-height:13pt; margin:0px; font-size:11pt">)</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=7.333><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=80.667><P style="line-height:13pt; margin:0px; font-size:11pt" align=right><B>(73,815</B></P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=18.267><P style="line-height:13pt; margin:0px; font-size:11pt"><B>)</B></P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=7.333><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=80.667><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>(28,713</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=4.933><P style="line-height:13pt; margin:0px; font-size:11pt">)</P>
</TD></TR>
<TR><TD valign=bottom width=289.933><P>&nbsp;</P></TD><TD valign=bottom width=18.333><P>&nbsp;</P></TD><TD valign=bottom width=7.333><P>&nbsp;</P></TD><TD valign=bottom width=80.667><P>&nbsp;</P></TD><TD valign=bottom width=18.267><P>&nbsp;</P></TD><TD valign=bottom width=7.333><P>&nbsp;</P></TD><TD valign=bottom width=80.667><P>&nbsp;</P></TD><TD valign=bottom width=18.267><P>&nbsp;</P></TD><TD valign=bottom width=7.333><P>&nbsp;</P></TD><TD valign=bottom width=80.667><P>&nbsp;</P></TD><TD valign=bottom width=18.267><P>&nbsp;</P></TD><TD valign=bottom width=7.333><P>&nbsp;</P></TD><TD valign=bottom width=80.667><P>&nbsp;</P></TD><TD valign=bottom width=4.933><P>&nbsp;</P></TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=bottom width=289.933><P style="line-height:13pt; margin:0px; padding-left:8px; text-indent:-8px; font-size:11pt"><B>INCOME (LOSS) BEFORE BENEFIT (PROVISION) FOR INCOME TAX EXPENSE AND MINORITY INTEREST IN SUBSIDIARY</B></P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=18.333><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=7.333><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=80.667><P style="line-height:13pt; margin:0px; font-size:11pt" align=right><B>2,663,807</B></P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=18.267><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=7.333><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=80.667><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>(1,987,933</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=18.267><P style="line-height:13pt; margin:0px; font-size:11pt">)</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=7.333><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=80.667><P style="line-height:13pt; margin:0px; font-size:11pt" align=right><B>1,332,195</B></P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=18.267><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=7.333><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=80.667><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>1,042,839</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=4.933><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=289.933><P>&nbsp;</P></TD><TD valign=bottom width=18.333><P>&nbsp;</P></TD><TD valign=bottom width=7.333><P>&nbsp;</P></TD><TD valign=bottom width=80.667><P>&nbsp;</P></TD><TD valign=bottom width=18.267><P>&nbsp;</P></TD><TD valign=bottom width=7.333><P>&nbsp;</P></TD><TD valign=bottom width=80.667><P>&nbsp;</P></TD><TD valign=bottom width=18.267><P>&nbsp;</P></TD><TD valign=bottom width=7.333><P>&nbsp;</P></TD><TD valign=bottom width=80.667><P>&nbsp;</P></TD><TD valign=bottom width=18.267><P>&nbsp;</P></TD><TD valign=bottom width=7.333><P>&nbsp;</P></TD><TD valign=bottom width=80.667><P>&nbsp;</P></TD><TD valign=bottom width=4.933><P>&nbsp;</P></TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=bottom width=289.933><P style="line-height:13pt; margin:0px; padding-left:24px; text-indent:-8px; font-size:11pt">Benefit (provision) for income tax expense</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=18.333><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=7.333><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=80.667><P style="line-height:13pt; margin:0px; font-size:11pt" align=right><B>(1,068,171</B></P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=18.267><P style="line-height:13pt; margin:0px; font-size:11pt"><B>)</B></P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=7.333><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=80.667><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>679,623</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=18.267><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=7.333><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=80.667><P style="line-height:13pt; margin:0px; font-size:11pt" align=right><B>(534,668</B></P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=18.267><P style="line-height:13pt; margin:0px; font-size:11pt"><B>)</B></P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=7.333><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=80.667><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>(490,326)</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=4.933><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=289.933><P>&nbsp;</P></TD><TD valign=bottom width=18.333><P>&nbsp;</P></TD><TD valign=bottom width=7.333><P>&nbsp;</P></TD><TD valign=bottom width=80.667><P>&nbsp;</P></TD><TD valign=bottom width=18.267><P>&nbsp;</P></TD><TD valign=bottom width=7.333><P>&nbsp;</P></TD><TD valign=bottom width=80.667><P>&nbsp;</P></TD><TD valign=bottom width=18.267><P>&nbsp;</P></TD><TD valign=bottom width=7.333><P>&nbsp;</P></TD><TD valign=bottom width=80.667><P>&nbsp;</P></TD><TD valign=bottom width=18.267><P>&nbsp;</P></TD><TD valign=bottom width=7.333><P>&nbsp;</P></TD><TD valign=bottom width=80.667><P>&nbsp;</P></TD><TD valign=bottom width=4.933><P>&nbsp;</P></TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=bottom width=289.933><P style="line-height:13pt; margin:0px; padding-left:8px; text-indent:-8px; font-size:11pt"><B>INCOME (LOSS) BEFORE MINORITY INTEREST</B></P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=18.333><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=7.333><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=80.667><P style="line-height:13pt; margin:0px; font-size:11pt" align=right><B>1,595,636</B></P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=18.267><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=7.333><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=80.667><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>(1,308,310</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=18.267><P style="line-height:13pt; margin:0px; font-size:11pt">)</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=7.333><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=80.667><P style="line-height:13pt; margin:0px; font-size:11pt" align=right><B>797,527</B></P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=18.267><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=7.333><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=80.667><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>552,513</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=4.933><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=289.933><P>&nbsp;</P></TD><TD valign=bottom width=18.333><P>&nbsp;</P></TD><TD valign=bottom width=7.333><P>&nbsp;</P></TD><TD valign=bottom width=80.667><P>&nbsp;</P></TD><TD valign=bottom width=18.267><P>&nbsp;</P></TD><TD valign=bottom width=7.333><P>&nbsp;</P></TD><TD valign=bottom width=80.667><P>&nbsp;</P></TD><TD valign=bottom width=18.267><P>&nbsp;</P></TD><TD valign=bottom width=7.333><P>&nbsp;</P></TD><TD valign=bottom width=80.667><P>&nbsp;</P></TD><TD valign=bottom width=18.267><P>&nbsp;</P></TD><TD valign=bottom width=7.333><P>&nbsp;</P></TD><TD valign=bottom width=80.667><P>&nbsp;</P></TD><TD valign=bottom width=4.933><P>&nbsp;</P></TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=bottom width=289.933><P style="line-height:13pt; margin:0px; padding-left:24px; text-indent:-8px; font-size:11pt">Minority interest in earnings (loss) of subsidiary</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=18.333><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=7.333><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=80.667><P style="line-height:13pt; margin:0px; font-size:11pt" align=right><B>(3,425)</B></P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=18.267><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=7.333><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=80.667><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>(2,344)</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=18.267><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=7.333><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=80.667><P style="line-height:13pt; margin:0px; font-size:11pt" align=right><B>2,233</B></P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=18.267><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=7.333><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=80.667><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>(1,254)</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=4.933><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=289.933><P>&nbsp;</P></TD><TD valign=bottom width=18.333><P>&nbsp;</P></TD><TD valign=bottom width=7.333><P>&nbsp;</P></TD><TD valign=bottom width=80.667><P>&nbsp;</P></TD><TD valign=bottom width=18.267><P>&nbsp;</P></TD><TD valign=bottom width=7.333><P>&nbsp;</P></TD><TD valign=bottom width=80.667><P>&nbsp;</P></TD><TD valign=bottom width=18.267><P>&nbsp;</P></TD><TD valign=bottom width=7.333><P>&nbsp;</P></TD><TD valign=bottom width=80.667><P>&nbsp;</P></TD><TD valign=bottom width=18.267><P>&nbsp;</P></TD><TD valign=bottom width=7.333><P>&nbsp;</P></TD><TD valign=bottom width=80.667><P>&nbsp;</P></TD><TD valign=bottom width=4.933><P>&nbsp;</P></TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=bottom width=289.933><P style="line-height:13pt; margin:0px; padding-left:8px; text-indent:-8px; font-size:11pt"><B>NET INCOME (LOSS)</B></P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=18.333><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=7.333><P style="line-height:13pt; margin:0px; font-family:Times New Roman Bold; font-size:11pt"><B>$</B></P>
</TD><TD style="background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=80.667><P style="line-height:13pt; margin:0px; font-family:Times New Roman Bold; font-size:11pt" align=right><B>1,592,211</B></P>
</TD><TD style="background-color:#CCFFCC; border-bottom:3px double #FFFFFF" valign=bottom width=18.267><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=7.333><P style="line-height:13pt; margin:0px; font-size:11pt">$</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=80.667><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>(1,310,654</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:3px double #FFFFFF" valign=bottom width=18.267><P style="line-height:13pt; margin:0px; font-size:11pt">)</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=7.333><P style="line-height:13pt; margin:0px; font-family:Times New Roman Bold; font-size:11pt"><B>$</B></P>
</TD><TD style="background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=80.667><P style="line-height:13pt; margin:0px; font-family:Times New Roman Bold; font-size:11pt" align=right><B>799,760</B></P>
</TD><TD style="background-color:#CCFFCC; border-bottom:3px double #FFFFFF" valign=bottom width=18.267><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=7.333><P style="line-height:13pt; margin:0px; font-size:11pt">$</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=80.667><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>551,259</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:3px double #FFFFFF" valign=bottom width=4.933><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=289.933><P>&nbsp;</P></TD><TD valign=bottom width=18.333><P>&nbsp;</P></TD><TD valign=bottom width=7.333><P>&nbsp;</P></TD><TD valign=bottom width=80.667><P>&nbsp;</P></TD><TD valign=bottom width=18.267><P>&nbsp;</P></TD><TD valign=bottom width=7.333><P>&nbsp;</P></TD><TD valign=bottom width=80.667><P>&nbsp;</P></TD><TD valign=bottom width=18.267><P>&nbsp;</P></TD><TD valign=bottom width=7.333><P>&nbsp;</P></TD><TD valign=bottom width=80.667><P>&nbsp;</P></TD><TD valign=bottom width=18.267><P>&nbsp;</P></TD><TD valign=bottom width=7.333><P>&nbsp;</P></TD><TD valign=bottom width=80.667><P>&nbsp;</P></TD><TD valign=bottom width=4.933><P>&nbsp;</P></TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=bottom width=289.933><P style="line-height:13pt; margin:0px; padding-left:8px; text-indent:-8px; font-size:11pt">Basic and diluted earnings (loss) per share</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=18.333><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=7.333><P style="line-height:13pt; margin:0px; font-size:11pt"><B>$</B></P>
</TD><TD style="background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=80.667><P style="line-height:13pt; margin:0px; font-size:11pt" align=right><B>.29</B></P>
</TD><TD style="background-color:#CCFFCC; border-bottom:3px double #FFFFFF" valign=bottom width=18.267><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=7.333><P style="line-height:13pt; margin:0px; font-size:11pt">$</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=80.667><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>(.24</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:3px double #FFFFFF" valign=bottom width=18.267><P style="line-height:13pt; margin:0px; font-size:11pt">)</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=7.333><P style="line-height:13pt; margin:0px; font-family:Times New Roman Bold; font-size:11pt"><B>$</B></P>
</TD><TD style="background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=80.667><P style="line-height:13pt; margin:0px; font-family:Times New Roman Bold; font-size:11pt" align=right><B>.15</B></P>
</TD><TD style="background-color:#CCFFCC; border-bottom:3px double #FFFFFF" valign=bottom width=18.267><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=7.333><P style="line-height:13pt; margin:0px; font-size:11pt">$</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=80.667><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>.10</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:3px double #FFFFFF" valign=bottom width=4.933><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=289.933><P>&nbsp;</P></TD><TD valign=bottom width=18.333><P>&nbsp;</P></TD><TD valign=bottom width=7.333><P>&nbsp;</P></TD><TD valign=bottom width=80.667><P>&nbsp;</P></TD><TD valign=bottom width=18.267><P>&nbsp;</P></TD><TD valign=bottom width=7.333><P>&nbsp;</P></TD><TD valign=bottom width=80.667><P>&nbsp;</P></TD><TD valign=bottom width=18.267><P>&nbsp;</P></TD><TD valign=bottom width=7.333><P>&nbsp;</P></TD><TD valign=bottom width=80.667><P>&nbsp;</P></TD><TD valign=bottom width=18.267><P>&nbsp;</P></TD><TD valign=bottom width=7.333><P>&nbsp;</P></TD><TD valign=bottom width=80.667><P>&nbsp;</P></TD><TD valign=bottom width=4.933><P>&nbsp;</P></TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=bottom width=289.933><P style="line-height:13pt; margin:0px; padding-left:8px; text-indent:-8px; font-size:11pt">Weighted average common shares outstanding:</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=18.333><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=7.333><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=80.667><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=18.267><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=7.333><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=80.667><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=18.267><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=7.333><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=80.667><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=18.267><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=7.333><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=80.667><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" v
align=bottom width=4.933><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=289.933><P style="line-height:13pt; margin:0px; padding-left:24px; text-indent:-8px; font-size:11pt">Basic and diluted</P>
</TD><TD valign=bottom width=18.333><P>&nbsp;</P></TD><TD style="border-bottom:3px double #000000" valign=bottom width=7.333><P>&nbsp;</P></TD><TD style="border-bottom:3px double #000000" valign=bottom width=80.667><P style="line-height:13pt; margin:0px; font-size:11pt" align=right><B>5,441,677</B></P>
</TD><TD style="border-bottom:3px double #FFFFFF" valign=bottom width=18.267><P>&nbsp;</P></TD><TD style="border-bottom:3px double #000000" valign=bottom width=7.333><P>&nbsp;</P></TD><TD style="border-bottom:3px double #000000" valign=bottom width=80.667><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>5,485,136</P>
</TD><TD style="border-bottom:3px double #FFFFFF" valign=bottom width=18.267><P>&nbsp;</P></TD><TD style="border-bottom:3px double #000000" valign=bottom width=7.333><P>&nbsp;</P></TD><TD style="border-bottom:3px double #000000" valign=bottom width=80.667><P style="line-height:13pt; margin:0px; font-size:11pt" align=right><B>5,440,823</B></P>
</TD><TD style="border-bottom:3px double #FFFFFF" valign=bottom width=18.267><P>&nbsp;</P></TD><TD style="border-bottom:3px double #000000" valign=bottom width=7.333><P>&nbsp;</P></TD><TD style="border-bottom:3px double #000000" valign=bottom width=80.667><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>5,461,242</P>
</TD><TD style="border-bottom:3px double #FFFFFF" valign=bottom width=4.933><P>&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=center>4</P>
<P style="margin:0px" align=justify><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="line-height:13pt; margin:0px; font-size:11pt; page-break-before:always" align=center><B>COFFEE HOLDING CO., INC.</B></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=center><B>CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:9.8px; font-size:11pt" align=center><B>NINE MONTHS ENDED JULY 31, 2009 AND 2008</B></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=center><B>(Unaudited)</B></P>
<P style="margin:0px" align=center><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=516.933></TD><TD width=18.8></TD><TD width=7.533></TD><TD width=82.333></TD><TD width=18.8></TD><TD width=7.533></TD><TD width=82.333></TD><TD width=4.933></TD></TR>
<TR><TD valign=bottom width=516.933><P>&nbsp;</P></TD><TD valign=bottom width=18.8><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=89.867 colspan=2><P style="line-height:11pt; margin:0px; font-size:9pt" align=center><B>2009</B></P>
</TD><TD valign=bottom width=18.8><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=89.867 colspan=2><P style="line-height:11pt; margin:0px; font-size:9pt" align=center>2008</P>
</TD><TD valign=bottom width=4.933><P>&nbsp;</P></TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=bottom width=516.933><P style="line-height:13pt; margin:0px; font-size:11pt"><B>OPERATING ACTIVITIES:</B></P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=18.8><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=7.533><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=82.333><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=18.8><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=7.533><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=82.333><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=4.933><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=516.933><P style="line-height:13pt; margin:0px; padding-left:24px; text-indent:-8px; font-size:11pt">Net income (loss)</P>
</TD><TD valign=bottom width=18.8><P>&nbsp;</P></TD><TD valign=bottom width=7.533><P style="line-height:13pt; margin:0px; font-size:11pt"><B>$</B></P>
</TD><TD valign=bottom width=82.333><P style="line-height:13pt; margin:0px; font-size:11pt" align=right><B>1,592,211</B></P>
</TD><TD valign=bottom width=18.8><P>&nbsp;</P></TD><TD valign=bottom width=7.533><P style="line-height:13pt; margin:0px; font-size:11pt">$</P>
</TD><TD valign=bottom width=82.333><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>(1,310,654</P>
</TD><TD valign=bottom width=4.933><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>)</P>
</TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=bottom width=516.933><P style="line-height:13pt; margin:0px; padding-left:24px; text-indent:-8px; font-size:11pt">Adjustments to reconcile net income (loss) to net cash (used in) <BR>
provided by operating activities:</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=18.8><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=7.533><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=82.333><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=18.8><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=7.533><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=82.333><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=4.933><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=516.933><P style="line-height:13pt; margin:0px; padding-left:40px; text-indent:-8px; font-size:11pt">Depreciation and amortization</P>
</TD><TD valign=bottom width=18.8><P>&nbsp;</P></TD><TD valign=bottom width=7.533><P>&nbsp;</P></TD><TD valign=bottom width=82.333><P style="line-height:13pt; margin:0px; font-size:11pt" align=right><B>412,933</B></P>
</TD><TD valign=bottom width=18.8><P>&nbsp;</P></TD><TD valign=bottom width=7.533><P>&nbsp;</P></TD><TD valign=bottom width=82.333><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>400,134</P>
</TD><TD valign=bottom width=4.933><P>&nbsp;</P></TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=bottom width=516.933><P style="line-height:13pt; margin:0px; padding-left:40px; text-indent:-8px; font-size:11pt">Bad debt</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=18.8><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=7.533><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=82.333><P style="line-height:13pt; margin:0px; font-size:11pt" align=right><B>16,115</B></P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=18.8><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=7.533><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=82.333><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&#151;</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=4.933><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=516.933><P style="line-height:13pt; margin:0px; padding-left:40px; text-indent:-8px; font-size:11pt">Deferred rent</P>
</TD><TD valign=bottom width=18.8><P>&nbsp;</P></TD><TD valign=bottom width=7.533><P>&nbsp;</P></TD><TD valign=bottom width=82.333><P style="line-height:13pt; margin:0px; font-size:11pt" align=right><B>21,831</B></P>
</TD><TD valign=bottom width=18.8><P>&nbsp;</P></TD><TD valign=bottom width=7.533><P>&nbsp;</P></TD><TD valign=bottom width=82.333><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&#151;</P>
</TD><TD valign=bottom width=4.933><P>&nbsp;</P></TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=bottom width=516.933><P style="line-height:13pt; margin:0px; padding-left:40px; text-indent:-8px; font-size:11pt">Deferred income taxes</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=18.8><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=7.533><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=82.333><P style="line-height:13pt; margin:0px; font-size:11pt" align=right><B>716,377</B></P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=18.8><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=7.533><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=82.333><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>(652,000</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=4.933><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>)</P>
</TD></TR>
<TR><TD valign=bottom width=516.933><P style="line-height:13pt; margin:0px; padding-left:40px; text-indent:-8px; font-size:11pt">Minority interest</P>
</TD><TD valign=bottom width=18.8><P>&nbsp;</P></TD><TD valign=bottom width=7.533><P>&nbsp;</P></TD><TD valign=bottom width=82.333><P style="line-height:13pt; margin:0px; font-size:11pt" align=right><B>3,425</B></P>
</TD><TD valign=bottom width=18.8><P>&nbsp;</P></TD><TD valign=bottom width=7.533><P>&nbsp;</P></TD><TD valign=bottom width=82.333><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>2,344</P>
</TD><TD valign=bottom width=4.933><P>&nbsp;</P></TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=bottom width=516.933><P style="line-height:13pt; margin:0px; padding-left:24px; text-indent:-8px; font-size:11pt">Changes in operating assets and liabilities:</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=18.8><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=7.533><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=82.333><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=18.8><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=7.533><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=82.333><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=4.933><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=516.933><P style="line-height:13pt; margin:0px; padding-left:40px; text-indent:-8px; font-size:11pt">Commodities held at broker</P>
</TD><TD valign=bottom width=18.8><P>&nbsp;</P></TD><TD valign=bottom width=7.533><P>&nbsp;</P></TD><TD valign=bottom width=82.333><P style="line-height:13pt; margin:0px; font-size:11pt" align=right><B>(956,705</B></P>
</TD><TD valign=bottom width=18.8><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify><B>)</B></P>
</TD><TD valign=bottom width=7.533><P>&nbsp;</P></TD><TD valign=bottom width=82.333><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>2,481,589</P>
</TD><TD valign=bottom width=4.933><P>&nbsp;</P></TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=bottom width=516.933><P style="line-height:13pt; margin:0px; padding-left:40px; text-indent:-8px; font-size:11pt">Accounts receivable</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=18.8><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=7.533><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=82.333><P style="line-height:13pt; margin:0px; font-size:11pt" align=right><B>1,065,442</B></P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=18.8><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=7.533><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=82.333><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>563,222</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=4.933><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=516.933><P style="line-height:13pt; margin:0px; padding-left:40px; text-indent:-8px; font-size:11pt">Inventories</P>
</TD><TD valign=bottom width=18.8><P>&nbsp;</P></TD><TD valign=bottom width=7.533><P>&nbsp;</P></TD><TD valign=bottom width=82.333><P style="line-height:13pt; margin:0px; font-size:11pt" align=right><B>542,909</B></P>
</TD><TD valign=bottom width=18.8><P>&nbsp;</P></TD><TD valign=bottom width=7.533><P>&nbsp;</P></TD><TD valign=bottom width=82.333><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>(246,676</P>
</TD><TD valign=bottom width=4.933><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>)</P>
</TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=bottom width=516.933><P style="line-height:13pt; margin:0px; padding-left:40px; text-indent:-8px; font-size:11pt">Prepaid expenses and other current assets</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=18.8><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=7.533><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=82.333><P style="line-height:13pt; margin:0px; font-size:11pt" align=right><B>(101,833</B></P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=18.8><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify><B>)</B></P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=7.533><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=82.333><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>218,847</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=4.933><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=516.933><P style="line-height:13pt; margin:0px; padding-left:40px; text-indent:-8px; font-size:11pt">Prepaid and refundable income taxes</P>
</TD><TD valign=bottom width=18.8><P>&nbsp;</P></TD><TD valign=bottom width=7.533><P>&nbsp;</P></TD><TD valign=bottom width=82.333><P style="line-height:13pt; margin:0px; font-size:11pt" align=right><B>690,529</B></P>
</TD><TD valign=bottom width=18.8><P>&nbsp;</P></TD><TD valign=bottom width=7.533><P>&nbsp;</P></TD><TD valign=bottom width=82.333><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>(86,406</P>
</TD><TD valign=bottom width=4.933><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>)</P>
</TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=bottom width=516.933><P style="line-height:13pt; margin:0px; padding-left:40px; text-indent:-8px; font-size:11pt">Accounts payable and accrued expenses</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=18.8><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=7.533><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=82.333><P style="line-height:13pt; margin:0px; font-size:11pt" align=right><B>(4,215,988</B></P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=18.8><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify><B>)</B></P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=7.533><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=82.333><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>(833,122</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=4.933><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>)</P>
</TD></TR>
<TR><TD valign=bottom width=516.933><P style="line-height:13pt; margin:0px; padding-left:40px; text-indent:-8px; font-size:11pt">Deposits and other assets</P>
</TD><TD valign=bottom width=18.8><P>&nbsp;</P></TD><TD valign=bottom width=7.533><P>&nbsp;</P></TD><TD valign=bottom width=82.333><P style="line-height:13pt; margin:0px; font-size:11pt" align=right><B>(21,124</B></P>
</TD><TD valign=bottom width=18.8><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify><B>)</B></P>
</TD><TD valign=bottom width=7.533><P>&nbsp;</P></TD><TD valign=bottom width=82.333><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>(47,628</P>
</TD><TD valign=bottom width=4.933><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>)</P>
</TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=bottom width=516.933><P style="line-height:13pt; margin:0px; padding-left:40px; text-indent:-8px; font-size:11pt">Deferred compensation</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=18.8><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=7.533><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=82.333><P style="line-height:13pt; margin:0px; font-size:11pt" align=right><B>108,427</B></P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=18.8><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=7.533><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=82.333><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>62,880</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=4.933><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=516.933><P style="line-height:13pt; margin:0px; padding-left:40px; text-indent:-8px; font-size:11pt">Income taxes payable</P>
</TD><TD valign=bottom width=18.8><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=7.533><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=82.333><P style="line-height:13pt; margin:0px; padding-right:5.6px; font-size:11pt" align=right><B>&#151;</B></P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=18.8><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=7.533><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=82.333><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>(9,161</P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=4.933><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>)</P>
</TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=bottom width=516.933><P style="line-height:13pt; margin:0px; padding-left:56px; text-indent:-8px; font-size:11pt"><B>Net cash provided by (used in) operating activities</B></P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=18.8><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=7.533><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=82.333><P style="line-height:13pt; margin:0px; font-size:11pt" align=right><B>(125,452</B></P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=18.8><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify><B>)</B></P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=7.533><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=82.333><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>543,369</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=4.933><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=516.933><P>&nbsp;</P></TD><TD valign=bottom width=18.8><P>&nbsp;</P></TD><TD valign=bottom width=7.533><P>&nbsp;</P></TD><TD valign=bottom width=82.333><P>&nbsp;</P></TD><TD valign=bottom width=18.8><P>&nbsp;</P></TD><TD valign=bottom width=7.533><P>&nbsp;</P></TD><TD valign=bottom width=82.333><P>&nbsp;</P></TD><TD valign=bottom width=4.933><P>&nbsp;</P></TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=bottom width=516.933><P style="line-height:13pt; margin:0px; padding-left:12px; text-indent:-12px; font-size:11pt"><B>INVESTING ACTIVITIES:</B></P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=18.8><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=7.533><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=82.333><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=18.8><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=7.533><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=82.333><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=4.933><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=516.933><P style="line-height:13pt; margin:0px; padding-left:24px; text-indent:-8px; font-size:11pt">Purchases of property and equipment</P>
</TD><TD valign=bottom width=18.8><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=7.533><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=82.333><P style="line-height:13pt; margin:0px; font-size:11pt" align=right><B>(166,879</B></P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=18.8><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify><B>)</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=7.533><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=82.333><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>(352,446</P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=4.933><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>)</P>
</TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=bottom width=516.933><P style="line-height:13pt; margin:0px; padding-left:56px; text-indent:-8px; font-size:11pt"><B>Net cash provided by (used in) investing activities</B></P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=18.8><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=7.533><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=82.333><P style="line-height:13pt; margin:0px; font-size:11pt" align=right><B>(166,879</B></P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=18.8><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify><B>)</B></P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=7.533><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=82.333><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>(352,446</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=4.933><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>)</P>
</TD></TR>
<TR><TD valign=bottom width=516.933><P>&nbsp;</P></TD><TD valign=bottom width=18.8><P>&nbsp;</P></TD><TD valign=bottom width=7.533><P>&nbsp;</P></TD><TD valign=bottom width=82.333><P>&nbsp;</P></TD><TD valign=bottom width=18.8><P>&nbsp;</P></TD><TD valign=bottom width=7.533><P>&nbsp;</P></TD><TD valign=bottom width=82.333><P>&nbsp;</P></TD><TD valign=bottom width=4.933><P>&nbsp;</P></TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=bottom width=516.933><P style="line-height:13pt; margin:0px; font-size:11pt"><B>FINANCING ACTIVITIES:</B></P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=18.8><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=7.533><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=82.333><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=18.8><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=7.533><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=82.333><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=4.933><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=516.933><P style="line-height:13pt; margin:0px; padding-left:24px; text-indent:-8px; font-size:11pt">Advances under bank line of credit</P>
</TD><TD valign=bottom width=18.8><P>&nbsp;</P></TD><TD valign=bottom width=7.533><P>&nbsp;</P></TD><TD valign=bottom width=82.333><P style="line-height:13pt; margin:0px; font-size:11pt" align=right><B>58,747,700</B></P>
</TD><TD valign=bottom width=18.8><P>&nbsp;</P></TD><TD valign=bottom width=7.533><P>&nbsp;</P></TD><TD valign=bottom width=82.333><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>46,023,524</P>
</TD><TD valign=bottom width=4.933><P>&nbsp;</P></TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=bottom width=516.933><P style="line-height:13pt; margin:0px; padding-left:24px; text-indent:-8px; font-size:11pt">Principal payments under bank line of credit</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=18.8><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=7.533><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=82.333><P style="line-height:13pt; margin:0px; font-size:11pt" align=right><B>(57,397,525</B></P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=18.8><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify><B>)</B></P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=7.533><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=82.333><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>(44,592,153</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=4.933><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>)</P>
</TD></TR>
<TR><TD valign=bottom width=516.933><P style="line-height:13pt; margin:0px; padding-left:24px; text-indent:-8px; font-size:11pt">Payment of dividend</P>
</TD><TD valign=bottom width=18.8><P>&nbsp;</P></TD><TD valign=bottom width=7.533><P>&nbsp;</P></TD><TD valign=bottom width=82.333><P style="line-height:13pt; margin:0px; font-size:11pt" align=right><B>&#151;</B></P>
</TD><TD valign=bottom width=18.8><P>&nbsp;</P></TD><TD valign=bottom width=7.533><P>&nbsp;</P></TD><TD valign=bottom width=82.333><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>(1,544,568</P>
</TD><TD valign=bottom width=4.933><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>)</P>
</TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=bottom width=516.933><P style="line-height:13pt; margin:0px; padding-left:24px; text-indent:-8px; font-size:11pt">Purchase of treasury stock</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=18.8><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=7.533><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=82.333><P style="line-height:13pt; margin:0px; font-size:11pt" align=right><B>(5,526</B></P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=18.8><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify><B>)</B></P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=7.533><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=82.333><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>(200,592</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=4.933><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>)</P>
</TD></TR>
<TR><TD valign=bottom width=516.933><P style="line-height:13pt; margin:0px; padding-left:56px; text-indent:-8px; font-size:11pt"><B>Net cash provided by (used in) financing activities</B></P>
</TD><TD valign=bottom width=18.8><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=7.533><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=82.333><P style="line-height:13pt; margin:0px; font-size:11pt" align=right><B>1,344,649</B></P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=18.8><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=7.533><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=82.333><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>(313,789</P>
</TD><TD style="border-bottom:1px solid #FFFFFF" valign=bottom width=4.933><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>)</P>
</TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=bottom width=516.933><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=18.8><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=7.533><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=82.333><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=18.8><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=7.533><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=82.333><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=4.933><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=516.933><P>&nbsp;</P></TD><TD valign=bottom width=18.8><P>&nbsp;</P></TD><TD valign=bottom width=7.533><P>&nbsp;</P></TD><TD valign=bottom width=82.333><P>&nbsp;</P></TD><TD valign=bottom width=18.8><P>&nbsp;</P></TD><TD valign=bottom width=7.533><P>&nbsp;</P></TD><TD valign=bottom width=82.333><P>&nbsp;</P></TD><TD valign=bottom width=4.933><P>&nbsp;</P></TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=bottom width=516.933><P style="line-height:13pt; margin:0px; font-size:11pt"><B>NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS</B></P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=18.8><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=7.533><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=82.333><P style="line-height:13pt; margin:0px; font-size:11pt" align=right><B>1,052,318</B></P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=18.8><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=7.533><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=82.333><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>(122,866</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=4.933><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>)</P>
</TD></TR>
<TR><TD valign=bottom width=516.933><P>&nbsp;</P></TD><TD valign=bottom width=18.8><P>&nbsp;</P></TD><TD valign=bottom width=7.533><P>&nbsp;</P></TD><TD valign=bottom width=82.333><P>&nbsp;</P></TD><TD valign=bottom width=18.8><P>&nbsp;</P></TD><TD valign=bottom width=7.533><P>&nbsp;</P></TD><TD valign=bottom width=82.333><P>&nbsp;</P></TD><TD valign=bottom width=4.933><P>&nbsp;</P></TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=bottom width=516.933><P style="line-height:13pt; margin:0px; font-family:Times New Roman Bold; font-size:11pt"><B>CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD</B></P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=18.8><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=7.533><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=82.333><P style="line-height:13pt; margin:0px; font-size:11pt" align=right><B>963,298</B></P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=18.8><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=7.533><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=82.333><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>890,649</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=4.933><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=516.933><P>&nbsp;</P></TD><TD valign=bottom width=18.8><P>&nbsp;</P></TD><TD valign=bottom width=7.533><P>&nbsp;</P></TD><TD valign=bottom width=82.333><P>&nbsp;</P></TD><TD valign=bottom width=18.8><P>&nbsp;</P></TD><TD valign=bottom width=7.533><P>&nbsp;</P></TD><TD valign=bottom width=82.333><P>&nbsp;</P></TD><TD valign=bottom width=4.933><P>&nbsp;</P></TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=bottom width=516.933><P style="line-height:13pt; margin:0px; font-size:11pt"><B>CASH AND CASH EQUIVALENTS, END OF PERIOD</B></P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=18.8><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=7.533><P style="line-height:13pt; margin:0px; font-size:11pt"><B>$</B></P>
</TD><TD style="background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=82.333><P style="line-height:13pt; margin:0px; font-size:11pt" align=right><B>2,015,616</B></P>
</TD><TD style="background-color:#CCFFCC; border-bottom:3px double #FFFFFF" valign=bottom width=18.8><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=7.533><P style="line-height:13pt; margin:0px; font-size:11pt">$</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=82.333><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>767,783</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:3px double #FFFFFF" valign=bottom width=4.933><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=516.933><P>&nbsp;</P></TD><TD valign=bottom width=18.8><P>&nbsp;</P></TD><TD valign=bottom width=7.533><P>&nbsp;</P></TD><TD valign=bottom width=82.333><P>&nbsp;</P></TD><TD valign=bottom width=18.8><P>&nbsp;</P></TD><TD valign=bottom width=7.533><P>&nbsp;</P></TD><TD valign=bottom width=82.333><P>&nbsp;</P></TD><TD valign=bottom width=4.933><P>&nbsp;</P></TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=bottom width=516.933><P style="line-height:13pt; margin:0px; font-size:11pt"><B>SUPPLEMENTAL DISCLOSURE OF CASH FLOW DATA:</B></P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=18.8><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=7.533><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=82.333><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=18.8><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=7.533><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=82.333><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=4.933><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=516.933><P style="line-height:13pt; margin:0px; padding-left:24px; text-indent:-8px; font-size:11pt">Interest paid</P>
</TD><TD valign=bottom width=18.8><P>&nbsp;</P></TD><TD style="border-bottom:3px double #000000" valign=bottom width=7.533><P style="line-height:13pt; margin:0px; font-size:11pt"><B>$</B></P>
</TD><TD style="border-bottom:3px double #000000" valign=bottom width=82.333><P style="line-height:13pt; margin:0px; font-size:11pt" align=right><B>77,422</B></P>
</TD><TD style="border-bottom:3px double #FFFFFF" valign=bottom width=18.8><P>&nbsp;</P></TD><TD style="border-bottom:3px double #000000" valign=bottom width=7.533><P style="line-height:13pt; margin:0px; font-size:11pt">$</P>
</TD><TD style="border-bottom:3px double #000000" valign=bottom width=82.333><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>84,143</P>
</TD><TD style="border-bottom:3px double #FFFFFF" valign=bottom width=4.933><P>&nbsp;</P></TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=bottom width=516.933><P style="line-height:13pt; margin:0px; padding-left:24px; text-indent:-8px; font-size:11pt">Income taxes paid</P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=18.8><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=7.533><P style="line-height:13pt; margin:0px; font-size:11pt"><B>$</B></P>
</TD><TD style="background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=82.333><P style="line-height:13pt; margin:0px; font-family:Times New Roman Bold; font-size:11pt" align=right><B>367,050</B></P>
</TD><TD style="background-color:#CCFFCC; border-bottom:3px double #FFFFFF" valign=bottom width=18.8><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=7.533><P style="line-height:13pt; margin:0px; font-size:11pt">$</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=82.333><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>23,249</P>
</TD><TD style="background-color:#CCFFCC; border-bottom:3px double #FFFFFF" valign=bottom width=4.933><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=516.933><P>&nbsp;</P></TD><TD valign=bottom width=18.8><P>&nbsp;</P></TD><TD valign=bottom width=7.533><P>&nbsp;</P></TD><TD valign=bottom width=82.333><P>&nbsp;</P></TD><TD valign=bottom width=18.8><P>&nbsp;</P></TD><TD valign=bottom width=7.533><P>&nbsp;</P></TD><TD valign=bottom width=82.333><P>&nbsp;</P></TD><TD valign=bottom width=4.933><P>&nbsp;</P></TD></TR>
<TR><TD style="background-color:#CCFFCC" valign=bottom width=516.933><P style="line-height:13pt; margin:0px; font-size:11pt"><B>SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING ACTIVITIES:</B></P>
</TD><TD style="background-color:#CCFFCC" valign=bottom width=18.8><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=7.533><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=82.333><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=18.8><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=7.533><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=82.333><P>&nbsp;</P></TD><TD style="background-color:#CCFFCC" valign=bottom width=4.933><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=516.933><P style="line-height:13pt; margin:0px; padding-left:24px; text-indent:-8px; font-size:11pt">The Company utilized its deposit for the purchase of machinery and equipment.</P>
</TD><TD valign=bottom width=18.8><P>&nbsp;</P></TD><TD style="border-bottom:3px double #000000" valign=bottom width=7.533><P style="line-height:13pt; margin:0px; font-family:Times New Roman Bold; font-size:11pt"><B>$</B></P>
</TD><TD style="border-bottom:3px double #000000" valign=bottom width=82.333><P style="line-height:13pt; margin:0px; font-family:Times New Roman Bold; font-size:11pt" align=right><B>&#151;</B></P>
</TD><TD style="border-bottom:3px double #FFFFFF" valign=bottom width=18.8><P>&nbsp;</P></TD><TD style="border-bottom:3px double #000000" valign=bottom width=7.533><P style="line-height:13pt; margin:0px; font-size:11pt">$</P>
</TD><TD style="border-bottom:3px double #000000" valign=bottom width=82.333><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>296,960</P>
</TD><TD style="border-bottom:3px double #FFFFFF" valign=bottom width=4.933><P>&nbsp;</P></TD></TR>
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<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=center>5</P>
<P style="margin:0px" align=justify><BR></P>
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