Ten Peaks Coffee, a Canada-based publicly traded company that owns Swiss Water Decaffeinated Coffee (SWDCC) and Seaforth Supply Chain Solutions, has posted sales of $13.98m for the third quarter (Q3) ended 30 September 2012, compared to $14.08m in the same period last year.

Net income for the latest three-month period was $0.4m, compared to no net income or loss for the third quarter of 2011.

Gross profit fell by 8% to $1.2m in the third quarter of 2012 from $1.32m in 2011 comparable period.

The decrease in gross profit was primarily due to a sharp decline in the coffee commodity price, which forced the company to sell some of its coffee at a reduced margin.

Ten Peaks Coffee president and CEO Frank Dennis said the company has grown its business despite of volatile commodity market in the quarter and successfully managed the costs and working capital.

"This enabled us to reduce our net debt position by $1.5 million, while also paying out $1.3 million in dividends," Dennis added.

"Additionally, in keeping with our established growth strategy, we have been working to build volume among specialty regional accounts and international customers.

"Our efforts have paid off, with processing volumes to both customer groups growing by 10% since the start of this year. As the North American decaffeinated coffee market as a whole is flat or declining, this reflects solid growth in our market share."