58% of EPS was driven by hedging in 1H11. Still an extremely high number, but hedging is part of the business, considering such large weekly price swings. However, the multiple placed on these earnings should be no more than 10x.
just an investment tip. don't make your buy sell decisions based on your purchase price. It's much smarter to constantly evaluate a company's earnings prospects and growth vs valuation on a relative and/or absolute basis. There is definitely growth at JVA, but how much are you willing to pay for it?