Scheid Family Wines Reports First Quarter Results
SALINAS, Calif., July 23, 2020 /PRNewswire/ -- Scheid Vineyards Inc. (dba Scheid Family Wines) (OTC Markets: SVIN) announced today its financial results for the three months ended May 31, 2020 (1st quarter of Fiscal 2021).
Financial Results - First Quarter Results Fiscal 2021 (March 1, 2020 – May 31, 2020) |
||||||||||||||||
Three Months Ended May 31, |
||||||||||||||||
2020 |
2019 |
|||||||||||||||
REVENUES: |
||||||||||||||||
Cased goods sales |
$ |
6,684 |
$ |
6,670 |
||||||||||||
Bulk wine sales |
1,630 |
1,110 |
||||||||||||||
Winery processing and storage revenues |
403 |
463 |
||||||||||||||
Direct sales revenues |
755 |
767 |
||||||||||||||
Vineyard management revenues |
78 |
90 |
||||||||||||||
Other revenues |
5 |
280 |
||||||||||||||
Total revenues |
9,555 |
9,380 |
||||||||||||||
COST OF SALES |
(7,495) |
(7,303) |
||||||||||||||
GROSS PROFIT |
2,060 |
2,077 |
||||||||||||||
General and administrative expenses |
(2,056) |
(2,166) |
||||||||||||||
Sales and marketing expenses |
(2,142) |
(2,614) |
||||||||||||||
Interest expense, net |
(1,178) |
(1,182) |
||||||||||||||
Loss from investment in Gifft Wine Venture |
1 |
(2) |
||||||||||||||
Gain on sale of equipment |
— |
25 |
||||||||||||||
LOSS BEFORE BENEFIT FROM INCOME TAXES |
(3,315) |
(3,862) |
||||||||||||||
BENEFIT FROM INCOME TAXES |
928 |
1,081 |
||||||||||||||
NET LOSS |
$ |
(2,387) |
$ |
(2,781) |
||||||||||||
NET LOSS PER SHARE |
$ |
(2.70) |
$ |
(3.15) |
||||||||||||
WEIGHTED AVERAGE SHARES OUTSTANDING |
884 |
884 |
||||||||||||||
(amounts in thousands, except for per share data) |
||||||||||||||||
Mr. Mike Thomsen, Chief Financial Officer of the Company, commented on the first quarter results stating, "Our case goods sales and direct sales revenues have been relatively flat for the first quarter primarily as a result of the COVID-19 related shut down of businesses across the world. Bulk wines sales have increased 47% to $1.6 million in the first quarter of fiscal 2021. Overall total revenues increased 2% quarter over quarter. Total sales, marketing and administrative expenses decreased 12% during the quarter. As a result, the Company's net loss decreased 14% in the first quarter of fiscal 2021, to $2.4 million as compared to $2.8 million in the first quarter of fiscal 2020. The grape and bulk wine business is seasonal, and sales from the current year harvest for those revenues streams are recognized primarily during the third and fourth quarters of each fiscal year."
2020 Harvest Update
Mr. Scott Scheid, President and CEO of the Company, stated, "We are designated as an essential agriculture business and all operations have remained at full employee strength throughout the Covid-19 pandemic. Safety protocols are in place and documented as we prepare for the upcoming annual grape harvest. The harvest usually begins in late August in the Company's southernmost vineyards and is expected to be in full swing by mid-September. This timing is normal for wine grape vineyards on the Central Coast of California. At the present time, management anticipates that yields from the Company's vineyards during the upcoming harvest will be at average levels for most varieties."
About Scheid Family Wines
Scheid Family Wines has farmed wine grapes in Monterey County, California since 1972. With 4,000 acres of sustainably-certified vineyards located along a 70-mile spread of the Salinas Valley and a state- of-the-art wind-powered winery, Scheid Family Wines is fully-integrated to bring high quality estate grown wines to the marketplace. The Scheid Family Wines nationally-distributed portfolio includes Scheid Vineyards, District 7, Ryder Estate, Ranch 32, Metz Road, VDR, Stokes' Ghost and the recently launched Sunny With a Chance of Flowers, a brand in the trending 'better for you' wine category. In addition, Scheid Family Wines produces over 20 regionally distributed brands for specific clients or distributors.
Please visit www.scheidfamilywines.com and www.otcmarkets.com/stock/SVIN/quote for more information.
CONTACT: |
Scott Scheid, President and CEO |
Mike Thomsen, Chief Financial Officer |
|
(831) 455-9990 |
SOURCE Scheid Vineyards Inc.
Related Links
http://www.scheidvineyards.com/
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article