Scheid Vineyards Inc. Reports 3rd Quarter Results
21 Novembro 2007 - 12:00PM
PR Newswire (US)
SALINAS, Calif., Nov. 21 /PRNewswire-FirstCall/ -- Scheid Vineyards
Inc. announced today its financial results for the third quarter
ended September 30, 2007. Mike Thomsen, Chief Financial Officer,
reports, "Losses from continuing operations for the nine months
ended September 30, 2007 totaled $1.6 million ($1.54 per share),
compared to a loss of $1.6 million ($1.60 per share) for the same
period in 2006. Early in 2007, the Company sold a 360-acre
vineyard, resulting in a one-time gain of $4.2 million. After
reflecting the gain on the vineyard sale, taxes on the gain, and
other non-operational items, net income for the nine months ended
September 30, 2007 was $1.1 million ($1.10 per share), compared to
a net loss of $1.0 million ($1.00 per share) in 2006." Mr. Thomsen
continued, "Revenues for the nine months ended September 30, 2007
increased to $19.2 million from $15.6 million for the same period
in 2006 (23%). This increase was driven primarily by sales of bulk
wine and other revenues generated by the Company's winery. These
increases were partially offset by a decrease in grape sales,
primarily because the Company converted 80% of its third quarter
grape production into bulk wine in 2007, as compared to only 38% in
the third quarter of 2006." Looking at the 2007 harvest as a whole,
Mr. Thomsen stated, "The Company's 2007 harvest was completed in
early November. Yields in the Company's vineyards, and throughout
the state of California, were lower than those of 2006 and 2005.
These lower yields and the sale of the 360-acre vineyard, combined
to decrease the 2007 harvest to 17,000 tons, as compared to 22,800
tons in 2006, a 25% reduction." Scheid Vineyards Inc.
(http://www.scheidvineyards.com/) operates approximately 5,300
acres of premium wine grape vineyards, primarily in Monterey
County, California. The Company is in the business of selling
grapes and bulk wine to wineries producing high quality table wine.
The Company also operates a winery that has approximately 30,000
tons of annual processing capability in which it crushes grapes for
its own account, as well as for winery customers. The Company also
produces a small amount of ultra premium wine under the Scheid
Vineyards label, which is sold through the Company's tasting room,
wine club, and local-area retailers. The Class A Common Stock of
Scheid Vineyards is traded on the Pink Sheets Electric Quotation
Service under the stock symbol SVIN. The "Pink Sheets" is a
centralized quotation service that collects and publishes market
maker quotes in real time, primarily through its website,
http://www.pinksheets.com/. This release contains forward-looking
statements as well as historical information. Statements of goals
and strategies and words such as "plan", "believe", "anticipate",
"expect", "objectives", "forecast", and "predict" and other similar
words are intended to identify forward-looking statements. These
forward looking statements are included in accordance with the
"safe harbor" provisions of the Private Securities Litigation
Reform Act of 1995, and involve risks, uncertainties and other
factors that may cause the Company's actual results, performance,
or financial condition to be materially different from any results,
performance, or financial condition suggested by the statements in
this release. SCHEID VINEYARDS INC. AND SUBSIDIARY CONSOLIDATED
STATEMENTS OF OPERATIONS (amounts in thousands, except per share
data) (Unaudited) Three Months Ended Nine Months Ended September
30, September 30, 2007 2006 2007 2006 REVENUES: Bulk wine sales
$1,102 $912 $13,890 $8,303 Grape sales 1,897 4,895 1,897 4,895
Winery processing and storage revenues 1,298 862 2,365 1,322
Vineyard management, services and other fees 265 281 661 690
Tasting room revenues 152 146 411 360 Total revenues 4,714 7,096
19,224 15,570 COST OF SALES 3,065 4,971 14,089 10,227 GROSS PROFIT
1,649 2,125 5,135 5,343 General and administrative expenses 1,500
1,513 4,594 4,689 Selling expenses 96 135 374 446 Write-down of
vineyard improvements -- -- 256 120 Interest expense, net 633 651
1,738 1,849 Market adjustment for interest rate swap 425 -- 425 --
(Gain) loss on sales of land and equipment (3) (13) (4,136) (20)
INCOME (LOSS) BEFORE PROVISION FOR (BENEFIT FROM) INCOME TAXES
(1,002) (161) 1,884 (1,741) PROVISION FOR (BENEFIT FROM) INCOME
TAXES (405) (66) 763 (714) NET INCOME (LOSS) $(597) $(95) $1,121
$(1,027) NET INCOME (LOSS) PER SHARE: BASIC $(0.58) $(0.09) $1.10
$(1.00) DILUTED $(0.58) $(0.09) $1.09 $(1.00) WEIGHTED AVERAGE
SHARES OUTSTANDING: BASIC 1,023 1,024 1,023 1,026 DILUTED 1,023
1,024 1,026 1,026 DATASOURCE: Scheid Vineyards Inc. CONTACT: Scott
Scheid, President and CEO, or Mike Thomsen, Chief Financial
Officer, both of Scheid Vineyards Inc., +1-831-455-9990 Web site:
http://www.scheidvineyards.com/
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