Scheid Vineyards Inc. Reports 1st Quarter Results
28 Julho 2008 - 10:00AM
PR Newswire (US)
SALINAS, Calif., July 28 /PRNewswire-FirstCall/ -- Scheid Vineyards
Inc. (Pink Sheets: SVIN) announced today its financial results for
the first quarter ended May 31, 2008. Mike Thomsen, Chief Financial
Officer, reported, "Losses from operations for the three months
ended May 31, 2008 totaled $2.7 million ($2.62 per share). After an
income tax adjustment ($0.7 million) and a decrease in the market
valuation of an interest rate swap ($0.9 million), the net loss for
the period was $1.0 million ($1.00 per share)." Mr. Thomsen also
reported, "Revenues for the period totaled $1.5 million and
consisted primarily of sales of bulk wine and fees for the
processing and storage of wines for others. These revenues were
offset by cost of sales of $1.5 million, selling, general and
administrative expenses of $1.8 million, and interest expense in
the amount of $0.9 million." Mr. Thomsen continued, "The three
months ended May 31, 2008 is the first quarterly reporting period
since the Company changed its fiscal year end from December 31 to
February 28. The change in fiscal year end was made in order to
report financial results in a manner more consistent with the
Company's revenue cycle, as sales of bulk wine continue to replace
wine grapes in the Company's sales mix. The first new fiscal year
reflecting this change will end February 28, 2009." Scheid
Vineyards Inc. (http://www.scheidvineyards.com/) operates
approximately 5,300 acres of premium wine grape vineyards,
primarily in Monterey County, California. The Company's new, state
of the art, winery commenced operations in 2005 and has the
capacity to process approximately 30,000 tons of grapes each
harvest. The Company's primary business is producing wine grapes
and converting them into high quality bulk wine for sale to large,
and some small, California wineries. The Company also produces
ultra premium wine under the Scheid Vineyards label, which is sold
through the Company's tasting room, wine club, and Monterey,
California 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 UNAUDITED
CONSOLIDATED STATEMENT OF OPERATIONS THREE MONTHS ENDED MAY 31,
2008 (amounts in thousands, except per share data) REVENUES: Bulk
wine sales $ 539 Winery processing and storage revenues 653
Vineyard management, services and other fees 220 Tasting room
revenues 132 Total revenues 1,544 COST OF SALES 1,511 GROSS PROFIT
33 General and administrative expenses 1,646 Selling expenses 164
Interest expense, net 878 Market adjustment for interest rate swap
(946) LOSS BEFORE BENEFIT FROM INCOME TAXES (1,709) BENEFIT FROM
INCOME TAXES 701 NET LOSS $ (1,008) NET LOSS PER SHARE: BASIC $
(1.00) DILUTED $ (1.00) WEIGHTED AVERAGE SHARES OUTSTANDING: BASIC
1,013 DILUTED 1,013 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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