Scheid Vineyards Inc. Reports Year End Results
18 Maio 2009 - 5:00PM
PR Newswire (US)
SALINAS, Calif., May 18 /PRNewswire-FirstCall/ -- Scheid Vineyards
Inc. announced today its financial results for the year ended
February 28, 2009. Mike Thomsen, Chief Financial Officer, reported,
"Losses from operations for the year ended February 28, 2009
totaled $4.8 million ($4.86 per share). After adjustments for a
benefit from income taxes ($2.1 million) and a decrease in the
market valuation of an interest rate swap ($1.3 million), the net
loss for the year was $4.0 million ($4.06 per share)." Mr. Thomsen
also reported, "Revenues for the period totaled $24.8 million and
consisted primarily of grape and bulk wine sales and wine
processing and storage fees. Revenues were offset by cost of sales
of $18.8 million, selling, general and administrative expenses of
$7.2 million, and interest expense of $3.6 million." Mr. Thomsen
continued, "The year ended February 28, 2009 is the first full
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." Scott Scheid, CEO,
commented on the loss, "The primary cause of the loss for the year
was a major decrease in grape production in the Company's
vineyards. Tonnage harvested this year was down over 26% from the
Company's 5-year moving average and about 11% below the harvest of
2007. This significant decrease in the size of the crop was
primarily due to adverse weather conditions in the spring and early
summer of 2008." 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 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 other wineries. In addition, the Company produces
ultra premium wine under the Scheid Vineyards label, which is sold
through the Company's tasting rooms, 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 CONSOLIDATED
STATEMENT OF OPERATIONS YEAR ENDED FEBRUARY 28, 2009 (amounts in
thousands, except per share data) REVENUES: Bulk wine sales $11,647
Grapes sales 6,478 Winery processing and storage revenues 4,882
Vineyard management, services and other fees 1,008 Direct sales
revenues 781 --- Total revenues 24,796 COST OF SALES 18,754 ------
GROSS PROFIT 6,042 General and administrative expenses 5,921
Selling expenses 1,299 Write down of vineyard improvements 61 Gain
on sale of property, plant and equipment (24) Interest expense, net
3,604 Market adjustment for interest rate swap 1,325 ----- LOSS
BEFORE BENEFIT FROM INCOME TAXES (6,144) BENEFIT FROM INCOME TAXES
2,117 ----- NET LOSS $(4,027) ======= NET LOSS PER SHARE: BASIC
$(4.06) ====== DILUTED $(4.06) ====== WEIGHTED AVERAGE SHARES
OUTSTANDING: BASIC 991 === DILUTED 991 === 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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