Scheid Vineyards Inc. Reports 1st Quarter Results
24 Julho 2009 - 7:30AM
PR Newswire (US)
SALINAS, Calif., July 24 /PRNewswire-FirstCall/ -- Scheid Vineyards
Inc. announced today its financial results for the first quarter
ended May 31, 2009. Mike Thomsen, Chief Financial Officer,
reported, "Revenues for the three months ended May 31, 2009
increased to $4.7 million from $1.5 million for the same period in
2008, primarily due to increased sales of bulk wine. Revenues for
2009 were offset by cost of sales of $3.6 million; selling, general
and administrative expenses of $2.0 million; and interest expense
of $0.9 million. Revenues for 2008 were offset by cost of sales of
$1.3 million; selling, general and administrative expenses of $2.0
million; and interest expense of $0.9 million." "Losses from
operations for the first quarter ended May 31, 2009 totaled $1.8
million ($1.93 per share), as compared to losses from operations of
$2.6 million ($2.62 per share) for the same period in 2008. After
adjustments for a benefit from income taxes ($0.7 million), and a
decrease in the market valuation of an interest rate swap ($0.2
million), the net loss for the three months ended May 31, 2009 was
$1.3 million ($1.40 per share). After adjustments for a benefit
from income taxes ($0.7 million), and an increase in the market
valuation of an interest rate swap ($0.9 million), the net loss for
the first quarter ended May 31, 2008 was $1.0 million ($1.00 per
share)." 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 UNAUDITED CONSOLIDATED
STATEMENTS OF OPERATIONS THREE MONTHS ENDED MAY 31, 2009 AND 2008
(amounts in thousands, except per share data) Three Months Ended
May 31, -------------------------- 2009 2008 ---- ---- REVENUES:
Bulk wine sales $3,919 $539 Winery processing and storage revenues
297 653 Vineyard management, services and other fees 230 220 Direct
sales revenues 269 132 --- --- Total revenues 4,715 1,544 COST OF
SALES 3,564 1,366 ----- ----- GROSS PROFIT 1,151 178 General and
administrative expenses 1,591 1,646 Selling expenses 469 309
Interest expense, net 933 878 Market adjustment for interest rate
swap 238 (946) Gain on sale of land and equipment (2) - -- - LOSS
BEFORE BENEFIT FROM INCOME TAXES (2,078) (1,709) BENEFIT FROM
INCOME TAXES 772 701 --- --- NET LOSS $(1,306) $(1,008) =======
======= NET LOSS PER SHARE: BASIC $(1.40) $(1.00) ====== ======
DILUTED $(1.40) $(1.00) ====== ====== WEIGHTED AVERAGE SHARES
OUTSTANDING: BASIC 931 1,013 === ===== DILUTED 931 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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