Welcome to our dedicated page for Scheid Vineyd news (Ticker: SVIN), a resource for investors and traders seeking the latest updates and insights on Scheid Vineyd stock.
Scheid Vineyards Inc. (doing business as Scheid Family Wines, OTC Markets: SVIN) regularly publishes detailed financial and operational updates that are reflected on this news page. As a family-owned wine company founded in 1972 and based in Monterey County, California, Scheid Family Wines reports on its performance as a grower, producer, and marketer of estate grown wines.
News items for SVIN commonly include quarterly and year-end fiscal results, with revenue broken out into cased goods sales, bulk wine sales, grape sales, winery processing and storage revenues, direct sales, vineyard management revenues, and other revenues. Management commentary often addresses trends in the wine market, such as changes in cased goods demand, bulk wine pricing, harvest yields relative to the company’s five-year average, and the impact of weather patterns on the Central Coast.
Releases also discuss cost trends, gross margin performance, sales and marketing and general and administrative expenses, and interest expense on variable rate debt. From time to time, Scheid Family Wines reports on non-recurring items such as gains on the sale of property, plant and equipment or vineyard properties, loan forgiveness under the Paycheck Protection Plan, and write-downs of bulk wine inventories to market.
Investors and followers of SVIN can use this page to review the company’s own narrative around industry conditions, harvest updates, lender forbearance agreements, and its evolution from a grower to a branded wine enterprise, as described in its press releases. Bookmark this feed to access Scheid Family Wines’ historical and ongoing news disclosures in one place.
Scheid Vineyards (OTC: SVIN) reported a 34% revenue increase for Q1 of fiscal 2023, totaling $15.9 million, driven by significant rises in cased goods (36%), bulk wine (41%), and winery processing revenues (60%). However, gross margins decreased from 24% to 22%, attributed to product mix changes and rising material costs, resulting in a gross profit of $3.6 million, up 24%. The company experienced a net loss of $2.2 million, contrasting with a net income of $15.1 million the previous year, influenced by a notable gain from vineyard sales last period. Earnings per share stood at -$2.40.
Scheid Vineyards Inc. (OTC Markets: SVIN) announced its financial results for the year ending February 28, 2022. The company reported a 4% increase in total revenues, reaching $65.1 million, with cased goods sales up by 32% due to the successful launch of the Sunny with a Chance of Flowers brand. Gross profit rose to $17.8 million, improving margins from 24% to 27%. Notably, net income surged to $14.2 million, compared to a net loss of $4.7 million in the previous fiscal year. However, bulk wine sales saw a significant decline of 56%.
Scheid Vineyards reported its financial results for the nine months ending November 30, 2021. Total revenues increased 3% to $43.4 million, driven by a 26% rise in cased goods sales, especially from the Sunny with a Chance of Flowers brand. However, bulk wine sales plummeted 77% as the company shifted focus to cased goods production. Net income reached $14.4 million, a significant turnaround from the $3.7 million loss in the previous year. Operating expenses increased, but lower interest expenses contributed positively to the overall financial health.
Scheid Vineyards announced its financial results for the six months ending August 31, 2021, showing total revenues of $22.7 million, up 12% from $20.2 million in 2020. Cased goods sales surged 32% to $18 million, while bulk wine sales plummeted 52% to $2.3 million. The company reported a net income of $12.6 million, a significant turnaround from a net loss of $4.6 million in 2020. Sales and marketing expenses increased by 21% to $5.1 million, reflecting investments in marketing efforts.
Scheid Vineyards (OTC Markets: SVIN) reported significant financial growth for Q1 of Fiscal 2022, ending May 31, 2021. Total revenues soared by 24% to $11.9 million, compared to $9.6 million in 2020. Key drivers included a 43% increase in cased goods sales, boosted by the Sunny with a Chance of Flowers brand. A notable gain of $23.8 million was recognized from the sale of vineyard properties. The company achieved a net income of $15.1 million, a substantial turnaround from a net loss of $2.4 million in the same quarter last year.
Scheid Vineyards (OTC: SVIN) reported its financial results for the fiscal year ending February 28, 2021. Total revenues increased by 23% to $62.7 million, driven by strong bulk wine sales that rose 67% to $23.7 million. Gross profit margins improved from 11% to 24%, while overall expenses decreased by 9%. Despite these positive trends, the company reported a net loss of $4.7 million, a 64% reduction compared to the previous year. Additionally, the sale of three vineyard parcels for $33 million, including debt relief of $20 million, is expected to result in a gain of approximately $24 million in fiscal 2022.
Scheid Vineyards (OTC: SVIN) announced the sale of three vineyard parcels for $33 million, which includes $20 million of debt assumed by the buyer. The transaction, involving 1,193 acres of vineyards, aligns with the company's strategy to optimize asset holdings and debt in support of its premium wine business. CEO Scott Scheid emphasized the focus on expanding their branded goods portfolio, including the new product, Sunny with a Chance of Flowers. This strategic move is aimed at strengthening operational efficiency and enhancing growth potential.