Scheid Family Wines Reports First Quarter Results
SALINAS, Calif., July 21, 2021 /PRNewswire/ -- Scheid Vineyards Inc. (dba Scheid Family Wines) (OTC Markets: SVIN) announced today its financial results for the three months ended May 31, 2021 (1st quarter of Fiscal 2022).
Financial Results - First Quarter Results Fiscal 2022 (March 1, 2021 – May 31, 2021) | ||||||||
Three Months Ended May 31, | ||||||||
2021 | 2020 | |||||||
REVENUES: | ||||||||
Cased goods sales | $ | 9,602 | $ | 6,684 | ||||
Bulk wine sales | 723 | 1,630 | ||||||
Winery processing and storage revenues | 594 | 403 | ||||||
Direct sales revenues | 886 | 755 | ||||||
Vineyard management revenues | 87 | 78 | ||||||
Other revenues | 1 | 5 | ||||||
Total revenues | 11,895 | 9,555 | ||||||
COST OF SALES | (9,022) | (7,495) | ||||||
GROSS PROFIT | 2,873 | 2,060 | ||||||
General and administrative expenses | (1,964) | (2,056) | ||||||
Sales and marketing expenses | (2,799) | (2,142) | ||||||
Interest expense, net | (915) | (1,178) | ||||||
Loss from investment in Gifft Wine Venture | (10) | (1) | ||||||
Gain on sale of vineyards and equipment | 23,757 | — | ||||||
INCOME (LOSS) BEFORE (PROVISION FOR) BENEFIT FROM INCOME TAXES | 20,942 | (3,315) | ||||||
(PROVISION FOR) BENEFIT FROM INCOME TAXES | (5,866) | 928 | ||||||
NET INCOME (LOSS) | $ | 15,076 | $ | (2,387) | ||||
NET INCOME (LOSS) PER SHARE | $ | 16.83 | $ | (2.70) | ||||
(amounts in thousands, except for per share data) |
Mr. Scott Scheid, President and CEO of the Company, stated, "In April 2021, the Company sold three of its vineyard parcels for
Mr. Mike Thomsen, Chief Financial Officer of the Company, commented on the first quarter results stating, "Our case goods sales continue to increase, primarily as the result of sales of the Company's Sunny with a Chance of Flowers brand, which was launched in the fall of 2021, and sales to airlines which were limited in the previous year due to COVID-19 travel restrictions. Overall, total revenues increased
About Scheid Family Wines
Scheid Family Wines is a family-owned and operated, estate-driven wine company founded in 1972. Based in Monterey County, California, Scheid is uniquely integrated to bring high quality estate grown wines to the marketplace from its sustainably certified vineyards and innovative luxury level winery. Scheid's winery and bottling operations are powered by
Please visit www.scheidfamilywines.com and www.otcmarkets.com/stock/SVIN/quote for more information.
CONTACT: | Scott Scheid, President and CEO |
Mike Thomsen, Chief Financial Officer | |
(831) 455-9990 |
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SOURCE Scheid Family Wines