SCHEID FAMILY WINES REPORTS THIRD QUARTER RESULTS
SALINAS, Calif., Jan. 20, 2022 /PRNewswire/ -- Scheid Vineyards Inc. (dba Scheid Family Wines) (OTC Markets: SVIN) announced today its financial results for the nine months ended November 30, 2021 (3rd quarter of Fiscal 2022).
Financial Results - Third Quarter Results Fiscal 2022 (March 1, 2021 – November 30, 2021)
Nine Months Ended November 30, | ||||||||
2021 | 2020 | |||||||
REVENUES: | ||||||||
Cased goods sales | $ | 27,877 | $ | 22,278 | ||||
Bulk wine sales | 2,768 | 12,178 | ||||||
Winery processing and storage revenues | 5,876 | 4,765 | ||||||
Grape sales | 3,970 | 717 | ||||||
Direct sales revenues | 2,292 | 2,041 | ||||||
Vineyard management revenues | 581 | 296 | ||||||
Other revenues | 18 | 10 | ||||||
Total revenues | 43,382 | 42,285 | ||||||
COST OF SALES | (31,447) | (31,629) | ||||||
GROSS PROFIT | 11,935 | 10,656 | ||||||
Sales and marketing expenses | (7,492) | (6,337) | ||||||
General and administrative expenses | (6,096) | (5,967) | ||||||
Interest expense, net | (2,564) | (3,460) | ||||||
Other income (loss) | 3 | (8) | ||||||
Gain on sale of vineyards and equipment | 24,219 | 7 | ||||||
INCOME (LOSS) BEFORE (PROVISION FOR) BENEFIT FROM INCOME TAXES | 20,005 | (5,109) | ||||||
(PROVISION FOR) BENEFIT FROM INCOME TAXES | (5,601) | 1,430 | ||||||
NET INCOME (LOSS) | $ | 14,404 | $ | (3,679) | ||||
NET INCOME (LOSS) PER SHARE | $ | 16.08 | $ | (4.17) | ||||
WEIGHTED AVERAGE SHARES OUTSTANDING | 896 | 884 |
(amounts in thousands, except for per share data)
Mr. Mike Thomsen, Chief Financial Officer of the Company, commented on the third quarter results stating, "Cased goods sales increased
Bulk wine sales decreased
Sales and marketing expenses increased
Mr Thomsen also reported that, "The Company's 2021 grape harvest was completed on November 16, 2021, with yields per acre approximately
About Scheid Family Wines
Scheid Family Wines is a family-owned and operated 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