Scheid Family Wines Reports Year End Results
SALINAS, Calif., June 14, 2021 /PRNewswire/ -- Scheid Vineyards Inc. (dba Scheid Family Wines) (OTC Markets: SVIN) announced today its financial results for the fiscal year ended February 28, 2021.
Financial Results Fiscal Year Ended February 28, 2021
Year Ended | ||||||||||
February 28 2021 | February 29 2020 | |||||||||
REVENUES: | ||||||||||
Cased goods sales | $ | 29,925 | $ | 28,216 | ||||||
Bulk wine sales | 23,726 | 14,201 | ||||||||
Grape sales | 728 | 1,632 | ||||||||
Winery processing and storage revenues | 5,393 | 3,933 | ||||||||
Direct sales revenues | 2,576 | 2,206 | ||||||||
Other revenues | 393 | 840 | ||||||||
Total revenues | 62,741 | 51,028 | ||||||||
COST OF SALES | (47,964) | (41,321) | ||||||||
WRITE-DOWN OF INVENTORY TO MARKET | — | (4,026) | ||||||||
GROSS PROFIT | 14,777 | 5,681 | ||||||||
Sales and marketing expenses | (8,516) | (9,220) | ||||||||
General and administrative expenses | (7,886) | (8,541) | ||||||||
Interest expense, net | (4,325) | (4,790) | ||||||||
Loss from investment in Gifft Wine Venture | (9) | (21) | ||||||||
Loss on disposal of vineyard improvements | — | (1,169) | ||||||||
Gain on sale of equipment | 73 | 88 | ||||||||
LOSS BEFORE BENEFIT FROM INCOME TAXES | (5,886) | (17,972) | ||||||||
BENEFIT FROM INCOME TAXES | 1,161 | 5,099 | ||||||||
NET LOSS | $ | (4,725) | $ | (12,873) | ||||||
NET LOSS PER SHARE | $ | (5.36) | $ | (14.58) | ||||||
(amounts in thousands, except for per share data) |
Mr. Mike Thomsen, Chief Financial Officer of the Company, commented on the year end results stating, "Our case goods sales and direct sales revenues finished ahead of last fiscal year, increasing
Mr. Scott Scheid, President and CEO of the Company, stated, "On April 2, 2021 the Company announced that it had sold three of its vineyard parcels for
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