SALINAS, Calif., July 15, 2022 /PRNewswire/ -- Scheid Vineyards Inc. (dba Scheid Family Wines) (OTC Markets: SVIN) announced today its financial results for the three months ended May 31, 2022 (1st Quarter of Fiscal 2023).
Financial Results – First Quarter Results Fiscal 2023 (March 1, 2022 – May 31, 2022)
Three Months Ended May 31, | ||||||||
2022 | 2021 | |||||||
REVENUES: | ||||||||
Cased goods sales | $ | 13,016 | $ | 9,602 | ||||
Bulk wine sales | 1,018 | 723 | ||||||
Winery processing and storage revenues | 948 | 594 | ||||||
Direct sales revenues | 878 | 886 | ||||||
Vineyard management revenues | 85 | 88 | ||||||
Other revenues | 1 | 1 | ||||||
Total revenues | 15,946 | 11,894 | ||||||
COST OF SALES | (12,379) | (9,022) | ||||||
GROSS PROFIT | 3,567 | 2,872 | ||||||
Sales and marketing expenses | (3,514) | (2,809) | ||||||
General and administrative expenses | (2,184) | (1,963) | ||||||
Interest expense, net | (944) | (915) | ||||||
Gain on sale of vineyards and equipment | 15 | 23,757 | ||||||
(LOSS) INCOME BEFORE BENEFIT FROM (PROVISION FOR) INCOME TAXES | (3,060) | 20,942 | ||||||
BENEFIT FROM (PROVISION FOR) INCOME TAXES | 862 | (5,866) | ||||||
NET (LOSS) INCOME | $ | (2,198) | $ | 15,076 | ||||
NET (LOSS) INCOME PER SHARE | $ | (2.40) | $ | 16.83 | ||||
WEIGHTED AVERAGE SHARES OUTSTANDING | 914 | 896 | ||||||
(amounts in thousands, except for per share data) | ||||||||
Mr. Mike Thomsen, Chief Financial Officer of the Company, commented on the first quarter results stating, "Overall revenues increased 34% in the first quarter of fiscal 2023. Cased goods sales increased 36%, bulk wine sales increased 41%, and winery processing and storage revenues increased 60% from the previous year. Overall increases in revenues were partially offset by gross margins decreases from 24% in the 2021 period to 22% in 2022. Margins decreased primarily due to changes in product mix, as well as increases in material costs. Total gross profit increased 24%.
Sales and marketing expenses increased 25%, from $2.8 to $3.5 million, as the Company continued its investment in the marketing of new brands and territories. The Company recognized a gain of $23.8 million from the sale of vineyard properties in the first quarter of fiscal 2022. The net loss before the effects of the gain on vineyard sales and income taxes totaled $2.8 million in the first quarter of fiscal 2022 of as compared to a net loss before income taxes of $3.1 million in fiscal 2023. In total, the Company had a net loss of $2.2 million in the first quarter of fiscal 2023 as compared to net income of $15.1 million in fiscal 2022."
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 wines to the marketplace from its sustainably certified vineyards and innovative luxury-level winery. Scheid's winery and bottling operations are powered by 100% renewable wind energy generated by a 400-foot tall wind turbine, which also supplies energy to many homes in the local community. The Scheid Family Wines globally distributed portfolio includes its namesake brand Scheid Vineyards, Sunny with a Chance of Flowers, District 7, Ryder Estate, Metz Road, VDR (Very Dark Red), Stokes' Ghost, and HOXIE, an artisanal dry wine spritzer. Scheid Family Wines also produces many regionally distributed brands and distributes a portfolio of imported wines through its partnership with PH Imports.
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