AskMuncher
3 years ago
$SVIN Scheid Family Wines Announces Sale of Three Vineyard Properties
Press Release | 04/02/2021
Scheid Family Wines Announces Sale of Three Vineyard Properties
PR Newswire
SALINAS, Calif., April 2, 2021
SALINAS, Calif., April 2, 2021 /PRNewswire/ -- Scheid Vineyards Inc. (dba Scheid Family Wines) (OTC Markets: SVIN) announced today that it sold three of its vineyard parcels for $33,000,000 in consideration, which includes the buyer assuming $20,000,000 of the Company's debt that was secured by the properties. The disposition of these parcels, which comprise 1,193 acres of leased and owned vineyards, is part of Scheid Family Wines' overall strategy to better align its asset holdings and debt with its growing premium bottled wine business.
Mr. Scott Scheid, President and CEO of the Company, stated, "We are pleased to complete this transaction and continue to focus our attention and resources on the growth of our branded goods portfolio, which includes our recently launched entrant in the trending 'better for you' category, Sunny with a Chance of Flowers, as well as other national and global brands."
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 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 Scheid Vineyards, Sunny with a Chance of Flowers, District 7, Ryder Estate, Metz Road, VDR, and Stokes' Ghost. Scheid Family Wines also produces many regionally distributed brands for specific clients and distributors.
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
Cision View original content:http://www.prnewswire.com/news-releases/scheid-family-wines-announces-sale-of-three-vineyard-properties-301261167.html
SOURCE Scheid Family Wines
AskMuncher
3 years ago
$SVIN Scheid Family Wines Reports Second Quarter Results
Press Release | 11/02/2020
Scheid Family Wines Reports Second Quarter Results
PR Newswire
SALINAS, Calif., Nov. 2, 2020
SALINAS, Calif., Nov. 2, 2020 /PRNewswire/ -- Scheid Vineyards Inc. (dba Scheid Family Wines) (OTC Markets: SVIN) announced today its financial results for the six months ended August 31, 2020 (2nd quarter of Fiscal 2021).
Financial Results - Second Quarter Results Fiscal 2021 (March 1, 2020 – August 31, 2020)
Six Months Ended August 31,
2020
2019
REVENUES:
Cased goods sales
$
13,638
$
14,202
Bulk wine sales
4,682
2,057
Winery processing and storage revenues
616
879
Direct sales revenues
1,103
1,101
Vineyard management revenues
150
175
Other revenues
6
280
Total revenues
20,195
18,694
COST OF SALES
(16,043)
(15,149)
GROSS PROFIT
4,152
3,545
General and administrative expenses
(4,164)
(4,892)
Sales and marketing expenses
(3,993)
(4,189)
Interest expense, net
(2,326)
(2,369)
Loss from investment in Gifft Wine Venture
(15)
(4)
Gain on sale of equipment
5
35
LOSS BEFORE BENEFIT FROM INCOME TAXES
(6,341)
(7,874)
BENEFIT FROM INCOME TAXES
(1,793)
2,205
NET LOSS
$
(4,528)
$
(5,669)
NET LOSS PER SHARE
$
(5.14)
$
(6.42)
WEIGHTED AVERAGE SHARES OUTSTANDING
884
884
(amounts in thousands, except for per share data)
Mr. Mike Thomsen, Chief Financial Officer of the Company, commented on the second quarter results stating, "Our case goods sales and direct sales revenues continue to be relatively steady through the second quarter despite the COVID-19 related effects to many businesses. Demand for bulk wine has been strong and bulk wine sales revenue has increased 128%, from $2.1 to $4.7 million in the first six months of fiscal 2021. Overall total revenues increased 8% from the previous year six-month period and total sales, marketing and administrative expenses decreased 10%, from $9.1 to $8.2 million. As a result, the Company's net loss decreased 20% to $4.5 million as compared to $5.7 million in the first six months of fiscal 2020. Grape and bulk wine sales are seasonal and these revenues are recognized primarily during the third and fourth quarters of each fiscal year."
2020 Harvest Update
Mr. Scott Scheid, President and CEO of the Company, stated, "The 2020 grape harvest began in late August and is expected to be completed in the first week of November. This timing is normal for wine grape vineyards on the Central Coast of California. Harvest is over 90% complete and yields have come in below average levels for most varieties." Mr. Scheid continued, "The California wildfire season was severe this year and has led to industry-wide concerns about the potential of smoke exposure negatively impacting wine quality. Although fires never directly threatened the Company's vineyards and winery, we are in the process of testing all grapes and wines for indicators of smoke exposure. Our winery has many tools including filtering and blending if required. It is possible that some 2020 vintage wines could be diminished in value."
About Scheid Family Wines
Scheid Family Wines has farmed wine grapes in Monterey County, California since 1972. With 4,000 acres of sustainably-certified vineyards located along a 70-mile spread of the Salinas Valley and a state- of-the-art wind-powered winery, Scheid Family Wines is fully-integrated to bring high quality estate grown wines to the marketplace. The Scheid Family Wines nationally-distributed portfolio includes Scheid Vineyards, District 7, Ryder Estate, Ranch 32, Metz Road, VDR, Stokes' Ghost and the recently launched Sunny With a Chance of Flowers, a brand in the trending 'better for you' wine category. In addition, Scheid Family Wines produces over 20 regionally distributed brands for specific clients or distributors.
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
Cision View original content:http://www.prnewswire.com/news-releases/scheid-family-wines-reports-second-quarter-results-301164320.html
SOURCE Scheid Vineyards Inc.
AskMuncher
4 years ago
$SVIN Scheid Family Wines Reports First Quarter Results
Press Release | 07/23/2020
Scheid Family Wines Reports First Quarter Results
PR Newswire
SALINAS, Calif., July 23, 2020
SALINAS, Calif., July 23, 2020 /PRNewswire/ -- Scheid Vineyards Inc. (dba Scheid Family Wines) (OTC Markets: SVIN) announced today its financial results for the three months ended May 31, 2020 (1st quarter of Fiscal 2021).
Financial Results - First Quarter Results Fiscal 2021 (March 1, 2020 – May 31, 2020)
Three Months Ended May 31,
2020
2019
REVENUES:
Cased goods sales
$
6,684
$
6,670
Bulk wine sales
1,630
1,110
Winery processing and storage revenues
403
463
Direct sales revenues
755
767
Vineyard management revenues
78
90
Other revenues
5
280
Total revenues
9,555
9,380
COST OF SALES
(7,495)
(7,303)
GROSS PROFIT
2,060
2,077
General and administrative expenses
(2,056)
(2,166)
Sales and marketing expenses
(2,142)
(2,614)
Interest expense, net
(1,178)
(1,182)
Loss from investment in Gifft Wine Venture
1
(2)
Gain on sale of equipment
—
25
LOSS BEFORE BENEFIT FROM INCOME TAXES
(3,315)
(3,862)
BENEFIT FROM INCOME TAXES
928
1,081
NET LOSS
$
(2,387)
$
(2,781)
NET LOSS PER SHARE
$
(2.70)
$
(3.15)
WEIGHTED AVERAGE SHARES OUTSTANDING
884
884
(amounts in thousands, except for per share data)
Mr. Mike Thomsen, Chief Financial Officer of the Company, commented on the first quarter results stating, "Our case goods sales and direct sales revenues have been relatively flat for the first quarter primarily as a result of the COVID-19 related shut down of businesses across the world. Bulk wines sales have increased 47% to $1.6 million in the first quarter of fiscal 2021. Overall total revenues increased 2% quarter over quarter. Total sales, marketing and administrative expenses decreased 12% during the quarter. As a result, the Company's net loss decreased 14% in the first quarter of fiscal 2021, to $2.4 million as compared to $2.8 million in the first quarter of fiscal 2020. The grape and bulk wine business is seasonal, and sales from the current year harvest for those revenues streams are recognized primarily during the third and fourth quarters of each fiscal year."
2020 Harvest Update
Mr. Scott Scheid, President and CEO of the Company, stated, "We are designated as an essential agriculture business and all operations have remained at full employee strength throughout the Covid-19 pandemic. Safety protocols are in place and documented as we prepare for the upcoming annual grape harvest. The harvest usually begins in late August in the Company's southernmost vineyards and is expected to be in full swing by mid-September. This timing is normal for wine grape vineyards on the Central Coast of California. At the present time, management anticipates that yields from the Company's vineyards during the upcoming harvest will be at average levels for most varieties."
About Scheid Family Wines
Scheid Family Wines has farmed wine grapes in Monterey County, California since 1972. With 4,000 acres of sustainably-certified vineyards located along a 70-mile spread of the Salinas Valley and a state- of-the-art wind-powered winery, Scheid Family Wines is fully-integrated to bring high quality estate grown wines to the marketplace. The Scheid Family Wines nationally-distributed portfolio includes Scheid Vineyards, District 7, Ryder Estate, Ranch 32, Metz Road, VDR, Stokes' Ghost and the recently launched Sunny With a Chance of Flowers, a brand in the trending 'better for you' wine category. In addition, Scheid Family Wines produces over 20 regionally distributed brands for specific clients or distributors.
AskMuncher
4 years ago
$SVIN
Scheid Family Wines Reports Year End Results
PR Newswire
SALINAS, Calif., June 18, 2020
SALINAS, Calif., June 18, 2020 /PRNewswire/ -- Scheid Vineyards Inc. (dba Scheid Family Wines) (OTC Markets: SVIN) announced today its financial results for the fiscal year ended February 29, 2020.
Financial Results Fiscal Year Ended February 29, 2020
Year Ended
February 29
2020
February 28
2019
REVENUES:
Cased goods sales
$
28,216
$
24,985
Bulk wine sales
14,201
21,985
Grape sales
1,632
3,857
Winery processing and storage revenues
3,933
5,016
Direct sales revenues
2,206
2,025
Vineyard management, services and other fees
840
633
Total revenues
51,028
58,501
COST OF SALES
(41,321)
(44,740)
WRITE-DOWN OF BULK WINE INVENTORIES TO MARKET
(4,026)
(2,000)
GROSS PROFIT
5,681
11,761
General and administrative expenses
(8,541)
(9,757)
Sales and marketing expenses
(9,220)
(7,820)
Interest expense, net
(4,790)
(4,392)
Write-off of loan fees
—
(543)
Loss from investment in Gifft Wine Venture
(21)
(21)
Loss on disposal of vineyard improvements
(1,169)
(218)
Gain on sale of equipment
88
32
LOSS BEFORE BENEFIT FROM INCOME TAXES
(17,972)
(10,958)
BENEFIT FROM INCOME TAXES
5,099
3,031
NET LOSS
$
(12,873)
$
(7,927)
NET LOSS PER SHARE
$
(14.56)
$
(8.97)
(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 continue to increase over the previous fiscal year. Case goods revenues for the year ended February 29, 2020 were up 13% over last fiscal year. Demand for wine grapes and bulk wine continues to be weak, and as a result, grape sales decreased by 58% and bulk wine sales decreased by 35% from last year. In addition, due to cool weather patterns in early spring and late summer of 2019, grape yields were down approximately 20% from long-term average yields, leading to a higher per-ton cost of grapes grown. The combination of weak demand and increased per-ton cost of grown grapes led to a drop in the Company's margins on the sale of grapes and bulk wine, which was the primary factor in the increase in the net loss during the current fiscal year. In addition, the Company took a write-down on its bulk wine inventory of $4.0 million in fiscal 2020 in order to more properly reflect the decreased value of its bulk wine inventory held for sale."
About Scheid Family Wines
Scheid Family Wines has farmed wine grapes in Monterey County, California since 1972. With 4,000 acres of sustainably-certified vineyards located along a 70-mile spread of the Salinas Valley and a state- of-the-art wind-powered winery, Scheid Family Wines is fully-integrated to bring high quality estate grown wines to the marketplace. The Scheid Family Wines nationally-distributed portfolio includes Scheid Vineyards, District 7, Ryder Estate, Ranch 32, Metz Road, VDR, Stokes' Ghost and the recently launched Sunny With a Chance of Flowers, a brand in the trending 'better for you' wine category. In addition, Scheid Family Wines produces over 20 regionally distributed brands for specific clients or distributors.
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10 years ago
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