SCHEID FAMILY WINES REPORTS YEAR END RESULTS
SALINAS, Calif., June 6, 2022 /PRNewswire/ -- Scheid Vineyards Inc. (dba Scheid Family Wines) (OTC Markets: SVIN) announced today its financial results for the year ended February 28, 2022.
Financial Results Fiscal Year Ended February 28, 2022 | ||||||||||||||
Year Ended | ||||||||||||||
February 28 2022 | February 28 2021 | |||||||||||||
REVENUES: | ||||||||||||||
Cased goods sales | $ | 39,631 | $ | 29,925 | ||||||||||
Bulk wine sales | 10,410 | 23,726 | ||||||||||||
Grape sales | 3,970 | 728 | ||||||||||||
Winery processing and storage revenues | 7,541 | 5,393 | ||||||||||||
Direct sales revenues | 2,718 | 2,576 | ||||||||||||
Other revenues | 817 | 393 | ||||||||||||
Total revenues | 65,087 | 62,741 | ||||||||||||
COST OF SALES | (47,313) | (47,964) | ||||||||||||
GROSS PROFIT | 17,774 | 14,777 | ||||||||||||
Sales and marketing expenses | (10,410) | (8,516) | ||||||||||||
General and administrative expenses | (8,520) | (7,886) | ||||||||||||
Interest expense, net | (3,266) | (4,325) | ||||||||||||
Loss from investment in Gifft Wine Venture | (359) | (9) | ||||||||||||
Gain on sale of vineyards and equipment | 24,377 | 73 | ||||||||||||
INCOME (LOSS) BEFORE (PROVISON FOR) BENEFIT FROM INCOME TAXES | 19,596 | (5,886) | ||||||||||||
(PROVISION FOR) BENEFIT FROM INCOME TAXES | (5,404) | 1,161 | ||||||||||||
NET INCOME (LOSS) | $ | 14,192 | $ | (4,725) | ||||||||||
NET INCOME (LOSS) PER SHARE | $ | 15.84 | $ | (5.36) | ||||||||||
WEIGHTED AVERAGE SHARES OUTSTANDING | 896 | 881 | ||||||||||||
(amounts in thousands, except for per share data) |
Mr. Mike Thomsen, Chief Financial Officer of the Company, commented on the year end results stating, "Cased goods sales increased
Bulk wine sales decreased
Sales and marketing expenses increased
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
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