Vintage Wine Estates, Inc. Reschedules Fiscal Yearend 2021 Earnings Release and Conference Call and Provides Preliminary Fourth Quarter and Fiscal 2021 Revenue

Rhea-AI Summary

Vintage Wine Estates, Inc. (NASDAQ: VWE) reported a preliminary fourth quarter revenue of $57 million, marking a 37% increase year-over-year. Fiscal year 2021 preliminary revenue reached $221 million, up 16% from the previous year. The company has postponed its earnings release to September 28, 2021, to finalize yearend financials due to personnel issues and an untimely staff passing affecting their finance department. They anticipate updating investors on strategic progress during the conference call scheduled for September 29, 2021.

Positive

• Fourth quarter revenue of $57 million represents a 37% increase over the prior year.
• Fiscal year 2021 preliminary revenue of $221 million shows a 16% growth.
• Strong demand across all market segments.

Negative

• Earnings release delayed, potentially indicating financial reporting challenges.
• Personnel shortages and turnover in the finance department may hinder future performance.

• Requires additional time to complete yearend closing as publicly traded company
  
• Strong demand in all segments drove unaudited preliminary fourth quarter revenue of $57 million up 37% over prior-year period including acquired revenue
• Fiscal year 2021 preliminary revenue of $221 million grew 16% over prior year
  

SANTA ROSA, Calif., Sept. 21, 2021 (GLOBE NEWSWIRE) -- Vintage Wine Estates, Inc. (NASDAQ: VWE) (TSX: VWE.U) (TSX: VWE.WT.U) (“VWE” or the “Company”), one of the fastest growing U.S. wine producers with an industry leading direct-to-customer platform, today announced that the Company is rescheduling its fourth quarter and fiscal yearend earnings release and conference call that was previously planned for Wednesday, September 22, 2021. The release of audited financial results is now planned for aftermarket on Tuesday, September 28, 2021. The Company will host a teleconference call and webcast on Wednesday, September 29, 2021 at 10:00 am ET/7:00 am PT.

The announcement of financial results is being delayed to allow additional time to complete the yearend closing process. Unaudited preliminary revenue of $57.0 million for the fourth quarter of fiscal 2021, which ended June 30, 2021, includes the results of Kunde Family Winery which was acquired in May 2021.

Pat Roney, Founder and Chief Executive Officer of Vintage Wine Estates, Inc., commented, “While we had an excellent fourth quarter with strong demand in each of our three major market channel platforms, we have had to address personnel shortages, the untimely passing of a key staff member and turnover in our finance and accounting department which encumbered our efforts to close on schedule. We have employed outsourced services, are beefing up the team and are implementing work processes to improve our timeliness and ensure we have a robust reporting platform. We look forward to updating investors on our strategic progress next week.”

Fourth Quarter and Fiscal Year 2021 Financial Results Conference Call

Wednesday, September 29, 2021
10:00 am Eastern Time / 7:00 am Pacific Time
Phone: 646-904-5544 and use the access code 925261
Internet webcast: ir.vintagewineestates.com

The webcast replay will be available in the investor relations section of the Company’s website at ir.vintagewineestates.com, where a transcript will also be posted once available.

About Vintage Wine Estates, Inc.
Vintage Wine Estates is a family of wineries and wines whose mission is to produce the finest quality wines and provide incredible customer experiences with wineries throughout Napa, Sonoma, California’s Central Coast, Oregon and Washington State. Since its founding 20 years ago, the Company has grown to be the 15^th largest wine producer in the U.S. selling more than two million nine-liter equivalent cases annually. To consistently drive growth, the Company curates, creates, stewards and markets its many brands and services to customers and end consumers via a balanced omni-channel strategy encompassing direct-to-consumer, wholesale and exclusive brand arrangements with national retailers. While VWE is diverse across price points and varietals with over 50 brands ranging from $10 to $150 at retail, its primary focus is on the fastest growing premium segment of the wine industry with the majority of brands selling in the $12 to $20 price range. The Company regularly posts updates and additional information at https://www.vintagewineestates.com/.

Forward-Looking Statements
Some of the statements contained in this press release are forward-looking statements within the meaning of applicable securities laws (collectively, “forward-looking statements”). Forward-looking statements are all statements other than those of historical fact, and generally may be identified by the use of words such as “anticipate,” “believe,” “continue,” “estimate,” “expect,” “future,” “intend,” “may,” “model,” “outlook,” “plan,” “pro forma,” “project,” “seek,” “should,” “will,” “would” or other similar expressions that indicate future events or trends. These forward-looking statements include, but are not limited to, statements regarding estimates of inventory and possibility of other further adjustments, timing to finalize them, determination of the periods to which they relate and the possibility of other adjustments in the audit process or our financial reporting process generally. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of VWE’s management and are not guarantees of actual performance. These forward-looking statements are provided only to provide information currently available to us and are not intended to serve as, and must not be relied on by any investor as, a guarantee, assurance or definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and may differ materially from those contained in or implied by such forward-looking statements. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the control of VWE. Factors that could cause actual results to differ materially from the results expressed or implied by such forward-looking statements include, among others: the results of our internal and external audit and other financial reporting procedures, whether we are able to complete them as currently expected, our ability to recruit and train personnel and risk factors discussed in documents of VWE filed with the U.S. Securities and Exchange Commission (“SEC”) or Canadian securities regulatory authorities. There may be additional risks including other adjustments that VWE does not presently know or that VWE currently believes are immaterial that could also cause actual results to differ from those expressed in or implied by these forward-looking statements. In addition, forward-looking statements reflect VWE’s expectations, plans or forecasts of future events and views as of the date and time of this press release. VWE undertakes no obligation to update or revise any forward-looking statements contained herein, except as may be required by law. Accordingly, undue reliance should not be placed upon these forward-looking statements.

Contacts:

Investors ir@vintagewineestates.com

Media Mary Ann Vangrin MVangrin@vintagewineestates.com

FAQ

What are the preliminary revenue results for Vintage Wine Estates for Q4 2021?

Vintage Wine Estates reported a preliminary revenue of $57 million for Q4 2021, a 37% increase compared to the prior year.

What is the fiscal year 2021 revenue for Vintage Wine Estates?

The preliminary revenue for fiscal year 2021 is $221 million, which represents a 16% growth year-over-year.

When will Vintage Wine Estates release its audited financial results?

Vintage Wine Estates plans to release its audited financial results on September 28, 2021.

What caused the delay in Vintage Wine Estates' earnings release?

The delay was due to personnel shortages and an untimely staff passing affecting the closure of financial results.

When is the conference call for Vintage Wine Estates' financial results?

The conference call is scheduled for September 29, 2021, at 10:00 am ET.