For Further Information:
Scheid Vineyards Inc. (Nasdaq:
SVIN)
305 Hilltown Road
Salinas, CA 93908
(831) 455-9990
CONTACT: Mike Thomsen, Chief
Financial Officer
For Immediate Release:
May 13, 2004
SCHEID VINEYARDS INC.
REPORTS FIRST QUARTER RESULTS
Salinas, CA - May 13, 2004 - Scheid Vineyards Inc.
(Nasdaq: SVIN) announced today its financial results for the first quarter
ended March 31, 2004.
For the three months ended March 31, 2004, total revenues
increased to $1,124,000 from $1,081,000 in the 2003 period. Net loss decreased to $559,000 for the first
quarter of 2004 as compared to $565,000 for 2003. The net loss per share for both periods was $0.10.
Commenting on the results, Mr. Mike Thomsen, Chief
Financial Officer of Scheid Vineyards, said, First quarter results are in line
with our expectations and previous years.
The increase in revenues is primarily due to increased sales of bulk
wine in the 2004 period. The wine grape
business is extremely seasonal, and Scheid Vineyards recognizes a significant
portion of its crop sale revenues at the time of its annual harvest in
September and October.
Scheid Vineyards Inc. ( is an independent producer of
premium wine grapes and operates approximately 5,600 acres of vineyards,
primarily in Monterey County, California.
The Company sells most of its grape production under short and long-term
grape and bulk wine contracts to wineries producing high quality table wines,
and the Company also produces a small amount of ultra premium wine under its
own label.
SCHEID VINEYARDS INC. AND
SUBSIDIARY
Consolidated Statements of
Operations
(amounts in thousands,
except per share data)
(Unaudited)
|
|
|
Three Months Ended
March 31,
|
|
|
|
|
|
2004
|
|
2003
|
|
|
|
REVENUES:
|
|
|
|
|
|
|
|
Sales
|
|
$
|
959
|
|
$
|
888
|
|
|
Vineyard management, services and other fees
...
|
|
165
|
|
193
|
|
|
|
Total revenues
..
|
|
1,124
|
|
1,081
|
|
|
|
COST OF SALES
..
...
|
|
655
|
|
732
|
|
|
|
GROSS PROFIT
..
.
|
|
469
|
|
349
|
|
|
|
General and administrative expenses
..
|
|
1,339
|
|
1,117
|
|
|
|
Interest expense
..
..
..
|
|
159
|
|
184
|
|
|
|
Interest and investment income
..
..
|
|
(81
|
)
|
(10
|
)
|
|
|
LOSS BEFORE INCOME TAX BENEFIT
..
.
|
|
(948
|
)
|
(942
|
)
|
|
|
INCOME TAX BENEFIT
..
..
|
|
389
|
|
377
|
|
|
|
NET LOSS
......
|
|
$
|
(559
|
)
|
$
|
(565
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BASIC AND DILUTED NET LOSS PER SHARE 1
..
|
|
$
|
(0.10
|
)
|
$
|
(0.10
|
)
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE SHARES OUTSTANDING
.
|
|
5,475
|
|
5,475
|
|
|
|
|
|
|
|
|
|
|
|
|
1 There is no difference
between basic and diluted net loss per share.
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