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For Further Information:
Scheid Vineyards
Inc. (Nasdaq: SVIN)
CONTACT: Shawna
Estrada, Director of Investor Relations
For Immediate
Release:
May 11, 2000
SCHEID
VINEYARDS INC. REPORTS FIRST QUARTER RESULTS
Marina del Rey,
CA - May 11, 2000 - Scheid Vineyards Inc. (Nasdaq: SVIN) announced
today its financial results for the first quarter ended March 31, 2000.
For the three months
ended March 31, 2000, revenues decreased 54% to $201,000 from $437,000
in the 1999 period. Net loss increased to $617,000, or $0.11 per share,
for 2000 as compared to $423,000, or $0.07 per share, for 1999.
Commenting on the
results, Ms. Heidi M. Scheid, Chief Financial Officer of Scheid Vineyards,
said, "First quarter results are very much in line with our expectations.
The wine grape business is extremely seasonal, and Scheid Vineyards recognizes
substantially all of its crop sale revenues at the time of its annual
harvest in September and October."
Scheid Vineyards
Inc. is a leading independent producer of premium wine grapes and operates
approximately 6,000 acres of vineyards, primarily in Monterey County,
California. The Company sells most of its grape production under long-term
contracts to wineries producing primarily premium quality table wines,
and the Company also produces a small amount of ultra premium wine under
its own labels.
SVIN Reports First
Quarter Results
Page 2
May 11, 2000
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SCHEID
VINEYARDS INC. AND SUBSIDIARY
Consolidated
Statements of Operations
(In
thousands, except per share data)
Three Months Ended
March 31,
(Unaudited)
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Revenues:
Sales
Vineyard management, services and other fees
Total revenues
Cost of sales
Gross profit
General and administrative expenses
Interest expense (income), net
Income before income tax benefit
Income tax benefit
Net loss
Basic and diluted net loss per share 1
Weighted average shares outstanding
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2000
$ 49
152
201
18
183
995
216
(1,028)
411
$ (617)
$ (0.11)
5,684
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1999
$ 250
187
437
158
279
992
(8)
(705)
282
$ (423)
$ (0.07)
6,116
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1 There
is no difference between basic and diluted net loss per share.
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