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For Immediate Release:
October 30, 1997
SCHEID
VINEYARDS INC. ANNOUNCES RECORD HARVEST
MARINA DEL REY,
CA - October 30, 1997 - Scheid Vineyards Inc.
(NASDAQ-NMS - SVIN) announced today that its wine grape harvest is 98%
complete with only a small amount of a late harvest type of grape still
in the field. At the end of the third quarter on September 30, 1997,
63% of the Company’s production had been harvested compared to 56% at
September 30, 1996.
"This harvest
exceeded our expectations and set new records for the Company for both
tonnage and revenues," stated Mr. Al Scheid, chief executive officer
of the Company. "We are very pleased with the results of this year’s
harvest," Mr. Scheid continued. The Company indicated that earnings
figures for the nine months ended September 30, 1997 should be available
about November 12, after harvest and other expense accruals are established.
Scheid Vineyards
Inc. is a leading independent producer of premium wine grapes, with
4,950 acres of vineyards in operation, 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 wines
under its own labels.
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