Scheid Vineyards Inc. (Nasdaq:
SVIN)
13470 Washington Blvd.
Marina del Rey, CA 90292
(310) 301-1555
CONTACT: Shawna Estrada, Director of Investor Relations
For Immediate Release:
May 10, 2001
SCHEID VINEYARDS INC. REPORTS FIRST QUARTER RESULTS
Marina del Rey, CA - May
10, 2001 - Scheid Vineyards Inc.
(Nasdaq: SVIN) announced today its financial results for the first quarter
ended March 31, 2001.
For
the three months ended March 31, 2001, revenues increased 8% to $218,000 from
$201,000 in the 2000 period. Net loss
increased to $751,000, or $0.14 per share, for 2001 as compared to $617,000, or
$0.11 per share, for 2000.
Commenting
on the results, Mr. Mike Thomsen, Chief Financial Officer of Scheid Vineyards,
said, AFirst 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.@ Mr. Thomsen
continued, AThe increase in net loss is due primarily to the
accrual of $100,000 of estimated costs associated with the previously announced
relocation of the Company=s executive offices from Marina del Rey, California to
Salinas, California.@ The Company
expects the relocation to be completed by the end of June.
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.
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