For Further Information:

 

Scheid Vineyards Inc.  (Nasdaq:  SVIN)

305 Hilltown Road

Salinas, CA 93908

(831) 455-9990

CONTACT: Shawna Estrada, Director of Investor Relations

 

 

For Immediate Release:

May 14, 2002

 

 

SCHEID VINEYARDS INC. REPORTS FIRST QUARTER RESULTS

 

 

Salinas, CA - May 14, 2002 - Scheid Vineyards Inc. (Nasdaq: SVIN) announced today its financial results for the first quarter ended March 31, 2002.

 

                For the three months ended March 31, 2002, total revenues increased 51% to $330,000 from $218,000 in the 2001 period.  Net loss decreased to $701,000, or $0.13 per share, for 2002 as compared to $751,000, or $0.14 per share, for 2001.

 

                Commenting on the results, Mr. Mike Thomsen, Chief Financial Officer of Scheid Vineyards, said, “First quarter results are 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 short and long-term contracts to wineries producing high quality table wines, and the Company also produces a small amount of ultra premium wine under its own labels.

 

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SVIN Reports First Quarter Results

Page 2

May 14, 2002

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SCHEID VINEYARDS INC. AND SUBSIDIARY

Consolidated Statements of Operations

(amounts in thousands, except per share data)

   (Unaudited)

 

 

 

Three Months Ended

 March  31,

 

2002

2001

REVENUES:

 

 

    Sales

   $        142

$          55

    Vineyard management, services and other fees

             188

       163

 

__________

__________

      Total revenues       

            330

218

COST OF SALES      

            277

         96

 

__________

__________

GROSS PROFIT       

              53

       122

    General and administrative expenses  

            982

     1,110

    Interest expense, net 

            239

        263

 

__________

__________

LOSS BEFORE INCOME TAX BENEFIT

(1,168)

      (1,251)

INCOME TAX BENEFIT    

            467

        500

 

__________

__________

NET LOSS     

$       (701)

$      (751)

 

=========

=========

 

BASIC AND DILUTED NET LOSS PER SHARE 1            

 

$      (0.13)

 

   $    (0.14)

 

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=========

 

WEIGHTED AVERAGE SHARES OUTSTANDING

 

5,476

 

        5,529

 

=========

=========

 

 

 

 

 

 

1 There is no difference between basic and diluted net loss per share.