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 14, 2003
SCHEID VINEYARDS INC.
REPORTS FIRST QUARTER RESULTS
Salinas, CA - May 14, 2003 - Scheid Vineyards Inc.
(Nasdaq: SVIN) announced today its financial results for the first quarter
ended March 31, 2003.
For the three months ended March 31, 2003, total revenues
increased to $1,081,000 from $330,000 in the 2002 period. Net loss decreased to $565,000, or $0.10 per
share, for 2003 as compared to $701,000, or $0.13 per share, for 2002.
Commenting on the results, Mr. Mike Thomsen, Chief
Financial Officer of Scheid Vineyards, said, “First quarter results are in line
with our expectations. The increase in
revenues is primarily due to increased sales of bulk wine in the 2003
period. 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 label.
SCHEID VINEYARDS INC. AND
SUBSIDIARY
Consolidated Statements of
Operations
(amounts in thousands,
except per share data)
(Unaudited)
|
|
|
Three Months Ended
March 31,
|
|
|
|
|
2003
|
|
2002
|
|
|
REVENUES:
|
|
|
|
|
|
|
Sales
|
|
$
|
888
|
|
$
|
142
|
|
|
Vineyard management, services and other fees
|
|
193
|
|
188
|
|
|
Total revenues
|
|
1,081
|
|
330
|
|
|
COST OF SALES
|
|
732
|
|
277
|
|
GROSS PROFIT
|
|
349
|
|
53
|
|
|
General and administrative expenses
|
|
1,117
|
|
982
|
|
|
Interest expense, net
|
|
174
|
|
239
|
|
|
LOSS BEFORE INCOME TAX BENEFIT
|
|
(942
|
)
|
(1,168
|
)
|
|
INCOME TAX BENEFIT
|
|
377
|
|
467
|
|
|
NET LOSS
|
|
$
|
(565
|
)
|
$
|
(701
|
)
|
|
|
|
|
|
|
|
|
BASIC AND DILUTED NET LOSS PER SHARE 1
|
|
$
|
(0.10
|
)
|
$
|
(0.13
|
)
|
|
|
|
|
|
|
|
|
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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