SVIN - SCHEID FAMILY WINES REPORTS FIRST QUARTER FISCAL 2024 RESULTS
PR Newswire
SALINAS, Calif. , July 17, 2023 /PRNewswire/ -- Scheid Vineyards Inc. (dba Scheid Family Wines) (OTC Markets: SVIN) announced today its financial results for the three months ended May 31, 2023 (1 st quarter of fiscal 2024).
Total revenues were $14.4 million , down $1.5 million , a decrease of 9%. The decrease was driven by the Company's cased goods sales which decreased 16%, from $13 million to $10.9 million , and was offset by an increase in bulk wine sales of 77%, from $1.0 million to $1.8 million .
Gross margin decreased slightly from 23% in fiscal 2023 to 22% in fiscal 2024, primarily as result of the change in sales mix. Sales and marketing expenses decreased 17%, from $3.5 to $3.0 million , as the Company reorganized its sales and marketing departments in late 2023. These expenses were 21% of total revenues in the first quarter of fiscal 2024 and 22% in fiscal 2023. General and administrative costs decreased 11%, from $2.2 million to $1.9 million . Interest expense rose 57%, from $0.9 million to $1.5 million , due to increased borrowings and increases in interest rates on the Company's variable rate debt. Average interest rates on Company debt increased from 4.3% during the first quarter of fiscal 2023 to 5.9% during the current quarter. In total, the Company reported a net loss of $2.4 million in the first quarter of fiscal 2024, as compared to a net loss of $2.2 million in fiscal 2023.
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Three Months Ended May 31, |
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2023 |
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2022 |
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REVENUES: |
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Cased goods sales |
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$ |
10,886 |
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$ |
13,016 |
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Bulk wine sales |
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1,801 |
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1,018 |
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Winery processing and storage revenues |
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787 |
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948 |
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Direct sales revenues |
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869 |
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878 |
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Vineyard management revenues |
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93 |
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85 |
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Other revenues |
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3 |
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1 |
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Total revenues |
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14,439 |
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15,946 |
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COST OF SALES |
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(11,349) |
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(12,379) |
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GROSS PROFIT |
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3,090 |
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3,567 |
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Sales and marketing expenses |
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(3,017) |
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(3,514) |
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General and administrative expenses |
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(1,934) |
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(2,184) |
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Interest expense, net |
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(1,485) |
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(944) |
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Gain on sale of equipment |
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79 |
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15 |
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LOSS BEFORE BENEFIT FROM INCOME TAXES |
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(3,267) |
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(3,060) |
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BENEFIT FROM INCOME TAXES |
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903 |
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862 |
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NET LOSS |
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$ |
(2,364) |
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$ |
(2,198) |
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NET LOSS PER SHARE |
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$ |
(2.59) |
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$ |
(2.40) |
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WEIGHTED AVERAGE SHARES OUTSTANDING |
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914 |
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914 |
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(amounts in thousands, except for per share data) |
About Scheid Family Wines
Scheid Family Wines, a family-owned and operated wine company founded in 1972, is ranked among the top 25 largest wine producers in California . Based in Monterey County , Scheid is uniquely integrated to bring high quality estate grown wines to the marketplace from its sustainably certified vineyards and grower partners throughout the Central Coast. Scheid's innovative, luxury-level winery is powered by 100% renewable wind energy generated by a 400-foot-tall wind turbine, which also supplies energy to many homes in the local community. The Scheid Family Wines globally distributed brand portfolio includes Scheid Vineyards, Sunny with a Chance of Flowers, VDR (Very Dark Red), Grandeur (made with organic grapes), Fog & Light, Metz Road, District 7, Ryder Estate, and HOXIE, a premium wine spritzer. Scheid Family Wines sells internationally to 30 countries and is one of the largest producers of nationally distributed exclusive brands.
Please visit www.scheidfamilywines.com and www.otcmarkets.com/stock/SVIN/quote for more information.
CONTACT: |
Scott Scheid, President and CEO |
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Mike Thomsen, Chief Financial Officer |
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(831) 455-9990 |
SOURCE Scheid Family Wines
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