Scheid Vineyards Q3 Revenues Increase
Scheid Vineyards has reported revenues of $15.13m for the third quarter ended November 30, 2009 compared to $11.21m for the same quarter previous year. Net income for the quarter was $2.08m or $2.37 per diluted share, compared to $491m or $0.5 per diluted share for the previous year quarter.
Revenues for the nine months ended November 30, 2009 increased to $20.7m from $14.4m for the same period in 2008, primarily due to increased sales of wine grapes and bulk wine. Revenues for 2009 were offset by cost of sales of $15.3m; selling, general and administrative expenses of $5.3m; and interest expense of $2.7m. Revenues for the same period in 2008 were offset by cost of sales of $9.5m; selling, general and administrative expenses of $6m; and interest expense of $2.3m.
Net loss for the nine month period was $1.82m or $2.03 per diluted share compared to $2.09m or $2.09 per diluted share for the corresponding period last year. Losses from operations for the nine months totaled $2.6m ($2.92 per share), compared to losses from operations of $3.4m ($3.38 per share) for the same period in 2008.
Thomsen, chief finance officer of Scheid Vineyards, said: Although revenues have increased from last year's levels, margins are down in 2009 due to decreased demand for certain bulk wine varieties and a resulting decline in the sales price for those varieties. The company's 2009 harvest was completed in late October, with the company harvesting over 21,800 tons of wine grapes. This year's crop was slightly above the company's five-year moving average crop, and a 37% increase over the below average harvest of 2008.
Scheid Vineyards operates wine grape vineyards, primarily in Monterey County, California. The company's winery commenced operations in 2005 and has the capacity to process approximately 30,000 tons of grapes each harvest.
The company's primary business is producing wine grapes and converting them into bulk wine for sale to other wineries. In addition, the company produces wines under the Scheid Vineyards label, which is sold through the company's tasting rooms, wine club, and Monterey, California area retailers.
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