Scheid Vineyards Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended May 31, 2018; Restates Earnings Results for the Year Ended February 28, 2018
July 16, 2018 at 02:00 pm
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Scheid Vineyards Inc. reported unaudited consolidated earnings results for the first quarter ended May 31, 2018. For the quarter, the company reported total revenues of $10,249,000 against $8,513,000 a year ago. Loss before benefit from income taxes was $3,831,000 against $2,267,000 a year ago. Net loss was $2,720,000 or $3.08 per basic and diluted share against $1,361,000 or $1.54 per basic and diluted share a year ago. The increase in revenues is primarily due to an increase in the sale of cased goods and bulk wine.
The company had restated its earnings for the fiscal year ended February 28, 2018. Subsequent to the issuance of its annual financial statements, the company discovered an error that occurred during the changeover to a new business intelligence reporting system that duplicated an accrual of certain bulk wine sales in the amount of $1,469,000. The consolidated financial statements for the Fiscal year ended February 28, 2018 have been revised to include the reversal of this accrual, and as a result accounts receivable and sales have been reduced by $1,469,000, and net income has been reduced by $1,058,000 from previously reported amounts. For the year, the company restated total revenue of $55,797,000, loss before benefit from income taxes of $5,138,000 and net income of $1,377,000 or 1.56 per basic and diluted share.
Scheid Vineyards Inc. is a wine company. The Company conducts all of its business through its wholly owned subsidiary, Scheid Vineyards California Inc., a California corporation. The principal business of the Company is the production of premium varietal wine grapes and wine, the operation of a custom crush winery facility, and the sale of bottled wine through wholesalers and directly to consumers. The Company operates premium wine grape vineyards in Monterey County, California. Its estate vineyards are located along a 70-mile spread of the Salinas Valley, encompassing four primary climate zones. Its globally distributed portfolio includes Scheid Vineyards, Sunny with a Chance of Flowers, District 7, Ryder Estate, Metz Road, and VDR. Scheid Family Wines also produces many regionally distributed brands for specific clients and distributors. It operates approximately 3,000 acres of wine grape vineyards near the city of Greenfield in Monterey County, California.
Scheid Vineyards Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended May 31, 2018; Restates Earnings Results for the Year Ended February 28, 2018