SCHEID FAMILY WINES REPORTS YEAR END FISCAL 2024 RESULTS
Financial Results
Total revenues remained relatively flat from the previous year, decreasing to
Due to the downturn in the
Sales and marketing expenses decreased 12%, to
Before the write-down, loss from operations decreased 93%, to
Interest expense rose 45%, to
During fiscal 2023, the Company recognized a gain from the forgiveness of a
In total, the Company reported a
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Year Ended |
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REVENUES: |
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Cased goods sales |
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$ |
46,275 |
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$ |
44,847 |
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Bulk wine sales |
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7,517 |
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9,664 |
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Grape sales |
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1,321 |
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2,176 |
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Winery processing and storage revenues |
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9,557 |
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8,518 |
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Direct sales revenues |
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2,681 |
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2,635 |
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Other revenues |
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677 |
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660 |
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Total revenues |
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68,028 |
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68,500 |
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COST OF SALES |
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(50,487) |
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(50,723) |
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GROSS PROFIT BEFORE WRITE-DOWN OF BULK WINE |
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17,541 |
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17,777 |
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WRITE-DOWN OF BULK WINE INVENTORIES TO MARKET |
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(15,000) |
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— |
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GROSS PROFIT |
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2,541 |
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17,777 |
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Sales and marketing expenses |
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(10,813) |
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(12,248) |
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General and administrative expenses |
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(6,919) |
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(8,100) |
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LOSS FROM OPERATIONS |
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(15,191) |
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(2,571) |
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Interest expense, net |
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(6,935) |
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(4,778) |
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Loan forgiveness |
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— |
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3,731 |
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Other expense |
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(56) |
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(1,250) |
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Gain on sale of equipment |
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100 |
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15 |
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LOSS BEFORE BENEFIT FROM INCOME TAXES |
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(22,082) |
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(4,853) |
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BENEFIT FROM INCOME TAXES |
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1,436 |
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2,624 |
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NET LOSS |
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$ |
(20,646) |
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$ |
(2,229) |
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LOSS PER SHARE |
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$ |
(22.54) |
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$ |
(2.44) |
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WEIGHTED AVERAGE SHARES OUTSTANDING |
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916 |
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913 |
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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 for over 50 years, is ranked among the top 25 largest wine producers in
Please visit www.scheidfamilywines.com and www.otcmarkets.com/stock/SVIN/quote for more information.
CONTACT: |
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(831) 455-9990 |
View original content:https://www.prnewswire.com/news-releases/scheid-family-wines-reports-year-end-fiscal-2024-results-302188651.html
SOURCE Scheid Family Wines