US: Scheid rises in Q1
Scheid Vineyards Inc. has announced its financial results for the first quarter to 31 March 2004.
For the three-month period, total revenues increased to US$1.124m from $1.081m in the 2003 period. Net loss decreased to $559,000 for the first quarter of 2004, compared to $565,000 for 2003. The net loss per share for both periods was $0.10.
In a statement, Mike Thomsen, CFO of the company, said: "First quarter results are in line with our expectations and previous years. The increase in revenues is primarily due to increased sales of bulk wine in the 2004 period. The wine grape business is extremely seasonal, and Scheid Vineyards recognises a significant portion of its crop sale revenues at the time of its annual harvest in September and October."
Scheid is an independent producer of premium wine grapes and operates approximately 5,600 acres of vineyards, primarily in Monterey County, California.
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