US: Scheid sales lift, but profits dip in Q1
Scheid Vineyards has credited bulk wine sales for a lift in its first quarter figures.
The Californian wine producer said yesterday (4 June) that sales for the three months to the end of March rose to US$10.1m from $7m in the corresponding period a year earlier.
Lower margins for wine sold, however, impacted gross profit, which came in at $2.8m from $3.2m in Q1 2006. Income from operations for the quarter also slipped, down to $0.3m against $0.8m.
"Early in 2007, the company sold a 360-acre vineyard, resulting in a one-time gain of $4.2m," noted company CFO Mike Thomsen. "After reflecting the gain on the vineyard sale and income taxes on net profits, net income for the three months … was $2.6m compared to $0.5m in 2006."
The company noted that construction of a new winery facility is proceeding on schedule. The expansion should lead to increased capacity from the current 18,000 tons to around 30,000 tons and should be completed in time for this year's harvest.
Scheid Vineyards has reversed its net loss in the year so far, albeit through the sale of one of its vineyards....
Scheid Vineyards has posted a slight lift in gross profit on the back of soaring sales in its second quarter....
Falling grape sales and one-off charges have led to annual profits at Californian wine producer Scheid Vineyards falling to a quarter of those in 2005....
Californian wine group Scheid Vineyards has posted a loss for the third quarter of the year....
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