US: Scheid Vineyards posts H1 results, warns of "disappointing" harvest
Scheid Vineyards has confirmed its results for its first half.
The California-based wine company, which changed the structure of its reporting periods earlier this year, said today (8 December) that sales for the six months to the end of August totalled US$3.2m, with net losses coming in at $2.6m.
No figures for the corresponding period a year ago were detailed, although for the first six months of 2007, operational losses hit $1m. The company sold a 360-acre vineyard in the first half of last year, resulting in a one-time gain of $4.2m. After reflecting the gain on the vineyard sale and taxes on the gain, net income for the six-month period hit $1.7m.
Company CEO Scott Scheid noted, meanwhile, that this year's harvest, which finished in mid-November, had been "disappointing".
"Tonnage per acre was down over 26% from our five-year moving average and about 11% below the harvest of 2007," he said. "This reduction in the crop is in line with wine grape industry results throughout the California Coastal Regions and was primarily due to adverse weather conditions in the spring and early summer of 2008.
"It is expected that the company will report a loss at the end of its fiscal year on 28 February, 2009," Scheid concluded.
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