US: Scheid Vineyards posts Q3 loss
Californian wine group Scheid Vineyards has posted losses for the third quarter of the year.
The company, which has most of its business in selling bulk wine to larger wine companies, today (4 December) posted a net loss of US$95,000 for the three months to the end of September.
Scheid said the result to net income of $322,000 in the corresponding period a year earlier but insisted that an asset sale last year had lifted profits during the third quarter of 2005.
Third-quarter revenues reached $7.1m, down slightly from the corresponding figure last year of $8m. President and CEO Scott Scheid warned that full-year revenues would also be lower than last year.
"We estimate that, for the fiscal year ending December 31, the company will record grape sale revenues of approximately $16m, a decrease of approximately 27% from fiscal 2005 grape sale revenues of $22m," he said.
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