US: Scheid Vineyards reports Q1 sales increase on bulk wine boost
Scheid Vineyards today reported a widening of its first quarter net losses, despite improved sales and a narrowing of its operating losses.
The company's CFO, Mike Thomsen, reported that revenues for the three months ended 31 May 2009 increased to US$4.7m, from $1.5m for the same period in 2008, primarily due to increased sales of bulk wine.
Revenues for 2009 were offset by cost of sales of $3.6m; selling, general and administrative expenses of $2m and interest expense of $0.9m.
Losses from operations for the quarter totalled $1.8m as compared to losses from operations of $2.6m for the same period in 2008.
After adjustments for a benefit from income taxes ($0.7m), and a decrease in the market valuation of an interest rate swap ($0.2m), the net loss for period was $1.3m. The net loss for the first quarter 2008 was $1.0m, which was calculated after adjustments for a benefit from income taxes ($0.7m), and an increase in the market valuation of an interest rate swap ($0.9m).
Scheid Vineyards in the US is attempting to renegotiate its bank loans following deepening losses in the first half of the group's fiscal year....
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