Napa-based wine group, Golden State Vintners, reported a net loss of $7.21m for its fourth quarter to the end of June against a loss of $1.78m in the corresponding period in 2001. The company said the 2002 figure included net charges of $3.8m.

The charges relate to the write-off of a portion of the company's enterprise technology platform, an impairment reserve on the underperforming Lost Hills Vineyard and a pre-payment penalty on principal payment of debt. Excluding those items, the company said the net loss was $3.5m, or 36 cents a share.

Golden State said it was continuing "to take steps to eliminate under-performing, non-core assets and realize inventory and cost reductions, and to examine and realign general and administrative costs to reflect current market conditions." Turnover in the fourth quarter rose from $13.26m to $14.01m.

For the fiscal year to the end of June, revenues stood at $83.63m against $97.94m in the previous year. The net loss for the 2002 fiscal year, including the charges taken in fourth quarter, was $4.67m. Excluding one-time charges, the net loss for the year was $916,000, compared with net income of $2.47m in 2001.