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SALINAS, Calif., Jan. 20, 2025 /PRNewswire/ -- Scheid Vineyards Inc. (dba Scheid Family Wines) (OTC Markets: SVIN) announced today its financial results for the nine months ended November 30, 2024 (third quarter of fiscal 2025).
Financial Results
Total revenues decreased 17%, to $43.3 million for the nine months ended November 30, 2024, from $52.4 million in fiscal 2024. Cased goods sales decreased 6%, to $32.2 million in the first nine months of fiscal 2025, from $35.2 million in fiscal 2024, as the bottled wine business across the entire market slowed in calendar 2024. The Company's bulk wine sales decreased 22%, to $2.1 million from $2.7 million, and grape sales decreased 23%, to $1.0 million from $1.3 million. Revenues from winery processing and storage decreased 50%, to $5.2 million from $10.4 million as the result of the dissolution of a winery processing contract and a lighter than usual 2024 harvest. Gross margins decreased to 26% from 30%, primarily from a reduction in bulk wine sales prices. Industrywide, the bulk wine market continues to be over-supplied, leading to slower sales as well as reduced prices.
Sales and marketing expenses decreased 18%, to $6.8 million from $8.3 million, and general and administrative expenses decreased 6%, to $5.0 million from $5.3 million.
During the first quarter of fiscal 2025, the Company recognized revenue of $3.6 million from proceeds received from the early termination of a winery processing agreement. During the second quarter of fiscal 2025, the Company recognized a gain from the sale of non-vineyard land in the amount of $1.7 million.
Interest expense rose 146%, to $11.8 million from $4.8 million, due to increases in interest rates as each of the Company's lenders are accruing interest at the default rate of an average of 14.2%.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) increased to $8.5 million from $6.2 million, primarily from the proceeds from the early termination of a processing agreement and land sale.
In total, the Company reported a net loss of $6.8 million for the nine months ended November 30, 2024, compared to a net loss of $1.8 million for the nine months ended November 30, 2023.
2024 Harvest Update
The Company's 2024 grape harvest was completed on October 30, 2024. Overall yields were approximately 15% below the Company's five-year average yields and are generally consistent with wine grape yields from Monterey and other California coastal vineyard regions.
| SCHEID VINEYARDS INC. AND SUBSIDIARY | |||||||||||
| UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||
| NINE MONTHS ENDED NOVEMBER 30, 2024 AND 2023 | |||||||||||
| (amounts in thousands, except per share data) | |||||||||||
| | | | | ||||||||
| | | | Nine Months Ended November 30, | | |||||||
| | | | 2024 | | 2023 | | |||||
| REVENUES: | | | | | | | |||||
| Cased goods sales | | | $ | 32,177 | | $ | 35,228 | | |||
| Bulk wine sales | | | 2,085 | | 2,696 | | |||||
| Winery processing and storage revenues | | | 5,190 | | 10,362 | | |||||
| Grape sales | | | 1,030 | | 1,321 | | |||||
| Direct sales revenues | | | 2,350 | | 2,286 | | |||||
| Vineyard management revenues | | | 467 | | 536 | | |||||
| Other revenues | | | 9 | | 10 | | |||||
| Total revenues | | | 43,308 | | 52,439 | | |||||
| COST OF SALES | | | (31,877) | | (36,578) | | |||||
| GROSS PROFIT | | | 11,431 | | 15,861 | | |||||
| Sales and marketing expenses | | | (6,790) | | (8,348) | | |||||
| General and administrative expenses | | | (4,970) | | (5,258) | | |||||
| OPERATING (LOSS) INCOME | | | (329) | | 2,255 | | |||||
| Interest expense, net | | | (11,783) | | (4.787) | | |||||
| Proceeds from termination of processing agreement | | | 3,613 | | — | | |||||
| Gain on sale of property, plant and equipment | | | 1,715 | | 80 | | |||||
| Other income (loss) | | | 9 | | (40) | | |||||
| LOSS BEFORE BENEFIT FROM INCOME TAXES | | | (6,775) | | (2,492) | | |||||
| BENEFIT FROM INCOME TAXES | | | — | | 713 | | |||||
| NET LOSS | | | $ | (6,775) | | $ | (1,779) | | |||
| | | | | | | | |||||
| | | | | | | | | | |||
| NET LOSS PER SHARE | | | $ | (7.39) | | $ | (1.94) | | |||
| | | | | | | | |||||
| WEIGHTED AVERAGE SHARES OUTSTANDING | | | 917 | | 915 | | |||||