Scheid Family Wines reports fiscal first quarter sales of $9.38 million, down from $9.87 million a year earlier. The company’s first quarter loss inched up to $2.78 million from $2.72 million.
Mike Thomsen, Chief Financial Officer, said: “First quarter results are in line with our expectations and are comparable to the first quarter of last year. The bulk wine and grape business is seasonal, and a significant portion of grape crop sales revenue comes at the time of the annual harvest in September and October. Contracted bulk wine sales takes place primarily in December and beyond each year. The Company continues to expand its sales and marketing divisions resulting in an increase in those costs from the previous year, which were partially offset by a decrease in spending on general and administrative expenses.”
2019 Harvest Update
Scott Scheid, President/CEO, said “The annual grape harvest usually begins in late August in the Company’s southernmost vineyards, and it is expected that the harvest will be in full swing by mid-September. This timing is normal for wine grape vineyards on the Central Coast of California. At the present time, management anticipates that yields from the Company’s vineyards during the upcoming harvest will be at average levels for most varieties.”