Scheid Family Wines Reports Year End Results

SALINAS, Calif., June 14, 2021 /PRNewswire/ — Scheid Vineyards Inc. (dba Scheid Household Wines) (OTC Markets: SVIN) introduced in the present day its monetary outcomes for the fiscal 12 months ended February 28, 2021.

Monetary Outcomes Fiscal Yr Ended February 28, 2021

Mr. Mike Thomsen, Chief Monetary Officer of the Firm, commented on the 12 months finish outcomes stating, “Our case items gross sales and direct gross sales revenues completed forward of final fiscal 12 months, rising 7% for the 12 months, regardless of COVID-19 associated results on the Firm’s enterprise together with decreased on-premise and airline/cruise ship gross sales and California’s prohibition towards wine tasting in our two tasting rooms for over 4 months. Demand for bulk wine was robust within the latter half of the fiscal 12 months, and bulk wine gross sales income elevated 67%, from $14.2 to $23.7 million in fiscal 2021. Grape gross sales declined 56% from $1.6 million to $0.7 million. Total, complete revenues elevated 23% from the earlier fiscal 12 months and gross revenue margins elevated from 11% to 24%. As well as, complete gross sales, advertising and marketing and administrative bills decreased 9%, from $17.8 to $16.4 million. The Firm’s internet loss decreased 64% to $4.7 million as in comparison with $12.9 million in fiscal 2020.”

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Mr. Scott Scheid, President and CEO of the Firm, acknowledged, “On April 2, 2021 the Firm introduced that it had bought three of its winery parcels for $33 million in consideration, which included the customer assuming $20 million of the Firm’s debt that was secured by the properties. The disposition of those parcels, which comprise 1,193 acres of vineyards on leased and owned land, is a part of Scheid Household Wines’ total technique to higher align its asset holdings and debt with its rising premium bottled wine enterprise. The Firm will acknowledge a achieve on the sale of those properties of roughly $24 million within the first quarter of fiscal 2022.”

About Scheid Household Wines

Scheid Household Wines is a family-owned and operated, estate-driven wine firm based in 1972. Primarily based in Monterey County, California, Scheid is uniquely built-in to convey top quality property grown wines to {the marketplace} from its sustainably licensed vineyards and progressive luxurious degree vineyard. Scheid’s vineyard and bottling operations are powered by 100% renewable wind power generated by a 400-foot-tall wind turbine, which additionally provides power to many houses in the area people. The Scheid Household Wines globally distributed portfolio consists of Scheid Vineyards, Sunny with a Probability of Flowers, District 7, Ryder Property, Metz Highway, VDR, and Stokes’ Ghost. Scheid Household Wines additionally produces many regionally distributed manufacturers for particular purchasers and distributors.

Please go to www.scheidfamilywines.com and www.otcmarkets.com/stock/SVIN/quote for extra info.

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SOURCE Scheid Household Wines