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Scheid Vineyards Reports Loss
NEW YORK - May 16/05 -SNS -- Scheid Vineyards Inc. reported a loss of U.S. $643,000 on revenues of $1.06 million during the first quarter ending March 31, compared to a loss of $559 million on gross revenues of $1.124 million during the same quarter of the previous fiscal year.
Mike Thomsen, Chief Financial Officer of Scheid Vineyards, explained, "First quarter results are in line with our expectations and previous years. The decrease in revenues is primarily due to a decrease in bulk wine revenues in the 2005 period. Bulk wine revenues decreased 8% in the first quarter of 2005 as compared to 2004.
"Quarterly results vary from year-to-year as the result of the prices received for bulk wine sold under contract and on the speculative market and the timing of such sales. The wine grape business is extremely seasonal and Scheid Vineyards recognizes a large portion of its crop sale revenues at the time of its annual harvest in September and October."
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