Scheid Family Wines Announces Sale of Three Vineyard Properties
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SALINAS, Calif., April 2, 2021 /PRNewswire/ Scheid Vineyards Inc. (dba Scheid Family Wines) (OTC Markets: SVIN) announced today that it sold three of its vineyard parcels for $33,000,000 in consideration, which includes the buyer assuming $20,000,000 of the Company s debt that was secured by the properties. The disposition of these parcels, which comprise 1,193 acres of leased and owned vineyards, is part of Scheid Family Wines overall strategy to better align its asset holdings and debt with its growing premium bottled wine business.
Mr. Scott Scheid, President and CEO of the Company, stated, We are pleased to complete this transaction and continue to focus our attention and resources on the growth of our branded goods portfolio, which includes our recently launched entrant in the trending better for you category,
Scheid Family Wines Reports Third Quarter Results
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SALINAS, Calif., Jan. 20, 2021 /PRNewswire/ Scheid Vineyards Inc. (dba Scheid Family Wines) (OTC Markets: SVIN) announced today its financial results for the nine months ended November 30, 2020 (3
rd quarter of Fiscal 2021).
Financial Results - Third Quarter Results Fiscal 2021 (March 1, 2020 – November 30, 2020)
Nine Months Ended November 30,
2020
4,765
(5,109)
(amounts in thousands, except per share data)
Mr. Mike Thomsen, Chief Financial Officer of the Company, commented on the third quarter results stating, Our case goods sales and direct sales revenues are slightly ahead of last fiscal year, increasing 3% through the third quarter, despite COVID-19 related effects on the Company s business including decreased on-premise and airline/cruise ship sales and California s prohibition against wine tasting in our two tasting rooms for over four months. Demand for bu
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