SALINAS, Calif. , Nov. 26, 2024 /PRNewswire/ -- Scheid Vineyards Inc. (dba Scheid Family Wines) (OTC Markets: SVIN) announced today its financial results for the six months ended August 31, 2024 (second quarter of fiscal 2025). Scott Scheid , President and CEO, commented, "It continues to be a difficult time for the wine industry. Bulk wine prices remain depressed and the market for cased goods, which has been impacted by distributor and retailer destocking, continues to be challenging. As a company, we've made significant efforts to do more with less, highlighted by our second quarter results showing a decrease of 16% in sales and marketing expenses and a decrease of over 5% in G & A. These efforts are ongoing and I'm proud of our teams who work each day on finding opportunities for growth and ways to improve our business." Mr. Scheid continued, "We recently executed new forbearance agreements with our lenders extending through July 31, 2025 . The terms of these agreements include forbearing interest and principal payments on the Company's existing debt. In addition, under the agreement with our operating lender, the Company received an additional $5.0 million to strengthen our working capital base." Financial Results Total revenues decreased 6%, to $26.1 million for the six months ended August 31, 2024 , from $27.7 million in fiscal 2024. Cased goods sales decreased 6%, to $21.2 million in the first six months of fiscal 2025, from $22.5 million in fiscal 2024, as the bottled wine business across the entire market slowed in the first few months of calendar 2024. The Company's bulk wine sales decreased 14%, to $1.8 million from $2.1 million , and winery processing and storage revenues remained flat at $1.5 million . Gross margins remained at 20% for each period. Sales and marketing expenses decreased 16%, to $4.8 million , from $5.7 million , and general and administrative expenses decreased 5%, to $3.5 million , from $3.7 million , as the Company continues its cost-cutting efforts. During the first quarter of fiscal 2025, the Company recognized revenue of $3.6 million from proceeds received from the dissolution of a winery processing agreement. In addition, the Company recognized a gain from the sale of non-vineyard land in the amount of $1.7 million in the second quarter of fiscal 2025. Interest expense rose 150%, to $7.5 million , from $3.0 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 14.3%. Earnings before interest, taxes, depreciation, and amortization (EBITDA) increased to $4.4 million , from a loss of $1.2 million , primarily from the sale of land and the proceeds from the contract dissolution. In total, the Company reported a net loss of $3.9 million for the six months ended August 31, 2024 , compared to a net loss of $4.8 million for the six months ended August 31, 2023 . SCHEID VINEYARDS INC. AND SUBSIDIARY UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS SIX MONTHS ENDED AUGUST 31, 2024 AND 2023 (amounts in thousands, except per share data) Six Months Ended August 31, 2024 2023 REVENUES: Cased goods sales $ 21,233 $ 22,539 Bulk wine sales 1,826 2,145 Winery processing and storage revenues 1,508 1,451 Direct sales revenues 1,340 1,329 Vineyard management revenues 203 229 Other revenues 7 5 Total revenues 26,117 27,698 COST OF SALES (20,962) (22,121) GROSS PROFIT 5,155 5,577 Sales and marketing expenses (4,790) (5,696) General and administrative expenses (3,545) (3,674) LOSS FROM OPERATIONS (3,180) (3,793) Interest expense, net (7,489) (3,008) Proceeds from contract dissolution 3,613 — Gain on sale of property, plant and equipment 1,690 80 Other income (loss) 2 (40) LOSS BEFORE BENEFIT FROM INCOME TAXES (5,364) (6,761) BENEFIT FROM INCOME TAXES 1,509 1,915 NET LOSS $ (3,878) $ (4,846) NET LOSS PER SHARE $ (4.23) $ (5.31) WEIGHTED AVERAGE SHARES OUTSTANDING 916 912 About Scheid Family Wines Scheid Family Wines, a family-owned and operated wine company for over 50 years, is ranked among the top 25 largest wine producers in the United States . Based in Monterey County, California , Scheid is vertically integrated to bring high quality estate grown wines to the marketplace from its sustainably and organically certified vineyards and grower partners throughout the Central Coast. Scheid's innovative, luxury-level winery is 100% powered by renewable wind energy generated by a 400-foot-tall wind turbine, which also supplies energy to the local community. The Scheid Family Wines globally distributed brand portfolio includes Scheid Vineyards, Sunny with a Chance of Flowers, VDR (Very Dark Red), Grandeur (organically certified), Fog & Light, Metz Road, District 7, Ryder Estate, and HOXIE, a premium wine spritzer. Scheid Family Wines sells internationally to over 30 countries and is one of the largest producers of premium exclusive brands. Please visit www.scheidfamilywines.com and www.otcmarkets.com/stock/SVIN/quote for more information. CONTACT: Scott Scheid, President and CEO, scott.scheid@scheidfamilywines.com Mike Thomsen, Chief Financial Officer, mike.thomsen@scheidfamilywines.com View original content: https://www.prnewswire.com/news-releases/scheid-family-wines-reports-second-quarter-fiscal-2025-results-302316784.html SOURCE Scheid Family WinesSpaceX to launch 350th mission using a flight-proven Falcon 9 rocket booster during Starlink mission from CaliforniaLONDON, Ontario, Dec. 12, 2024 (GLOBE NEWSWIRE) -- PEARL RIVER HOLDINGS LIMITED (“ Pearl River ”) (TSXV: PRH) announced that, due to the ongoing Canada Post strike, it has decided to cancel the annual general and special shareholders meeting currently scheduled for January 31, 2025. Certain equity compensation matters will require disinterested shareholder approval and therefore Pearl River needs to ensure that it meets the delivery obligations under applicable securities legislation. Pearl River will set a new date for the shareholders meeting once the strike is over. Pearl River also announced that its current auditor, Crowe MacKay LLP, has indicated that it will need to resign due to compliance with Canadian Public Accountability Board rules, which require the current auditor’s engagement partner for an audit to be turned over every seven (7) years. Unfortunately, Crowe MacKay LLP does not have any other partners with sufficient capacity to complete Pearl River’s audit, and therefore it is unable to comply with this requirement. Pearl River is currently in the process of engaging a new auditor, and will make a further announcement once the new auditor has been appointed by the Pearl River Board of Directors. About Pearl River Through its subsidiaries, Pearl River’s principal business is the manufacturing and distribution of plastic products in China, Australia and the United States of America. For further information please contact: George Lunick CEO T: (519) 645-0267 E: george@lunick.ca Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. In particular, this news release contains forward-looking information in respect of the date for the shareholders meeting and the appointment of a new auditor. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. This forward-looking information reflects Pearl River's current beliefs and is based on information currently available to Pearl River and on assumptions Pearl River believes are reasonable. These assumptions include, but are not limited to: the ability of Pearl River to set up a new shareholders meeting in due course and the ability of Pearl River to engage a new auditor. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Pearl River to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: general business, economic, competitive, political and social uncertainties; capital market conditions and market prices for securities; the actual results of current development or operational activities; competition; changes in project parameters as plans continue to be refined; lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting Pearl River; timing and availability of external financing on acceptable terms; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. A description of other of other risk factors that may cause actual results to differ materially from forward-looking information may be found in Pearl River's disclosure documents on the SEDAR+ website at www.sedarplus.ca. Pearl River does not undertake to update any forward-looking information except in accordance with applicable securities laws.
LPGA, USGA to require players to be assigned female at birth or transition before pubertyNEW YORK (AP) — U.S. stock indexes rose to more records Wednesday after tech companies talked up how much of a boost they’re getting from the artificial-intelligence boom. The S&P 500 climbed 0.6% to add to what’s set to be one of its best years of the millennium. It’s the 56th time the index has hit an all-time high this year after climbing in 11 of the last 12 days . The Dow Jones Industrial Average rose 308 points, or 0.7%, while the Nasdaq composite added 1.3% to its own record. Salesforce helped pull the market higher after delivering stronger revenue for the latest quarter than analysts expected, though its profit fell just short. CEO Mark Benioff highlighted the company’s artificial-intelligence offering for customers, saying “the rise of autonomous AI agents is revolutionizing global labor, reshaping how industries operate and scale.” The stock price of the company, which helps businesses manage their customers, jumped 11%. Marvell Technology leaped even more after delivering better results than expected, up 23.2%. CEO Matt Murphy said the semiconductor supplier is seeing strong demand from AI and gave a forecast for profit in the upcoming quarter that topped analysts’ expectations. All the optimistic talk helped Nvidia , the company whose chips are powering much of the move into AI, rally 3.5%. It was the strongest force pushing upward on the S&P 500 by far. They helped offset an 8.9% drop for Foot Locker, which reported profit and revenue that fell short of analysts’ expectations. CEO Mary Dillon said the company is taking a more cautious view, and it cut its forecasts for sales and profit this year. Dillon pointed to how keen customers are for discounts and how soft demand has been outside of Thanksgiving week and other key selling periods. Retailers overall have offered mixed signals about how resilient U.S. shoppers can remain. Their spending has been one of the main reasons the U.S. economy has avoided a recession that earlier seemed inevitable after the Federal Reserve hiked interest rates to crush inflation. But shoppers are now contending with still-high prices and a slowing job market . This week’s highlight for Wall Street will be Friday’s jobs report from the U.S. government, which will show how many people employers hired and fired last month. A narrower report released Wednesday morning suggested employers in the private sector increased their payrolls by less last month than economists expected. Hiring in manufacturing was the weakest since the spring, according to Nela Richardson, chief economist at ADP. The report strengthened traders’ expectations that the Fed will cut its main interest rate again when it meets in two weeks. The Fed began easing its main interest rate from a two-decade high in September, hoping to offer more support for the job market. The central bank had appeared set to continue cutting rates into next year, but the election of Donald Trump has scrambled Wall Street’s expectations somewhat. Trump’s preference for higher tariffs and other policies could lead to higher inflation , which could alter the Fed’s plans . Fed Chair Jerome Powell said Wednesday that the central bank can afford to cut rates cautiously because inflation has slowed from its peak two years ago and the economy remains sturdy. A separate report on Wednesday said health care, finance and other businesses in the U.S. services sector are continuing to grow, but not by as much as before and not by as much as economists expected. One respondent from the construction industry told the survey from the Institute for Supply Management that the Fed’s rate cuts haven't pulled down mortgage rates as much as hoped. Plus, “the unknown effect of tariffs clouds the future.” In the bond market, the yield on the 10-year Treasury fell to 4.18% from 4.23% late Tuesday. On Wall Street, Campbell’s sank 6.2% for one of the S&P 500’s sharper losses despite increasing its dividend and reporting a stronger profit than analysts expected. Its revenue fell short of Wall Street’s expectations, and the National Football League’s Washington Commanders hired Campbell’s CEO Mark Clouse as its team president. Gains for airline stocks helped offset that drop after JetBlue Airways said it saw stronger bookings for travel in November and December following the presidential election. It also said it’s benefiting from lower fuel prices, as well as lower costs due to improved on-time performance. JetBlue jumped 8.3%, while Southwest Airlines climbed 3.5%. All told, the S&P 500 rose 36.61 points to 6,086.49. The Dow climbed 308.51 to 45,014.04, and the Nasdaq composite rallied 254.21 to 19,735.12. In stock markets abroad, South Korea’s Kospi sank 1.4% following a night full of drama in Seoul. President Yoon Suk Yeol was facing possible impeachment after he suddenly declared martial law on Tuesday night, prompting troops to surround the parliament. He revoked the martial law declaration six hours later. In the crypto market , bitcoin climbed near $99,000 after Trump said he would nominate Paul Atkins , a cryptocurrency advocate, to chair the Securities and Exchange Commission. AP Writers Matt Ott and Zimo Zhong contributed.Nova Scotia Progressive Conservative premier names new 21-member cabinet
This is CNBC's live blog covering European markets. European stocks are set to open in negative territory Thursday, with French markets in focus after Prime Minister Michel Barnier's government was toppled in a vote of no confidence Wednesday. A majority of lawmakers from both the left-wing New Popular Front alliance and the far-right National Rally supported a no-confidence motion in the country's lower house yesterday evening. Motions had been tabled by both the left- and right-wing blocs Monday after Barnier, who has been in power for only three months, used special constitutional powers to force a social security budget bill through Parliament without a vote. The move angered opposition parties and, last night, deputies on the left and right ousted the government. Barnier is expected to resign Thursday, but he could remain in charge of a caretaker government while President Emmanuel Macron searches for a replacement. Elsewhere overnight, Asia-Pacific markets traded mixed after Wall Street stock benchmarks notched record highs yesterday. U.S. stock futures were broadly unchanged on Wednesday night. There are no major earnings or data releases in Europe Thursday. Bitcoin tops $100,000 for the first time ever The price of bitcoin soared past the long-awaited $100,000 benchmark for the first time ever late Wednesday evening. The flagship cryptocurrency was last higher by more than 7% at $102,879.60, according to Coin Metrics. Earlier, it rose as high as $103,844.05. The move came hours after President-elect Donald Trump announced plans to nominate Paul Atkins as chair of the Securities and Exchange Commission. The same day, Federal Reserve Chair Jerome Powell said bitcoin was "just like gold only it's virtual, it's digital," speaking at the DealBook conference . For more on bitcoin's historic milestone read our full story here . — Tanaya Macheel CNBC Pro: 'It is key to remain invested,' Julius Baer portfolio manager says. Here's how she's investing The persistent uncertainty in financial markets has raised questions on portfolio construction and how to invest across asset classes as 2025 nears. One long-term investor is now playing the market by staying invested and being well-diversified. "We believe it is key to remain invested and view any potential corrections as technical and temporary opportunities to get into the market," Julius Baer International's portfolio manager Aneka Beneby said. She also revealed how and what she is allocating to in the lead up to the new year. CNBC Pro subscribers can read more here. — Amala Balakrishner European markets: Here are the opening calls European markets are expected to open lower Thursday. The U.K.'s FTSE 100 index is expected to open 17 points lower at 8,342, Germany's DAX down 7 points at 20,225, France's CAC down 28 points at 7,275 and Italy's FTSE MIB down 82 points at 33,747, according to data from IG. There are no major earnings or data releases in Europe Thursday. — Holly EllyattAlbemarle Corp. stock underperforms Wednesday when compared to competitors
Wild first season in expanded Big 12 comes down to final weekend