Vintage Wine Estates Provides Update on Timing of Reporting
23 Marzo 2023 - 9:15PM
Vintage Wine Estates, Inc. (Nasdaq: VWE and VWEWW) (“VWE” or the
“Company”), one of the top wine producers in the U.S. with an
industry leading direct-to-consumer platform, today announced that
it requires more time to complete processes needed to close its
second quarter of fiscal 2023. The Company now expects to file its
amended first quarter 2023 10-Q and report its second quarter
fiscal 2023 results as soon as practical, but no later than April
30, 2023.
The Company had reported on February 8, 2023, that it intends to
amend and file its first quarter 2023 10-Q as soon as practical.
Investors should no longer rely upon the Company’s previously
released financial statements for the first quarter of fiscal 2023.
Similarly, related press releases, earnings releases, and investor
communications describing the Company’s financial statements for
that period should no longer be relied upon.
VWE also noted at that time that second quarter fiscal 2023
results would be delayed. The Company’s management had identified
late in the financial reporting and closing process certain
impairment indicators, which require additional analysis including
using independent sources for the evaluation of the intangible
assets and Company forecasts. The Company now believes that due to
the additional time required to complete this process, it expects
it will be filing its second quarter financial results not later
than the end of April 2023, following the filing of its first
quarter 2023.
About Vintage Wine Estates,
Inc. Vintage
Wine Estates (Nasdaq: VWE and VWEWW) is a family of wineries and
wines whose singular focus is producing the finest quality wines
and incredible customer experiences with wineries throughout Napa,
Sonoma, California’s Central Coast, Oregon and Washington
State. Since its founding 20 years ago, the Company has grown
to be the 14th largest wine producer in the U.S., selling more than
two million nine-liter equivalent cases annually. To consistently
drive growth, the Company curates, creates, stewards and markets
its many brands and services to customers and end consumers via a
balanced omni-channel strategy encompassing direct-to-consumer,
wholesale and exclusive brand arrangements with national retailers.
While VWE is diverse across price points and varietals with over 60
brands ranging from $10 to $150 USD at retail, its primary focus is
on the fastest growing luxury segment of the U.S. wine industry
with the majority of brands selling in the range of $10 to $20 per
bottle. The Company regularly posts updates and additional
information on its website at
https://www.vintagewineestates.com/.
Forward-Looking Statements Some of the
statements contained in this press release are forward-looking
statements within the meaning of applicable securities laws
(collectively, “forward-looking statements”). Forward-looking
statements are all statements other than those of historical fact,
and generally may be identified by the use of words such as
“anticipate,” “believe,” “continue,” “driving,” “estimate,”
“expect,” “future,” “intend,” “may,” “making,” “outlook,” “plan,”
“project,” “should,” “will,” “would” or other similar expressions
that indicate future events or trends. These forward-looking
statements include, but are not limited to, statements regarding
the timing to complete the processes to close the Company’s second
quarter of fiscal 2023, timing of the Company filing its amended
and restated first quarter fiscal 2023 10-Q and the timing of its
reporting of its second quarter fiscal 2023 results. These
statements are based on various assumptions, whether or not
identified in this news release, and on the current expectations of
VWE’s management. These forward-looking statements are not intended
to serve as, and should not be relied on by any investor as, a
guarantee of actual performance or an assurance or definitive
statement of fact or probability. Actual events and circumstances
are difficult or impossible to predict and may differ materially
from those contained in or implied by such forward-looking
statements. These forward-looking statements are subject to a
number of risks and uncertainties, many of which are beyond the
control of VWE. Factors that could cause actual results to differ
materially from the results expressed or implied by such
forward-looking statements include, among others: the Company’s
limited experience operating as a public company, reporting, the
Company’s ability to complete its closing procedures for the
quarter ended December 31, 2022 in a timely manner, the need for
restatement of Company’s prior period financial statements, the
time and expense associated with any necessary remediation of
control deficiencies, the impact and result of any litigation or
regulatory inquiries or investigations related to the restatement
of the Company’s financial statements or otherwise, the ability of
the Company to effectively execute the strategic plan announced
concurrently with this press release, the ability of the Company to
recruit a new CEO and otherwise retain key personnel, the potential
impact on the Company’s business and stock price of any
announcements regarding any of the foregoing; the effect of
economic conditions on the industries and markets in which VWE
operates, including financial market conditions, rising inflation,
fluctuations in prices, interest rates and market demand; risks
relating to the uncertainty of projected financial information; the
effects of competition on VWE’s future business; risks related to
the organic and inorganic growth of VWE’s business and the timing
of expected business milestones; the potential adverse effects of
the ongoing COVID-19 pandemic on VWE’s business and the U.S.
economy; declines or unanticipated changes in consumer demand for
VWE’s products; VWE’s ability to adequately source grapes and other
raw materials and any increase in the cost of such materials; the
impact of environmental catastrophe, natural disasters, disease,
pests, weather conditions and inadequate water supply on VWE’s
business; VWE’s level of insurance against catastrophic events and
losses; VWE’s significant reliance on its distribution channels,
including independent distributors; potential reputational harm to
VWE’s brands from internal and external sources; possible decreases
in VWE’s wine quality ratings; integration risks associated with
recent acquisitions; possible litigation relating to misuse or
abuse of alcohol; changes in applicable laws and regulations and
the significant expense to VWE of operating in a highly regulated
industry; VWE’s ability to maintain necessary licenses; VWE’s
ability to protect its trademarks and other intellectual property
rights; risks associated with the Company’s information technology
and ability to maintain and protect personal information; VWE’s
ability to make payments on its indebtedness; and those factors
discussed in the Company’s most recent Annual Report on Form 10-K
and in subsequent Quarterly Reports on Form 10-Q or other reports
filed with the Securities and Exchange Commission. There may be
additional risks including other adjustments that VWE does not
presently know or that VWE currently believes are immaterial that
could also cause actual results to differ from those expressed in
or implied by these forward-looking statements. In addition,
forward-looking statements reflect VWE’s expectations, plans or
forecasts of future events and views as of the date and time of
this news release. VWE undertakes no obligation to update or revise
any forward-looking statements contained herein, except as may be
required by law. Accordingly, undue reliance should not be placed
upon these forward-looking statements.
Contacts:
InvestorsDeborah K. Pawlowski / Patty
Yahn-UrlaubKei Advisors LLCdpawlowski@keiadvisors.com /
pyahnurlaub@keiadvisors.com Phone: 716.843.3908 |
MediaMary Ann
VangrinMVangrin@vintagewineestates.com |
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