Vintage Wine Estates Announces Timing of Conference Call and Webcast for Fiscal 2023 Second Quarter, Third Quarter, and Year-to-Date Results
25 Aprile 2023 - 12:36AM
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-customer platform, announced today that
it will release its second and third quarter, as well as
year-to-date fiscal year 2023 financial results after market close
on Wednesday, May 10, 2023. The Company will also file its restated
first quarter fiscal 2023 results at that time.
Kris Johnston, Chief Financial Officer, commented, “While we had
planned on releasing our second quarter results by the end of this
month, there were a couple gating factors that resulted in our
decision to consolidate our reporting with our third quarter
results. Finalization of the impairment charges as well as year-end
adjustments related to our captive insurance company caused us to
have to re-address fiscal second quarter financials. Importantly,
we are making strong progress with our efforts to improve the
financial discipline throughout the organization, take out costs,
simplify operations and focus resources on our key brands.”
Preliminary unaudited revenue for the nine-month period is
expected to be approximately $223 million to $225 million including
approximately $78 million in revenue in the second quarter fiscal
2023 and $67 million to $70 million in the seasonally weak third
quarter. Preliminary operating loss for the nine-month period is
expected to be $158 million to $162 million. This reflects the
impact of the previously announced impairment charges which are now
expected to be approximately $140 million, severance costs related
to staff reductions, inventory write downs associated with
discontinued product and customer lines and revaluing of bulk wine
inventory. Cash at March 31, 2023 was approximately $32
million.
Conference Call and Webcast Details:
The Company will host a conference call and live webcast on May
10 at 4:45 PM ET/ 1:45 PM PT, at which time management will review
the Company’s financial results for the second and third quarters
as well as the first nine months of fiscal 2023. Management will
also provide updates on the status of plans to improve revenue and
reduce costs. The review will be accompanied by a slide
presentation, which will be available on the Company’s website at
ir.vintagewineestates.com. A question-and-answer session will
follow the formal discussion.
The conference call can be accessed by dialing 1-412-317-5180.
The listen-only audio webcast can be monitored at
ir.vintagewineestates.com. A telephonic replay will be available
from approximately 7:45 PM ET / 4:45 PM PT on the day of the call
through Wednesday, May 17, 2023, and can be accessed by dialing
1-412-317-6671 and entering the conference ID number 10178143.
Alternatively, an archived webcast of the call can be found on the
Company’s website in the investor relations section. A transcript
of the call will be posted to the website once available.
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 at 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,” “estimate,” “expect,”
“future,” “intend,” “may,” “making,” “plan,” “project,” “should,”
“will,” or other similar expressions that indicate future events or
trends. These forward-looking statements include, but are not
limited to, statements regarding results of the fair value
evaluation of goodwill and indefinite-lived intangible assets, the
anticipated filing of VWE’s results for the second quarter ended
December 31, 2022 and third quarter ended March 31, 2023 and
restated results for the first quarter ended September 30, 2022,
the Company’s compliance with each of the covenants required by its
bank credit agreement, VWE’s future plans regarding its asset
management strategies, and business plans and strategies, including
strategic cost cutting efforts and asset monetization opportunities
and the timing of the Company’s conference call and webcast. 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 and its ability to
remediate its material weaknesses in internal control over
financial reporting and to maintain effective internal control over
financial reporting; the ability of the Company to hire and retain
key personnel; 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; 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.comPhone:
716.843.3908 |
MediaMary Ann
VangrinMVangrin@vintagewineestates.com |
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