Vintage Wine Estates, Inc. Reschedules Fiscal Yearend 2021 Earnings Release and Conference Call and Provides Preliminary Fourth Quarter and Fiscal 2021 Revenue
September 21 2021 - 9:55AM
Vintage Wine Estates, Inc. (NASDAQ: VWE) (TSX: VWE.U) (TSX:
VWE.WT.U) (“VWE” or the “Company”), one of the fastest growing U.S.
wine producers with an industry leading direct-to-customer
platform, today announced that the Company is rescheduling its
fourth quarter and fiscal yearend earnings release and conference
call that was previously planned for Wednesday, September 22, 2021.
The release of audited financial results is now planned for
aftermarket on Tuesday, September 28, 2021. The Company will host a
teleconference call and webcast on Wednesday, September 29, 2021 at
10:00 am ET/7:00 am PT.
The announcement of financial results is being delayed to allow
additional time to complete the yearend closing process. Unaudited
preliminary revenue of $57.0 million for the fourth quarter of
fiscal 2021, which ended June 30, 2021, includes the results of
Kunde Family Winery which was acquired in May 2021.
Pat Roney, Founder and Chief Executive Officer of Vintage Wine
Estates, Inc., commented, “While we had an excellent fourth quarter
with strong demand in each of our three major market channel
platforms, we have had to address personnel shortages, the untimely
passing of a key staff member and turnover in our finance and
accounting department which encumbered our efforts to close on
schedule. We have employed outsourced services, are beefing up the
team and are implementing work processes to improve our timeliness
and ensure we have a robust reporting platform. We look forward to
updating investors on our strategic progress next week.”
Fourth Quarter and Fiscal Year 2021 Financial Results
Conference Call
Wednesday, September 29, 202110:00 am Eastern Time / 7:00 am
Pacific TimePhone: 646-904-5544 and use the access code
925261Internet webcast: ir.vintagewineestates.com
The webcast replay will be available in the investor relations
section of the Company’s website at ir.vintagewineestates.com,
where a transcript will also be posted once available.
About Vintage Wine Estates, Inc.Vintage Wine
Estates is a family of wineries and wines whose mission is to
produce the finest quality wines and provide 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 15th 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 50 brands ranging from
$10 to $150 at retail, its primary focus is on the fastest growing
premium segment of the wine industry with the majority of brands
selling in the $12 to $20 price range. The Company regularly posts
updates and additional information
at https://www.vintagewineestates.com/.
Forward-Looking StatementsSome 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,” “estimate,” “expect,”
“future,” “intend,” “may,” “model,” “outlook,” “plan,” “pro forma,”
“project,” “seek,” “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 estimates of inventory and possibility of
other further adjustments, timing to finalize them, determination
of the periods to which they relate and the possibility of other
adjustments in the audit process or our financial reporting process
generally. These statements are based on various assumptions,
whether or not identified in this press release, and on the current
expectations of VWE’s management and are not guarantees of actual
performance. These forward-looking statements are provided only to
provide information currently available to us and are not intended
to serve as, and must not be relied on by any investor as, a
guarantee, 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 results of our internal and external
audit and other financial reporting procedures, whether we are able
to complete them as currently expected, our ability to recruit and
train personnel and risk factors discussed in documents of VWE
filed with the U.S. Securities and Exchange Commission (“SEC”) or
Canadian securities regulatory authorities. 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 press 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:
Investorsir@vintagewineestates.com |
MediaMary Ann
VangrinMVangrin@vintagewineestates.com |
Vintage Wine Estates (TSX:VWE.U)
Historical Stock Chart
From Aug 2024 to Sep 2024
Vintage Wine Estates (TSX:VWE.U)
Historical Stock Chart
From Sep 2023 to Sep 2024