Vintage Wine Estates reports Q4, fiscal-year losses amid accounting changes

Vintage Wine Estates reported a $14.7 million net income loss for the past quarter as the wine company was affected by inventory adjustments and overhead while implementing new accounting measures.

The company has its central headquarters in Santa Rosa and owns B.R. Cohn Winery in Glen Ellen and Kunde Family Winery in Kenwood. It reported revenue of $75.5 million for its fourth quarter, which was up 32% more than the same period in the prior year, and such returns was expected, CEO Pat Roney said. .

Revenues for the full fiscal year, ended June 30, were $293.8 million, up 33% from a year before. The full-year loss was $571,000, down from $4.1 million in the black in fiscal 2021.

Roney noted in a conference call he has been pleased with changes that have been undertaken by new chief financial officer Kristina Johnston “to drive greater accountability” for the company that became publicly traded only a year ago.

He also said Vintage Wine Estates, which acquired Ace Cider of Sebastopol in November, remains committed to growing its portfolio and “we'll be able to announce something in the not so distant future.”

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