Brief: Vintage Wine Estates To Restate First Quarter Fiscal 2023 Financial Statements

Vintage Wine Estates

08/02/2023 23:35

Feb 8 (Reuters) - Vintage Wine Estates Inc  VWE.O :
    * VINTAGE WINE ESTATES TO RESTATE FIRST QUARTER FISCAL 2023
FINANCIAL STATEMENTS; ANNOUNCES PRELIMINARY UNAUDITED/UNREVIEWED
SECOND QUARTER FISCAL 2023 FINANCIAL RESULTS
    * VINTAGE WINE ESTATES INC - GIVEN EFFORTS TO REALIGN
BUSINESS,
COMPANY WITHDRAWS PREVIOUSLY PROVIDED GUIDANCE FOR FISCAL 2023
    * VINTAGE WINE ESTATES INC - CO POSTPONES RELEASE OF FINAL
Q2
FISCAL 2023 RESULTS TO ALLOW TIME FOR INTANGIBLE ASSET
IMPAIRMENT TESTING
    * VINTAGE WINE ESTATES INC - RESTATEMENT RELATES TO
MISCLASSIFICATION AND ACCOUNTING FOR CERTAIN ASSETS AND ALSO
TIMING OF RECORDING CERTAIN COSTS
    * VINTAGE WINE ESTATES - PRELIMINARY INDICATIONS FROM
EVALUATION
ARE THAT RESTATEMENT IS EXPECTED TO RESULT IN INCREASE IN Q1
2023 NET REVENUE OF $0.7 MILLION
    * VINTAGE WINE ESTATES INC - DILUTED EPS ALLOCABLE TO COMMON
STOCKHOLDERS FOR Q1 FISCAL 2023 AS PREVIOUSLY REPORTED WILL BE
REDUCED FROM $0.02 TO $0.00
    * VINTAGE WINE ESTATES INC - EXPECTS IT WILL BE FILING ITS
Q2
FINANCIAL RESULTS IN MID-MARCH
    * VINTAGE WINE ESTATES INC - Q2 2023 REVENUE IS EXPECTED TO
BE
APPROXIMATELY $81 MILLION

Source text for Eikon:  ID:nBwcMRsMa 
Further company coverage:  VWE.O 
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